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Kosmos Energy Announces Fourth Quarter And Full Year 2012 Results

Stocks in this article: KOS

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.”

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