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Kosmos Energy announced its financial results for Q1 2024, reporting a net income of $92 million. Adjusted net income was $99 million. Highlights include 66,700 boepd production, $419 million in revenues, and $286 million in capital expenditures. The Company successfully refinanced its RBL facility, enhancing liquidity. Chairman Andrew G. Inglis expressed optimism about growth projects and financial resilience.
Kosmos Energy has announced the successful re-financing of its reserve-based lending facility, extending the maturity by approximately three years, with the final maturity now in December 2029. The total RBL facility size has been increased to $1.35 billion, with current commitments of approximately $1.2 billion. Discussions with additional potential lenders are ongoing, with $800 million currently drawn against the RBL facility and the first amortization payment scheduled for April 1, 2027. The RBL facility is secured against the Company’s production assets in Ghana and Equatorial Guinea, with the interest margin payable on the RBL increasing slightly compared to the previous facility, reflecting the current banking market environment. The company has downsized its revolving credit facility from $250 million to approximately $165 million as part of the RBL facility re-financing. Neal Shah, Chief Financial Officer, stated that the re-financing is an important step in optimizing Kosmos' capital structure and proactively addressing debt maturities, with no maturities until 2026 and lower interest expense going forward.
