LONDON (ShareCast) - (Sharecast News) - American upstream oil explorer Kosmos Energy has held on to its full-year production guidance after a solid third quarter, though revenues and profits for the period were significantly lower than last year as oil prices slumped.
The company, which operates in the US Gulf of Mexico, as well as West Africa and Mauritania, sold 63.16m barrels of oil equivalents per day (boepd) in the three months to 30 September, down from 73.12m boepd the same period last year.

Total oil and gas revenues fell to $407.8m, down from $526.3m previously. Average gas and NGL sales prices achieved both rose, but the oil sales price fell to $76.64 from $85.92, resulting in a total sales price per boe of $70.18, down from $78.24.

Adjusted net income slumped to just $37.6m from $126.0m the year before.

Total net production average 65,400 boepd in the third quarter, up 5% on the second quarter but down 4% on last year.

"We continue to make good progress across the portfolio towards our production goal of ~90,000 boepd around the end of the year. As production rises and projects are completed, we plan to significantly reduce capital expenditure," said chair and chief executive Andrew Inglis.

Inglis said Kosmos is prioritising cash generation in 2025 and expects to use cash generated to de-lever the balance sheet, with capex guidance already being cut to $400m from $550m.

"With the actions taken this year to strengthen the balance sheet, we are well positioned entering 2025 to enhance shareholder value and further improve the financial resilience of the company."

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