U.S.-based oil company Kosmos Energy posted a bigger loss for the first quarter of 2018 when compared to the prior-year period impacted by losses related to oil derivative contracts.
For the first quarter of 2018, the company generated a net loss of $50.2 million as compared to net loss of $28.8 million in the same period last year.
When adjusted for certain items that impact the comparability of results, the company generated an adjusted net loss of $23.2 million for the first quarter of 2018.
Kosmos Energy’s first quarter 2018 oil revenues were $127.2 million versus $103.4 million in the same quarter of 2017, on sales of 1.9 million barrels of oil in 2018 as compared to 2 million barrels in 2017. Including the impact of the company’s hedging program, hedged revenue was $55.56 per barrel of oil sold in the first quarter of 2018.
First quarter results included a mark-to-market loss of $38 million related to the company’s oil derivative contracts.
Total capital expenditures in the first quarter were $58 million.
Kosmos exited the first quarter of 2018 with approximately $1.3 billion of liquidity and $1.069 billion of net debt.
Offshore Energy Today Staff