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Kosmos Energy releases 1Q20 results

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Oilfield Technology,


Kosmos Energy Ltd. has announced financial and operating results for 1Q20. For the quarter, the company generated a net loss of US$183 million, or US$0.45 per diluted share. When adjusted for certain items that impact the comparability of results, the company generated an adjusted net loss of US$66 million or US$0.16 per diluted share for 1Q20.

1Q20 highlights

  • Net production - 66 300 boe/d with sales of 43 700 boe/d, resulting in a material net underlift position of approximately 1.7 million boe.
  • Revenues - US$178 million.
  • Realised oil and gas revenues, including the impact of hedging programme - US$47.77/boe.
  • Production expense - US$62 million, or US$15.50/boe.
  • General and administrative expenses - US$21 million, US$12 million cash expense and US$9 million non-cash equity based compensation expense.
  • CAPEX - US$84 million.

Chairman and CEO, Andrew G. Inglis, said: “Covid-19 has created unprecedented disruption across the world, which has resulted in historically low and volatile prices. During this challenging period, the health and safety of our employees and contractors continues to be our primary concern, while ensuring the strength of our balance sheet is maintained.

Kosmos' operations performed well during the first quarter with production across our three hubs in line or at the top end of expectations. Our differentiated portfolio of low-cost, low decline conventional assets is well positioned to withstand the lower price environment we are in today.

In response to the volatile market conditions, we have taken decisive actions to protect the business in 2020 and position it for increased activity in 2021. These measures include materially reducing costs and restructuring our hedging portfolio. We completed our RBL re-determination in difficult market conditions in April and have no near-term debt maturities.

We look forward to building a self-funded gas business in Mauritania and Senegal and progressing our high-quality portfolio of ILX and basin-opening exploration prospects for 2021.”

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11052020/kosmos-energy-releases-1q20-results/

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