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Mar 31
Kosmos Energy Q1 2025 Earnings Report
Kosmos Energy reported a net loss for Q1 2025 amid lower production and maintenance activity, while progressing LNG exports and cost reductions.
Key Takeaways
Kosmos Energy posted a net loss of $111 million in Q1 2025, with revenues down due to reduced production and underliftings. Despite this, the company successfully exported its first LNG cargo post-quarter, maintained liquidity, and reiterated its full-year production guidance.
Reported a net loss of $111 million due to underlift and lower production.
Free cash flow was negative at -$91 million, reflecting timing and maintenance.
Revenue fell to $290 million, with lower volume sales compared to Q1 2024.
Kosmos successfully began LNG exports from the GTA project in April.
Kosmos Energy
Kosmos Energy
Forward Guidance
Kosmos reiterated its full-year 2025 production guidance of 70,000–80,000 boepd, with a focus on capex discipline, cash generation, and ramping up LNG exports.
Positive Outlook
- First LNG cargo exported from GTA project with second in progress.
- No major planned shutdowns for the rest of 2025.
- Full-year production guidance remains intact.
- Operational ramp-up expected in Q2 after Q1 maintenance.
- Working to reduce FY25 capex below $400 million.
Challenges Ahead
- Q1 underlift of ~1.2 million barrels impacted revenue.
- Free cash flow negative due to timing of liftings and no GTA contribution.
- Production expense was high due to maintenance at Jubilee and Kodiak.
- Gas and NGL volumes remain a small proportion of sales.
- Net loss impacted by lower sales volumes and higher costs.