Physical Address
j50 Carrot ST. Lakeside Estate Accra- Ghana
Web: https://blackbusinessbridge.com/
Email:
newshub@blackbusinessbridge.com
Te;+233209268092
Kosmos Energy Delivers Strong Q1 2025 Results Amid Market Volatility.
Today Kosmos Energy released its first quarter 2025 financial results. I’m pleased to say that despite a volatile macroeconomic backdrop, we are making progress on the priorities we outlined earlier this year – the delivery of free cash flow from increasing production combined with a rigorous focus on costs. We are seeing evidence of this with a material reduction in year-on-year capex in the first quarter and production starting to rise in the second quarter after heavy scheduled maintenance.
Operationally, the Greater Tortue Ahmeyim (GTA) partnership achieved a major milestone in April exporting the first cargo from the project, with a second cargo currently loading. Production is ramping up to the contracted sales volume, with potential to push higher towards, or beyond, the nameplate capacity of the floating LNG (FLNG) vessel of 2.7 mtpa. In Ghana, the partnership recently completed a 4D seismic survey. This new seismic data, combined with the latest processing techniques, will support the high grading of the future infill drilling program.
Financially, the actions taken in 2024 to improve the resilience of the company enable Kosmos to better withstand the current market volatility. We concluded the spring RBL redetermination with a strong reserve base supporting the $1.35 billion facility capacity, with ample liquidity. In addition, we continue to focus on reducing the company’s capex and overhead costs and are delivering the targeted reductions.
The long-term outlook for our portfolio of high-quality assets remains positive. A 2P reserves-to-production ratio of over 20 years supports the long-term potential of Kosmos as we focus in the near term on cash generation, cost control and debt paydown.”
