Kosmos Energy Ltd. (KOS) shares plummeted 5.35% in pre-market trading on Monday after the oil and gas exploration company reported disappointing fourth-quarter results and warned of near-term production impacts due to planned facility shutdowns.
The company swung to an adjusted net loss of $0.03 per diluted share in the fourth quarter, missing analysts' expectations of a breakeven quarter. Revenue of $397.7 million also fell short of estimates, declining from $507.8 million a year earlier.
Kosmos attributed the weak performance to lower-than-expected oil production, averaging around 66,800 barrels of oil equivalent per day (boepd) in the quarter, below its guidance of 70,000 to 74,000 boepd. The shortfall was primarily due to lower production at its Jubilee plant in Ghana and the timing of project startups.
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