Cobalt International 4Q loss widens

Cobalt International 4th-qtr loss widens on higher operating, interest costs

Associated Press

HOUSTON (AP) -- Independent oil and natural gas driller Cobalt International Energy Inc. said Tuesday its fourth-quarter loss widened on higher operating and interest costs.

The Houston-based company posted a loss of $66.5 million, or 16 cents per share, compared with a loss of $51.1 million, or 13 cents per share, in the same quarter last year. The company didn't report any revenue for either period.

Analysts, on average, expected a loss of 11 cents per share, according to FactSet.

Total operating costs and expenses increased 23 percent to $64.4 million. The company incurred $3.2 million in interest expense during the recent quarter compared with none in the year-ago period.

For the full year 2012, Cobalt posted a loss of $283 million, or 70 cents per share, compared with a loss of $133.6 million, or 35 cents per share, in 2011. The company didn't report any revenue,

Cobalt shares fell 52 cents, or 2 percent, to $23.09 in late trading.

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