Kosmos Announce NET LOSS for First Quarter 2021
Kosmos Energy Ltd. announced its financial and operating results for the first quarter of 2021. For the quarter, the Company generated a net loss of $91 million, or $0.22 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss(1) of $33 million, or $0.08 per diluted share for the first quarter of 2021.
FIRST QUARTER 2021 HIGHLIGHTS
- Net Production(2) – 53,100 barrels of oil equivalent per day (boepd) with sales of 36,500 boepd, resulting in a material net underlift position of approximately 1.3 million barrels of oil
- Phase One of the Greater Tortue LNG project ~58% complete at quarter end
- Completion of an upsized $450 million offering of senior notes due 2028
- Post-quarter end, successful reserve-based lending (RBL) redetermination and extension
- Revenues – $176 million, or $53.66 per boe
- Production expense – $46 million, or $13.91 per boe
- General and administrative expenses – $22 million, $14 million cash expense and $8 million non-cash
- Capital expenditures:
- $44 million Base Business capital expenditures
- $73 million Mauritania and Senegal
- Net cash used in operating activities – $47 million
Commenting on the Company’s first quarter 2021 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: “This month marks the tenth anniversary of Kosmos’ listing on the New York Stock Exchange. In those ten years, Kosmos has evolved from a frontier explorer to a full-cycle E&P with a diverse reserve base that has increased nearly seven-fold, building the platform for continued success over the next ten years. In the first decade of the company’s history, we maintained a strong focus on corporate responsibility, leading on transparency and positioning the business to deliver value to our stakeholders through the energy transition. 2021 is off to a strong start with momentum building across the business. We have begun infill drilling activities in Ghana and the Gulf of Mexico, will soon begin drilling in Equatorial Guinea, and are on track to deliver our production and cash flow targets for the year. Progress also continues on the Greater Tortue Project in Mauritania and Senegal, with Phase one 58% complete at the end of the first quarter. We have taken important steps to create a more permanent capital structure with the bond offering and the recently-completed RBL extension, which increased liquidity and cleared all material near-term debt maturities.”
Information Source: Read Full Release ..–>
