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A Decade of Discovery 2005 – 2015 About Cobalt

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A Decade of Discovery 2005 – 2015 About Cobalt 2015 ANNUAL REPORT A DECADE OF DISCOVERY 2005 – 2015 ABOUT COBALT Cobalt’s vision is to be “One of the World’s Most Admired E&P Companies” by adhering to our values, achieving promised results and consistently delivering top quartile rates of return. OUR VALUES COMMITMENT TO HEALTH, SAFETY, SECURITY AND ENVIRONMENT Apply the highest level health, safety, security and environmental standards in everything we do FOCUS ON SHAREHOLDER VALUE Focus all our decisions to deliver the greatest value to our shareholders and investors Cobalt International Energy, Inc. SUPERIOR TALENT, TEAM AND RESOURCES (NYSE: CIE) is a publicly traded Attract and leverage world class talent, team independent exploration and and resources, bringing together our core competencies for excellence production company (E&P) which was formed in 2005 and is ACTION ORIENTED AND RESULTS FOCUSED headquartered in Houston, Texas. Action driven with thoughtful analysis, nimbleness, and efciency to achieve results Over the last decade, we have executed the strategy on which the Company was founded: LEGENDARY LEADERSHIP AND Deepwater oil, early entry positions, material ENTREPRENEURSHIP assets, superior people and technology, focus and Be renowned leaders who navigate a strategy for a strong balance sheet. We have built a carefully high performance and entrepreneurship selected, enviable portfolio of assets in the deepwater regions of the U.S. Gulf of Mexico and OPERATE WITH INTEGRITY ofshore West Africa. Work with the highest levels of integrity, being Our operations currently focus in the deepwater trustworthy as partners and as colleagues U.S. Gulf of Mexico. In January 2016, we achieved initial production of oil and gas from the Heidelberg SOCIALLY AND PROFESSIONALLY REWARDING field. Our exploration eforts in the U.S. Gulf of Provide a positive productive work environment Mexico have resulted in four oil and gas discoveries for great ideas to incubate and where significant including the North Platte, Shenandoah, Anchor, contributions lead to substantial rewards and Heidelberg fields, each of which are in various stages of appraisal and development. We also have a non-operated interest in the Diaba Block ofshore Gabon. 2015 ANNUAL REPORT: A DECADE OF DISCOVERY COBALT INTERNATIONAL ENERGY, INC. In November 2015, we celebrated Cobalt’s tenth anniversary of its founding. During the past ten years, Cobalt’s explorers have been some of the most successful in the world through discoveries of large accumulations of oil and gas in the Inboard Lower Tertiary trend in the U.S. Gulf of Mexico and in the Kwanza Basin ofshore Angola. While we have faced and overcome many challenges over the past ten years, today we are confronted by the challenges presented by the prolonged downturn in oil and gas prices. We are aggressively working to reduce our cost structure company-wide and position ourselves to withstand a continued period of low oil and gas prices. As we reflect upon past success, we are also looking to take advantage of the exciting opportunities that the current environment presents for Cobalt. —1— COBALT INTERNATIONAL ENERGY, INC. LETTER TO SHAREHOLDERS Reflecting back on the past year, it is clear that 2015 was a transformative year for Cobalt. In August 2015, we entered into an agreement to sell our Angola business to Sonangol for $1.75 billion. This pending transaction represents a strategic change in our business to focus almost entirely on the deepwater Gulf of Mexico. We believe the deepwater Gulf of Mexico has, and will continue to have the potential for, some of the best oil and gas resources in the world. Joseph H. Bryant Chairman and Chief Executive Ofcer The Gulf of Mexico has some of the world’s qualities. A sidetrack of the third appraisal largest oil accumulations, and combined well at Shenandoah encountered over 600 with long-lived production profiles, leading feet of net oil pay. The next appraisal well at edge technology, existing infrastructure Shenandoah is on tap for 2016, and is and relatively stable fiscal terms, the Gulf designed to confirm and extend the of Mexico should continue to attract a reservoir boundaries. At Anchor, the initial significant amount of investment and exploration well encountered nearly 700 represent a sizeable source of oil and gas feet of net oil pay. In the second half of supplies worldwide for years to come. 2015, an appraisal sidetrack well was drilled down dip to delineate the Anchor discovery Shifting to a discussion of our 2015 well. The appraisal well encountered 694 operational results, appraisal operations at feet of net oil pay in a hydrocarbon column North Platte, Anchor and Shenandoah were of at least 1,800 feet in Inboard Lower all successful. At North Platte, we drilled our Tertiary reservoirs. We are currently first appraisal well which encountered over participating in the Anchor #3 appraisal well 550 feet of net oil pay, but with evidence of and expect to have results sometime in the even better developed reservoirs than seen second half of this year. As these appraisal in the discovery well. We subsequently operations have shown, we believe our drilled a sidetrack appraisal well at North current Gulf of Mexico assets in appraisal Platte, which encountered approximately and development are extremely attractive 500 feet of net oil pay and exhibited some and will position Cobalt well for future of the best rock and reservoir properties success. that we have seen in the Inboard Lower Tertiary trend of the Gulf of Mexico. At Another significant milestone occurred in Shenandoah, the second appraisal well January 2016, when we achieved our first found an expanded geologic reservoir production and revenue, as the Heidelberg section and confirmed excellent reservoir field commenced initial oil and gas —2— COBALT INTERNATIONAL ENERGY, INC. 2015 ANNUAL REPORT: A DECADE OF DISCOVERY LETTER TO SHAREHOLDERS production ahead of schedule and within resources at lower costs while hopefully budget. Two additional development wells bringing these projects online at a future are planned to be drilled and completed at point in time in which oil and gas prices are Heidelberg in 2016 with the goal to much higher than today. increase its production over time. In November 2015, Cobalt celebrated its Of course, any overview of 2015 would not tenth anniversary. As I reflect on Cobalt’s be complete without a discussion of the ten year history, I am proud of all that we impact that the severe and prolonged have accomplished but excited about the downturn in oil and gas prices has had on future of our company. I recognize that our company and the oil and gas industry today’s oil and gas price headwinds present as a whole. Any price displacement of the challenges that we must continue to magnitude that we have seen creates both overcome. However, I am confident that we challenges and opportunities. The first can and will face these challenges head on challenge we faced was to review our cost and emerge as a stronger, sustainable and structure and reduce it to a level more resilient company. commensurate with current oil and gas prices. To that end, we worked diligently On behalf of the Board of with our equipment and service providers Directors and our entire and through our initial eforts, we have team, thank you for your been able to reduce our non-rig drilling continued confidence in and costs in the Gulf of Mexico by 25%. Our support of Cobalt. “AS I REFLECT ON work is not finished here. We will continue to do all we can to drive down costs to protect our balance sheet and ensure that Joseph H. Bryant COBALT’S TEN YEAR Chairman and Cobalt is a strong and durable enterprise Chief Executive Ofcer for years to come. Despite the negative HISTORY, I AM PROUD efects the current price environment has had on our business and the performance OF ALL THAT WE of our stock price, I am confident and optimistic in Cobalt’s future. While I can HAVE ACCOMPLISHED make no assurances regarding the Angola transaction, the proceeds we receive upon BUT EXCITED ABOUT closing should allow us to take advantage of attractive investment opportunities in today’s market for deepwater oil and gas THE FUTURE OF assets. The downturn has also presented us with the opportunity to appraise and OUR COMPANY.” develop our current discovered oil and gas —2— —3— COBALT INTERNATIONAL ENERGY, INC. OUR CONTINUED COMMITMENT TO THE DEEPWATER GULF OF MEXICO Rocky Mountain Eastern GOM play North Platte Anchor Heidelberg Shenandoah Subsalt Miocene Lower Tertiary Cobalt Leases Goodfellow Cobalt Discovery Current Operations 2016 Exploration Well 0 Miles 40 » Significant oil potential » The world’s technology proving ground » Existing infrastructure » Stable fiscal terms and mature regulatory system » Cobalt’s assets attractive even in today’s environment » Cobalt advantaged with proven core competencies » ~1.3 million acres leased; ~90% Cobalt-operated —4— 2015 ANNUAL REPORT: A DECADE OF DISCOVERY OUR SIGNIFICANT COST SAVINGS AND EFFICIENCY IMPROVEMENTS » Substantial well cost and drilling efciency improvements realized to date • ~25% reduction in non-rig rate drilling costs in the Gulf of Mexico • Improved drilling efciency; North Platte sidetrack coming in at ~60% of pre-drill cost estimate • General and Administrative to benefit from organizational restructuring » Continued focus on further improvements as costs become better aligned with lower oil prices 2015 FINANCIAL HIGHLIGHTS Results of Operations from Continuing Operations We operate our business in the U.S. Gulf of Mexico and Gabon, West Africa. The discussion of the results of operations and the period- to-period comparisons presented below for consolidated operations analyzes our historical results and does not include any results of operations from our Angola assets, which are currently classified as assets held for sale pending the closing of the Angola Transaction.
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