Oil and gas exploration and production company Kosmos Energy Ltd. (KOS,KOS.L) reported that its second quarter net income rose to $59.77 million or $0.12 per share from $23.35 million or $0.05 per share in the prior year.
Adjusted net income per share for the quarter was $0.17 compared to $0.06 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Oil and gas revenue for the second quarter grew to $450.90 million from $273.26 million in the prior year. Analysts expected revenue of $436.46 million for the quarter.
Total net production for the second quarter of 2024 averaged about 62,100 boepd, representing an about 7% increase from the second quarter of 2023. The growth largely reflects higher production in Ghana following completion of the infill drilling campaign offset by lower production in the US Gulf of Mexico due to planned downtime and a delay to startup of the Winterfell project.
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