Kosmos Energy increase oil and gas revenue threefold, still posts loss

Iain Gilbert WebFG News | 06 Nov, 2017 12:57 - Updated: 12:57 | | |

citla energy port

Kosmos Energy (DI)


17:18 23/11/17
  • 8,569.35
  • 0.36%31.04
  • Max: 8,590.50
  • Min: 8,498.48
  • Volume: 0
  • MM 200 : n/a
17:25 23/11/17

US oil company Kosmos Energy saw losses widen in its third quarter despite more than trebling revenue from its oil and gas businesses.

Kosmos posted a net loss of $63.4m in the three months leading to 30 September compared to $59.8m net loss it suffered a year earlier.

Third quarter oil revenues surged from $46.6m in 2016 to $151.2m twelve months later as the group sold approximately 2.9m barrels of oil over the period, but was again dragged down by increased production expenses of $39m, or $14.33 per barrel.

Exploration expenses were decreased significantly, $37m in 2017 against $66m in 2016, thanks to lower geological and geophysical costs.

Kosmos ended its third quarter with approximately $1.3bn of liquidity and $890m of net debt.

"Over the first nine months of 2017, our strong free cash flow has allowed us to reduce debt and to grow the value of our company through both organic and inorganic opportunities," said Andrew G. Inglis, chairman and chief executive officer.

"We have ramped up production at the TEN fields, progressed the Tortue project offshore Mauritania and Senegal with our partner BP, and acquired a strategic exploration and production position in Equatorial Guinea which is immediately accretive. Our exploration portfolio remains strong with four world-class prospects to be tested in Mauritania, Senegal, and Suriname over the next 12 months," Inglis added.

As of 1210 GMT, shares were untraded at 610.00p.

More news

20:09 Sector movers: Centrica, China sink utilities and banks

Defensive areas of the market performed best on Thursday, aside from utilities that is, as shares of Centrica crumbled.

19:56 Morgan Stanley reaffirms 'buy' on ITV

Analysts at Morgan Stanley stuck by their 'buy' recommendation on shares of ITV and 230p target price, pointing to nine different factors to back up their investment thesis.

19:41 Europe close: Stocks finish near highs, China woes and euro gains weigh on German shares

Stocks finished near their best levels of the day, having mounted a comeback following early weakness that was attributed to an overnight drop in Chinese equities on the heels of continued upwards pressure on bond yields in the Asian giant.

19:10 Europe midday: German political progress and strong PMIs offset drop in Chinese stocks

Stocks are mounting a comeback following early weakness that some market commentary is attributing to an overnight drop in Chinese equities on the heels of continued upwards pressure on bond yields in the Asian giant.

19:07 South African Reserve Bank pauses interest rates ahead of debt rating decision

South Africa's central bank opted to leave interest rates on hold on Thursday, but the country is still facing several hurdles on Friday when several key ratings agencies are set to choose whether to downgrade the country's debt.

18:43 Canadian retail sales held back by declines in vehicles and clothing

Recently collated data from Statistics Canada revealed a significantly lower than expected rise in Canadian retail sales in September, as gains from higher gasoline prices were offset by declines in sales of vehicles and clothing.

18:36 Greencoat Renewables announces maiden dividend of 2.61 euro cents

Between 15 February and 30 September, renewable infrastructure company Greencoat Renewables's portfolio, made up of wind farms that listed on the Irish and London Stock Exchanges in July of 2017, generated 107.7GWh of electricity, which was 3% above budget for the period.

18:24 Belgian business confidence rises above forecasts in November

Business confidence in Belgium rose more than expected in November, led by a sharp improvement in sentiment in busines-related services and construction.

18:14 Commodities: weaker dollar helps gold stay put

The greenback weakened against a basket of currencies on Thursday with the dollar index dropping 0.11% to 93.117 by 1715 GMT, it's lowest level in more than a month.

08:11 Bonds: Gilts underperform amid Brexit talks optimism, Budget

These were the yields on some of the most widely-followed 10-year sovereign bond yields: US: 2.32% (-4bp)UK: 1.28% (+1bp)Germany: 0.35% (+0bp)France: 0.67% (-1bp)Spain: 1.45% (-3bp) Italy: 1.77% (-1bp)Portugal: 1.91% (-1bp)Greece: 5.37% (+3bp)Japan: 0.03% (-0bp)