On a mixed day for the stock market, these stocks fell. Find out why.
News & Analysis: Cobalt International Energy
The offshore oilfield developer’s stock continued sinking despite some pretty good news.
The offshore oilfield developer is burning through cash.
There were several reasons why Cobalt International Energy, Continental Resources, Carrizo Oil & Gas, Newfield Exploration, and SM Energy failed to follow oil prices higher last month.
The offshore oil developer bolstered its liquidity and pushed out its maturities -- but at a steep price.
The offshore oil-field developer wrote off a rig contract and an exploration well.
According to reports, OPEC is going to cut production and work with non-members to stabilize the market.
The rhetoric from the presidential candidate and the oil cartel drove double-digit rallies in Cloud Peak Energy, Cobalt International Energy, Hallador Energy, Tesco, Bellatrix Exploration last week.
Crude prices tumbled 3% today as new data pointed to the oil glut lasting even longer. That sent Cobalt International, Chesapeake Energy, Nabors, and CONSOL Energy down by double digits.
The offshore development company's key asset sale fell through.