(Alliance News) - Kosmos Energy Ltd on Monday reported a narrowed loss for the first half of 2021, as revenue grew on higher prices more than offsetting lower volumes sold.
For the second quarter ended June 30, the Dallas, Texas-based deep-water oil and gas firm reported a pretax loss of USD63.7 million, narrowed sharply from USD246.8 million the same period a year before, on revenue which more than doubled to USD384.1 million from USD127.3 million.
For the quarter, total net production averaged 51,600 barrels of oil equivalent per day, while sales volumes reached 66,150 boepd, down % from 67,145 boepd.
In spite of lower volumes, sales per barrel tripled to USD63.80 from USD20.84, due to a hike in oil and gas prices. Brent crude is currently trading at USD68.04 per barrel.
For the first half of 2021, Kosmos posted a pretax loss of USD171.2 million, narrowed from USD364.0 million, while revenue rose % year-on-year to USD560.7 million from USD305.1 million.
Looking ahead, for the third quarter of 2021, net production is guided for between 52,000 and 54,000 barrels of oil equivalent per day, and for 2021 as a whole, between 53,000 and 57,000 boepd.
"With strong cash generation, the successful RBL extension and the recently completed GTA FPSO transaction, Kosmos' financial position has materially improved and we remain well positioned to execute our remaining financing plans later this year. Operationally, we remain on track to grow production towards our year-end exit target of 60,000 boepd through our active infill drilling program," said Chair & CEO Andrew Inglis.
Shares in Kosmos Energy were down 2.5% at 161.88 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Kosmos Energy (KOS)