Shares of Kosmos Energy Ltd. (KOS) surged 5.35% in pre-market trading on Monday after the independent oil and gas company reported its fourth quarter and full year 2024 results. While Kosmos posted a net loss of $6.6 million or $0.01 per share for Q4, the stock rally appears driven by its milestone achievement of first gas production from the major Greater Tortue Ahmeyim (GTA) LNG project offshore Mauritania and Senegal, as well as its optimistic outlook for 2025.

For the fourth quarter, Kosmos reported revenues of $397.7 million, bringing total revenues for 2024 to $1.68 billion. After achieving first gas production from GTA in December 2024, the company also achieved the key milestone of first LNG production from the project in February 2025.

Looking ahead, Kosmos is forecasting strong production growth in 2025, with guidance of 70,000 to 80,000 barrels of oil equivalent (boe) per day. At the same time, the company expects to significantly reduce capital expenditures to under $400 million for the year, a drop of over 50% from recent levels as it prioritizes free cash flow generation.