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Kosmos Energy returns to profit in Q2

Kosmos Energy Ltd. reported Aug. 5 an adjusted net income of $21.8 million, or 5 cents per share, for the second quarter, up from an adjusted net loss of $34.9 million, or a loss of 9 cents per share, a year ago.

The Texas-based company missed the S&P Global Market Intelligence normalized consensus estimate of 6 cents per share for the quarter.

On a GAAP basis, net income totaled $16.8 million during the quarter, climbing from a net loss of $103.3 million in the prior-year period.

Total revenues and other income reached $395.9 million for the quarter, topping $215.5 million a year earlier. Oil and gas revenue had the biggest share.

Production during the quarter peaked at 71,100 barrels of oil equivalent per day, up from 42,250 boe/d in the prior-year period.

The company also spent $101 million for capital expenditures in the quarter.