Kosmos Energy Ltd Stock Price, News & Analysis

Kosmos Energy Ltd. (NYSE: KOS) reported a net income of $8 million for Q4 2020, translating to $0.02 per diluted share. However, adjusting for certain items leads to an adjusted net loss of $49 million or $0.12 per diluted share. Key metrics included net production of 60,200 boepd and revenues of $274 million, with production expenses at $104 million. The company achieved positive free cash flow of $99 million, exiting Q4 with $2 billion in net debt. Kosmos is focused on sustainability, aiming for carbon neutrality by 2030 and has made substantial progress in its Tortue project.

Kosmos Energy (NYSE/LSE: KOS) has announced its fourth quarter 2020 earnings release scheduled for February 22, 2021, prior to the UK market open. Investors can access the earnings results via Business Wire, Regulatory News Service, and the company's website.

The conference call will take place on the same day at 11:00 a.m. EST, available through telephone and webcast. For replay, the webcast will be accessible for approximately 90 days post-event at investors.kosmosenergy.com.

Kosmos Energy (NYSE/LSE: KOS) has announced a significant oil discovery at the Winterfell well in the U.S. Gulf of Mexico, with a working interest of 17.5%. The well, tested in Green Canyon Block 944, encountered approximately 26 meters (85 feet) of net oil pay across two intervals. The discovery de-risks potential in neighboring blocks, estimated at 100 million barrels of gross potential. Kosmos plans to collaborate with partners on an appraisal and development plan and is set to drill the Zora ILX well later this year.

Kosmos Energy has closed a significant transaction with Shell, resulting in approximately $95 million along with future contingent payments of up to $100 million. This deal involves the farm down of interests in Suriname, Sao Tome & Principe, and Namibia. The proceeds will strengthen Kosmos' balance sheet and enable accelerated exploration in the Gulf of Mexico. The company retains a focused exploration portfolio with over six billion barrels of gross resource potential in proven basins.

Kosmos Energy Ltd. (NYSE: KOS) reported a net loss of $37 million for Q3 2020, equating to $0.09 per diluted share. Adjusted net loss stood at $50 million or $0.12 per diluted share. The company achieved net production of 56,700 boepd and revenues of $225 million. Despite challenges from COVID-19 and significant storm activity, production in Ghana and Equatorial Guinea met expectations. Significant progress was noted in the Tortue project, expected to be 50% complete by year-end. The company secured a $200 million term loan and has $0.5 billion in liquidity, positioning for positive cash flow in Q4.

Kosmos Energy (KOS) announced the successful re-determination of its reserve-based lending credit facility, resulting in a borrowing base capacity of $1.32 billion, down from $1.45 billion. This reduction reflects lower oil price assumptions due to the impacts of COVID-19. The company has approximately $0.5 billion in available liquidity as of October 1, 2020, and plans to repay the reduced borrowing base in the fourth quarter. Kosmos maintains support from its lending syndicate and expects further balance sheet strengthening from ongoing operations and a Shell transaction.

Kosmos Energy (NYSE: KOS) will release its third quarter 2020 results on November 9, 2020, before the UK market opens. The earnings announcement will be available through Business Wire, the Regulatory News Service, and the company’s website. A conference call is scheduled for the same day at 11:00 a.m. EST, accessible by telephone and webcast. Key dial-in numbers include a toll-free option at 1-877-407-3982 and international access at 1-201-493-6780. A replay of the call will be available on the company’s investor relations website for 90 days.

On October 12, 2020, CSG Investments, Inc. announced a $200 million senior secured term loan for Kosmos Energy Ltd.'s Gulf of Mexico unit, maturing in five years. The funding, facilitated by Beal Bank USA and Trafigura Trading LLC, aims to support Kosmos' valuable assets, which continue to generate cash flow despite volatile commodity prices. Kosmos CFO Neal Shah acknowledged the lender's confidence in the company’s long-term potential. This deal highlights the ongoing financial backing for Kosmos amidst challenging market conditions.

Kosmos Energy (KOS) has successfully closed a $200 million term-loan facility secured against its U.S. Gulf of Mexico assets. This restructuring includes a roll-over of a $50 million prepayment agreement with Trafigura and raises the borrowing capacity by $50 million. The facility has a 6% interest rate and allows for expansion up to $300 million. Kosmos' liquidity position is now approximately $650 million, bolstering its balance sheet into 2021.