U.S.-based oil and gas company, Kosmos Energy returned to profit in the second quarter of 2019 on the back of higher revenues driven by record production.
Kosmos expects to announce the deal for the sale of its interest in projects off the coast of Mauritania and Senegal by the end of the year.
For the second quarter of 2019, the company generated net income of $17 million. When adjusted for certain items that impact the comparability of results, the company generated adjusted net income of $22 million for the second quarter of 2019.
In the same period last year, the company reported a net loss of $103.3 million.
The company’s revenues increased to $396 million in the second quarter of 2019 from $215.2 million in the corresponding period in 2018.
Total net production was a record in the second quarter of 2019 averaging approximately 71,100 barrels of oil equivalent per day (boepd)
Exploration expenses were $30 million, and capital expenditures were $101 million.
In its 2Q 2019 report, Kosmos also said that its previously announced process to sell down its interest in the broader Mauritania/Senegal region to 10 percent is ongoing and is targeting a transaction announcement by year end.
Andrew G. Inglis, chairman, and chief executive officer, said: “At current oil prices we are forecasting to exceed the 2019 free cash flow we set out at our capital markets day.
“Kosmos has an active second half of the year with multiple catalysts across the portfolio including five exploration wells in Mauritania, Equatorial Guinea and the Gulf of Mexico, and the planned sell down of our position in Mauritania and Senegal which remains on track.”
Source:offshoreenergytoday.com/www.energynewsafrica.com