Kosmos Energy Ltd. CFO Thomas P. Chambers is set to retire after a decades-long career in oil and gas, the Dallas-based E&P company said Feb. 24.
Chambers has served as Kosmos’ senior vice president and CFO since joining the company in November 2014. Previously, he had a nearly 20-year career at Apache Corp., serving as the company’s CFO from November 2010 to February 2014.
During his tenure at Kosmos, Chambers played an integral role in the company’s transformation that included its entry into the U.S. Gulf of Mexico through a roughly $1.2 billion acquisition in 2018, according to Andrew G. Inglis, chairman and CEO of Kosmos.
“Tom has been an inspirational leader during his over five-year tenure at Kosmos as we transitioned from an exploration-focused company with production from a single field in Ghana to a diversified, full-cycle exploration and production company,” Inglis said in a statement.
Chambers will be succeeded by Neal D. Shah, who has served in senior finance and operating roles at Kosmos over the last decade. Shah is currently senior vice president and deputy CFO for the company. He previously served in international operations as head of the Equatorial Guinea business unit. Prior to Kosmos, he was an investment banker at Morgan Stanley assisting oil and gas companies.
In his statement, Inglis also commented on Shah’s promotion, saying: “Neal’s deep financial background and knowledge of our operations will be critical to ensuring we remain financially robust and create long-term shareholder value.”
In a separate release, Kosmos Energy posted an adjusted loss for fourth-quarter 2019 on Feb. 24. The company said adjusted net loss came in at $36.6 million, or $0.09 a share, for the three months ended Dec. 31, from a net loss of $39.4 million, or $0.09 a share, a year earlier.
Kosmos expects to spend roughly $325 million to $375 million in 2020, excluding Mauritania and Senegal, the midpoint of which is $93 million lower than estimates made by Capital One Securities Inc., analyst Richard Tullis wrote in a Feb. 24 research note.
In Mauritania and Senegal, total 2020 capex for Kosmos’ roughly 30% working interest is expected to be around $250 million.
Reuters contributed to this article.
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