Kosmos Energy Ltd., Dallas, generated a net loss of $199 million for second-quarter 2020. When adjusted for certain items that impact the comparability of results, the company generated an adjusted net loss of $95 million for the quarter.
Kosmos exited the quarter with $614 million of liquidity and $2.0 billion of net debt. Net debt increased by $66 million in the second quarter, largely driven by a build in working capital.
Production
Total net production in the second quarter averaged 60,100 boe/d due to the shut-in of some US Gulf of Mexico production during May (6,000 boe/d second quarter impact). Some 60% of total production during the quarter was sold during the month of April, which experienced particularly low oil prices and had an impact on the company's realized oil prices for the quarter.
Production in Ghana was unaffected by COVID-19 and averaged some 28,700 b/d of oil net in the quarter, at the top end of guidance. Kosmos lifted three cargos from Ghana during the quarter.
Gross production from Jubilee averaged 90,000 b/d of oil during the quarter with consistent water injection and gas offtake since the work to enhance gas handling capacity was completed during the first quarter.
TEN production averaged 50,000 b/d of oil gross for the quarter. The Ntomme-09 producer well is expected to come online shortly, which is expected to increase production rates.
Full year net production guidance in Ghana of 27,000-29,000 b/d of oil and 10 cargos is unchanged.
Production in the US Gulf of Mexico averaged 20,200 boe/d net (80% oil) during the quarter, including the impact of 6,000 boe/d shut-in during the quarter.
As a result of market conditions in the quarter, LLOG shut-in the Delta House platform in the US Gulf of Mexico during the month of May and accelerated planned maintenance. All shut-in fields were brought back online by early June, allowing Kosmos to exit the second quarter at a rate of 29,000 boe/d net.
Full year net production guidance in the US Gulf of Mexico remains at the low end of the of 24,000-28,000 boe/d range.
Production in Equatorial Guinea continued to be unaffected by COVID-19 and averaged 34,000 b/d of oil gross and 11,200 b/d of oil net in the second quarter. Kosmos lifted 1.5 cargos from Equatorial Guinea during the quarter, which includes half a cargo pushed from late-March into early April.
Full year net production guidance of 11,000-13,000 b/d of oil and cargo guidance of 4.5 cargos is unchanged.
Despite COVID-19 mitigation measures in Mauritania and Senegal, Phase 1 of the Greater Tortue Ahmeyim project continued to advance in the quarter. The project is now 40% complete. The breakwater installation was disrupted as a result of COVID-19, but other areas of development continue to progress. The BP development carry is expected to cover all cash requirements through 2020.
The planned sell down process of our interests in Mauritania and Senegal remains ongoing.