Kosmos Energy: 4Q 2014 income at $129 million

Kosmos Energy has reported its fourth quarter net income for 2014 of around $129 million up from $4 million achieved in the same period a year ago.

“2014 was a strong year for Kosmos,” said Andrew G. Inglis, chairman and chief executive officer. “We successfully delivered our operations plan in Ghana, maintaining gross production above 100,000 barrels of oil per day and delivering nine cargoes net to Kosmos. Good progress was made growing the reserves of our Ghana asset and preparing for future production to come on-stream from the TEN development and MTA discoveries.

“We also continued to mature our exploration portfolio during 2014 and its quality was recently validated by our successful Mauritania farm-out at a time when the industry is slowing their exploration programs. With a strong balance sheet and access to $1.9 billion in liquidity, Kosmos enters 2015 in a position of financial strength, with the opportunity to create significant value as we push ahead to drill the most promising prospects in our exploration portfolio.”

Kosmos expects total 2015 capital expenditures to be approximately $800 million with approximately $500 million to be spent in Ghana, primarily related to development activity in Jubilee and TEN. This is an increase from 2014 levels as a result of increased activity at TEN.

As part of the Company’s planned exploration expenditures, which total approximately $300 million for the year, Kosmos expects to participate in the drilling of four offshore exploration wells.

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