StockMarketWire.com - Kosmos Energy said Monday losses widened in the third quarter of the year as exploration expenses swelled and losses on oil trading also weighed.

For three months to September, losses widened to $115m from $64.9m a year earlier, while total revenue rose to $243m from £151m a year earlier.

The company sold 3.3m barrels of oil equivalent in 2018 as compared to 2.9m barrels in 2017.

Exploration expenses jumped to $148m for the third quarter, up from $37.0m a year earlier, the bulk of which included a $58m write off of capitalized costs associated with the Akasa and Wawa fields and $50m of seismic purchases in the Gulf of Mexico.

The downbeat third-quarter results were exacerbated by mark-to-market losses of $57m related to the company's oil derivative contracts.

'In 2018, we expect to generate substantial free cash flow and remain on track to meet our previously communicated year-end 2018 net leverage target. Our 2019 capital budget is prioritized on our high-return opportunities with around 85% of the spend on infill drilling and infrastructure led exploration, said Andrew G. Inglis, chairman and chief executive officer.

'With this focus on high-return projects we expect to deliver short and medium-term production and cash flow growth and shareholder returns, beginning with our inaugural dividend payment in the first quarter of 2019.'


At 9:05am: [LON:KOS] Kosmos Energy Ltd share price was +12p at 526p



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