Shares in oil and gas producer Kosmos tumbled by more than ten per cent today despite the company reporting positive first quarter results.
The energy company, which is listed in both London and New York, generated net income of $1m in the first three months of 2022 turning around losses of $90m in the first quarter of last year. Revenue climbed to $659m and net debt was reduced by $300m as oil production soared, Kosmos today reported.
“Kosmos had a strong first quarter operationally and financially, with production at the top end of guidance and free cash flow of around $220m,” commented Kosmos chief executive Andrew Inglis.
“We are continuing to invest in our differentiated portfolio which has the potential to grow production around 50 per cent between 2022 and 2024 while increasing the gas weighting of our portfolio,” Inglis continued.
The deepwater oil and gas exploration and production company, which operates in Ghana, Equatorial Guinea, the US Gulf of Mexico, Mauritania and Senegal, produced 72,600 barrels of oil per day and sold 72,400.
Despite improvements to Kosmos’ financial position, the company still exited the first quarter weighed under $2.2bn of net debt.
Shares touched lows of 530 GBX today, down 11.7 per cent from daily highs of 600 GBX.