Company to host second quarter 2014 results conference call on
August 4, 2014
As part of a previously announced internal reorganization, the company
expects to record an incremental $2.9 million in restructuring charges
associated with severance and related benefits during the three months
ended June 30, 2014 in addition to the prior $9.0 million estimated
second quarter charge.
As a result of an increase in the dated Brent forward curve, the
company expects to record a loss of between $20.0 million and $25.0
million on its commodity derivatives during the three months ended
June 30, 2014. Currently, the company has approximately 10 million
barrels of forward production hedged through 2016.
Kosmos Energy Ltd. (“Kosmos”) (NYSE: KOS) today provided an operational
and financial update in advance of releasing its second quarter 2014
As a result of continued strong production from the Jubilee field, and
being in an underlifted position at the end of the first quarter of
2014, the company benefited from three liftings of crude oil totaling
approximately 2.9 million barrels during the three months ended June 30,
2014. The company estimates oil revenues for the second quarter of 2014
of approximately $325.0 million to $330.0 million. In addition, oil
production costs, depletion costs and income taxes are all expected to
be higher relative to the previous quarter as a direct result of the
three liftings. Gross production from the Jubilee field averaged
approximately 103,000 barrels of oil per day (bopd) for the first half
of 2014 and according to the field operator is expected to average
100,000 bopd for the full-year 2014.
It is anticipated that results from the second quarter will partially be
offset by the following:
Second Quarter 2014 Results Conference Call and Webcast
The company plans the following schedule for its second quarter 2014
Earnings Release: Monday, August 4, 2014, before the stock market open
via Business Wire and the company’s website at www.kosmosenergy.com.
Conference Call: Monday, August 4, 2014, at 11:00 a.m. EDT. The call
is open to the public via telephone and webcast.
Dial-in telephone numbers:
U.S. / Canada: +1.877.407.3982
Webcast Conference Call Replay: A replay of the webcast will be
available at investors.kosmosenergy.com
for approximately 90 days following the event.
About Kosmos Energy
Kosmos Energy is a leading independent oil and gas exploration and
production company focused on frontier and emerging areas along the
Atlantic Margin. Our assets include existing production and other major
development projects offshore Ghana, as well as exploration licenses
with significant hydrocarbon potential offshore Ireland, Mauritania,
Morocco, Suriname, and Western Sahara. As an ethical and transparent
company, Kosmos is committed to doing things the right way. The
Principles articulate our commitment to transparency, ethics, human
rights, safety and the environment. Read more about this commitment in
the Kosmos 2013
Corporate Responsibility Report. Kosmos is listed on the New York
Stock Exchange and is traded under the ticker symbol KOS. For additional
information, visit www.kosmosenergy.com.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that Kosmos expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Kosmos’ estimates and forward-looking statements are mainly
based on its current expectations and estimates of future events and
trends, which affect or may affect its businesses and operations.
Although Kosmos believes that these estimates and forward-looking
statements are based upon reasonable assumptions, they are subject to
several risks and uncertainties and are made in light of information
currently available to Kosmos. When used in this press release, the
words “anticipate,” “believe,” “intend,” “expect,” “estimate,” “plan,”
“will” or other similar words are intended to identify forward-looking
statements. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of Kosmos,
which may cause actual results to differ materially from those implied
or expressed by the forward-looking statements. Further information on
such assumptions, risks and uncertainties is available in Kosmos’
Securities and Exchange Commission (“SEC”) filings.Kosmos
undertakes no obligation and does not intend to update or correct these
forward-looking statements to reflect events or circumstances occurring
after the date of this press release, except as required by applicable
law. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in their
entirety by this cautionary statement.
Kosmos Energy Ltd.
Thomas Golembeski, +1-214-445-9674
Source: Kosmos Energy Ltd.