Kosmos Energy Ltd on Monday reported a decrease in its third-quarter revenue amid declining oil prices.

The oil and gas producer focused on Ghana, Guinea and the US Gulf of Mexico said revenue fell 23% to $407.8 million from $526.5 million the prior year.

Pretax profit for the firm fell by 22% to $106.6 million from $137.6 million.

This follows a drop in the average total sales price per barrels of oil equivalent which was down 10% to $70.18 from $78.24 the prior year.

Net production fell 4.1% to 65,400 barrels of oil equivalent per day from 68,200 boepd with sales down 14% to 63,200 boepd from 73,100 boepd.

Capital expenditure for the period increased 8.7% to $210 million from $193 million, with this increase owed primarily to costs associated with its infill drilling programme in Equatorial Guinea.

Fourth-quarter capital expenditure is expected to decline significantly to $100 million following the delivery of multiple projects in the Gulf of Mexico in the third-quarter, coupled with the expected start-up of the Greater Tortue Ahmeyim project.

The firm has revised its 2025 capital expenditure guidance down to $400 million from $550 million as it focuses on cash generation and improving the financial resilience of the business.

Kosmos Chief Executive Andrew Inglis said: ‘We continue to make good progress across the portfolio towards our production goal of 90,000 boepd around the end of the year. As production rises and projects are completed, we plan to significantly reduce capital expenditure.

‘Looking ahead to 2025, we are prioritising cash generation from the business through disciplined capital allocation, and expect to use cash generated to de-lever the balance sheet.

‘As a result, we are reducing our previously communicated 2025 capex guidance from $550 million to $400 million.’

Shares in Kosmos were flat at 299.00 pence each on Monday morning in London.

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