March 17, 2020 / 7:08 AM / 13 days ago

BRIEF-Kosmos Energy Targeting To Reduce 2020 Capital Budget For Base Business By Around 30% To Under $250 Mln

March 17 (Reuters) - Kosmos Energy Ltd:

* KOSMOS ENERGY PROVIDES OPERATIONAL UPDATE

* KOSMOS ENERGY LTD - TARGETING TO REDUCE OUR 2020 CAPITAL BUDGET FOR BASE BUSINESS BY AROUND 30% TO UNDER $250 MILLION

* KOSMOS ENERGY LTD - KEEPING 2020 PRODUCTION FLAT, IN LINE WITH PREVIOUS GUIDANCE AND WITH MINIMAL EXPECTED IMPACT ON 2021 PRODUCTION

* KOSMOS ENERGY LTD - COMPANY ALSO HAS SIGNIFICANT FLEXIBILITY IN ITS 2021 CAPITAL PROGRAM SHOULD CURRENT MARKET CONDITIONS PERSIST

* KOSMOS ENERGY LTD - PLAN TO IMPLEMENT COST REDUCTIONS WITH OVER $60 MILLION OF SAVINGS EXPECTED IN OPEX AND G&A IN 2020

* KOSMOS ENERGY LTD - BOARD HAS DECIDED TO SUSPEND DIVIDEND AFTER ANNOUNCED 4Q’19 PAYMENT UNTIL MARKET CONDITIONS IMPROVE

* KOSMOS ENERGY LTD - TARGETING A REDUCTION OF $1/BOE WITHOUT IMPACTING ASSET INTEGRITY OR NEAR-TERM PRODUCTION

* KOSMOS ENERGY LTD - KOSMOS BELIEVES IT CAN BE FREE CASH FLOW NEUTRAL BEGINNING IN 2Q AND FUND ALL OF ITS OBLIGATIONS AT A $35/BBL BRENT PRICE

* KOSMOS - THROUGH REDUCTION IN HEADCOUNT, NO PLANNED CASH BONUSES IN 2020, OTHER COST REDUCTIONS, CO PLANS TO SIGNIFICANTLY REDUCE CASH G&A IN 2020 Source text for Eikon: Further company coverage:

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