Kosmos Energy Ltd (NYSE: KOS) has announced its operating and financial results for Q1 2021, in which it posted a net loss of $91 million or $0.22 per share. After adjusting to certain items impacting results’ compatibility, Kosmos had an adjusted net loss of $33 million or $0.08 per share.
Kosmos Energy making progress in its projects
Andrew G. Inglis, the company’s CEO, said that as they celebrate ten years of listing on the NYSE, Kosmos has transformed from a frontier explore to a full-cycle E&P operator. Kosmos Energy’s vast reserve base has grown sevenfold and has helped the company build a platform for continued success for the next decade. Inglis said that they maintain a strong focus on corporate responsibility, transparency, and positioning the company to create stakeholder value throughout the transition period.
The company started in 2021 strongly with momentum building across its business. So far, Kosmos Energy has commenced infill drilling operations in the Gulf of Mexico and Ghana and will soon start drilling in Equatorial Guinea. Similarly, the company continues to demonstrate considerable progress on the Greater Tortue project in Senegal and Mauritania, with the first phase 58 complete at the end of Q1. Most importantly, the company has taken significant steps on creating a more permanent capital structure with the recently completed RBL extensions and bond offering, which enhanced liquidity and cleared all near-term debt maturities.
Kosmos offer Q1 2021 financial updates
In Q1, the company lifted 1.5 cargos out of the 12.5 cargos forecast for full-year 2021. This was an underlift of 1.3 million barrels of oil in Q1 due to a mismatch in timing between production and cargo lifting.
In March, the company closed a $450 million senior notes offering and used proceeds of the offering to repay the RBL facility and revolving credit facility partially. This month, the company completed amending and restating its RBL facility, reducing the facility to $1.25 billion. The amendment extended the facility by two years, and maturity will now be March 2027.