Kosmos Energy announced financial and operating results for the second quarter ended June 30, 2011. The company reported a net loss of $9.1 million in the second quarter of 2011, or $0.03 pro forma basic and diluted net loss per share attributable to common shareholders. This compares with a net loss of $32.5 million for the same period in 2010.
Second-quarter 2011 oil revenues were $124.1 million on sales of 996,000 barrels of oil, or $124.62 per barrel. Jubilee Field average production for the quarter was approximately 66,000 barrels of oil per day (bopd) gross. EBITDAX¹ was $102.5 million for the second quarter of 2011, compared with $9.7 million for the second quarter of 2010.
The Company’s cash on hand at the end of the second quarter grew to $818 million. Total liquidity, including cash and available borrowing under the existing debt facility was nearly $1 billion.
“Kosmos’ recent initial public offering enhanced our strong financial foundation and provided additional capacity to continue accelerating the development and exploration of our assets. The commissioning of the Jubilee Field Phase 1 development is ongoing, with water and gas injection facilities now progressing well. We are seeing continued improvement in operating uptime, and field production is anticipated to further ramp up during the remainder of 2011. The Company’s near-term outlook includes growing Jubilee production and a number of exploration and appraisal drilling targets. In addition, we are enhancing our inventory of discoveries in Ghana, and our exploration team continues to enhance our overall portfolio with significant new areas,” said Brian F. Maxted, President and Chief Executive Officer.