Kosmos Energy Ltd. - KOS STOCK NEWS

Kosmos Energy announces schedule for Q3 2023 results

Kosmos Energy Ltd. (KOS) announced its Q2 2023 financial and operational results, generating a net income of $23 million or $0.05 per diluted share. Adjusted net income was $27 million or $0.06 per diluted share. Revenues were $273 million, with net production of ~58,000 boepd and sales of ~45,200 boepd. The company had a net material underlift position of approximately 1 million barrels at the end of the quarter. Kosmos exited Q2 2023 with approximately $2.3 billion of net debt and available liquidity of approximately $0.7 billion.

Kosmos Energy and its partners have successfully started production at the Jubilee South East (JSE) project offshore Ghana. The first production well is already online, with a second well expected to start production this month. These two wells are expected to increase Jubilee production to over 100,000 barrels of oil per day (bopd) gross. The partnership plans to maintain this increased production through an ongoing infill drilling program. The project has invested approximately $1 billion over the last three years and has utilized local suppliers and workforce, showcasing the development of Ghana's oil and gas industry.

Kosmos Energy has appointed three new directors to its Board effective April 25, 2023. The new members are Maria Moræus Hanssen, Sir John Grant, and J. Mike Stice, each bringing extensive expertise in international operations and LNG. Sir Richard Dearlove will not seek re-election after serving since 2012. Moræus Hanssen has over 30 years in upstream energy, while Grant has significant government relations experience. Stice has a 40-year career in the gas industry, including roles at Conoco. The leadership change aims to strengthen the company's strategy amidst a complex energy landscape.

Kosmos Energy (NYSE: KOS) has announced its schedule for the first quarter 2023 results. The earnings release will occur on Tuesday, May 9, 2023, before the UK market opens. Investors can access the release through Kosmos Energy's website, Business Wire, and Regulatory News Service.

A conference call is set for the same day at 11:00 a.m. EST, available via telephone and webcast. For those wishing to listen in, the toll-free dial-in numbers include US: 1-877-407-0784, and International: 1-201-689-8560. A replay of the conference call will be accessible for 90 days post-event at investors.kosmosenergy.com.

Kosmos Energy Ltd. (NYSE: KOS) reported a fourth-quarter 2022 net loss of $114 million, equating to $0.24 per diluted share, while adjusted net income was $111 million, or $0.23 per share. The company achieved a net production of ~58,700 boepd, with annual production growth of 17%, reaching ~63,600 boepd. Revenues for the quarter totaled $510 million, with capital expenditures at $228 million. Free cash flow was approximately $23 million for Q4, totaling ~$343 million for the year. Kosmos anticipates increased production as major projects come online in 2023, fostering expected free cash flow growth into 2024.

Kosmos Energy (NYSE: KOS) has announced its fourth quarter 2022 results, scheduled for February 27, 2023. The earnings release will be available pre-market via Business Wire, the Regulatory News Service, and the company's website. Additionally, a conference call will take place on the same day at 11:00 a.m. EST, accessible via telephone and webcast.

Investors can dial in using the toll-free number 1-877-407-0784. A replay of the conference call will be available at investors.kosmosenergy.com for approximately 90 days.