Kosmos Energy losses US$199m in Q2 2020 – Canada Ghana Chamber of Commerce

Kosmos Energy losses US$199m in Q2 2020

Kosmos Energy has reported a second-quarter loss of US$199 million after reporting a profit in the same period a year earlier.

The Dallas-based company said it had a loss of 49 cents. Losses adjusted for one-time gains and costs were 23 cents per share.

Meanwhile, the independent oil and gas Company posted revenue of US$127.3 million in the same period.

The company’s shares closed at US$1.61. A year ago, they were trading at US$5.87.

Despite the recent stabilising of oil prices, the COVID-19 pandemic and its economic impact continue to create a challenging environment for the oil and gas sector.

“Kosmos’ response remains focused on safe and reliable operations by protecting the health of our employees and contractors, reducing the risk of the virus spreading in our operations and minimizing the impact on our business.

“We are also working closely with the local communities in the countries we operate in around the world to fight the virus,” the company said in a statement.

Commenting on the company’s second quarter 2020 performance, Chairman and Chief Executive Officer, Andrew G. Inglis said: “Kosmos delivered strong operational performance in the second quarter, despite a challenging backdrop for our industry. Production was in line with guidance and we are on track to deliver the cost reductions we set out earlier in the year.

“We have added an additional source of liquidity with the prepayment agreement, and total liquidity stood at over US$600 million at the end of the second quarter. At current oil prices, the company has reached a free cash flow inflection point and we expect to generate positive free cash flow through the second half of the year and into 2021.

“Looking forward, we continue to make good progress in Mauritania & Senegal despite the COVID-19 mitigations, with Phase 1 of the Tortue project now around 40 percent complete, a seven percent increase in the quarter, which supports the sell down process. We continue to mature our exploration portfolio focusing on high return, fast payback opportunities with several proven basin, infrastructure-led exploration targets and a self-funded basin-opening exploration program expected in 2021.”


Latest Posts

Ghana’s ports activities decline by 7.3%

August 31, 2020

Ghana anticipates US$10bn boost to economy from aluminum trade

August 31, 2020

Kosmos Energy losses US$199m in Q2 2020

August 31, 2020

Global gold market trends favour Agyapa Royalty

August 31, 2020

Producer inflation drops to 9.3% in July

August 31, 2020

COVID-19: ‘$150 fee for PCR test at airport reasonable’ – Okoe Boye

August 31, 2020

Parliament approves $28 million tax waiver for Kasapreko under 1D-1F programme

July 30, 2020

World Bank forecasts AfCFTA to boost Africa’s income by US$450bn

July 30, 2020

Transport operators to reduce fares by 10% effective Aug 1

July 30, 2020

Govt to navigate deficit financing crisis

July 30, 2020

Power producers demand gov’t include US$1.4bn debt in mid-year budget

July 30, 2020

IMF warns of cedi depreciation

July 30, 2020

Kasapreko taps into StanChart’s $1bn financing programme to boost COVID-19 fight

June 30, 2020

Goldstar CEO receives Most Inspiring Personality in Aviation Award

June 30, 2020

Hollard launches first virtual insurance Chatbot to boost insurance accessibility

June 30, 2020

Asanko Gold donate PPEs to 23 schools in Amansie South and West district

June 30, 2020

GHc 17.84bn debt to be issued over next 3-months

June 30, 2020

Government-BoG collaborative efforts to mitigate the impact of the COVID-19 pandemic on businesses and the economy

June 30, 2020

Global Finance names Ecobank Most Innovative Bank in Africa

May 29, 2020

La Stool loses case over 49,000-acre land to Lakeside Estate

May 29, 2020



Platinum Members