Kosmos Energy has announced its financial and operating results for the fourth quarter of 2023. For the quarter, the Company generated a net income of $22 million, or $0.04 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net income(1) of $149 million, or $0.31 per diluted share for the fourth quarter of 2023.
FOURTH QUARTER AND FULL YEAR 2023 HIGHLIGHTS
- 4Q Net Production(2): ~66,000 barrels of oil equivalent per day (boepd), representing ~12% growth year over year; Net sales of ~73,000 boepd
- 4Q Revenues: $508 million, or $75.64 per boe (excluding the impact of derivative cash settlements)
- 4Q Production expense: $104 million, or $15.46 per boe
- 4Q Capital expenditures: $281 million
- 1P reserves of ~280 mmboe as of December 31, 2023, representing a 104% replacement rate ratio
- Assumed operatorship and a greater working interest at Yakaar-Teranga offshore Senegal
- Tiberius infrastructure-led exploration (ILX) oil discovery offshore U.S. Gulf of Mexico
- Maintained AAA rating with MSCI
Commenting on the Company’s 2023 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: 'In 2023, we continued to advance our key development projects, which aim to deliver around 50% production growth from the second half of 2022. The start-up of Jubilee Southeast was a major step toward achieving this goal and, in the coming months, we expect production to begin at Winterfell in the Gulf of Mexico followed by first gas at Greater Tortue Ahmeyim offshore Mauritania and Senegal.
'Beyond advancing our development projects, we also strengthened our portfolio of low cost, lower carbon investment opportunities. We delivered a significant oil discovery at Tiberius in the Gulf of Mexico, which added an attractive short-cycle oil development to our portfolio. Kosmos also assumed operatorship and a larger working interest at Yakaar-Teranga, which is a key asset in Senegal’s ‘Gas-to-Power’ and ‘Gas-to-Industry’ initiatives.
'As we pursue these operated developments, as well as other projects in our organic portfolio, we are confident in our ability to deliver growth through the decade while generating strong cash flow. This is expected to strengthen our balance sheet, help us achieve our leverage targets, while providing flexibility around future capital allocation opportunities including returns to shareholders.
'Kosmos is well-positioned to create value for shareholders. We have a clear strategy, top-quality assets with greater than 20 years of 2P reserves/production life, multiple growth catalysts, and an important role in enabling a just and orderly energy transition in the countries where we work.'
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Source: Kosmos Energy
