Kosmos Reports Profit For Q2 - Quick Facts

(RTTNews) - Oil and gas producer Kosmos Energy Ltd. (KOS) reported profit for the second quarter, compared with loss last year, helped by significantly lower exploration costs and strong oil revenue growth due mainly to an additional crude oil lifting from the Jubilee field.

For the three months to June, net profit was $56.51 million or $0.15 per share, compared with a loss of $70.82 million or $0.19 per share a year earlier.

Quarterly revenues rose to $329.36 million from $193.78 million in the corresponding period last year.

Oil revenues surged to $328 million from $193 million year ago. Realized oil price was $112.58 per barrel, up from $99.51 per barrel a year earlier.

Gross production from Jubilee field increased to 104,000 bopd from 102,000 bopd last quarter.

Average production expense stood at $7.87 per barrel, compared with $11.67 per barrel in the same period last year, when the company incurred certain well workover and rig maintenance costs.