(Alliance News) - Kosmos Energy Ltd on Monday said it swung to loss in 2020 after its loss widened in the final quarter as production declined.
The Texas-based oil company said oil & gas production for the three months to the end of 2020 totalled 60,200 barrels of oil equivalent per day, with sales of 71,200 barrels of oil equivalent per day.
Total net production in the fourth quarter of 2019 averaged 65,200 barrels of oil equivalent per day.
For the quarter, the company said its pretax loss widened to USD16.3 million from USD2.3 million a year ago. Kosmos Energy's revenue for the final quarter of 2020 was USD366.3 million, lower than USD460.2 million a year earlier.
For the whole of 2020, its pretax loss was USD416.8 million, swinging from a pretax profit of USD25.1 million. This was on revenue that declined to USD896.2 million from USD1.51 billion year-on-year.
"Kosmos delivered on its key strategic priorities in 2020, despite the challenges faced by the sector during the year. With focus on safe and reliable operations across the portfolio, we delivered robust production performance," said Chair & Chief Executive Andrew Inglis.
"Operational momentum is building in 2021, with a significant uptick in forecast activity across the portfolio," continued Inglis. "With the strategic actions we took in 2020, we enter 2021 with a lower cost base, a solid balance sheet, healthy liquidity and the operational momentum to deliver value to our shareholders from a portfolio of assets that are low cost and lower carbon."
Kosmos Energy shares were untraded early on Monday in London, last closing at 192.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Kosmos Energy (KOS)