Kosmos Energy Q1 net production grows

7th May 2024 10:45

(Sharecast News) - US oil firm Kosmos Energy said on Tuesday that net production had grown in Q1 as it had "an active start to the year", continuing operational and financial momentum seen in 2023.

Kosmos said net production hit roughly 66,700 barrels of oil equivalent per day in the first quarter, representing approximately 13% year-on-year growth, with sales of about 62,600 boepd.

Revenues rose from $394.24m to $419.10m, or $73.52 per barrel, while net income increased ti $91.68m from $83.30m.

Production expenses rose from $83.93m to $93.61m and total costs and expenses increased from $254.23m to $277.17m.

Chairman and chief executive Andrew Inglis said: "Kosmos has had an active start to the year, continuing the operational and financial momentum we saw in 2023. Operationally, we've brought four new wells online at Jubilee and first oil at Winterfell is expected shortly, both important milestones for the Company as we target 50% production growth from the second half of 2022 to year-end 2024.

"Financially, we enhanced the resilience of the Company with a successful convertible bond offering and the re-financing of the RBL. Both transactions were important steps to proactively increase liquidity and extend our near-term debt maturities. Our strategy remains on track with a busy year of catalysts ahead across all of our business units."

As of 1045 BST, Kosmos shares were up 3.80% at 492.0p.

Reporting by Iain Gilbert at Sharecast.com