Kosmos Energy records massive loss for second year running

quist 12:06 - 15 August 2016

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This would be the second year running, that Kosmos Energy is recording a loss, after 2014’s loss of $75.2 million.

One of Ghana’s oil exploration partners, Kosmos Energy Ltd, has recorded a massive loss of $108.3 million, culminating in a $0.28 per share.

Andrew G. Inglis, Chief Executive Officer of Kosmos Energy, says the company is currently at a turning point in its existence where production is being increased at the detriment of capital requirements.

“Kosmos is well positioned to deliver value from both our discovered gas resource offshore Mauritania and Senegal, as well as from new high-graded opportunities our team has identified.”

Second quarter 2016 oil revenues were $46 million, a drastic reduction on the $119 million recorded in the same quarter of 2015.

Realized oil revenue, including the impact of the company’s hedging programme, was $95.61 per barrel of oil sold in the second quarter of 2016 compared to $82.96 per barrel of oil sold in the year-ago quarter.