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Kosmos narrows losses in Q1
May 10, 2021 11:25:am
Summary The US company s core earnings were down, however, when the benefit of reduced exploration expenses was omitted.
by: Joseph Murphy
Posted in:
Kosmos narrows losses in Q1
Texas-based Kosmos Energy more than halved its net loss to $90.8mn in the first quarter from $182.7mn a year earlier, on the back of reduced taxes and costs. The company s share price on the New York stock exchange was up almost 8% within the first hour of trading on May 10.
Kosmos, which primarily works off the coast of west Africa, earned $176.5mn in revenues in the three-month period, only slightly down from $177.8mn in the corresponding quarter of last year. A drop in production to 36,540 barrels of oil equivalent/day from 43,660 boe/d was more than offset by higher prices.
Mon, 10th May 2021 10:29
(Alliance News) - Kosmos Energy Ltd on Monday said it had more than halved quarterly net losses but remained a significant way off breaking even.
The Texas, US-based oil company posted a first-quarter net loss of USD90.8 million, narrowed from USD182.8 million in the previous year s comparable period. Loss before income tax for the first three months of 2021 was narrowed to GBP107.5 million from GBP117.2 million a year before.
For the quarter, revenue at Kosmos dropped slightly to USD176.6 million, down from USD177.8 million.
Shares were up 17% at 236.00 pence each in London on Monday morning, after the announcement.
Kosmos aims to drill in three countries this year
Kosmos Energy is getting back to work offshore Africa, in Ghana and with three wells planned this year for Equatorial Guinea. 10/05/2021, 10:12 am
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Kosmos Energy is getting back to work offshore Africa, in Ghana and with three wells planned this year for Equatorial Guinea.
This work aims to secure more oil production, but in the longer term the company will be increasingly driven by gas. The Greater Tortue Ahmeyim (GTA) LNG project offshore Senegal and Mauritania is 58% complete, it said, and should be 80% complete by the end of the year.
Kosmos reshuffles exploration team - News for the Oil and Gas Sector energyvoice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energyvoice.com Daily Mail and Mail on Sunday newspapers.