Item 2.02 Results of Operations and Financial
Condition.

On January 8, 2013, in connection with the previously announced participation of Cobalt International Energy, Inc. (the "Company") in the 2013 Goldman Sachs Global Energy Conference in Miami, Florida, the Company announced that it estimates its restricted and unrestricted cash balance as of the fiscal year ended December 31, 2012 to be approximately $2.7 billion. Such unrestricted cash includes cash, cash equivalents, short-term investments and long-term investments, and includes approximately $1.3 billion of net proceeds from the Company's registered underwritten public offering of 2.625% convertible senior notes due 2019 which closed on December 17, 2012. Restricted cash includes funds held in an escrow account as a guarantee of performance to Ensco Offshore Company for the Ensco 8503 drilling rig contract and cash collateralized letters of credit relating to the Company's operations offshore Angola.

The Company's estimate of its restricted and unrestricted cash balance as of the fiscal year ended December 31, 2012 is an estimate prepared by management in good faith based upon internal reporting and expectations as of and for the three months ended December 31, 2012. This estimate is preliminary, unaudited, and may be revised as a result of management's further review of the Company's results. The Company and its auditors have not completed the normal quarterly review procedures as of and for the three months ended December 31, 2012, and there can be no assurance that the Company's final results for this quarterly period will not differ from this estimate. Any such changes could be material. In addition, during the course of the preparation of the Company's audited consolidated financial statements and related notes as of and for the year ended December 31, 2012, the Company may identify items that would require it to make material adjustments to this estimated financial information.

The information contained herein is being furnished, not filed, pursuant to Item
2.02. Accordingly, this information will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

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