Kosmos Energy (KOS) swung to an unexpected fourth-quarter loss on Monday amid lower-than-projected oil production, while the company forecasts output in the ongoing period will be impacted by planned facility shutdowns.

The deep water oil and gas production firm reported an adjusted loss of $0.03 a share for the December quarter, compared with earnings of $0.31 the year before. The consensus on FactSet was for a breakeven result. Revenue fell to $397.7 million from $507.8 million, just ahead of the Street's view for $396.6 million.

Oil-equivalent production came in at about 66,800 barrels per day, below the guidance issued in November for 70,000 to 74,000 barrels. The company cited lower production at its Jubilee plant in Ghana and the timing of project startups behind the lower-than-expected output. It ended the fourth quarter with a net underlift position of roughly 200,000 barrels. Underlift refers to when a partner in an oil and gas project takes less than their share based on ownership stakes.

For the current three-month period, Kosmos estimates production to be between 62,000 and 66,000 barrels of oil equivalent per day. Planned shutdowns at the Jubilee plant and its Devils Tower facility in the Gulf of Mexico are set to weigh on production in the quarter. Dallas-based Kosmos referred to the key oil-producing region as the Gulf of America in its statement Monday, following an executive order by President Donald Trump to rename it.

"In the Gulf of America, we expect production to further increase from the Winterfell 3&4 wells in the coming months and have been pleased by the production optimization projects undertaken during 2024," Chief Executive Andrew Inglis said in a statement. "In Ghana, with the Jubilee 4D seismic and the upcoming infill drilling program, we expect to see production increasing."

Fourth-quarter costs and expenses narrowed to $431.5 million from $466.4 million. Net capital expenditure was $117 million, above the company's expectations of $100 million, mainly due to higher startup costs related to the Greater Tortue Ahmeyim liquefied natural gas project in West Africa.

For 2025, Kosmos expects production of roughly 70,000 to 80,000 barrels of oil equivalent per day. Capital expenditures are pegged at less than $400 million.

"We will now prioritize the generation of free cash flow from our increased production base together with disciplined capital investment," Inglis said. "Our forecast 2025 (capital expenditure) budget of $400 million is a reduction of over 50% from recent years."