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Kosmos Energy swung to profit in the fourth quarter of 2020 as cost cuts offset a fall in revenue. The company, however, forecast a fall in annual production for 2021.
Production guidance for 2021 was in a range of 53,000 to 57,000 boepd with operation expenditure in the range of $14.50 to $16.50 per boe. That compared with annual output of about 60,800 boepd estimated for 2020.
For the quarter, the company generated a net income of $0.02 per diluted share, compared with a loss 9 cents a share on revenues of $274.2 million, down from 449.7 million.
Oil and as production fell to 103,850 barrels of oil from 136,294 barres
At 9:10am: (LON:KOS) Kosmos Energy Ltd share price was 0p at 89.25p