KOS - Shares of Kosmos Energy Get Dragged Down by its Partner
Shares of independent oil and gas producer Kosmos Energy (NYSE: KOS) are down 14.2% as of 12:30 p.m. EST today. Kosmos itself didn't issue any press releases, but the news from one of its major partners, Tullow Oil (OTC: TUWOY), is spearheading its drop.
Today was bad news for Tullow. The UK-based oil and gas producer announced it was suspending its dividend, both its chief executive officer and chief operating officer were leaving, and that it expects production for 2020 to come in at 70,000 to 80,000 barrels per day (bpd) compared to 87,000 bpd this year. Furthermore, it expects 2021-2023 production to be around 70,000 bpd.
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