Kosmos Energy misses by $0.01, beats on revs; sees 2019 production at low end of guidance (5.64)
- Reports Q2 (Jun) earnings of $0.05 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $0.06; revenues rose 83.8% year/year to $395.93 mln vs the $391.29 mln S&P Capital IQ Consensus.
- "Kosmos has continued to make good progress in the second quarter with record quarterly production and strong free cash flow," said Andrew G. Inglis, chairman and chief executive officer. "At current oil prices we are forecasting to exceed the 2019 free cash flow we set out at our capital markets day. Kosmos has an active second half of the year with multiple catalysts across the portfolio including five exploration wells in Mauritania, Equatorial Guinea and the Gulf of Mexico, and the planned sell down of our position in Mauritania and Senegal which remains on track."
- Total net production was a record in the second quarter of 2019 averaging approximately 71,100 barrels of oil equivalent per day (boepd).
- As a result of the completion issue at TEN, Kosmos now expects production for 2019 to be at the low end of the guidance range. All other 2019 guidance remains unchanged