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Energy company Kosmos Energy reported a lower first-quarter net loss as production in the quarter met its expectations.
For the first quarter of 2021, net loss was $90.8 million, down from £182.8 million year-on-year, while revenue fell to $176.6 million from $177.8 million.
Total net production in the first quarter of 2021 averaged approximately 53,100 boepd, in line with prior guidance.
In the first quarter of 2021, 1.5 cargos were lifted from a forecast 12.5 cargos for the full year 2021.
As a result of the timing mismatch between production and the lifting of cargos, there was a 'material underlift of approximately 1.3 million barrels of oil in the first quarter,' the company said.
Kosmos exited the first quarter of 2021 with approximately $2.2 billion of net debt, the increase was driven by the material underlift, it added.
At 10:04am: (LON:KOS) Kosmos Energy Ltd share price was 0p at 89.25p