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Kosmos Energy Ltd on Monday said it swung to a loss in its third quarter, as revenue fell below the previous year’s level. Nonetheless, its shares rose 2.5% to 124.00 pence on Monday morning in London. The Dallas, Texas-based mining firm, focused on oil and gas in Africa, booked $311.2 million in revenue for the three months ended September 30, down from $407.8 million a year earlier. Sales volumes totalled 59,942 barrels of oil equivalent per day, down from 63,167 on-year, with Kosmos swinging to a net loss of $124.3 million from a $45.0 million profit. Chief Executive Andrew Inglis said: ‘We set out this year with three clear priorities: Increase production, reduce costs and enhance the resilience of the balance sheet. During the period, we have continued to make good progress against each of these priorities.’ Production costs totalled $147.7 million, which was up from $133.5 million on-year, but capital expenditure was around $67 million, reduced from $210 million the year prior. Kosmos is targeting less than $350 million capex for the full year, against $828.8 million in 2024. Net production in the third quarter was 65,500 barrels of oil equivalent per day, broadly unchanged from 65,400 on-year. Full-year production is expected to be around 65,000 boepd. Inglis noted that Greater Tortue Ahmeyim, the company’s offshore Mauritania and Senegal project, is fully operational, lifting 6.8 gross liquefied natural gas cargos during the quarter. The first producing well of the Jubilee drilling campaign planned for 2025 and 2026 is online, contributing around 10,000 bopd. ‘With the second Jubilee producer well now being drilled and due online around year end, and the drilling program continuing into 2026, we expect company production to continue to rise through next year,’ Inglis added. ‘On the balance sheet, we raised additional liquidity with the Shell term loan, which is being used to repay our 2026 maturities. The company’s rolling hedging programme continues, amid what Kosmos called ’ a volatile commodity price backdrop‘. It has 8.5 million boe hedged for 2026 with an average floor of $66 per barrel, weighted towards the first half of the year. The firm is targeting around 50% of oil production to be hedged by the end of 2026. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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