FX.co ★ Kosmos Energy Q4 Results Top Consensus

Kosmos Energy Ltd., an oil and gas exploration and production company, announced stronger than anticipated results for the fourth quarter. The company's net income for Q4 was $21.7 million, equating to $0.04 per share, a significant improvement from a loss of $114.3 million or $0.25 per share in the previous year.

Excluding special items, the net income rose to $148.8 million or $0.31 per share from $110.8 million or $0.25 per share as of last year. However, total revenues and other income saw a drop to $507.8 million from $563.7 million in the preceding year.

Forecasts by Thomson Reuters had predicted earnings of $0.23 per share on revenue of $477.73 million for the quarter. The company's total net production in the final quarter of 2023 averaged about 66,000 barrels of oil equivalent per day (boepd), marking an approximately 12% increase compared to the fourth quarter of 2022.

By the end of the fourth quarter of 2023, Kosmos had accrued around $2.4 billion in total long-term debt, and around $2.3 billion of net debt. It also had available liquidity of approximately $0.7 billion. The company recorded a generated net cash flow of about $294 million from operating activities and a free cash flow of approximately $ -27 million in the fourth quarter.