Kosmos Energy has announced its financial and operating results for the second quarter of 2021. For the quarter, the Company generated a net loss of $57 million, or $0.14 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss of $10 million, or $0.03 per diluted share for the second quarter of 2021.
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Net Production: 51,600 barrels of oil equivalent per day (boepd) with sales of 66,200 boepd, resulting in a slight net overlift position
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Post quarter end, successful completion of the Greater Tortue Ahmeyim (GTA) floating production, storage and offloading vessel (FPSO) sale and lease back transaction
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Successful reserve-based lending (RBL) amendment and extension
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Revenues: $384 million, or $63.80 per boe (excluding the impact of derivative cash settlements)
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Production expense: $116 million, or $19.24 per boe
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General and administrative expenses: $22 million, $14 million cash expense and $8 million non-cash
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Capital expenditures:
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$68 million Base Business
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$83 million Mauritania and Senegal
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Net cash provided by operating activities: $289 million; Free cash flow(1): $115 million
Commenting on the Company’s second quarter 2021 performance, Chairman and Chief Executive Officer Andrew G. Inglis said:
'Kosmos delivered strong free cash flow in the second quarter. Through further debt reduction and EBITDAX growth, we expect leverage to continue to reduce through year-end 2021 and into 2022.
With strong cash generation, the successful RBL extension and the recently completed GTA FPSO transaction, Kosmos’ financial position has materially improved and we remain well positioned to execute our remaining financing plans later this year.
Operationally, we remain on track to grow production towards our year-end exit target of 60,000 boepd through our active infill drilling program.
With cash generative assets, a solid financial position and rising production, Kosmos is well positioned to generate significant shareholder value through the second half of the year and into 2022.'
Source: Kosmos
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