Cobalt International Energy, Inc. (NYSE:CIE) announced the appointment of a new Chief Financial Officer (CFO) with effect from Jul 8, 2016. The new incumbent David D. Powell has been appointed as both CFO and Executive Vice President. He was handed over the baton from the outgoing CFO Shannon E. Young, III.
In our opinion, Powell’s appointment is a sound choice, given his profound experience in the industry over the years. He has over 35 years of experience in the oil and gas industry and has served in leadership roles in the U.S., as well as Argentina, Russia, Malaysia and Qatar. He previously served as Chief Financial Officer for BHP Billiton (LON:BLT) Limited (NYSE:BHP) from Mar 2009 until May 2016. There, he was accountable for all finance, accounting, commercial assurance, supply chain and information technology activities.
Headquartered in Houston, TX, Cobalt International Energy is an independent exploration and production company active in the deepwater U.S. Gulf of Mexico and offshore West Africa. The company was formed in 2005. The company holds lease interests in over 230 deepwater blocks in the Inboard Lower Tertiary and Miocene plays.
To date, the company has drilled seven exploratory wells, three appraisal wells and four development wells in the northern pre-salt Kwanza Basin offshore Angola, and one exploratory well in the pre-salt deepwater region offshore Gabon. Of these wells, 13 have been successful in finding pre-salt hydrocarbons.
Cobalt International currently carries a Zacks Rank #3 (Hold). Investors interested in the space can focus on a Zacks Rank #1 (Strong Buy) stocks like World Fuel Services Corp. (NYSE:INT) and Tallgrass Energy GP, LP (NYSE:TEGP) .
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TALLGRASS ENRGY (TEGP): Free Stock Analysis Report
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