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Kosmos Energy boasts of “strong delivery” as fourth quarter revenues rise

"We delivered more than US$300mln in net cash flow which was used to diversify our production base and create another source of growth through the acquisition of assets offshore Equatorial Guinea, and reduce our net debt”

oil and gas operations
Kosmos generated US$187mln in oil revenue

Kosmos Energy Ltd (LON:KOS) boasted of a “year of strong operational and strategic delivery” as it released fourth quarter financial results.

The company reported US$187mln of oil revenue in the further quarter, compared to US$156.1mln in the same period in the year before, based on the sale of 2.9mln barrels.

READ: Kosmos Energy expands reserves-based loan facility

It made a net loss of US$122mln, including a mark-to-market US$96mln tied to oil derivative contracts, and the company noted that its hedging position had a total commodity net liability value of $97mln.

"We delivered more than US$300mln in net cash flow which was used to diversify our production base and create another source of growth through the acquisition of assets offshore Equatorial Guinea, and reduce our net debt,” said Andrew Inglis, Kosmos chief executive.

“In exploration, we completed the second phase of drilling offshore Mauritania and Senegal, which resulted in the largest hydrocarbon discovery of the year.

“With growing production, the Tortue development advancing at pace with the approval of the ICA, and an exploration portfolio that provides a sustainable, multi-year drilling programme, Kosmos is stronger than ever."

Quick facts: Kosmos Energy Ltd

Price: 200 GBX

LSE:KOS
Market: LSE
Market Cap: £786.58 m
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