Kosmos Energy set forth 2023 results for its first phase of development. Further, these financial and operating results introduce the net income of the company. Kosmos Energy’s first quarter 2023 highlights are as follows;
- According to the Net Production, the company produced 58,800 barrels of oil per day.
- Its Revenues reach up to $394 million, or you can say $71.67 per boe.
- During the first quarter, Kosmos Energy Production Expense is $84 million, or $15.26 per boe.
- The Capital Expenditures were $206 million.
Additionally, for Phase 2, the company confirms the adoption of a gravity-based structure development concept.
Addressing this financial report highlights, the company Chairman and CEO Andrew G. Inglis said: “Kosmos delivered a solid performance in the first quarter and moved the company closer to the expected mid-year free cash flow inflection point. We have three development projects underway that aim to increase production by around 50% from current levels.
“New oil production from Jubilee is expected online shortly, with capital expenditure starting to fall through the rest of the year. We have also made good progress in the quarter on Phase 1 of the Tortue project and drilling at Winterfell is planned to begin next quarter.
As evident, this financial update according to the 2023 calendar clearly stipulates a clear win-win situation for Kosmos Energy. At the end of the first quarter, the company has already achieved key milestones.
As far as its operational objectives are concerned, the company executes a net production of 58,800 boepd. Whereas its production at Ghana was 33,600 boepd, at Jubilee 72,200 boped, and at TEN it was 20,300 boped.
Moreover, in the first quarter of 2023, the average production in the U.S. Gulf of Mexico was 15,900 boepd.