“Kosmos is stronger than ever,” Andrew G Inglis, CEO of the oil company said on Monday ahead of the Capital Markets Day presentation.
Kosmos, with offshore operations in Ghana, E. Guinea, Maurtania, Senegal and the U.S. Gulf of Mexico, on Monday posted a net income of $185 million for the fourth quarter of 2018, compared to a loss of $122 million in the fourth quarter of 2017.
The company’s revenue and other income reached $309 million, compared to $187 million a year ago, on sales of 5.1 million barrels of oil equivalent (boe) in 2018 as compared to 2.9 million barrels of oil equivalent in 2017.
Andrew G. Inglis, CEO and Chairman of Kosmos Energy said: “Over the last two years, Kosmos has made significant progress in building a balanced, full-cycle exploration and production company. Over that two-year period, we have more than tripled production and more than tripled reserves. Most importantly, we have executed this growth without diluting our shareholders.”
Kosmos Energy on Monday also declared a quarterly cash dividend of $0.0452 per common share payable on March 28, 2019, to the stockholders of record at the close of business on March 7, 2019.
Inglis said: “Kosmos is now well-positioned to grow cash flow, reserves and production through a combination of exploitation, development, infrastructure led exploration and basin opening exploration activities.”
“Kosmos is stronger than ever and the confidence we have in the future prospects of the company is demonstrated by the initiation of a dividend for 2019, the first in the company’s history.”
Looking ahead, Kosmos expects to sell some of its stake in the recently approved Tortue Ahmeyim development in W. Africa and plans to drill six exploration wells across its portfolio.
Kosmos also said it would reduce in 2019 capital expenditure from $500-600 million to $425-475 million, while at the same time maintaining the same 8-10% production compound annual growth rate for 2019-21.