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| logo = File:Cobalt International Energy logo.png
| logo = File:Cobalt International Energy logo.png
| type = [[Public company]]
| type = [[Public company]]
| traded_as = {{|CIEIQ}}
| traded_as = {{NYSE was|CIEIQ}}
| foundation = {{Start date and age|2005}}
| foundation = {{Start date and age|2005}}
| hq_location = [[Houston, Texas]]
| hq_location = [[Houston, Texas]]
| key_people = {{nowrap| William P. Utt, [[Chairman]]<BR>Timothy J. Cutt, [[CEO]]<BR>David D. Powell, [[CFO]]}}<ref name=10K>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1471261/000156459017004239/cie-10k_20161231.htm | title=Cobalt International Energy, Inc. 2016 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| key_people = {{nowrap| William P. Utt, [[Chairman]]<BR>Timothy J. Cutt, [[CEO]]<BR>David D. Powell, [[CFO]]}}
| production = {{convert|1.28|e3BOE|lk=in}} per day (2016)<ref name=10K/>
| production = {{convert|1.28|e3BOE|lk=in}} per day (2016)<ref name=10K/>
| revenue = {{increase}} $0.016 billion (2016)<ref name=10K/>
| revenue = {{increase}} $0.016 billion (2016)
| net_income = {{decrease}} -$2.343 billion (2016)<ref name=10K/>
| net_income = {{decrease}} -$2.343 billion (2016)
| assets = {{decrease}} $2.230 billion (2016)<ref name=10K/>
| assets = {{decrease}} $2.230 billion (2016)
| equity = {{decrease}} -$0.841 billion (2016)<ref name=10K/>
| equity = {{decrease}} -$0.841 billion (2016)
| num_employees = 111<ref name=10K/>
| num_employees = 111 (2016)
| homepage = {{URL|http://www.cobaltintl.com/}}
| homepage = {{URL|https://www.cobaltintl.com/}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1471261/000156459017004239/cie-10k_20161231.htm | title=Cobalt International Energy, Inc. 2016 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
}}


'''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.<ref name=wsj-cobalt>{{cite news |last=Yerak |first=Becky |date=December 14, 2017 |title=Cobalt International Energy Files for Bankruptcy |url= https://www.wsj.com/articles/cobalt-international-energy-files-for-bankruptcy-1513274346?tesla=y | work=[[Wall Street Journal]] |location=New York City, New York |access-date=}}</ref>
'''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.<ref name=wsj-cobalt>{{cite news |last=Yerak |first=Becky |title=Cobalt International Energy Files for Bankruptcy |url= https://www.wsj.com/articles/cobalt-international-energy-files-for-bankruptcy-1513274346?tesla=y | work=[[The Wall Street Journal]] |date=December 14, 2017}}</ref>


==Current operations==
==Current operations==
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The company was founded in November 2005.<ref name=10K/>
The company was founded in November 2005.<ref name=10K/>


In December 2009, the company became a [[public company]] via an [[initial public offering]], raising $850 million.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20091215006486/en/Cobalt-International-Energy-Prices-Initial-Public-Offering | title=Cobalt International Energy, Inc. Prices Initial Public Offering of Common Stock | publisher=[[Business Wire]] | date=December 15, 2009}}</ref><ref>{{cite news | url=https://www.marketwatch.com/story/cobalt-international-ipo-raises-850-million-2009-12-16 | title=Cobalt International IPO ends flat, raises $850 million | first=STEVE | last=GELSI | work=[[Marketwatch]] | date=December 16, 2009}}</ref>
In December 2009, the company became a [[public company]] via an [[initial public offering]], raising $850 million.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20091215006486/en/Cobalt-International-Energy-Prices-Initial-Public-Offering | title=Cobalt International Energy, Inc. Prices Initial Public Offering of Common Stock | publisher=[[Business Wire]] | date=December 15, 2009}}</ref><ref>{{cite news | url=https://www.marketwatch.com/story/cobalt-international-ipo-raises-850-million-2009-12-16 | title=Cobalt International IPO ends flat, raises $850 million | first=STEVE | last=GELSI | work=[[MarketWatch]] | date=December 16, 2009}}</ref>


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.<ref>{{cite news | url=https://www.ft.com/content/f0e69381-08e4-3084-a16c-41d2cd600989 | title=US prosecutors end corruption investigation into Cobalt International Energy| first=Tom | last=Burgis | work=[[Financial Times]] | date=February 9, 2017}}</ref>
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.<ref>{{cite news | url=https://www.ft.com/content/f0e69381-08e4-3084-a16c-41d2cd600989 | title=US prosecutors end corruption investigation into Cobalt International Energy| first=Tom | last=Burgis | work=[[Financial Times]] | date=February 9, 2017}}</ref>
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In April 2013, James Painter, the president of the company, resigned.<ref>{{cite news | url=https://www.bizjournals.com/houston/news/2017/04/13/houston-upstream-energypresident-resigns.html | title=Houston upstream energy president resigns | first=Joshua | last=Mann | work=[[American City Business Journals]] | date=April 13, 2017}}</ref>
In April 2013, James Painter, the president of the company, resigned.<ref>{{cite news | url=https://www.bizjournals.com/houston/news/2017/04/13/houston-upstream-energypresident-resigns.html | title=Houston upstream energy president resigns | first=Joshua | last=Mann | work=[[American City Business Journals]] | date=April 13, 2017}}</ref>


In 2015, the company reached an agreement to sell its Angolan assets for $1.75 billion to [[Sonangol Group]].<ref>{{cite press release | url=http://www.businesswire.com/news/home/20150824005328/en/Sonangol-Cobalt-Announce-US1.75-Billion-Transaction | title=Sonangol and Cobalt Announce US$1.75 Billion Transaction | publisher=[[Business Wire]] | date=August 24, 2015}}</ref> However, the deal fell through after [[Isabel dos Santos]] took over the company.<ref>{{cite news | url=https://www.bizjournals.com/houston/news/2016/11/02/houston-e-p-company-seeks-capital-as-it-looks-to.html | title=Houston E&P company seeks capital as it looks to divest Angolan assets | first=Joshua | last=Mann | work=[[American City Business Journals]] | date=November 2, 2016}}</ref>
In 2015, the company reached an agreement to sell its Angolan assets for $1.75 billion to [[Sonangol Group]].<ref>{{cite press release | url=https://www.businesswire.com/news/home/20150824005328/en/Sonangol-Cobalt-Announce-US1.75-Billion-Transaction | title=Sonangol and Cobalt Announce US$1.75 Billion Transaction | publisher=[[Business Wire]] | date=August 24, 2015}}</ref> However, the deal fell through after [[Isabel dos Santos]] took over the company.<ref>{{cite news | url=https://www.bizjournals.com/houston/news/2016/11/02/houston-e-p-company-seeks-capital-as-it-looks-to.html | title=Houston E&P company seeks capital as it looks to divest Angolan assets | first=Joshua | last=Mann | work=[[American City Business Journals]] | date=November 2, 2016}}</ref>


In May 2016, Timothy J. Cutt, formerly of [[BHP Billiton]], was named chief executive officer of the company.<ref>{{cite news | url=https://www.bizjournals.com/houston/morning_call/2016/05/local-energy-co-hires-bhp-s-former-houston-leader.html | title=Local energy co. hires BHP’s former Houston leader as CEO | first=Olivia | last=Pulsinelli | work=[[American City Business Journals]] | date=May 31, 2016}}</ref>
In May 2016, Timothy J. Cutt, formerly of [[BHP]], was named chief executive officer of the company.<ref>{{cite news | url=https://www.bizjournals.com/houston/morning_call/2016/05/local-energy-co-hires-bhp-s-former-houston-leader.html | title=Local energy co. hires BHP's former Houston leader as CEO | first=Olivia | last=Pulsinelli | work=[[American City Business Journals]] | date=May 31, 2016| archive-url=https://web.archive.org/web/20160602041135/https://www.bizjournals.com/houston/morning_call/2016/05/local-energy-co-hires-bhp-s-former-houston-leader.html | archive-date=2016-06-02 }}</ref>


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.<ref name=wsj-cobalt/>
Cobalt International Energy 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.<ref name=wsj-cobalt/>


On April 10, 2018 Cobalt International Energy screwed shareholders royally by terminating their interest in the company as part of the bankruptcy agreement.
To the dismay of many, on April 10, 2018 Cobalt International Energy terminated shareholders interest in the company as part of the bankruptcy agreement.{{Citation needed|date=September 2023}}
Thank you, Tim Cutt and company.


==References==
==References==
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==External links==
==External links==
*{{URL|http://www.cobaltintl.com/}}
* {{Official website|https://www.cobaltintl.com/}}


[[Category:Oil companies of the United States]]
[[Category:Oil companies of the United States]]
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[[Category:Non-renewable resource companies established in 2005]]
[[Category:Non-renewable resource companies established in 2005]]
[[Category:2005 establishments in Texas]]
[[Category:2005 establishments in Texas]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies formerly listed on the New York Stock Exchange]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 2017]]

Latest revision as of 10:56, 11 September 2023

Cobalt International Energy, Inc.
Company typePublic company
NYSE: CIEIQ
Founded2005; 19 years ago (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]
RevenueIncrease $0.016 billion (2016)
Decrease -$2.343 billion (2016)
Total assetsDecrease $2.230 billion (2016)
Total equityDecrease -$0.841 billion (2016)
Number of employees
111 (2016)
Websitewww.cobaltintl.com
Footnotes / references
[1]

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]

Current operations

[edit]

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

[edit]

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, was named chief executive officer of the company.[9]

Cobalt International Energy 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.[citation needed]

References

[edit]
  1. ^ a b c d "Cobalt International Energy, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b 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. Archived from the original on 2016-06-02.
[edit]
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