Here is why Kosmos Energy Ltd (KOS) stock declined in the after-hours on Wednesday?

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NFTs Stocks
NFTs Stocks

Kosmos Energy Ltd. (KOS) shares declined 3.07% in after-hours on Wednesday, October 13, 2021, and closed the daily trading at $3.16. In the regular trading session, KOS’s stock remained unchanged. KOS shares have risen 201.85% over the last 12 months, and they have moved up 13.19% in the past week. Over the past three months, the stock has gained 30.92%, while over the past six months, it has gained 18.98%.

Let’s have a look at its recent news and developments.


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KOS Public Offering of Common Stock

On October 13, 2021, Kosmos Energy Ltd. (KOS) launched a registered underwritten public offering of 37,500,000 shares of common stock. The company is offering additional 5,625,000 shares of common stock to underwriters within 30 days.

The net proceeds from the offer will be used by the company to repay outstanding borrowings under its commercial debt facility and to finance a portion of the previously announced acquisition of Anadarko WCTP Company.

KOS acquired additional Ghana Interests

On October 13, 2021, Kosmos Energy (KOS) acquired an additional 18.0% interest in the Jubilee field and an additional 11.0% interest in the TEN fields in Ghana from Occidental Petroleum for a purchase price of $550 million with an effective date of April 1, 2021. This transaction increases Kosmos’ interests in Jubilee to 42.1% and in TEN to 28.1%.

KOS recent financial results

On August 09, 2021, Kosmos Energy Ltd (KOS) reported its financial results for the second quarter of 2021.

Q2 2021 financial highlights

  • KOS reported total revenue of $384.2 million in Q2 2021 compared to $127.4 million in Q2 2020.
  • Total cost and expenses were $447.84 million in Q2 2021 compared to $374.13 million in Q2 2020.
  • It suffered a net loss of $57 million, or $0.14 per diluted share in Q2 2021 compared to a net loss of $199.4 million or $0..49 per diluted share in Q2 2020.

KOS completed Greater Tortue Ahmeyim FPSO Sale

On August 09, 2021, Kosmos Energy (KOS) completed the sale and leaseback of the Greater Tortue Ahmeyim (GTA) floating, production, storage, and offloading vessel (FPSO).

The completion of the sale secured additional funding for Kosmos’ future development costs on the GTA project. Capital expenditures associated with the GTA project in 2021 net to Kosmos were previously estimated to be around $350 million.

Conclusion

Kosmos stock went down in the after-hours on Wednesday after the company announced its public offering of common stock. Let’s see how it performs in the coming trading sessions.

 

 

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