Kosmos Energy increase oil and gas revenue threefold, still posts loss
US oil company Kosmos Energy saw losses widen in its third quarter despite more than trebling revenue from its oil and gas businesses.
Kosmos posted a net loss of $63.4m in the three months leading to 30 September compared to $59.8m net loss it suffered a year earlier.
Third quarter oil revenues surged from $46.6m in 2016 to $151.2m twelve months later as the group sold approximately 2.9m barrels of oil over the period, but was again dragged down by increased production expenses of $39m, or $14.33 per barrel.
Exploration expenses were decreased significantly, $37m in 2017 against $66m in 2016, thanks to lower geological and geophysical costs.
Kosmos ended its third quarter with approximately $1.3bn of liquidity and $890m of net debt.
"Over the first nine months of 2017, our strong free cash flow has allowed us to reduce debt and to grow the value of our company through both organic and inorganic opportunities," said Andrew G. Inglis, chairman and chief executive officer.
"We have ramped up production at the TEN fields, progressed the Tortue project offshore Mauritania and Senegal with our partner BP, and acquired a strategic exploration and production position in Equatorial Guinea which is immediately accretive. Our exploration portfolio remains strong with four world-class prospects to be tested in Mauritania, Senegal, and Suriname over the next 12 months," Inglis added.
As of 1210 GMT, shares were untraded at 610.00p.