Cobalt International Energy

Last updated
Cobalt International Energy, Inc.
Type Public company
NYSE: CIEIQ
Founded2005;18 years ago (2005)
Headquarters Houston, 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]
RevenueIncrease2.svg $0.016 billion (2016)
Decrease2.svg -$2.343 billion (2016)
Total assets Decrease2.svg $2.230 billion (2016)
Total equity Decrease2.svg -$0.841 billion (2016)
Number of employees
111 (2016)
Website www.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]

Contents

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, 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 ]

Related Research Articles

<span class="mw-page-title-main">Enron</span> American energy company

Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity, natural gas, communications, and pulp and paper company, with claimed revenues of nearly $101 billion during 2000. Fortune named Enron "America's Most Innovative Company" for six consecutive years.

<span class="mw-page-title-main">BHP</span> Australian multinational mining and petroleum company

BHP Group Limited is an Australian multinational mining and metals public company headquartered in Melbourne, Victoria, Australia.

<span class="mw-page-title-main">Ovintiv</span> American energy company

Ovintiv Inc. is an American independent petroleum company. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana. Ovintiv is incorporated in Delaware and headquartered in Denver, Colorado.

<span class="mw-page-title-main">Marathon Oil</span> American company engaged in hydrocarbon exploration headquartered in Houston, Texas

Marathon Oil Corporation is an American company engaged in hydrocarbon exploration incorporated in Ohio and headquartered in the Marathon Oil Tower in Houston, Texas. A direct descendant of Standard Oil, it also runs international gas operations focused on Equatorial Guinea, offshore Central Africa.

Chesapeake Energy Corporation is an American exploration and production company, headquartered in Oklahoma City.

<span class="mw-page-title-main">Sonangol Group</span> Angolan energy company

Group Sonangol is a parastatal that formerly oversaw petroleum and natural gas production in Angola. The group consisted of Sonangol E.P. and its many subsidiaries. The subsidiaries generally had Sonangol E.P. as a primary client, along with other corporate, commercial, and individual clients. Angola is estimated to have over 5 billion barrels (790,000,000 m3) of offshore and coastal petroleum reserves, and new discoveries are outpacing consumption by a 5-to-1 ratio.

<span class="mw-page-title-main">Devon Energy</span> American energy company

Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its primary operations are in the Barnett Shale STACK formation in Oklahoma, Delaware Basin, Eagle Ford Group, and the Rocky Mountains.

<span class="mw-page-title-main">CIT Group</span> American banking and financial services company

CIT Group (CIT), a subsidiary of First Citizens BancShares, is an American financial services company. It provides financing, including factoring, cash management, treasury management, mortgage loans, Small Business Administration loans, leasing, and advisory services principally to individuals, middle-market companies and small businesses, primarily in North America. Under the reporting mark CEFX, it leases locomotives and railroad cars to rail transport and shipping companies in North America. It also operates a direct bank. In January 2022, CIT was acquired by First Citizens BancShares.

<span class="mw-page-title-main">UGI Corporation</span> American natural gas and electric power distribution company

UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.

<span class="mw-page-title-main">SemGroup</span>

SemGroup Corporation was a publicly-traded company engaged in natural gas, petroleum, and propane pipeline transport. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In December 2019, the company was acquired by Energy Transfer LP.

<span class="mw-page-title-main">Weatherford International</span> Irish energy company

Weatherford International plc, an American–Irish public limited company, together with its subsidiaries, is a multinational oilfield service company and one of the largest companies in the world in oil services. Weatherford is a company providing equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. Many of the company's businesses, including those of predecessor companies, have been operating for more than 50 years.

<span class="mw-page-title-main">Corruption in Angola</span> Institutional corruption in Angola

The institutional corruption in Angola refers to the pervasive and long-standing issue of corruption within the country's government and public institutions. The aftermath of the 30-year civil war and the influence of the Soviet command economy have resulted in significant institutional damage and the emergence of a centralized government with authoritarian tendencies. This has allowed the president and his associates to exert control over the nation's resources, enabling them to exploit the economy for personal gain through legal and extra-legal means.

<span class="mw-page-title-main">SandRidge Energy</span> American energy company

SandRidge Energy, Inc. is a company engaged in hydrocarbon exploration in the Mid-Continent region of the United States. It is organized in Delaware and headquartered in Oklahoma City, Oklahoma.

<span class="mw-page-title-main">BP</span> British multinational oil and gas company

BP p.l.c. is a British multinational oil and gas company headquartered in London, England. It is one of the oil and gas "supermajors" and one of the world's largest companies measured by revenues and profits. It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading.

Linn Energy, Inc. was a company engaged in hydrocarbon exploration. It was incorporated in Delaware and headquartered in Houston. In 2018, the company split into Roan Resources and Riviera Resources.

WPX Energy, Inc. was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In 2021, the company merged with Devon Energy.

<span class="mw-page-title-main">Whiting Petroleum</span> American Energy Production Company

Whiting Petroleum Corporation was a company engaged in hydrocarbon exploration primarily in the Bakken Formation and Three Forks Shale. It was organized in Delaware with its operational headquarters in Denver, Colorado.

Chord Energy Corporation is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin in North Dakota and Montana. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota. The company was formerly known as Oasis Petroleum.

<span class="mw-page-title-main">GE Oil and Gas</span> Division of General Electric

GE Oil & Gas was the division of General Electric that owned its investments in the petroleum industry. In July 2017, this division was merged with Baker Hughes.

Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated and organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin. In 2021, the company was acquired by ConocoPhillips.

References

  1. 1 2 3 4 "Cobalt International Energy, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 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 . Archived from the original on 2016-06-02.