Kosmos Energy delivered strong third-quarter results, with production nearing record highs and a significant reduction in capital expenditures, emphasizing their commitment to free cash flow and balance sheet resilience.
- Gross production at Jubilee increased by 13% quarter-on-quarter to approximately 62,500 barrels of oil per day, aided by new well contributions.
- Capital expenditures are now expected to fall below $350 million for the year, down $500 million year-on-year, reflecting improved cost efficiency.
- The company’s overall net production rose to around 31,300 barrels of oil equivalent per day, with a notable 60% increase in third-quarter production from the GTA project.
- Successful refinancing of debt maturities and strengthened liquidity position, supported by a $250 million term loan from Shell, enhances financial stability.
- Continued focus on operational improvements with targeting of reduced overhead and operational costs across projects to drive future profitability.
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