Cobalt to cut 50 Houston-area jobs

Cobalt International Energy Inc. (NYSE: CIE) plans to eliminate 50 jobs at its headquarters in Houston, according to the Houston Business Journal.

After reporting a net loss for both the fourth quarter and the year, the company is implementing efficiency initiatives. Cobalt notified the Texas Workforce Commission of the 50 pending job cuts, which will begin no earlier than April 30.

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