Kosmos Energy records $183 million loss in 2020 Q1; assets valued at $151 million - Report
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Kosmos Energy records $183 million loss in 2020 Q1; assets valued at $151 million - Report

- Oil company, Kosmos Energy, made a loss of $183 million in the First Quarter of the year 2020

- For the same period in 2019, the company reported a loss of $52.9 million in the First Quarter

- The fall in revenue has been linked to the global fall in crude oil prices

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Kosmos Energy has reported a loss of $183 million in the First Quarter of the year 2020.

YEN.com.gh understands that the assets impairments of Kosmos Energy in the same period totaled $151 million.

The oil company’s report comes at a time when the COVID-19 has led to a fall in crude oil prices on the world market.

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In the year 2019, the company reported a loss of $52.9 million in the First Quarter, classfmonine.com reports.

The impairments to assets, it has been revealed, are related to the Kodiak and Tornado fields in the Gulf of Mexico as well as the change in the oil prices since Kosmos acquired the assets in late 2018.

They reportedly represent about 10% of the total consideration paid for Deep Gulf Energy at the time.

Kosmos’ net production in Quarter One 2020 was 66,300 barrels of oil equivalent per day (boepd), compared to the production of 79,799 boepd in the same period of 2019.

Meanwhile, energy giant, Total, has revealed that its net profit for the First Quarter of the year 2020 fell by 35%.

The company released a statement that showed its 2020 Q1 net profit was $1.8 billion, lower than the $2.8 billion during the same period in 2019.

YEN.com.gh understands that analysts had predicted a net profit of $1.4 billion for the company.

READ ALSO: COVID-19: Local airline Passion Air calls on government for support

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Source: Yen

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