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Cobalt Tags $200MM Net Loss in Q2 as Wells Miss Mark
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Cobalt International Energy, Inc. announced its second quarter 2016 results.
Key Points: Cobalt commenced the Goodfellow #1 exploration well in March 2016, and reached total depth during the second quarter and did not encounter hydrocarbons. A subsequent sidetrack operation was also unsuccessful in finding hydrocarbons. Cobalt announced a net loss from continuing operations of $200.4 million Cobalt announced that the Anchor #3 appraisal well in the deepwater Gulf of Mexico was successfully drilled to a total depth of 34,022 feet. Data collected from the well is currently being evaluated. Financial ResultsCobalt announced a net loss from continuing operations of $200.4 million, or $0.49 per basic and diluted share for the second quarter of 2016, compared to a net loss from…
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