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Mar 31, 2025
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.
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.
Historical Earnings Impact
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