Goldman backed Cobalt a target after BP oil spill
Goldman-Backed Cobalt a Target After BP Oil Spill (Update1)
June 18, 2010, 4:22 AM EDT
By Zachary R. Mider and James Paton
June 18 (Bloomberg) -- Five years ago, investors including Goldman Sachs Group Inc. and Carlyle Group put up $500 million in seed money to hunt for oil in the deep waters of the Gulf of Mexico and elsewhere.
After the BP Plc oil spill, smaller Gulf operators such as the Goldman startup, Cobalt International Energy Inc., m..................
Colbalt International Energy Inc.
NEWS RELEASE Cobalt International Energy, Inc. Announces Second Quarter 2010 Results HOUSTON, July 27, 2010 (BUSINESS WIRE) – Cobalt International Energy, Inc. (“Cobalt”) (NYSE: CIE) today announced a net loss of $41.8 million, or $0.12 per basic and diluted share, for the three months ended June 30, 2010, compared with a net loss of $2.1 million, or $0.01 per pro forma basic and diluted share, for the same period in 2009. The net loss for the second quarter includes $10.0 million ($0.03 share) expensed for force majeure costs related to the drilling rig (Ocean Monarch) and other equipment and services which were to be used to drill the North Platte #1 exploratory well that was suspended as a result of the Gulf of Mexico Drilling Moratorium imposed by the United States Government. Also included in the quarter are $13.9 million ($0.04 share) of dry hole expense and impairment charges related to the Firefox #1 exploratory well, the Heidelberg #2 appraisal well and pre-moratorium drilling costs for the North Platte #1 exploratory well. Expenditures for the first six months totaled approximately $76 million. Cobalt now estimates that its full year expenditures will be between $150 and $170 million, compared with Cobalt’s previously announced guidance of $430 million. The lower full year expenditures are due to delays to Cobalt’s drilling plans in the Gulf of Mexico caused by the moratorium, and the anticipated delay in commencing Angolan drilling operations from the fourth quarter 2010 to the first quarter of 2011. A conference call for investors will be held today at 10 a.m. Central Time (11 a.m. Eastern Time) to discuss Cobalt’s exploration program, operations activity, and second quarter results. Hosting the call will be Joseph H. Bryant, Chairman and Chief Executive Officer and John P. Wilkirson, Chief Financial Officer. The call can be accessed live over the telephone by dialing (877) 407-0784, or for international callers, (201) 689-8560.................
Total E & PUSA Inc.
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Carlyle and Cobalt International Energy, Inc.
April 06, 2009
Cobalt International Energy, L.P. and TOTAL E&P USA Inc. Partner in the Gulf of Mexico
Houston, TX – Cobalt International Energy, L.P., and TOTAL E&P USA Inc., today announced they entered into several agreements that will combine their respective exploratory lease holdings through a long term strategic alliance across the entire Gulf of Mexico. Cobalt will generally hold a 60 percent interest while TOTAL will generally hold a 40 percent interest across 214 joint Gulf of Mexico deepwater leases in which they currently have varying working interests. Cobalt is designated as operator on behalf of the alliance.
Cobalt and TOTAL have also agreed to a Joint Participation Area for any future opportunities between the parties in the Gulf of Mexico.
“We are pleased with the opportunity to establish a long term alliance with TOTAL in the Gulf of Mexico. We will execute our program utilizing state-of-the-art technology to realize the full potential and value of our combined Gulf of Mexico assets” said Joseph H. Bryant, Cobalt’s Chairman and Chief Executive Officer. “The combined portfolio contains numerous prospects with significant working interests positioned in key play fairways. This alliance is another significant milestone establishing Cobalt as a leading long term participant and operator in the deepwater Gulf of Mexico.”
Cobalt and TOTAL anticipate that a multi-well program on the combined portfolio will begin this summer utilizing a TOTAL supplied drilling rig. This transaction is subject to approval of the United States Minerals Management Service and other customary closing conditions.
Carlyle Group NY Times
Updated May 14, 2009
The Carlyle Group is one of the nation’s largest and most politically connected private equity firms. Over the years the firm has employed George H. W. Bush and the former British Prime Minister John Major.
In April 2009, New York State prosecutors and the Securities and Exchange Commission began investigating whether Carlyle made millions of dollars in improper payments to intermediaries in exchange for investments from New York’s state pension fund.