KOS - Kosmos Energy beats Q4 top and bottom line estimates; initiates FY23 capex outlook
- Kosmos Energy press release ( NYSE: KOS ): Q4 Non-GAAP EPS of $0.23 beats by $0.09 .
- Revenue of $509.92M (-10.9% Y/Y) beats by $15.01M .
- Net Production of ~58,700 barrels of oil equivalent per day (boepd), with sales of ~67,800 boepd resulting in an overlift position at the end of the quarter.
- Full year net production of ~63,600 boepd, representing 17% growth over 2021.
- Capital expenditures of $228M.
- Generated free cash flow of ~$23M.
- Net debt continued to decrease during the fourth quarter, with net leverage of <1.5x at year-end.
- “Kosmos expects to reach an important inflection point in the second half of 2023 with production forecast to grow as major development projects start to come online and capital expenditures expected to fall. With higher production and lower capital, free cash flow is expected to rise into 2024 providing multiple pathways for the company to deliver value for our shareholders."
- Kosmos expects to spend $700-$750 million in capital expenditures in 2023.
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Kosmos Energy beats Q4 top and bottom line estimates; initiates FY23 capex outlook