Press release from Business Wire
Cobalt International Energy, Inc. Statement Regarding the Economic Contribution of Independent Exploration and Production Companies in the Gulf of Mexico
<p> <i>IHS Global Insight study finds that independents participating in offshore development of the Gulf of Mexico account for almost 50% of industry jobs, benefits and revenues.</i> </p>
Thursday, July 22, 2010
Cobalt International Energy, Inc. Statement Regarding the Economic Contribution of Independent Exploration and Production Companies in the Gulf of Mexico09:15 EDT Thursday, July 22, 2010 HOUSTON (Business Wire) -- Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) Chairman and Chief Executive Officer Joseph H. Bryant issued the following statement, which comments on a study issued today by IHS Global Insight titled, “The Economic Impact of the Gulf of Mexico Offshore Oil and Natural Gas Industry and the Role of the Independents”: “The IHS Global Insight study demonstrates that independents are and will be a key driver of economic growth and development for the Gulf of Mexico region over the next decade. According to the analysis, in 2009, independents operating in the Gulf of Mexico accounted for more than 200,000 jobs, $38 billion in economic benefits, and $10 billion in federal and state revenue and royalty payments. There were 121,000 jobs generated by independents in the deepwater Gulf of Mexico alone.” “Policy that has the effect of excluding independents from the Gulf of Mexico would significantly shrink offshore activity, threaten hundreds of thousands of jobs, and result in billions of dollars in lost economic activity. In fact, according to the IHS Global Insight study, if the independents are excluded just from the deepwater, the job losses would total 265,000 by 2020, with a loss of $106 billion in tax revenue from the four state Gulf region over that same time period. Total tax losses to the federal government would be higher because of the taxes generated elsewhere in the country from manufacturing and investment related to Gulf activities.” “It is Cobalt's hope that this study will provide an independent and objective factual basis for the consideration of policy changes, which will allow responsible companies – independents and majors – to remain active in the exploration and development of the vital domestic energy resources in the Gulf of Mexico.” The IHS Global Insight study was commissioned by Cobalt to gauge the economic contribution by independent companies in the Gulf of Mexico. The study is available online at www.ihsglobalinsight.com/gulfoileconomicimpact About Cobalt Cobalt is an independent oil and gas exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore West Africa. Cobalt was formed in 2005 and is headquartered in Houston, Texas. Forward Looking Statements This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to Cobalt's SEC filings. Cobalt undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.