06:37 AM EST, 11/04/2024 (MT Newswires) -- Kosmos Energy ( KOS ) reported early Monday lower third-quarter results year over year, while the deepwater oil and gas production company cut the top end of its full-year production outlook.

Adjusted earnings came in at $0.08 a share for the September quarter, down from $0.26 the year before. Four analysts polled by Capital IQ also expected normalized EPS of $0.08. Revenue fell to $407.8 million from $526.5 million last year, but was above the $405.6 million consensus based on the same number of analysts.

The stock was up 2.7% in premarket activity.

Oil-equivalent production came in at 65,400 barrels per day, near the low end of the guidance range issued in August for 65,000 to 69,000 barrels, and about 5% higher than the previous three-month period. The growth reflects higher production in the Gulf of Mexico following the launch of two Winterfell wells and production enhancement projects at the Kodiak and Odd Job fields, according to Kosmos. It ended the third quarter with a net underlift position of roughly 100,000 barrels.

Total costs and expenses fell to $301.3 million from $389 million last year. Net capital expenditure was $210 million, above the company's expectations of $175 million to $200 million, mainly due to higher costs related to the infill drilling program in Equatorial Guinea.

For 2024, Kosmos now forecasts production of roughly 67,000 barrels of oil equivalent per day, compared with its prior projections of 67,000 to 71,000 barrels. It increased its capital expenditures estimate to about $800 million from the previous outlook of around $750 million. "As production rises and projects are completed, we plan to significantly reduce capital expenditure," Chief Executive Andrew Inglis said in a statement.

The firm expects production of 70,000 to 74,000 barrels of oil equivalent per day for the ongoing quarter on capital expenditures of about $100 million.

Looking ahead, Kosmos expects capital expenditures of about $400 million for 2025, down from its prior forecast of roughly $550 million, according to Inglis. "With the actions taken this year to strengthen the balance sheet, we are well positioned entering 2025 to enhance shareholder value and further improve the financial resilience of the company," the CEO added.