Kosmos Energy Ltd . (NYSE:KOS), under the leadership of Andrew G. Inglis, recently reported its third-quarter results for 2023. The company announced a net income of $85 million ($0.18 per diluted share), adjusted net income of $126 million ($0.26 per diluted share), and revenues of $526 million, derived from a production of 68,200 barrels of oil equivalent per day (boepd).
The company's capital expenditures for the quarter amounted to $193 million, while long-term debt was around $2.4 billion. Net debt was approximately $2.3 billion, with a free cash flow of about $54 million and available liquidity standing at roughly $0.6 billion.
Kosmos' key operations during the quarter included the Jubilee South East development offshore Ghana and the Tiberius ILX oil discovery offshore U.S. Gulf of Mexico. The company reported an income before taxes of $137,541,000 and total assets amounting to $4,969,401,000. Stockholders' equity stood at $999,669,000.
During the same period, Kosmos incurred a production expense of $139 million and generated net cash from operating activities at approximately $249 million. The company's total liabilities were reported at $3,969,732,000.
Investing activities used net cash amounting to about $208,384,000 while financing activities provided an approximate net cash of around $11,966,000. Total costs and expenses were reported at $389,005,000.
Looking ahead, Kosmos plans to manage growth and generate material free cash flow while growing production and advancing oil and LNG projects. This strategy is expected to help balance the company's financials while ensuring steady growth in its operations.
InvestingPro Insights
In light of the recent financial report, InvestingPro provides real-time data and tips that could further illuminate the financial landscape of Kosmos Energy Ltd. According to InvestingPro data, Kosmos has a market cap of $3480M, a P/E ratio of 16.12, and a PEG ratio of 1.88 as of Q2 2023. Additionally, the company has seen a revenue decline of 20.19% in the last twelve months as of Q2 2023.
InvestingPro Tips suggest that although Kosmos operates with a significant debt burden, it has consistently increasing earnings per share and analysts predict the company will continue to be profitable this year. However, it is worth noting that 2 analysts have revised their earnings downwards for the upcoming period and the company's stock price movements are quite volatile.
For a more comprehensive understanding of Kosmos's financial situation and future prospects, it is recommended to explore the additional InvestingPro Tips, which provide a total of 11 insights tailored for Kosmos Energy Ltd.
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