06:32 AM EST, 11/03/2025 (MT Newswires) -- Kosmos Energy ( KOS ) swung to a wider-than-expected third-quarter loss on Monday as revenue missed estimates, while the company lowered its oil production outlook for the year.

The deep water oil and gas production firm reported an adjusted loss of $0.15 a share for the September quarter, compared with earnings of $0.08 the year before. The consensus on FactSet was for a non-GAAP loss of $0.12 per share. Revenue fell to $311.2 million from $407.8 million, trailing the Street's view for $343.3 million.

The stock was down 2.2% in the most recent premarket activity.

Oil-equivalent production came in at about 65,500 barrels per day, near the low end of the guidance issued for the quarter of 65,000 to 71,000 barrels. On a sequential basis, output improved 3%, largely driven by the ramp-up at the Greater Tortue Ahmeyim liquefied natural gas project and increased production at the company's Jubilee plant in Ghana, the firm said.

Kosmos ended the third quarter with a net underlift position of around 600,000 barrels. Underlift refers to when a partner in an oil and gas project takes less than their share based on ownership stakes.

"We set out this year with three clear priorities: Increase production, reduce costs and enhance the resilience of the balance sheet," Chief Executive Andrew Inglis said in a statement. "During the period, we have continued to make good progress against each of these priorities."

For full-year 2025, Kosmos now anticipates production to be at roughly 65,000 barrels of oil equivalent per day, compared with its previous forecast of between 65,000 and 70,000 barrels. For the ongoing three-month period, the company estimates production to be in a range of 66,000 to 72,000 barrels of oil equivalent per day.

"(The Greater Tortue Ahmeyim) is fully operational, with (approximately) 7 gross LNG cargos lifted during the quarter, and further upside to be tested in the fourth quarter," according to Inglis. "With the second Jubilee producer well now being drilled and due online around year end, and the drilling program continuing into 2026, we expect company production to continue to rise through next year."

The company now expects capital expenditures to be below $350 million for the current year, "more than 60% lower" on an annual basis, Inglis said. The firm aims to further reduce operating costs across its portfolio, especially on the Greater Tortue Ahmeyim project heading into 2026, the CEO added.