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Kosmos Energy Ltd on Monday said second quarter production was below guidance due to a timing of a ramp up amid higher costs, but noted costs are now falling while production is rising. The Africa-focused oil & gas firm said it swung to a pretax loss of $157.8 million in the first half of 2025, from a profit of $277.1 million a year ago. Revenue fell 21% to $683.9 million from $870.1 million. Total costs and expenses increased 42% to $841.7 million from $593.0 million. Chair & Chief Executive Officer Andrew Inglis said: ‘On the balance sheet, we are enhancing resilience through increasing liquidity and additional hedges for 2026 with further progress expected as we pursue additional initiatives through the second half of the year. With production rising, costs falling and balance sheet resilience improving, we look forward to delivering long-term value for our shareholders through the second half of the year and beyond.’ Total net production in the second quarter averaged around 63,500 barrels of oil equivalent per day, up 5.0% from 60,500 boepd in the first quarter. It was however lower than guidance as a result of ramp up timing on its Greater Tortue Ahmeyim, GTA, liquefied natural gas project and lower production at the Jubilee wells, in which Kosmos holds a 38.6% working interest. Kosmos forecasts full-year GTA production at roughly 20 gross LNG cargos, and sets overall production guidance for the year between 65,000 and 70,000 boepd. Net production in 2024 was around 66,800 boepd. Kosmos Energy shares fell 4.0% to 145.00 pence each on Monday afternoon in London, giving it a market capitalisation of $932.1 million. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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