Cobalt Int'l. Posts Huge Loss In Q4 - Quick Facts

(RTTNews) - Cobalt International Energy, Inc.'s (CIE) fourth-quarter 2013 net loss widened significantly to $222 million, or $0.55 per share, from the prior year's $67 million, or $0.16 per share loss. The recent quarter included $139 million, or $0.34 per share for the impairment of expenditures, including some $107 million associated with the Aegean #1 exploratory well, Aegean related prospect leases and other Gulf of Mexico leases, and about $32 million associated with exploration in Angola, the company said.

On average, 15 analysts polled by Thomson Reuters expected loss per share of $0.16 for the quarter. Analysts' estimates typically exclude one-time items.

For the tri-monthly period, capital and operating expenditures before changes in working capital totaled around $249 million.

Additionally, Cobalt issued an update on its Orca #1 deepwater pre-salt exploratory well in Block 20, offshore Angola.