(Alliance News) - Kosmos Energy Ltd on Monday said it had a "strong" first quarter, with a sharp jump in revenue coming from increased oil prices.
For three months ended March 31, revenue surged to USD659.1 million, up sharply from USD176.6 million a year earlier.
The oil company, focused on Ghana, Guinea and the US Gulf of Mexico, swung to a net income of USD1.4 million, from a USD90.8 million loss a year prior.
Oil & gas production expenses rose to USD124.7 million from USD45.8 million.
Kosmos saw total net production in the first quarter hit 72,600 barrels of oil equivalent per day, at the top end of guidance.
Chair and Chief Executive Officer Andrew Inglis said: "Kosmos had a strong first quarter operationally and financially, with production at the top end of guidance and free cash flow of around USD220 million. We are continuing to invest in our differentiated portfolio which has the potential to grow production around 50% between 2022 and 2024 while increasing the gas weighting of our portfolio.
"This production growth combined with a reduction in capital spending as these projects come online should allow Kosmos to generate material, sustainable cash flow for its shareholders."
Kosmos shares were up 3.0% on Monday morning at 599.70 pence each in London.
By Xindi Wei; xindiwei@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved
Kosmos Energy (KOS)