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Mar 31, 2024
Kosmos Energy Q1 2024 Earnings Report
Kosmos Energy reported a net loss and decreased revenue in Q1 2024, while maintaining production guidance and advancing key projects.
Key Takeaways
Kosmos Energy reported a net loss of $48 million in Q1 2024, compared to a net income of $79 million in Q1 2023. Revenue decreased to $148 million from $205 million in the prior-year quarter. The company reaffirmed its 2024 production guidance of 49,000-53,000 barrels of oil equivalent per day (boepd) and provided updates on its key projects, including Winterfell and Tiberius.
Net loss of $48 million, or $0.10 per diluted share; adjusted net loss of $27 million, or $0.06 per diluted share.
Total revenue of $148 million with sales volumes averaging 49,200 boepd.
Production expense of $71 million, or $15.75 per boe.
Reiterated 2024 production guidance of 49,000-53,000 boepd.
Kosmos Energy
Kosmos Energy
Forward Guidance
Kosmos Energy reaffirmed its 2024 production guidance of 49,000-53,000 boepd, with capital expenditure guidance remaining unchanged.
Positive Outlook
- Reiterated 2024 production guidance of 49,000-53,000 boepd.
- Capital expenditure guidance remains unchanged.
- Expects to generate positive free cash flow in 2024.
- Advancing key projects, including Winterfell and Tiberius.
- Focus on disciplined capital allocation and cost management.
Challenges Ahead
- Lower realized pricing impacted revenue.
- Planned turnaround activity expected to impact production in the second quarter.
- Geopolitical and macroeconomic uncertainty.
- Inflationary pressures on operating costs.
- Risk of project delays or cost overruns.