7th May 2024 11:35
(Alliance News) - Kosmos Energy Ltd on Tuesday reported a rise in its quarterly net income and revenue amid production growth.
The oil and gas producer focused on Ghana, Guinea and the US Gulf of Mexico, said net income in the first quarter of 2024 rose 10% to USD91.7 million from USD83.3 million a year earlier.
Revenue rose 6.4% to USD419.1 million from USD393.9 million.
Net production was around 66,700 barrels of oil equivalent per day, up 13% from a year ago. "This growth largely reflects higher production in Ghana arising from the start-up of the Jubilee South East project and the ongoing infill drilling campaign," Kosmos said.
Chair & Chief Executive Officer Andrew Inglis comments: "Kosmos has had an active start to the year, continuing the operational and financial momentum we saw in 2023. Operationally, we've brought four new wells online at Jubilee and first oil at Winterfell is expected shortly, both important milestones for the company as we target 50% production growth from the second half of 2022 to year-end 2024."
Shares in Kosmos Energy were untraded at 492.00 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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