This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kosmos Energy Announces Fourth Quarter And Full Year 2012 Results

Kosmos Energy (“Kosmos”) (NYSE: KOS) announced today financial and operating results for the fourth quarter and full year 2012. For the fourth quarter of 2012, the Company reported net income attributable to common shareholders of $32 million, or $0.08 per basic and diluted share. For the fourth quarter of 2011, Kosmos reported net income attributable to common shareholders of $34 million, or $0.09 per basic and diluted share. For the full year 2012, the Company generated a net loss attributable to common shareholders of $67 million. Total oil revenues in 2012 were $668 million on six oil liftings, net to Kosmos.

Highlights for the quarter ended December 31, 2012, include:
  • Sold approximately two million barrels of oil, net to Kosmos
  • Performed two successful acid treatments on Jubilee Phase 1 production wells
  • Commenced production from the Phase 1A development at Jubilee
  • Exited 2012 with Jubilee production of approximately 110,000 barrels of oil per day
  • Submitted a Plan of Development for the Tweneboa, Enyenra, and Ntomme fields on the Deepwater Tano Block to the government of Ghana
  • Completed the assignment of 50 percent of the Company’s 100 percent participating interest in Blocks 42 and 45, offshore Suriname, to Chevron
  • Secured a new Corporate Revolving Credit Facility, with $260 million available
  • Enhanced financial liquidity position, with cash on hand of $515 million and available borrowings of over $600 million at the end of 2012

Brian F. Maxted, Chief Executive Officer, commented, “During the fourth quarter, we achieved a number of significant milestones, exiting 2012 in our best position ever, both operationally and financially. We have established great momentum at Jubilee, with production now at a record level, and we are working to enhance throughput even further. Moving forward, we are preparing for additional developments in Ghana, as well as the commencement of a high-impact exploration program elsewhere, with multiple wells anticipated annually beginning as soon as late 2013. Our disciplined strategy, strong balance sheet and substantial existing cash flows have positioned Kosmos to internally fund our investment programs well into the future. I am excited about all we have accomplished, even more so, the meaningful potential in our exploration and development programs ahead.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs