Kosmos Energy Ltd. announced its financial and operating results for the second quarter of 2024, revealing a net income of $60 million, or $0.12 per diluted share. After adjusting for certain items, the company generated an adjusted net income of $80 million, or $0.17 per diluted share for the same period.
In the second quarter of 2024, the company's net production saw a 7% year-over-year growth, reaching approximately 62,100 barrels of oil equivalent per day (boepd) with sales of about 65,400 boepd. Revenues stood at $451 million, or $75.73 per boe excluding the impact of derivative cash settlements.
The production expense for the quarter was $151 million, or $25.32 per boe, excluding $18 million of production expenses associated with the Greater Tortue Ahmeyim (GTA) project. Capital expenditures for the quarter totaled $215 million.
Kosmos Energy Ltd. exited the second quarter of 2024 with approximately $2.7 billion of total long-term debt and approximately $2.5 billion of net debt, along with available liquidity of about $793 million. The company generated net cash provided by operating activities of approximately $224 million and free cash flow of approximately $(15) million in the second quarter.
In terms of production, total net production in the second quarter of 2024 averaged around 62,100 boepd, representing a 7% increase compared to the same period in 2023. Production in Ghana, Equatorial Guinea, and the U.S. Gulf of Mexico contributed to these figures, with specific details provided for each region.
Ghana saw an average production of approximately 41,900 boepd net, while Equatorial Guinea averaged about 24,200 bopd gross and 8,500 bopd net during the second quarter. In the U.S. Gulf of Mexico, production averaged around 11,700 boepd net, with a 40% increase over the first quarter of the year.
Kosmos Energy Ltd. also provided updates on its key projects, including the Greater Tortue Ahmeyim liquefied natural gas (LNG) project, which is progressing well, with various milestones achieved.
Kosmos Energy Ltd. will host a conference call and webcast to discuss the second quarter 2024 financial and operating results on August 5, 2024. The company's stock is listed on the New York Stock Exchange and London Stock Exchange under the ticker symbol KOS.
The company provided detailed information about non-GAAP financial measures, including EBITDAX, adjusted net income (loss), adjusted net income (loss) per share, free cash flow, and net debt. These measures are aimed at providing investors with a useful tool for assessing comparability between periods and among securities analysts. The market has reacted to these announcements by moving the company's shares -7.4% to a price of $4.89. For more information, read the company's full 8-K submission here.
