- Energy company Kosmos Energy reported wider losses as revenue fell amid a steep decline in oil prices in the first quarter of the year.

For the first quarter of 2020, pre-tax losses widened to $117m from $61.9m on-year as revenue fell to $177.8m from $296.8m.

Total net production in the first quarter of 2020 averaged approximately 66,300 barrels of oil equivalent per day (boepd), at the upper end of guidance.

The company sold 43,659 boepd in the quarter, down from 56,077 on-year.

'Covid-19 has created unprecedented disruption across the world, which has resulted in historically low and volatile prices,' the company said.

'In response to the volatile market conditions, we have taken decisive actions to protect the business in 2020 and position it for increased activity in 2021,' the company added. 'These measures include materially reducing costs and restructuring our hedging portfolio.'

At 9:47am: [LON:KOS] Kosmos Energy Ltd share price was +1.5p at 125.5p

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