(RTTNews) - Oil and gas exploration and production company Kosmos Energy Ltd. (KOS) reported better-than-expected results for the fourth quarter.
The company's Q4 net income was $21.7 million or $0.04 per share compared to a loss of $114.3 million or $0.25 per share last year.
On an adjusted basis, net income increased to $148.8 million or $0.31 per share from $110.8 million or $0.25 per share a year ago.
Meanwhile, total revenues and other income declined to $507.8 million from $563.7 million in the prior year period.
Analysts polled by Thomson Reuters expected earnings of $0.23 per share on revenue of $477.73 million for the quarter. Analysts' estimates typically exclude certain special items.
Total net production in the fourth quarter of 2023 averaged about 66,000 boepd representing a ~12% increase compared to the fourth quarter of 2022.
Kosmos exited the fourth quarter of 2023 with about $2.4 billion of total long-term debt and about $2.3 billion of net debt and available liquidity of about $0.7 billion. The company generated net cash provided by operating activities of about $294 million and free cash flow of about $(27) million in the fourth quarter.
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