Cobalt International Energy Inc. (CIE) saw its loss widen to $218.20 million, or $0.53 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $59.16 million, or $0.14 a share.
Revenues for the quarter were $4.23 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $199.65 million, compared with an operating loss of $36.47 million in the previous year period.
Operating cash flow turns positive
Cobalt International Energy Inc. has generated cash of $13.65 million from operating activities during the nine month period as against cash outgo of $217.46 million in the last year period.
Cash flow from investing activities was $472.93 million for the nine month period, up 23.95 percent or $91.38 million, when compared with the last year period.
Cash and cash equivalents stood at $277.46 million as on Sep. 30, 2016, up 176.23 percent or $177.02 million from $100.45 million on Sep. 30, 2015.
Working capital drops significantly
Cobalt International Energy Inc. has witnessed a decline in the working capital over the last year. It stood at $1,977.01 million as at Sep. 30, 2016, down 28.78 percent or $798.80 million from $2,775.81 million on Sep. 30, 2015. Current ratio was at 4.07 as on Sep. 30, 2016, down from 4.89 on Sep. 30, 2015.
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