SOLID FOUNDATION PROVEN SUCCESS CONTINUAL GROWTH
2 013 AN N UA L R E P O RT O N FO R M 1 0 - K
Cobalt International Energy 2013 Annual Report
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OUR VALUES GUIDE OUR BUSINESS AND EVERYTHING WE DO Commitment to Health, Safety, Security and Environment Outstanding Value for Shareholders Best Talent, Team and Resources Action Oriented and Results Focused Legendary Leadership and Entrepreneurship Trustworthy and Integrity in All That We Do Socially and Professionally Rewarding
26 MONTHS FROM LICENSE AWARD TO TWO DISCOVERIES AN IMPERATIVE IN A CAPITAL INTENSIVE INDUSTRY
WORLD-CLASS DISCOVERY FOCUS ON BIG PROSPECTS Photo on the cover is of the Lontra #1 pre-salt discovery well’s drill stem test which resulted in a stabilized flow rate of 9,500 BOEPD. The Lontra #1 exploratory well, located in Block 20, offshore Angola, was drilled to a total depth of 4,195 meters (13,763 feet) and penetrated approximately 75 meters (250 feet) of net pay in a very high quality reservoir section. Both Tudor, Pickering, Holt & Co. and the American Association of Petroleum Geologists named Cobalt’s Lontra #1 pre-salt discovery as the top discovery of 2013. 2
Cobalt International Energy 2013 Annual Report
WORLD-CLASS DRILLING AND OPERATING PERFORMANCE ACHIEVE MORE WITH LESS CAPITAL
OUR VISION: Cobalt’s vision is to
»»Drilled deepest well in deepwater Gulf of Mexico in record time »»Significantly improved Angola drilling performance by cutting drilling time nearly in half »»Results achieved with outstanding safety and environmental performance
become one of the world’s most admired exploration and production companies by adhering to our
WORLD-CLASS SUCCESS UNPRECEDENTED TRACK RECORD OF SUCCESS
values, achieving results as promised, and consistently delivering
Cobalt International Energy is an independent exploration and production company with
top quartile
operations in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in West
rates of return.
Africa. Since our founding in 2005, our oil-focused, below-salt exploration efforts have been successful in each of our operating areas, resulting in nine discoveries out of the fourteen exploration prospects drilled. These nine discoveries include North Platte, Heidelberg and Shenandoah in the U.S. Gulf of Mexico; Cameia, Lontra, Mavinga, Bicuar and Orca offshore Angola; and Diaman offshore Gabon. Cobalt is positioned to be a successful, enduring enterprise that will create wealth for our investors and will provide an outstanding professional experience for our team members.
Our world-class team
Our World-Class operations are possible by setting lofty goals, achieving outstanding performance and delivering on our promises.
2013: A TRANSFORMATIVE YEAR GULF OF MEXICO ANGOLA
GABON
»»Heidelberg Project
»»100% drilling success rate in
»»Diaman play-opening
sanctioned, representing
Kwanza basin with Lontra, and
discovery confirms active
Cobalt’s first proved reserves
Mavinga discoveries (followed
petroleum system in Gabon
»»Shenandoah appraisal well
by Bicuar and Orca in early
deepwater pre-salt
confirms significant discovery North Platte discovery moving into appraisal
2014) confirming pre-salt trend
»»Cameia Project moving to sanction
Commitment to Health, Safety, Security and Environment Action Oriented And Results Focused Cobalt International Energy 2013 Annual Report
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LOOKING FORWARD
PROGRESS Cobalt is moving into the next phase of our business model, transitioning from solely an exploration company to exploration, appraisal and development.
From the beginning, Cobalt believed that
applicable to our deepwater and below-salt
we could leverage the best sponsors and
exploration strength. Consistent with our
investors, talent, technology, data and
core strengths, our New Ventures strategy
partners in the world to create one of the
is centered on pursuing high-value,
most successful new energy enterprises in
deepwater oil-focused exploration
the 21st century. Over the last eight years,
opportunities.
this standard has provided substantial
Through Project Development, we are
returns through the successful exploration
selectively progressing our discoveries,
of our prolific prospect inventory, strategic
which are currently in various stages of
partnerships and a selective development
appraisal and development, into proved
approach.
reserves, production, and cash flow.
With nine material discoveries, our primary
As we continue to grow and transition
focus areas are Continued Exploration,
from solely an exploration company to
New Ventures and Project Development.
exploration, appraisal and development,
We are Continuing Exploration to maintain
our vision remains laser-focused‌
a robust exploration program on our current
...to be one of the world’s most admired E&P companies.
acreage. In 2013, we formed a New Ventures group and are seeking the renewal of our worldwide exploration portfolio in locations
Outstanding Value for Shareholders Through Legendary Leadership and Entrepreneurship
Heidelberg
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Cobalt International Energy 2013 Annual Report
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SHAREHOLDER’S LETTER Dear Shareholders, We began the year 2013 filled with excitement, anticipation, and confidence knowing that it would be the most active and catalyst-filled year in Cobalt’s history. On behalf of Cobalt’s Board of Directors, I am very proud to report that your company achieved exceptional results in a number of areas, further solidifying Cobalt’s position as one of the world’s pre-eminent exploration companies. Most importantly, we achieved these results with outstanding safety and environmental performance.
Shenandoah and North Platte in the U.S. Gulf of Mexico, and Cameia in Angola. In addition, we planned to drill and announce results for six wells during the year, including five high-potential exploratory wells and one significant appraisal well. This six well program resulted in three significant
36,552 ft. Safely drilled the DEEPEST well in the deepwater Gulf of Mexico.
new discoveries, including Mavinga, Lontra and Diaman, and one outstanding appraisal success at Shenandoah, yielding an overall drill bit success rate of 67%. When we consider the two additional exciting
From Cobalt’s inception in 2005, we have
discoveries, Bicuar and Orca, that we
always set bold objectives to achieve
commenced in 2013 and finalized early
industry leading results in all that we do. This
this year, our drill bit success rate over
uncompromising pursuit of excellence drives
a twelve month period climbed to 75%.
all of us at Cobalt, it is one of our core values.
The year 2013 was clearly the most
In total, our values define Cobalt’s culture and
successful year in our history. In West Africa,
Booked FIRST PROVED RESERVES
we drilled five exploratory wells, and, while two of these wells were actually announced
are standards for conducting our business
early this year, each of the five
with the highest level of integrity and an
resulted in a discovery. This
unwavering commitment to the health and
is an astounding track record
safety of our employees and stakeholders
of success. Included in these
with absolute resolve to protect, and improve
results were Angola’s world
the environment where we can. We know that
scale Lontra discovery,
these exceptionally high standards are key
which has been described as the industry’s
to attracting the industry’s best talent. And on
largest discovery in 2013, and the Gulf of
that score our results confirm that Cobalt’s
Mexico’s Shenandoah appraisal well, which
team is among the most talented in the
logged over 1,000 net feet of oil pay.
industry. Great people are the reason that we have achieved industry leading exploration and operational results.
Joseph H. Bryant Chairman and Chief Executive Officer
We achieved these extraordinary exploration results while at the same time delivering bestin-class operational performance. In the Gulf
Cobalt entered 2013 with a robust deepwater
of Mexico we drilled two deepwater subsalt
portfolio consisting of four significant
wells, one of which was the deepest well
discoveries, which included Heidelberg,
ever drilled in the deepwater Gulf of Mexico. Cobalt International Energy 2013 Annual Report
5
In West Africa, throughout the year we applied
Angola resulted in our fifth significant Angolan
important learnings from previously operated
oil discovery. Beyond these five discoveries
wells and significantly improved our drilling
in Blocks 20 and 21 we have numerous
performance by cutting our drilling time nearly
additional prospects in our Angolan inventory,
in half. This operational performance results
as well as a number of appraisal wells that we
in tremendous cost savings, which we believe
will drill on our discoveries.
can be repeated in future wells in both basins.
SUCCESS in Angola, Gabon, and Gulf of Mexico is based on excellence in GEOSCIENCE and OPERATIONS.
actively pursuing the sanction of our Cameia project in 2014, and once sanctioned, we will embark on the development of Cameia in order to achieve first production from this field
Needless to say, these results were delivered
as early as 2017.
while never compromising our safety or
In the Gulf of Mexico, our successful Inboard
environmental standards.
Lower Tertiary Shenandoah appraisal and
In addition to this remarkable drilling success, we also reached a milestone in 2013 by joining our partners in sanctioning our Heidelberg discovery and booking Cobalt’s first proved reserves, which will be producing in 2016. When this oil and gas starts flowing, we will have achieved what many thought impossible—moving from an aspirational business plan to producing oil and gas in deepwater organically in ten years. This is a feat that if equaled has few peers.
North Platte discovery wells are significant because they reduce the geologic risk in several additional prospects Cobalt owns in the Inboard Lower Tertiary trend. We and our partners are working to advance both Shenandoah and North Platte through the appraisal phase, and while this work is required of both Shenandoah and North Platte, we remain very excited about the potential of these fields. We hope to have both fields producing by the end of the decade. While we won’t have any operated
As I mentioned, we followed up our 2013
drilling operations in the Gulf of Mexico
accomplishments by making two additional
in 2014, we are participating in two wells
significant discoveries. In January we
currently being drilled in the Inboard Lower
announced our Bicuar #1A discovery in
Tertiary basin this year. The Shell operated
Block 21 offshore Angola. This discovery was
Yucatan prospect spud in January and
particularly important because it was the first
the Chevron operated Anchor prospect is
5 for 5 in frontier basin exploration
syn-rift discovery, a new
spudding in March. We should have well
geologic horizon that
results on both wells sometime in mid-year.
holds great potential
for further pre-salt exploration. Bicuar represented our fourth consecutive discovery in Angola’s Kwanza Basin. In addition, in February we followed up Bicuar’s January success by announcing that our Orca #1 exploration well in Block 20 also offshore 6
In addition, we and our Block 21 partners are
Cobalt International Energy 2013 Annual Report
At Cobalt, we have always believed that maximum shareholder value is created with the exploration drill bit. Simply stated, we want to be the first to recognize new deepwater exploration plays, acquire significant acreage positions, then proceed with the detailed
World-Class HSSE performance
exploration work which culminates in drilling
beginning of 2013 to
exploration wells. There are no shortcuts in
two Directors today.
this process. It takes vision, confidence, and
Resigning Board
discipline to set a course for wells that will not
members included Michael G. France, N.
be on the drilling schedule for several years.
John Lancaster, Scott L. Lebovitz, Kenneth A.
During 2013 we began laying the foundation
Pontarelli and Peter R. Coneway. On behalf of
for our next wave of exploration prospects
all shareholders and management, I would like
that will mature and be drilled toward the end
to once again thank the financial sponsors of
of this decade. We are actively evaluating
Cobalt without whose unwavering confidence
exploration opportunities around the world
and support Cobalt would not exist today. In
which are aligned with our core strengths
addition to the sponsors’ departures from the
centered on high potential, high value,
Board, we have announced two new Directors
oil-focused deepwater exploration. I look
who have joined our Board including William
forward to sharing more about these activities
P. Utt and Senator Kay Bailey Hutchison. With
as they progress.
these changes throughout the year, Cobalt’s
Of course none of this would be possible without a strong balance sheet. We believe that preserving our financial flexibility is paramount to delivering shareholder value. We ended 2013 with over $1.8 Billion of cash and cash equivalents. We will continue to evaluate high grading our portfolio, as well
Board now consists of nine Directors. I am particularly proud of the Board that we have assembled, and the talent that is represented on the Board. It says a lot about this company when such an extraordinary group of men
our operational opportunities and projected
our vision was simple: attract the best people,
growth until such time when we begin to
give them the best data, provide them with
fund our capital programs through cash from
the best technology, maintain a solid balance
operations. We look forward to our first cash
sheet, and strive to be the best partner in
flow in 2016 when we commence production
the industry. In one simple sentence, that
from Heidelberg.
is Cobalt. We have remained true to these
with our original sponsors owning slightly over 50% of Cobalt’s outstanding common stock and as a controlled company. During the
the Gulf of Mexico and West Africa.
vision could create a truly special enterprise that can deliver extraordinary value to our shareholders.
positions where they collectively now own
the entire Cobalt team, thank you for your
less than 30% of our common stock and
steadfast support of and confidence in Cobalt.
sponsor representation on Cobalt’s Board
deepwater discoveries in
and our prospects are living proof that our
On behalf of the Board of Directors and
Also in connection with this sell down, the
continues with nine
principles. All of our success, our discoveries
year, the sponsors sold down their ownership
Cobalt is no longer a controlled company.
exploration excellence
shareholders. When we founded Cobalt eight years ago,
former financial sponsors. We began the year
Our track record of
and women choose to represent you, our
as monitoring the capital markets to support
The year 2013 was also significant for our
LONG-TERM VALUE CREATION:
Joseph H. Bryant Chairman and Chief Executive Officer
has decreased from seven Directors at the Cobalt International Energy 2013 Annual Report
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OPERATIONS AT A GLANCE Our operational highlights were made possible by the superior drilling performance we achieved in both the Gulf of Mexico and West Africa. By applying learnings from previously drilled wells, we experienced significantly higher penetration rates. While applying these efficiencies, we rigorously maintained our unwavering commitment to safety and environmental protection.
GULF OF MEXICO
243 blocks leased covering 700,000 net acres; 85% operated blocks with an average 50% working interest
»»Heidelberg Project: formally sanctioned
in mid-2013; Anadarko Petroleum Corporation, as operator, estimates first production in 2016
»»Shenandoah Project: expect to participate in an additional appraisal well in 2014
»»North Platte Project: in the early stages of project
development life-cycle and will require substantial additional evaluation and analysis. Plan to drill the initial appraisal well in 2015
INDUSTRY LEADER:
GULF OF MEXICO 2013:
Looking Ahead:
Through our discriminating
»»Heidelberg Project sanctioned; first oil
»»Potential participation in up to 3 partner-
“first mover” approach,
expected in 2016
operated wells in 2014
Cobalt has compiled an
»»Shenandoah appraisal well finds 1,000 ft
»»Acquire and process new Full Azimuth
oil column
3D seismic over North Platte and
»»Safely drilled the deepest well ever in the
surrounding prospects
impressive and unique portfolio of assets in highly attractive oil prone basins and countries.
deepwater GOM in record time
»»Development drilling at Heidelberg and appraisal drilling at Shenandoah
»»Heidelberg production facility being designed
Action Oriented and Results Focused
»»Rowan Reliance deepwater drillship delivery expected early 2015
»»Prepare for 2015 – 2017 operated drilling program
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Cobalt International Energy 2013 Annual Report
Best Talent, Team and Resources
ANGOLA
Three operated blocks in Angola with 40% working interest
»»Cameia Project: expect formal sanction of this project in late 2014 or early 2015 and first production in 2017
»»Lontra Discovery: exploratory well
encountered 250 feet (75 meters) of net pay in a very high quality reservoir section
GABON
»»Orca Discovery: exploratory well
encountered 250 feet (76 meters) of net oil pay
One non-operated block in Gabon with 21.25% working interest
»»Bicuar Discovery: exploratory well
»»Diaman Discovery:
encountered 180 (56 meters) feet of net oil pay from multiple pre-salt intervals
»»Mavinga Discovery: exploratory well
encountered approximately 100 feet (30 meters) of net oil pay
exploratory well encountered approximately 160 to 180 feet (50 to 55 meters) of net hydrocarbons in the objective pre-salt formations
WEST AFRICA 2013 / 1Q 2014:
Looking Ahead:
»»100% exploration success rate with
»»Cameia project moving towards sanction;
five deepwater pre-salt discoveries across
first oil expected in 2017
two basins:
»»Plan and drill next pre-salt exploration and
››Angola - Lontra #1, Bicuar #1A, Mavinga #1 , Orca #1
››Gabon - Diaman #1B »»Bicuar #1A represents the first discovery in the pre-salt syn-rift geologic interval
appraisal wells
»»Pursue new exploration licenses based on leveraging Cobalt’s intellectual capital
»»Acquire new 3D seismic data in the Gabon Diaba block
offshore Angola
»»Orca #1 represents the second discovery in the pre-salt syn-rift Cobalt International Energy 2013 Annual Report
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HEALTH, SAFETY AND THE ENVIRONMENT PRIORITIES AT COBALT OUR HEALTH, SAFETY, SECURITY AND ENVIRONMENTAL STANDARDS We believe that a proactive commitment to HSSE and clear accountability for performance are critical to Cobalt’s success. This is the basis for our enterprise HSSE management system, which is designed to integrate HSSE into all aspects of our business and be applicable to world wide operations.
Safety and Environmental Management System The apex of our HSSE Management System As a specialist in complex deepwater
is our HSSE Policy. Standards define
exploration and drilling, Cobalt is
what our expectations and requirements
As a company of nearly 300
committed to operating worldwide in a
are regarding each commitment in the
employees, contractors and
safe and responsible manner. We treasure
HSSE Policy. The detailed processes
consultants, Cobalt successfully
the environments where we work and
and procedures necessary to support
competes with the largest
preserving and improving them are our
these standards are provided to ensure
E&P companies in technically-
primary goals. We believe we have an
consistency in interpretation and
challenging basins. We are
obligation to our employees, contractors and
implementation.
motivated by a shared vision
the communities where we live and work to
and clear business model,
be uncompromising in operating with the
enabling us to do what we do
highest ethical standards and conducting all
best: find, develop & produce
of our business with integrity.
SMALL BUT AGILE:
hydrocarbons.
Cobalt HSSE Policy
Cobalt’s Core Values provide the standards which lead to world-class performance in achieving our vision. These values include our Health, Safety, Security and Environmental (HSSE) standards and the partnerships we have built within our
Cobalt HSSE Management System Standards Corporate HSSE Management Systems (Procedures and Processes Applicable for ALL Cobalt Operations)
communities. Worksite HSSE Management System (Procedures and Processes Specific to Site)
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Cobalt International Energy 2013 Annual Report
Protecting our People As part of our commitment to safety, we conducted both our own internal Safety and Environmental Management System (SEMS) assessment as well as a third party SEMS audit in 2013 to ensure we are in compliance with all applicable regulations for operating offshore in the deepwater Gulf of Mexico. Crisis Response Being prepared in case of a significant event is integral to Cobalt’s operating model. Using Emergency Response Plans which are consistent with the U.S. National Response Framework, National Incident Management System,
Commitment to Health, Safety, Security and Environment Trustworthiness and Integrity in All That We Do
and the Incident Command System (ICS), Cobalt conducted emergency preparedness exercises for our Angola and Gulf of Mexico operations which tested subsea containment, communications, response structure and time and partnership integration.
In addition, we have contracts in place with well control specialists and we have access to equipment which is pre-staged in Angola. Protecting the Environment In the Gulf of Mexico we have established a robust
We have also contracted with service providers
recycling program. In addition, Cobalt’s contracted
to provide equipment and support personnel to
drilling crews are trained to report marine debris
respond to an incident. We hold memberships
to ensure we actively engage in the protection of
with several industry groups that provide general
marine resources. Although we did not have any
and specific oil spill and well containment
cases of our own, in 2013, Cobalt did coordinate
resources in the U.S. Gulf of Mexico. These
multiple marine debris rescues to collect debris
include the Helix Well Containment Group,
generated from other sources.
Clean Gulf Associates, the Marine Preservation Association, and National Response Corporation.
For our operations offshore West Africa, we have contracts in place for the provision of oil spill management, equipment and response services.
Cobalt International Energy 2013 Annual Report
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CORPORATE SOCIAL RESPONSIBILITY: A SNAPSHOT Cobalt is pleased to support the communities in which we live and operate. Our employees proudly dedicate their time to improve the lives of our friends and neighbors. What follows is a snapshot of our community activity in Cobalt’s US and West Africa markets.
Galveston Beach Clean-Up Cobalt volunteers supported the Texas AdoptA-Beach trash removal efforts.
Luanda Clothing Collection Cobalt’s Houston and Luanda offices conducted a company-wide clothing drive to collect items for Luanda’s communities in need.
Toys-for-Tots Toy Drive Cobalt’s Houston offices donated hundreds of toys as part of Houston’s Toys-for-Tots campaign.
Socially and Professionally Rewarding Holiday Raffle Cobalt and Ensco employees raised money for Toys-for-Tots and St. Jude Children’s Research Hospital through the holiday raffle. 12 12
Cobalt International International Energy Energy 2013 2013 Annual Annual Report Report Cobalt
MEET OUR TEAM Houston Office
Luanda Office
We know that with extraordinary people,
working in Houston, Luanda and offshore.
we can do extraordinary things. The
Employing these nearly 300 highly
Cobalt team encompasses highly
experienced personnel has allowed us
experienced geoscientists, engineers,
to successfully compete with some of
business professionals and technicians,
the world’s largest E&P companies in
led by a management team with a proven
technically-challenging basins.
record of success. In 2013, Cobalt expanded our global
Best Talent, Team and Resources
expertise to 178 employees and 114 contractors, consultants and secondees
Cobalt International Energy 2013 Annual Report
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BOARD OF DIRECTORS AND COMMITTEES:
Joseph H. Bryant Chairman of the Board of Directors and Chief Executive Officer Cobalt International Energy, Inc.
Jack E. Golden Former Group Vice President—Exploration and Production for BP 1,2
Myles W. Scoggins President of the Colorado School of Mines 1,3
1 Audit Committee
Kay Bailey Hutchison Former U.S. Senator 3
D. Jeff van Steenbergen Co-founding and General Partner of KERN Partners Ltd. 2
2 Compensation Committee
Jon A. Marshall Former CEO of GlobalSantaFe Corporation
William P. Utt Chairman, President and CEO of KBR, Inc. 3
Kenneth W. Moore Managing Director of First Reserve Corporation 3 1,2
Martin H. Young Jr. Senior Vice President and Chief Financial Officer of Falcon Seaboard Diversified, Inc. 1,2
3 Nominating and Corporate
Governance Committee
OFFICERS Joseph H. Bryant Chairman of the Board of Directors and Chief Executive Officer
James W. Farnsworth Chief Exploration Officer and Executive Vice President, Exploration and New Ventures
Richard A. Smith Senior Vice President and President, Cobalt Angola
Van P. Whitfield Chief Operating Officer and Executive Vice President
Gregory S. Sills Executive Vice President and Chief Development Officer
Lynne L. Hackedorn Vice President, Government and Public Affairs
John P. Wilkirson Chief Financial Officer and Executive Vice President
Michael D. Drennon Executive Vice President, Developments
James H. Painter Executive Vice President, Execution and Appraisal
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Cobalt International Energy 2013 Annual Report
Jeffrey A. Starzec Senior Vice President and General Counsel
CORPORATE INFORMATION Common Stock Listed New York Stock Exchange (ticker symbol: CIE)
Annual Meeting
Report on Form 10-K and the documents that we have filed as exhibits hereto completely and with the understanding that our actual future results may be materially different from what we expect. The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
The Annual Meeting of Shareholders will be held
“plan” and similar words are intended to identify
on Tuesday, April 29, 2014.
estimates and forward looking statements. Estimates and forward looking statements speak
Available Documents
only as of the date they were made, and, except to the extent required by law, we undertake no
Copies of this Annual Report on Form 10-K filed
obligation to update or to review any estimate
with the Securities and Exchange Commission may
and/or forward looking statement because of
be obtained upon request to Investor Relations or
new information, future events or other factors.
through the company’s website at www.cobaltintl.
Estimates and forward looking statements involve
com. Quarterly reports, Corporate Governance
risks and uncertainties and are not guarantees
documents and press release information may also
of future performance. As a result of the risks
be accessed through the website.
and uncertainties described in this Annual Report on Form 10-K, the estimates and forward looking
Forward Looking Statements
statements discussed in this Annual Report on Form 10-K might not occur and our future
This Annual Report on Form 10-K contains
results and our performance may differ materially
estimates and forward looking statements,
from those expressed in these forward looking
principally in “Business,” “Risk Factors” and
statements. Because of these uncertainties, you
“Management’s Discussion and Analysis of
should not place undue reliance on these forward
Financial Condition and Results of Operations.”
looking statements.
Our estimates and forward looking statements are mainly based on our current expectations and estimates of future events and trends, which
Investor Relations
affect or may affect our businesses and operations.
John P. Wilkirson +1-713-452-2322
Although we believe that these estimates and
Chief Financial Officer
forward looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made
Media Relations
in light of information currently available to us.
Lynne L. Hackedorn +1-713-579-9115
Many important factors, in addition to the factors
Vice President, Government
described in this Annual Report on Form 10-K, may
and Public Affairs
adversely affect our results as indicated in forward looking statements. You should read this Annual
Cobalt International Energy 2013 Annual Report
15
Cobalt Center 920 Memorial City Way, Suite 100 Houston, Texas 77024 Tel: +1 713 579 9100 www.cobaltintl.com
VALUE CREATION SUCCESSFUL EXPLORATION SELECTIVE DEVELOPMENT
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Cobalt International Energy 2013 Annual Report