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Kosmos Energy swings to net loss on lower oil prices

By BFN News | 09:08 AM | Monday 03 August, 2020


Oil and gas exploration and production company Kosmos Energy swung to a net loss in the second quarter as lower oil prices and sales weighed on performance. For the second quarter of 2020, the company generated a net loss of $199m, or $0.49 per diluted share, compared with a profit of $16.8m, or $0.04 per diluted share on-year. 'Approximately 60% of total production during the quarter was sold during the month of April, which experienced particularly low oil prices and therefore had an impact on the Company's realized oil prices for the second quarter,' the company said. The company said production for the quarter was in line with guidance and added that it was on track to deliver the cost reductions set out earlier in the year. 'Looking forward, we continue to make good progress in Mauritania & Senegal despite the COVID-19 mitigations, with Phase 1 of the Tortue project now around 40% complete, a 7% increase in the quarter, which supports the sell down process,' Kosmos said. 'We continue to mature our exploration portfolio focusing on high return, fast payback opportunities with several proven basin, infrastructure-led exploration targets and a self-funded basin-opening exploration program expected in 2021,' it added. At 9:08am: (LON:KOS) Kosmos Energy Ltd share price was -5p at 124p Story provided by StockMarketWire.com

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