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KOSMOS Kosmos Energy Announces Third Quarter 2021 Results November 8 , 2021 ENERGY . DALLAS -- ( BUSINESS WIRE ) -- Nov . 8 , 2021-- Kosmos Energy Ltd. ( " Kosmos " or the " Company " ) ( NYSE : KOS ) announced today its financial and operating results for the third quarter of 2021. For the quarter , the Company generated a net loss of $ 29 million , or $ 0.07 per diluted share . When adjusted for certain items that impact the comparability of results , the Company generated an adjusted net loss ( 1 ) of $ 43 million , or $ 0.11 per diluted share for the third quarter of 2021 . Commenting on the Company's third quarter 2021 performance and subsequent events , Chairman and Chief Executive Officer Andrew G. Inglis said : " With the recently executed transactions , Kosmos has significantly enhanced the outlook for the Company . The Oxy Ghana transaction accelerates our strategic delivery with increased near - term production and cash flow driving down leverage . The cash flow from the acquired assets also supports our portfolio transition to LNG at a time of increasing global gas demand . " Operationally , Kosmos delivered in line with expectations for the quarter , taking account of the impact of Hurricane Ida in the Gulf of Mexico . At Tortue , the project continued to make good progress , and we now have a clear funding path to first gas following the successful completion of the FPSO sale and leaseback announced in the third quarter . This transaction materially reduces our outstanding capital to first gas with the remainder expected to be funded through organic free cash flow . " Looking forward , growing production and increased exposure to current oil prices as 2021 hedges roll off give us visibility to materially higher EBITDAX and cash flow in 2022 , with leverage expected to continue to fall . Over the next year , we also expect to substantially de - risk the delivery of Tortue Phase while advancing Phase 2 to maximize the value of our significant gas resources in Mauritania and Senegal . With the right portfolio for the future and a strengthened balance sheet , we are excited about the outlook for Kosmos . " THIRD QUARTER 2021 HIGHLIGHTS ● Completed Greater Tortue Ahmeyim ( GTA ) floating production , storage and offloading vessel ( FPSO ) transaction , reducing GTA project capital expenditure to first gas • Net Production ( 2 ) : 49,300 barrels of oil equivalent per day ( boepd ) with sales of 32,700 boepd , resulting in a material net underlift position of approximately 1.5 million barrels of oil ( excluding impact of Ghana acquisition ) • Revenues : $ 199 million , or $ 66.10 per boe ( excluding the impact of derivative cash settlements ) • Production expense : $ 50 million , or $ 16.72 per boe • General and administrative expenses : $ 22 million , $ 14 million cash expense and $ 8 million non - cash Capital expenditures : o $ 72 million Base Business o $ 14 million Mauritania and Senegal • Post quarter end , announced and completed the acquisition of additional interests in Ghana from Occidental Petroleum ( " Oxy " ) for approximately $ 550 million FINANCIAL UPDATE In August 2021 , Kosmos successfully completed the GTA FPSO transaction , a major step in the funding path for the project . The transaction significantly reduces the outstanding capital expenditures net to Kosmos with any remaining cash calls for the project in 2021 covered by the proceeds . The remaining benefits of the transaction reduce project cash calls in 2022 . The base business net capital expenditure for the third quarter of 2021 was approximately $ 72 million , in - line with Company guidance . Net capital expenditure related to Mauritania and Senegal in the third quarter was $ 14 million . Kosmos exited the third quarter of 2021 with $ 2.3 billion of net debt ( 1 ) and available liquidity of approximately $ 0.6 billion . The increase in net debt in the quarter was primarily driven by the low sales volumes in the quarter , in line with previous guidance , as well as a working capital outflow largely due to the material underlift position and cash calls relating to the GTA project prior to the conclusion of the FPSO transaction . Post quarter end , Kosmos announced the acquisition of additional interests in the Jubilee and TEN fields in Ghana from Oxy for approximately $ 550 million . Consideration due to Oxy at completion was approximately $ 460 million after taking into account closing adjustments . To fund the transaction , Kosmos successfully announced and closed an equity offering of approximately $ 140 million and a $ 400 million senior notes offering . OPERATIONAL UPDATE