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Kosmos Energy Ltd on Monday said it is on track to achieve full-year production targets as more projects become operational following strong performance in the second quarter. The Dallas, Texas-based oil & gas exploration and production company said in the second quarter that ended June 30, pretax profit more than doubled to $135.1 million from $53.2 million the previous year. Revenue jumped 65% to $450.9 million from $273.3 million. Net production increased 7.1% to 62,100 barrels of oil equivalent per day from 58,000 boepd, while net sales grew 45% to 65,400 from 45,200 boepd. Total costs and expenses rose 43% to $315.8 million from $220.1 million. Chief Executive Officer Andrew Inglis said: ‘Production is rising in the US Gulf of Mexico with the startup of Winterfell [in July] and the successful completion of our production optimization activities. The drilling campaign in Equatorial Guinea has now commenced and we continue to see good progress across all major workstreams on the GTA project in Mauritania and Senegal. With these projects online, we expect to exit the year at our production goal of around 90,000 boepd.’ Kosmos finished the quarter with net debt of $2.5 billion, up 8.7% from $2.3 billion last year. ‘As production ramps up and capital expenditures are expected to fall, we remain committed to delivering free cash flow within a disciplined capital framework, to further enhance the financial resilience of the company, after which we will consider shareholder returns,’ Inglis added. Capital expenditure stood at $215 million, 26% higher than $170 million in the second quarter of 2023. Kosmos Energy shares were flat at 419.00 pence each in London on Monday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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