Kosmos Energy (NYSE:KOS), deep-water oil and gas exploration and production, closed Friday at $2.16, up 22.03%. The stock moved higher after Ghana ratified license extensions on Kosmos Energy’s core offshore blocks through 2040. Investors will be watching how expanded drilling plans and hedging will reshape reserves and future cash flows.
The company’s trading volume reached 45.8 million shares, which is approximately 151% above compared with its three-month average of 18.2 million shares. Kosmos Energy went public in 2011 and has fallen 88% since going its IPO.
How the markets moved today
S&P 500 (SNPINDEX: ^GSPC) rose 0.70% to 6,910, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.90% to finish at 22,886. Within oil & gas exploration & production names, Occidental Petroleum (NYSE:OXY) closed at $51.84 (+0.60%) and Devon Energy (NYSE:DVN) ended at $44.30 (-0.60%).
What this means for investors
Kosmos Energy shares rose after Ghana’s parliament approved extensions for the company’s Jubilee and TEN offshore licenses through 2040. This decision extends the life of its core Ghana assets and reduces uncertainty about long-term development plans.
The company announced an amended plan for Jubilee that includes up to 20 new wells and projected capital spending in Ghana of up to $2 billion. Kosmos expects the updated plans to increase its 2P reserves and has started hedging 2027 production to improve cash-flow visibility as investment increases. Options activity and renewed analyst attention also contributed to the share increase, but the primary driver was the clearer outlook for longer-term production and reserve growth in Ghana. Investors will be monitoring the execution of the new well program and how spending aligns with the updated investment plans.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
