Kosmos Energy Provides Operational & Financial Update

Source: www.gulfoilandgas.com 7/7/2014, Location: Africa

Kosmos Energy Ltd. (Kosmos) provided an operational and financial update in advance of releasing its second quarter 2014 results.

As a result of continued strong production from the Jubilee field, and being in an underlifted position at the end of the first quarter of 2014, the company benefited from three liftings of crude oil totaling approximately 2.9 million barrels during the three months ended June 30, 2014. The company estimates oil revenues for the second quarter of 2014 of approximately $325.0 million to $330.0 million. In addition, oil production costs, depletion costs and income taxes are all expected to be higher relative to the previous quarter as a direct result of the three liftings. Gross production from the Jubilee field averaged approximately 103,000 barrels of oil per day (bopd) for the first half of 2014 and according to the field operator is expected to average 100,000 bopd for the full-year 2014.

It is anticipated that results from the second quarter will partially be offset by the following:

· As part of a previously announced internal reorganization, the company expects to record an incremental $2.9 million in restructuring charges associated with severance and related benefits during the three months ended June 30, 2014 in addition to the prior $9.0 million estimated second quarter charge.
· As a result of an increase in the dated Brent forward curve, the company expects to record a loss of between $20.0 million and $25.0 million on its commodity derivatives during the three months ended June 30, 2014. Currently, the company has approximately 10 million barrels of forward production hedged through 2016.

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