IPO FILING: Cobalt International Energy (CIE)

By Douglas A. McIntyre Updated Apr 27, 11:45PM EDT · Published Sep 4, 12:59PM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

money-stack-image Cobalt International Energy Inc. has now filed to come public via an initial public offering. While terms were not disclosed, it said it would sell up to $1.15 billion worth of common stock. Shares will trade on the New York Stock Exchange under the ‘CIE’ stock ticker.

The independent oil exploration and production company has only been around since 2005, but it already has a portfolio of prospect inventory in deepwater U.S. Gulf of Mexico and in the waters off of West Africa. The proceeds will be used for operations in drilling and exploration.

Cobalt is not in revenue generation currently. If its exploratory wells are successful, then it expects to begin commercial production out in 2012 to 2014 at the U.S. deepwater sites and in 2014 to 2016 in its African water locations.

Normally, it is easy to be leery or suspect of emerging oil companies with no operations at this point. But the slate of underwriters is an impressive one: Credit Suisse, Goldman Sachs and J.P. Morgan.

JON C. OGG

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.