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Kosmos Energy Announces First Quarter 2021 Results
Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE: KOS) announced today 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
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.
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.
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