Cobalt International Energy

Cobalt International Energy, Inc. is a development stage petroleum exploration and production company headquartered in Houston, Texas. Cobalt International Energy Inc. filed for bankruptcy on December 14, 2017.[2]

Cobalt International Energy, Inc.
TypePublic company
NYSE: CIEIQ
Founded2005 (2005)
HeadquartersHouston, Texas
Key people
 William P. Utt, Chairman
Timothy J. Cutt, CEO
David D. Powell, CFO
Production output
1.28 thousand barrels of oil equivalent (7,800 GJ) per day (2016)[1]
Revenue $0.016 billion (2016)
-$2.343 billion (2016)
Total assets $2.230 billion (2016)
Total equity -$0.841 billion (2016)
Number of employees
111 (2016)
Websitewww.cobaltintl.com
Footnotes / references
[1]

Current operations

The company has reserves deepwater in the Gulf of Mexico and offshore Angola and Gabon in West Africa.

The company owns a 9.375% working interest in the Heidelberg field, approximately 140 miles south of Port Fourchon off the Louisiana coast, which is operated by Anadarko Petroleum.[1]

History

The company was founded in November 2005.[1]

In December 2009, the company became a public company via an initial public offering, raising $850 million.[3][4]

In 2012, the United States Department of Justice initiated an investigation into allegations that the company engaged in bribery in Angola, in violation of the Foreign Corrupt Practices Act. The investigation was closed in 2017.[5]

In April 2013, James Painter, the president of the company, resigned.[6]

In 2015, the company reached an agreement to sell its Angolan assets for $1.75 billion to Sonangol Group.[7] However, the deal fell through after Isabel dos Santos took over the company.[8]

In May 2016, Timothy J. Cutt, formerly of BHP Billiton, was named chief executive officer of the company.[9]

Cobalt International Energy Inc. filed for bankruptcy on December 14, 2017 in the U.S. Bankruptcy Court in Houston. At the time, it had 82 workers, with 31 temporary workers and 19 independent contractors.[2]

To the dismay of many, on April 10, 2018 Cobalt International Energy terminated shareholders interest in the company as part of the bankruptcy agreement.

References
  1. "Cobalt International Energy, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Yerak, Becky (December 14, 2017). "Cobalt International Energy Files for Bankruptcy". The Wall Street Journal.
  3. "Cobalt International Energy, Inc. Prices Initial Public Offering of Common Stock" (Press release). Business Wire. December 15, 2009.
  4. GELSI, STEVE (December 16, 2009). "Cobalt International IPO ends flat, raises $850 million". MarketWatch.
  5. Burgis, Tom (February 9, 2017). "US prosecutors end corruption investigation into Cobalt International Energy". Financial Times.
  6. Mann, Joshua (April 13, 2017). "Houston upstream energy president resigns". American City Business Journals.
  7. "Sonangol and Cobalt Announce US$1.75 Billion Transaction" (Press release). Business Wire. August 24, 2015.
  8. Mann, Joshua (November 2, 2016). "Houston E&P company seeks capital as it looks to divest Angolan assets". American City Business Journals.
  9. Pulsinelli, Olivia (May 31, 2016). "Local energy co. hires BHP's former Houston leader as CEO". American City Business Journals.
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