Kosmos Energy Provides Operational and Financial Update
Company to host second quarter 2014 results conference call on
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
It is anticipated that results from the second quarter will partially be offset by the following:
As part of a previously announced internal reorganization, the company
expects to record an incremental
$2.9 millionin restructuring charges associated with severance and related benefits during the three months ended June 30, 2014in addition to the prior $9.0 millionestimated 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 millionon 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.
Second Quarter 2014 Results Conference Call and Webcast
The company plans the following schedule for its second quarter 2014 results:
Monday, August 4, 2014, before the stock market open via Business Wire and the company’s website at www.kosmosenergy.com.
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:
- Webcast Conference Call Replay: A replay of the webcast will be available at investors.kosmosenergy.com for approximately 90 days following the event.
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’