Kosmos Energy Q3 Results Top Estimates; Assumes Operatorship Of Yakaar-Teranga

(RTTNews) - Kosmos Energy Ltd. (KOS, KOS.L) reported third quarter net income of $85.19 million or $0.18 per share up from $222.25 million or $0.47 per share in the prior year.

In addition, Kosmos Energy said that it has increased its working interest to 90% from 30% and assumed operatorship, subject to customary government approvals, of the world-scale Yakaar-Teranga gas discoveries offshore Senegal. The increase in working interest follows BP's exit from the field.

Looking to options for future growth, Kosmos recently announced the Tiberius oil discovery in the U.S. Gulf of Mexico, as well as the assumption of operatorship of the Yakaar-Teranga gas fields offshore Senegal. These low cost, lower carbon oil and gas projects are expected to provide the next phase of growth for the company beyond 2024.

Meanwhile, Kosmos Energy's adjusted net income for the third quarter was $126.02 million or $0.26 per share compared to $89.85 million or $0.19 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share for the third quarter. Analysts' estimates typically exclude special items.

Oil and gas revenue for the third quarter was $526.35 million up from $456.06 million in the prior year. Analysts expected revenue of $366.82 million for the quarter.

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