Source - Alliance News

Kosmos Energy Ltd on Monday reported a double-digit increase in its quarterly net production.

Kosmos Energy is a Texas-based oil & gas producer focused on Ghana, Guinea and the US Gulf of Mexico.

In the last quarter of 2023, Kosmos generated net income of $22 million, swinging from a net loss of $114.3 million a year ago. Meanwhile, revenue for the last three months of the year was $508 million, down 0.4% from $510 million in the corresponding quarter in 2022.

Quarterly net production was 66,000 barrels of oil per day, up 12% from 58,700 a year ago.

Additionally, Kosmos reported that its net sales totalled 73,000 barrels of oil equivalent per day, up 7.7% from 67,800 barrels the previous year.

Chair & Chief Executive Officer Andrew Inglis said: ‘In 2023, we continued to advance our key development projects, which aim to deliver around 50% production growth from the second half of 2022. The start-up of Jubilee Southeast was a major step toward achieving this goal and, in the coming months, we expect production to begin at Winterfell in the Gulf of Mexico followed by first gas at Greater Tortue Ahmeyim offshore Mauritania and Senegal.

‘Beyond advancing our development projects, we also strengthened our portfolio of low cost, lower carbon investment opportunities. We delivered a significant oil discovery at Tiberius in the Gulf of Mexico, which added an attractive short-cycle oil development to our portfolio. Kosmos also assumed operatorship and a larger working interest at Yakaar-Teranga, which is a key asset in Senegal’s ’gas-to-power’ and ’gas-to-industry’ initiatives.’

Shares in Kosmos were untraded at 478.00 pence each in London on Monday morning. They last closed at 466.00p on Friday.

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