Last $10.26 USD
Change Today -0.04 / -0.39%
Volume 1.1M
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As of 8:04 PM 07/24/14 All times are local (Market data is delayed by at least 15 minutes).

kosmos energy ltd (KOS) Key Developments

Kosmos Energy Ltd. Announces Private Offering of Senior Secured Notes Due 2021

Kosmos Energy Ltd. announced that, subject to market conditions, it intends to offer $300 million aggregate principal amount of senior secured notes due 2021 in a private offering to eligible purchasers. The company intends to use the net proceeds from this offering to repay a portion of the outstanding indebtedness under its commercial debt facility and for general corporate purposes.

Kosmos Energy Provides Earnings Guidance for the First Quarter of Fiscal 2014

Kosmos Energy announced that due to strong production from its Jubilee field it expects to record oil revenue of between $325 million and $330 million in the first quarter but it also sees higher restructuring costs than expected as well as a loss on its commodity derivatives. KOS was lower 0.6% recently, in the upper half of the 52-week range between $9.71 and $11.60. Meanwhile, due to an increase in the date Brent crude oil forward curve, it expects to record a loss of between $20 million and $25 million on the commodity derivatives in the quarter.

Kosmos Energy Provides Operational Update for the Second Quarter of 2014; Provides Financial Guidance for the Second Quarter of 2014

Kosmos Energy Ltd. provided an operational and financial update in advance of releasing its second quarter 2014 results. As a result of continued strong production from the Jubilee field, and being in an underlifted position at the end of the first quarter of 2014, the company benefited from three liftings of crude oil totaling approximately 2.9 million barrels during the three months ended June 30, 2014. Gross production from the Jubilee field averaged approximately 103,000 barrels of oil per day (bopd) for the first half of 2014 and according to the field operator is expected to average 100,000 bopd for the full-year 2014. The company estimates oil revenues for the second quarter of 2014 of approximately $325.0 million to $330.0 million. In addition, oil production costs, depletion costs and income taxes are all expected to be higher relative to the previous quarter as a direct result of the three liftings. It is anticipated that results from the second quarter will partially be offset by the following: As part of a previously announced internal reorganization, the company expects to record an incremental $2.9 million in restructuring charges associated with severance and related benefits during the three months ended June 30, 2014 in addition to the prior $9.0 million estimated second quarter charge. As a result of an increase in the dated Brent forward curve, the company expects to record a loss of between $20.0 million and $25.0 million on its commodity derivatives during the three months ended June 30, 2014. Currently, the company has approximately 10 million barrels of forward production hedged through 2016.

Kosmos Energy Ltd Agrees to Pay $10.2 Million to Settle Lawsuit Filed by its Investors

Kosmos Energy Ltd. agreed to pay $10.2 million to settle a lawsuit filed by its investors following the company's May 2011 initial public offering. The plaintiffs alleged Kosmos Energy Ltd. misrepresented its financial outlook at the time it made its initial public offering in 2011 and omitted from the registration statement facts about serious production problems at it's Jubilee Oil Field in Ghana. Under the settlement, the company will pay $10.2 million to investors who purchased common stock traceable to the company's prospectus between May 10, 2011, and January 10, 2012. A final settlement hearing is scheduled for September 24, 2014.

Kosmos Energy Ltd. Appoints Jason E. Doughty as Senior Vice President, Legal, Human Resources and Administration

In connection with a management restructuring, effective as of May 2, 2014, Kosmos Energy Ltd. appointed Jason E. Doughty as the Company's Senior Vice President, Legal, Human Resources and Administration. Mr. Doughty previously served as the Company's Senior Vice President, General Counsel.

 

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KOS

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Valuation KOS Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 4.6x
Price/Book 3.6x
Price/Cash Flow 19.6x
TEV/Sales 3.2x
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