Skip to main content ANALYST DAY – Cobalt International Energy, Inc. Investor Presentation | Shale Experts
Loading...
Pm

ANALYST DAY – Cobalt International Energy, Inc.

Cobalt International Energy, Inc. · Jun 3, 2014 · 95 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. ANALYST DAY – Cobalt International Energy, Inc. – slide 1
    NYSE: CIE www.cobaltintl.com Value Creation Through Successful Exploration and Selective Development Cobalt Analyst Day June 4, 2014 NYSE: CIE JUNE 2014 ANALYST DAY PRESENTATION 1
  2. ANALYST DAY – Cobalt International Energy, Inc. – slide 2
    Analyst Day Agenda Welcome and Introduction Joe Bryant Chairman and Chief Executive Officer Financing the Future John Wilkirson Chief Financial Officer 30-minute Break Operating Model Van Whitfield Chief Operating Officer…
  3. ANALYST DAY – Cobalt International Energy, Inc. – slide 3
    Cobalt Founders Core Beliefs Energy Investment Options Oil is the Commodity of Choice Oil-focused Portfolio Exploration-led Portfolios Capture Highest Value Early Entry Through Exploration 100% Deepwater Deepwater Oil is the…
  4. ANALYST DAY – Cobalt International Energy, Inc. – slide 4
    Cobalt Has Delivered Since Inception Discovered Barrels Disciplined Use of Capital Undrilled Exploration Inventory 3.5 BBOE Gross & 1.0 BBOE Net(1) 2.1 BN Exploration Expenditures 3.6 BBOE Net(1) Unrisked 2 Exploration West GOM…
  5. ANALYST DAY – Cobalt International Energy, Inc. – slide 5
    Cobalt is Pioneering Kwanza Basin Exploration with an Industry Leading Position 2007 2014 Cobalt Kwanza Basin Concept Leading Cobalt Position 33 18 5 50 33 18 5 50 19 34 34 6 19 6 35 35 Orca 6 N 20 N Baleia 1A Lontra 20 36…
  6. ANALYST DAY – Cobalt International Energy, Inc. – slide 6
    Cobalts Leadership in the Core of the Inboard Lower Tertiary 2006 2014 Cobalt Inboard Lower Tertiary Concept Leading Cobalt Position North Platte Shenandoah Cascade Kaskida Yucatan Chinook Stones St. Malo Jack…
  7. ANALYST DAY – Cobalt International Energy, Inc. – slide 7
    Cobalt is THE Industry Leading Explorer in Our Focus Basins Net Deepwater Resource Discoveries(1) MMBOE 1,400 Operated Non-Operated 1,200 1,000 800 600 400 200 0 A B C D E F G H I J K L M N Cobalt Cobalt…
  8. ANALYST DAY – Cobalt International Energy, Inc. – slide 8
    Cobalts Industry Leading Exploration Costs Exploration Spending per Resource BOE Found (1) 12 2.1 BN Cobalt Exploration 9 Expenditures Since Inception(2) 6 3 3 1.0 BBOE Net 2 Discovered Resources(3) Cobalt Statoil ENI…
  9. ANALYST DAY – Cobalt International Energy, Inc. – slide 9
    Cobalt has Discovered Large Oil Fields That Can Deliver Significant Value Cobalt Est. Gross Cobalt Discovered Working Cobalt Fields Resources Interest Status Operated Heidelberg 210 424 MMBOE 9.375% Development drilling, first oil…
  10. ANALYST DAY – Cobalt International Energy, Inc. – slide 10
    Cobalt Discoveries are Among the Most Valuable Barrels in the World NPV10 Per Net Entitlement Barrel at Time of 1st Production Gulf of Mexico Gulf of Mexico Angola Bakken Miocene Inboard Lower Block 21 Oil Tertiary 100 Oil 100…
  11. ANALYST DAY – Cobalt International Energy, Inc. – slide 11
    Cobalts Discoveries are Among the Largest and Most Attractive Projects in the World Wall Street Research Top 400 Global Oil and Gas Development Projects(1) IRR of GOM Development Projects IRR of Angola Development Projects 30 30…
  12. ANALYST DAY – Cobalt International Energy, Inc. – slide 12
    Cobalts Portfolio Significantly De-Risked While Delivering Meaningful Value Accretion Discovery Appraisal 1st Oil Value Risk decreases as you move from discovery to Heidelberg production Value of discovered Cameia barrels…
  13. ANALYST DAY – Cobalt International Energy, Inc. – slide 13
    Cobalt Has Relied on the Right Funding at the Right Time Self-funding for Renewal Regional Exploration Establish Cash Flow From Leading Basin Operations Positions Sponsors Debt & Equity Cash Flow Initially High-grading…
  14. ANALYST DAY – Cobalt International Energy, Inc. – slide 14
    Cobalts Leveraged Upside to Discovered Resources Moving to Production Discovered Resources Not Yet Producing in Target Basins(1) Market Capitalization MMBOE Billions 1600 500 Leveraged upside to discovered 1400 barrels Operated…
  15. ANALYST DAY – Cobalt International Energy, Inc. – slide 15
    Cobalts Discoveries Can Deliver A Decade of Increasing Production Fields Expected on Production(1) Identified prospects with Gabon Prospects potential to provide GOM Prospects additional discoveries and developments Angola…
  16. ANALYST DAY – Cobalt International Energy, Inc. – slide 16
    Cobalts Significant Undrilled Prospect Inventory Deepwater West Africa 10+ BBOE Gross Unrisked 2.5 BBOE Net Unrisked(1) 350+ MMBOE Average Prospect Size Deepwater Gulf of Mexico 3.5 BBOE Gross Unrisked 1.0 BBOE Net…
  17. ANALYST DAY – Cobalt International Energy, Inc. – slide 17
    Cobalts Proven Exploration Track Record is Scalable and Repeatable 178 Dedicated Utilizing Latest Professionals in Houston and Team Technology Technology to Find Oil First Luanda Deepwater, 6 for 6 in 250-350 West Africa MMBOE+…
  18. ANALYST DAY – Cobalt International Energy, Inc. – slide 18
    Cobalt Strategy Builds on Results to Deliver Shareholder Value Track Record Results Delivered Attracted best talent Strong Balance Sheet Deployed leading technology Safe and Efficient Operations Leveraged first mover advantage 1.0…
  19. ANALYST DAY – Cobalt International Energy, Inc. – slide 19
    Cobalts Near Term Value Drivers Portfolio management New Ventures basin entry Gulf of Mexico drilling campaign Anchor currently drilling Yucatan currently drilling Shenandoah appraisal currently drilling Heidelberg development…
  20. ANALYST DAY – Cobalt International Energy, Inc. – slide 20
    Cobalt Building on Strength to Deliver Shareholder Value John Wilkirson Strong Balance Sheet Financing the Future Van Whitfield Focused Operating Model Safe and Efficient Operations Jim Farnsworth Proven Exploration Results…
  21. ANALYST DAY – Cobalt International Energy, Inc. – slide 21
    Financing the Future Cobalt Financing Strategy Maintain consistent financing principles Deliver Provide funding for high return projects long-term shareholder Proactively manage the portfolio for value returns and value…
  22. ANALYST DAY – Cobalt International Energy, Inc. – slide 22
    Consistent Financing Principles Maintain balance sheet strength Adequate liquidity with low carrying cost Ensure flexibility for other sources of capital Minimize shareholder dilution Complement the balance sheet with proactive…
  23. ANALYST DAY – Cobalt International Energy, Inc. – slide 23
    Recent Convertible Structure Consistent With Financing Principles May 2014 Convertible Note Offering Balance Sheet Strength 1.3 Billion raised (BN) 3.125% cash coupon low carrying cost 1.3 2.9 10 year term and call option…
  24. ANALYST DAY – Cobalt International Energy, Inc. – slide 24
    Increasingly Diversified Investor Base Cobalt Equity Investors Public Investors Original Investors: No longer represented on Board 28% Original Investors: Represented on Board 71% Each original investor owns less than 10%…
  25. ANALYST DAY – Cobalt International Energy, Inc. – slide 25
    Comprehensive Approach to Risk Management Underpins the Strategy Enterprise Risk Management with active Board involvement Heath, Safety, Security and Environment (HSSE) policy adherence Established insurance programs Drilling program…
  26. ANALYST DAY – Cobalt International Energy, Inc. – slide 26
    Cobalts High Value Discovered Barrels Before US Tax NPV10 per Net Entitlement Barrel EBITDA per Net Entitlement Barrel Gulf of Mexico Gulf of Mexico Angola Block 21 Miocene Inboard Lower Tertiary 90+ 90+ 50+ 45 40 20+…
  27. ANALYST DAY – Cobalt International Energy, Inc. – slide 27
    Portfolio Naturally Hedged To Oil Price Movements Inboard Lower Tertiary Before US Tax NPV10 per Net Entitlement Barrel Time of First Production 80 Oil 100 Oil 120 Oil 50 GOM barrels are highly levered 40 to changes in oil…
  28. ANALYST DAY – Cobalt International Energy, Inc. – slide 28
    Strong Balance Sheet to Pursue Exploration and Development Program Estimated 2014 Uses and Ending Cash 2014 Capital and Operating Expenditures (BN) 750 - 850 MM 1.3 0.9 - 1.05 By Type 0.75 0.85 Development 0.15 0.20 2.05 2.20…
  29. ANALYST DAY – Cobalt International Energy, Inc. – slide 29
    Multiple Financing Sources to Fund Robust Development Pipeline Appraisal and Development Capital Other Sources of Financing for and Funding Options through 2018(1) Selective Development (BN) Preference Asset-based partnerships and…
  30. ANALYST DAY – Cobalt International Energy, Inc. – slide 30
    Cobalts Near-term Developments Will Generate Liquidity Heidelberg (9.375% WI) Cameia (40% WI) Project sanctioned May 2013 General Development and Production Plan submitted May 2014 Field resources 210 424 MMBOE Gross Project…
  31. ANALYST DAY – Cobalt International Energy, Inc. – slide 31
    Cobalts High Working Interest, Operated Assets Support Ventures Cobalt Venture Strategy History of Successful Ventures Accelerate value realization for shareholders Cobalt Sonangol Appropriately sized to match GOM Partnership…
  32. ANALYST DAY – Cobalt International Energy, Inc. – slide 32
    Cobalt Preference for Asset Based Ventures Desired Venture Features Venture structure recognizes current value and future potential Features consistent with Upfront cash proceeds Cobalt TOTAL GOM Carry of significant portion of…
  33. ANALYST DAY – Cobalt International Energy, Inc. – slide 33
    Finance Supports Long Term Shareholder Value Creation Financing Priorities Maintain balance sheet strength Reinforced by recent Convertible Offering Fund high value, largely operated portfolio of discoveries Complement the…
  34. ANALYST DAY – Cobalt International Energy, Inc. – slide 34
    Cobalt Building on Strength to Deliver Shareholder Value John Wilkirson Strong Balance Sheet Financing the Future Van Whitfield Focused Operating Model Safe and Efficient Operations Jim Farnsworth Proven Exploration Results…
  35. ANALYST DAY – Cobalt International Energy, Inc. – slide 35
    Focused Operating Model Cobalt Operating Model Unwavering commitment to HSSE Proven but progressive technologies Driving value Deep experience across the value chain delivery Partnerships with leading service providers…
  36. ANALYST DAY – Cobalt International Energy, Inc. – slide 36
    Unwavering Commitment to Health, Safety, Security and Environment (HSSE) Leadership Robust HSSE Management System consistently applied across all operations Shared Focus Learnings Focused on risk identification and mitigation…
  37. ANALYST DAY – Cobalt International Energy, Inc. – slide 37
    Driving Principles of Cobalts Operating Model Value NYSE: CIE JUNE 2014 ANALYST DAY PRESENTATION 38
  38. ANALYST DAY – Cobalt International Energy, Inc. – slide 38
    Functional Organization in Place to Execute the Operating Model Focus on large oil-prone Consistent worldwide Leading Deepwater Outsource non-core basins and prospects operations leveraging Development Team operations shared…
  39. ANALYST DAY – Cobalt International Energy, Inc. – slide 39
    Operating Model is Designed to Maximize Value Delivery Across the E&P Value Chain Exploration & New Execution & Appraisal Developments Production Ventures NYSE: CIE JUNE 2014 ANALYST DAY PRESENTATION 40
  40. ANALYST DAY – Cobalt International Energy, Inc. – slide 40
    Cobalt Building on Strength to Deliver Shareholder Value John Wilkirson Strong Balance Sheet Financing the Future Van Whitfield Focused Operating Model Safe and Efficient Operations Jim Farnsworth Proven Exploration Results…
  41. ANALYST DAY – Cobalt International Energy, Inc. – slide 41
    Leading Exploration Cobalt Exploration Strategy Experienced, innovative explorers Large oil-prone basins and prospects Proven exploration Imaging and drilling technology results with future upside Early entry to capture best…
  42. ANALYST DAY – Cobalt International Energy, Inc. – slide 42
    Angola Kwanza Basin and Brazil Campos Basin: One Basin at Time of Deposition Brazil Atlantic Hinge Line Atlantic Campos Basin Hinge Line Core Area: Angola Orca Baleia 1A 4.6 BBO Lontra Total Basin Luanda 5.5 BBO Mavinga…
  43. ANALYST DAY – Cobalt International Energy, Inc. – slide 43
    Exploration Program Results to Date Have Provided a Step-change in Our Angola Pre-salt Understanding and Risking Chance of…
  44. ANALYST DAY – Cobalt International Energy, Inc. – slide 44
    Cobalts Exploration Success Leads the Industry in Angola Cobalts 5 discoveries have created a multi- year lead on the industrys understanding of Kwanza Basin Petroleum systems Reservoir systems Operational requirements 2014…
  45. ANALYST DAY – Cobalt International Energy, Inc. – slide 45
    Excellent Reservoir Quality Mirrors Brazilian Pre-salt and Reduces Development Costs Brazil Producing Field Results (July 2013)(1) Angola Well Test Results Cameia Baleia Azul Tested 5,000 bopd constrained 4 wells Avg 18,000…
  46. ANALYST DAY – Cobalt International Energy, Inc. – slide 46
    Multiple Prospects Follow Orca and Lontra Discoveries in Block 20 Block 20 Lontra 1 Orca 1 Orca is the largest oil discovery to date in the Discovery Discovery Cobalt 40% Kwanza Basin (Operator) 6 follow-on opportunities identified…
  47. ANALYST DAY – Cobalt International Energy, Inc. – slide 47
    DST Confirms Reservoir Quality and Production Capability of Massive Orca Oil Discovery Orca oil discovery conservatively estimated 400 - 700+ MMBO(1) Manhattan, New York 250 ft of net oil pay in upper Sag and Syn-rift reservoirs…
  48. ANALYST DAY – Cobalt International Energy, Inc. – slide 48
    Observable, Modern Day Geologic Analogues Support Basin Understanding Baleia Exuma Cays, Bahamas ORCA High Energy Baleia 1 Carbonate Orca 1 Shoals N 2 km (3.2 mi) Baleia High Energy Carbonate Shoals NYSE: CIE…
  49. ANALYST DAY – Cobalt International Energy, Inc. – slide 49
    Orca Core and DST Results Further Supports Commerciality of Kwanza Basin Discoveries 3-RJS-646 Well Cobalt Orca 1 Well Tupi/Lula Field, Brazil Block 20 Kwanza Basin, Angola 1 cm 2 cm Excellent reservoir quality and flow rates…
  50. ANALYST DAY – Cobalt International Energy, Inc. – slide 50
    Bicuar Syn-rift Discovery De-risks Deeper Reservoirs and Core Mirrors Excellent Reservoir at Orca and Lontra Bicuar Geologic Model Bicuar oil and condensate discovery Potential Bicuar Bicuar 1A estimated 150 - 300+ MMBO Appraisal…
  51. ANALYST DAY – Cobalt International Energy, Inc. – slide 51
    Bicuar Discovery to be Followed by Mupa and Kagongo Prospects in Block 21 Block 21 Cobalt 40% Mavinga 1 Cameia 3 Appraisal Bicuar discovery de-risked deeper (Operator) Discovery reservoirs at other Block 21 prospects Cameia 1…
  52. ANALYST DAY – Cobalt International Energy, Inc. – slide 52
    Drill Ready Prospects, Mupa and Kakonga, in Block 21 Large structural/stratigraphic traps located along Atlantic hinge line Cameia 3 Mavinga 1 Discovery Appraisal Mupa and Kakonga resource estimates 450 1,100 MMBO Cameia 1 Bicuar…
  53. ANALYST DAY – Cobalt International Energy, Inc. – slide 53
    Next Kwanza Basin Exploration Well is Loengo Prospect in Block 9 Block 9 750 1,300 MMBO resource potential Cobalt 40% (Operator) Denden Prospect located between two oil Azul discoveries Cobalt License 9 Denden (1983) and Azul…
  54. ANALYST DAY – Cobalt International Energy, Inc. – slide 54
    New Seismic Over Loengo Illuminates Well Defined Carbonate Build-up Maboque Well developed carbonate buildup Pitanga Abacaxi Denden Carbonate margin along Atlantic Hinge Line Loengo 1 Mucua Azul High quality reservoir similar…
  55. ANALYST DAY – Cobalt International Energy, Inc. – slide 55
    Kwanza Basin Pre-salt Exploration is at the Early Stages of the Cycle Angola and Brazil Creaming Curves(1) Kwanza Basin Kwanza Pre-salt is a world-class Lower Congo Deepwater petroleum basin Campos (Brazil) Pre-salt Maturing Cobalts…
  56. ANALYST DAY – Cobalt International Energy, Inc. – slide 56
    Diaman Discovery Proves Working Pre-salt Petroleum System GABON Rabi-Kounga Cobalt 21.25% (TOTAL Operator) 940 MMBOE GABON Diaman 1 de-risked Gabons deepwater Pre-salt play Oil expected toward East and West where source rocks are…
  57. ANALYST DAY – Cobalt International Energy, Inc. – slide 57
    Cobalt Discoveries and Opportunities in the Gulf of Mexico Deepwater 268 blocks focused in Inboard Lower Tertiary 4 material discoveries New Play Area captured in most recent lease sale New Play Area North Platte Discovery…
  58. ANALYST DAY – Cobalt International Energy, Inc. – slide 58
    Robust Portfolio of Upcoming Exploration Prospects in the Gulf of Mexico Two exploration and two appraisal wells to Shenandoah appraisal well results by year-end be drilled in 2014 Continued North Platte Basin appraisal work Expect…
  59. ANALYST DAY – Cobalt International Energy, Inc. – slide 59
    Significant Exploration Activity in the North Platte Basin in 2015+ Cobalt Leases Cobalt Discovery North Platte Oil Discovery Williams Fork Cobalt Prospects Resource Estimate 400 850 MMBOE Latvian 550 ft. of net oil pay in multiple…
  60. ANALYST DAY – Cobalt International Energy, Inc. – slide 60
    Step-Change Improvements in Subsalt Imaging 2006 Gulf of Mexico Lease Sale Decision 2014 Present Data 3D Seismic Data Initial Full Azimuth Data Product Spec PSDM CGG Deux Fast Trax RTM PSDM Start to Finish Courtesy of…
  61. ANALYST DAY – Cobalt International Energy, Inc. – slide 61
    North Platte Appraisal and Off-Setting Prospects North Platte North Platte 2 South Platte 1 Appraisal Significant improvement in subsalt image Greater confidence in appraisal well locations South Platte North Platte…
  62. ANALYST DAY – Cobalt International Energy, Inc. – slide 62
    Significant Activity in Shenandoah Basin in 2014 and 2015 Shenandoah 2 well found 1000 of net One of the largest oil accumulations pay with no oil-water contacts in the Gulf of Mexico(1) Shenandoah Basin Shenandoah 3 appraisal well…
  63. ANALYST DAY – Cobalt International Energy, Inc. – slide 63
    Cobalt Discoveries and Opportunities in the Deepwater Gulf of Mexico 3-4 Exploration and Appraisal wells in 2014 Preparing for active operated program in 2015 including first North Platte appraisal Aggressively applying latest…
  64. ANALYST DAY – Cobalt International Energy, Inc. – slide 64
    International New Ventures Exploration strategy proven with basin and play opening exploration success in: Gulf of Mexico Angola Gabon Inboard Lower Tertiary Pre-salt Pre-salt Capitalize on Cobalts pool of proven exploration…
  65. ANALYST DAY – Cobalt International Energy, Inc. – slide 65
    Business Model is Scalable and Repeatable Investing for our 2017+ exploration drilling program Seeking new venture exploration opportunities that play to our strengths: Offshore and deepwater Oil focused Gabon Frontier and…
  66. ANALYST DAY – Cobalt International Energy, Inc. – slide 66
    Cobalt Exploration Near Term Activity and Commitments 2014 Activity Cobalt Commitments Exploration Wells Loengo Industry leading finding cost per Mupa barrel Anchor Continued Investment in Technology and Consistent growth in…
  67. ANALYST DAY – Cobalt International Energy, Inc. – slide 67
    Cobalt Building on Strength to Deliver Shareholder Value John Wilkirson Strong Balance Sheet Financing the Future Van Whitfield Unique Operating Model Safe and Efficient Operations Jim Farnsworth Proven Exploration Results…
  68. ANALYST DAY – Cobalt International Energy, Inc. – slide 68
    Focused Operations Cobalt Execution and Appraisal Strategy Organizational focus Accessing Right team in place more barrels per dollar Consistent worldwide operations with shared learnings spent Optimized path to…
  69. ANALYST DAY – Cobalt International Energy, Inc. – slide 69
    Strategic Focus on High Value Deepwater Oil Operations Focus on high value barrels where Cobalts operational expertise creates a meaningful advantage Deepwater Gulf of Mexico subsalt Deepwater West Africa Pre-salt Thorough team…
  70. ANALYST DAY – Cobalt International Energy, Inc. – slide 70
    Focused, Experienced Team Strengthens Cobalt Drilling Performance Improved drilling performance enables Reduced Non-Productive Time (NPT) Safety Expertise HSSE excellence Reliability Improved Drilling Shorter cycle time to…
  71. ANALYST DAY – Cobalt International Energy, Inc. – slide 71
    Cobalt is the Most Efficient Driller in the Subsalt Deepwater Gulf of Mexico Gulf of Mexico Subsalt Industry Drilling Performance(1) 2 1st Quartile Independent 4 Cobalt Never compromise on safe operations 2013 Average Days per…
  72. ANALYST DAY – Cobalt International Energy, Inc. – slide 72
    Rapid Integration of Learnings in Angola Reduces Well Costs Cobalt Angola Drilling Performance Drivers of Operational Improvement Days to Total Depth 150 Drill bit selection 130-150 Rig efficiency 100-130 Casing design 100…
  73. ANALYST DAY – Cobalt International Energy, Inc. – slide 73
    Cobalts Hands on Approach with Service Providers Increases Operational Performance Excellent track record on new build rigs Experienced deepwater team oversees contractor and shipyard work from rig design through the spud of the first…
  74. ANALYST DAY – Cobalt International Energy, Inc. – slide 74
    Our Approach Results in More Barrels Accessed Per Dollar Spent Safety is always our first priority Pre-project engineering matters Extremely low NPT on Cobalt operated ENSCO 8503 Team recruited with belief that the best people deliver…
  75. ANALYST DAY – Cobalt International Energy, Inc. – slide 75
    Efficient Appraisal of Discovered Resources Adds Meaningful Value Per Barrel and Increased Certainty Cobalt appraisal strategy structured to maximize value Drilling analysis Drill appraisal wells Thorough evaluation and testing…
  76. ANALYST DAY – Cobalt International Energy, Inc. – slide 76
    Exploration Cobalts Upcoming Drilling Calendar Appraisal Development 2014 2015 2016 Cameia 3 Loengo Mupa TBD TBD TBD TBD TBD SSV Catarina West Africa TBD Cameia Development Potential 2nd Rig Gabon Non-Operated…
  77. ANALYST DAY – Cobalt International Energy, Inc. – slide 77
    Cobalt Execution and Appraisal Near Term Activity and Commitments 2014 Activity Cobalt Commitments Exploration & Appraisal Wells Loengo Cameia Industry leading finding cost per Mupa Yucatan barrel Anchor Shenandoah North Platte…
  78. ANALYST DAY – Cobalt International Energy, Inc. – slide 78
    Cobalt Building on Strength to Deliver Shareholder Value John Wilkirson Strong Balance Sheet Financing the Future Van Whitfield Focused Operating Model Safe and Efficient Operations Jim Farnsworth Proven Exploration Results…
  79. ANALYST DAY – Cobalt International Energy, Inc. – slide 79
    Leading Deepwater Developments Cobalt Development Strategy Leading deepwater development team Performance Partnering with industry leading service that is safe, providers and contractors competitive and predictive Proven…
  80. ANALYST DAY – Cobalt International Energy, Inc. – slide 80
    Project Management is a Core Cobalt Strength 1 37 3 1 19 10 Cobalt development team has participated in 70+ major deepwater projects globally NYSE: CIE JUNE 2014 ANALYST DAY PRESENTATION 81
  81. ANALYST DAY – Cobalt International Energy, Inc. – slide 81
    Cobalt Development Approach Designed to Add Value, Reduce Risk Cobalt Development Strategy Maximizes Value Reference Model for for Shareholders and Partners Cobalt Developments Floating Subsea Production System System…
  82. ANALYST DAY – Cobalt International Energy, Inc. – slide 82
    Floating System Strategy De-risks Delivery Leased to minimize capital outlay Only top-tier, proven providers considered Competition to ensure delivery and performance Floating systems with repeatable designs, built and operated to…
  83. ANALYST DAY – Cobalt International Energy, Inc. – slide 83
    Subsea System Design is Flexible and Repeatable Built on industry best practices and proven technologies Partnered with industry-leading suppliers Early design of modular components based on standardized solutions NYSE: CIE JUNE 2014…
  84. ANALYST DAY – Cobalt International Energy, Inc. – slide 84
    Subsurface and Drilling Performance are Keys to Success Industry-leading drilling team Subsurface understanding Continuous improvement culture NYSE: CIE JUNE 2014 ANALYST DAY PRESENTATION 85
  85. ANALYST DAY – Cobalt International Energy, Inc. – slide 85
    Phased Development Approach Reduces Risk and Cycle Time Traditional Mega-Development Approach 7-10 years Significant time spent in Additional wells Appraisal / FEED Appraisal Select FEED Construction based on sanctioned Development…
  86. ANALYST DAY – Cobalt International Energy, Inc. – slide 86
    Cameia Field Development Plan Implements Cobalts Strategy First oil Full field development FPSO with fewer initial wells Scale optimized based on production learning Evaluation of reservoir productivity and connectivity Retain…
  87. ANALYST DAY – Cobalt International Energy, Inc. – slide 87
    Cameia Project on Track for First Oil in 2017 General Development and Production Plan Submitted May 2014 Sanction 4Q 2014 First production 2H 2017 Recoverable reserves 300-500 MMBO FPSO with 100 MBOPD capacity NYSE: CIE JUNE…
  88. ANALYST DAY – Cobalt International Energy, Inc. – slide 88
    Activities Focused on Achieving Sanction and First Oil in 2017 5 - 6 years 2012 2013 2014 2015 2016 2017 Discovery Submit GDPP Sanction FPSO Award First Oil Appraise/FEED Execution 1 Cameia 2 Cameia 3 Phase 1 Dev Drilling…
  89. ANALYST DAY – Cobalt International Energy, Inc. – slide 89
    Proximity of Angolan Discoveries Allows for Multiple Hub Developments Multi-field hub developments are typical in deepwater Angola Field A N Field D FPSO Angola Field B Field C Cameia will be Cobalts first hub complex…
  90. ANALYST DAY – Cobalt International Energy, Inc. – slide 90
    Appraisal Program Underway to Advance Orca and Lontra to Sanction Cobalt Discoveries and Prospects in Blocks 20 and 21 Replicate Cameia development Lontra Orca strategy Phased developments Leased FPSOs 40 miles offshore Angola…
  91. ANALYST DAY – Cobalt International Energy, Inc. – slide 91
    Bringing Cobalts Gulf of Mexico Program Online Operated assets Non-operated assets Apply Cobalt development strategy building Operators with compatible development blocks strategies Control pace and development concept Selective…
  92. ANALYST DAY – Cobalt International Energy, Inc. – slide 92
    Heidelberg Miocene Development Project Sanctioned May 2013 210 424 MMBOE gross resource 17 34 MMBOE net to Cobalt On track for first oil mid-2016 Key construction milestones being achieved 80 MBOD Spar construction…
  93. ANALYST DAY – Cobalt International Energy, Inc. – slide 93
    Cobalt Development Near Term Activity and Commitments 2014 Activity Cobalt Commitments Project Teams Established to Progress Discoveries Toward Production Consistent growth in booked Cameia Heidelberg reserves Shenandoah 100…
  94. ANALYST DAY – Cobalt International Energy, Inc. – slide 94
    Analyst Day Agenda Welcome and Introduction Joe Bryant Chairman and Chief Executive Officer Financing the Future John Wilkirson Chief Financial Officer 30-minute Break Operating Model Van Whitfield Chief Operating Officer…
  95. ANALYST DAY – Cobalt International Energy, Inc. – slide 95
    Cobalt Building on Strength to Deliver Shareholder Value Cobalt Commitments Focused Operating Model Safe and efficient operations Industry leading finding cost Leading Basin Positions per barrel Consistent growth in booked…

From the store

Browse maps, data & reports in the Shale Experts store