REG - Kosmos Energy Ltd - 1st Quarter Results
07/05/2024 07:15
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RNS Number : 3335N Kosmos Energy Limited 07 May 2024
KOSMOS ENERGY ANNOUNCES FIRST QUARTER 2024 RESULTS
DALLAS--(BUSINESS WIRE)-May 7, 2024-- Kosmos Energy Ltd. ("Kosmos" or the
"Company") (NYSE/LSE: KOS) announced today its financial and operating results
for the first quarter of 2024. For the quarter, the Company generated a net
income of $92 million, or $0.19 per diluted share. When adjusted
for certain items that impact the comparability of results, the Company
generated an adjusted net income((1)) of $99 million, or $0.21 per diluted
share for the first quarter of 2024.
FIRST QUARTER 2024 HIGHLIGHTS
• Net Production((2)): ~66,700 barrels of oil equivalent per day
(boepd), representing ~13% growth year over year, with sales of ~62,600 boepd
• Revenues: $419 million, or $73.52 per boe (excluding the impact of
derivative cash settlements)
• Production expense: $94 million, or $16.42 per boe
• Capital expenditures: $286 million
• Successfully completed convertible bond issuance, enhancing
liquidity and paying down higher interest floating rate debt
• Post quarter end, successfully refinanced the Company's
reserve-based lending (RBL) facility, extending maturity to year-end 2029
• Post quarter end, contracted a drilling rig for the Equatorial
Guinea 2024 infill and infrastructure-led exploration (ILX) campaign
Commenting on the Company's first quarter 2024 performance, Chairman and Chief
Executive Officer Andrew G. Inglis said: "Kosmos has had an active start to
the year, continuing the operational and financial momentum we saw in 2023.
Operationally, we've brought four new wells online at Jubilee and first oil at
Winterfell is expected shortly, both important milestones for the Company as
we target 50% production growth from the second half of 2022 to year-end 2024.
We've also seen significant progress at Tortue with the FLNG arriving on
location, completion of the deepwater pipelay and the FPSO en route to the
project site. In Equatorial Guinea, we're pleased to have secured a high
quality rig for the infill and ILX campaign later this year. We are also
advancing our next set of growth projects, securing long lead items for
Tiberius and a two-year license extension granted for Yakaar-Teranga.
Financially, we enhanced the resilience of the Company with a successful
convertible bond offering and the re-financing of the RBL. Both transactions
were important steps to proactively increase liquidity and extend our
near-term debt maturities.
Our strategy remains on track with a busy year of catalysts ahead across all
of our business units in Ghana, Equatorial Guinea, the U.S. Gulf of Mexico and
Mauritania and Senegal."
FINANCIAL UPDATE
Net capital expenditure for the first quarter of 2024 was $286 million, in
line with guidance. Full-year capital expenditures are expected to be weighted
to the first half of the year as the Ghana drilling program concludes and the
Winterfell and Tortue Phase 1 projects progress to start-up.
Kosmos exited the first quarter of 2024 with approximately $2.7 billion of
total long-term debt and approximately $2.4 billion of net debt((1)) and
available liquidity of approximately $954 million. Post quarter-end, the
Company successfully refinanced the RBL facility, which now matures at the end
of 2029. The facility size increased to $1.35 billion (from $1.25 billion)
with current commitments as of April 26, 2024 of approximately $1.2 billion.
The RBL facility is secured against the Company's production assets in Ghana
and Equatorial Guinea. The Company's assets in the US Gulf of Mexico and
Mauritania and Senegal remain unencumbered.
The Company generated net cash provided by operating activities of
approximately $273 million and free cash flow((1)) of approximately $(42)
million in the first quarter.
OPERATIONAL UPDATE
Production
Total net production((2)) in the first quarter of 2024 averaged approximately
66,700 boepd, in line with guidance, representing a ~13% increase compared to
the first quarter of 2023. This growth largely reflects higher production in
Ghana arising from the start-up of the Jubilee South East project and the
ongoing infill drilling campaign. The Company exited the quarter in a net
underlift position of approximately 0.2 million barrels.
Ghana
Production in Ghana averaged approximately 43,800 boepd net in the first
quarter of 2024. Kosmos lifted three cargos from Ghana during the quarter, in
line with guidance.
At Jubilee (38.6% working interest), oil production in the first quarter
averaged approximately 92,900 bopd gross with one water injector well brought
on in January and two producer wells brought online in February. In the second
quarter, one new producer well was brought online in April with one additional
water injector well expected online by quarter end.
Following the completion of the additional water injector well, the planned
drilling campaign will conclude approximately six months ahead of schedule as
a result of efficiencies in the drilling operations.
Jubilee FPSO reliability continues to remain high at approximately 99% uptime
for the first quarter. Voidage replacement for the first quarter was ~110% as
a result of the elevated levels of water and gas injection.
In the first quarter, Jubilee gas production net to Kosmos was approximately
6,100 boepd. The interim gas sales agreement that is currently in place for
Jubilee associated gas was extended for 18 months at a price of ~$3/mmbtu. In
the second quarter, the onshore gas plant that receives Jubilee gas is
expected to be offline for approximately two weeks for planned routine
maintenance, with the impact included in second quarter guidance.
At TEN (20.4% working interest), production averaged approximately 18,600 bopd
gross for the first quarter, in line with expectations. TEN FPSO reliability
was consistent with Jubilee at approximately 99% uptime for the first quarter.
U.S. Gulf of Mexico
Production in the U.S. Gulf of Mexico averaged approximately 14,500 boepd net
(~81% oil) during the first quarter, in line with guidance.
The first two wells at the Winterfell project (25% working interest) are
expected online shortly. A third well is expected online in the second half of
2024. Gross production from the first phase of the Winterfell project is
expected to be around 20,000 boepd when the initial three wells are online.
Total gross resource at Greater Winterfell is estimated to be up to 200
million boe.
The Company's production enhancement activities for 2024 continue to make good
progress with the Odd Job subsea pump project, which is planned to sustain
long-term production from the field, expected online in mid-2024. At Kodiak,
workover plans for the Kodiak 3 well have progressed with operations expected
to commence in mid-2024. Year-end 2024 exit production from these enhancement
activities is expected to be around 5,000 boepd net. The Tornado field is
expected to be offline for most of the second quarter for the scheduled
routine maintenance of the HP-1 floating production unit with the impact
included in second quarter guidance.
The Tiberius ILX project, (50% working interest and operator) continues to
progress as a phased development, with project sanction expected later this
year. Certain long lead items are being secured to optimize the development
timeline and project costs. During the first quarter, Kosmos acquired part of
Equinor's stake in the project to maintain an aligned partnership and now
holds 50%, which is already included in the 2024 capital guidance. Around the
time of project sanction, Kosmos plans to farm down to optimize its working
interest to fit within the targeted 2025+ capital program. Estimated gross
resource at Tiberius is approximately 100 million boe.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 24,400 bopd gross and
8,400 bopd net in the first quarter. Kosmos lifted one cargo from Equatorial
Guinea during the quarter, in line with guidance.
The Ceiba Field and Okume Complex workover and infill drilling campaign
commenced in the fourth quarter of 2023, completing one production well
workover. However, as a result of previously communicated safety issues with
the drilling rig, the operator terminated the rig contract in early February
2024.
The partnership has now secured the Noble Venturer rig to resume the drilling
campaign following the conclusion of its previous program in Ghana. The rig is
expected on location around mid-year 2024 to drill and complete two infill
wells in Block G and the Akeng Deep ILX prospect in Block S. Year-end 2024
exit production from the new infill wells is expected to be around 3,000 bopd
net. The Akeng Deep well result is expected around the end of the year.
Mauritania & Senegal
The Greater Tortue Ahmeyim liquefied natural gas (LNG) project continues to
make good progress. The following milestones have been achieved:
• Drilling: The operator has successfully drilled and completed all
four wells with expected production capacity significantly higher than what is
required for first gas.
• Hub Terminal: Construction work is complete and Hub Terminal
handed over to operations.
• FLNG: The vessel arrived on location offshore Mauritania/Senegal
during the first quarter of 2024 and is now moored to the Hub Terminal. The
partnership is continuing to work with the vessel operator to accelerate
commissioning work.
• Subsea: The subsea workscope is progressing in line with
expectations with the flowline installation now complete and final connection
work ongoing.
• FPSO: Inspection and repair of the vessel's fairleads is complete
with the vessel now en route to the project site with mooring work to commence
thereafter. Hookup and commissioning of the FPSO remain on the critical path
to first gas, expected in the third quarter of 2024 with first LNG expected in
the fourth quarter of 2024.
The Greater Tortue Ahmeyim cargo optimization arbitration ruling is expected
mid 2024.
In Senegal, on Yakaar-Teranga, Kosmos continues to work closely with Senegal's
national oil company (PETROSEN) on pre-FEED work that prioritizes
cost-competitive gas for the rapidly growing economy, combined with an
offshore LNG facility targeting exports into international LNG markets. Kosmos
plans to farm down its working interest to approximately 25% - 33% while
retaining operatorship of the project.
In Mauritania, the BirAllah license expired at the end of April 2024. Kosmos
continues to work closely with Mauritania's national oil company (SMH) and the
Government of Mauritania to advance attractive gas opportunities in the
country.
(1) A Non-GAAP measure, see attached reconciliation of non-GAAP measure.
(2) Production means net entitlement volumes. In Ghana and Equatorial Guinea,
this means those volumes net to Kosmos' working interest or participating
interest and net of royalty or production sharing contract effect. In the U.S.
Gulf of Mexico, this means those volumes net to Kosmos' working interest and
net of royalty.
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss first quarter 2024
financial and operating results today, May 7, 2024, at 10:00 a.m. Central
time (11:00 a.m. Eastern time). The live webcast of the event can be accessed
on the Investors page of Kosmos' website at
http://investors.kosmosenergy.com/investor-events. The dial-in telephone
number for the call is +1-877-407-0784. Callers in the United Kingdom should
call 0800 756 3429. Callers outside the United States should dial
+1-201-689-8560. A replay of the webcast will be available on the Investors
page of Kosmos' website for approximately 90 days following the event.
About Kosmos Energy
Kosmos is a full-cycle, deepwater, independent oil and gas exploration and
production company focused along the offshore Atlantic Margins. Our key assets
include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of
Mexico, as well as world-class gas projects offshore Mauritania and Senegal.
We also pursue a proven basin exploration program in Equatorial Guinea and the
U.S. Gulf of Mexico. Kosmos is listed on the New York Stock Exchange and
London Stock Exchange and is traded under the ticker symbol KOS. As an ethical
and transparent company, Kosmos is committed to doing things the right way.
The Company's Business Principles articulate our commitment to transparency,
ethics, human rights, safety and the environment. Read more about this
commitment in the Kosmos Sustainability Report. For additional information,
visit www.kosmosenergy.com.
Non-GAAP Financial Measures
EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share,
free cash flow, and net debt are supplemental non-GAAP financial measures used
by management and external users of the Company's consolidated financial
statements, such as industry analysts, investors, lenders and rating agencies.
The Company defines EBITDAX as Net income (loss) plus (i) exploration expense,
(ii) depletion, depreciation and amortization expense, (iii) equity based
compensation expense, (iv) unrealized (gain) loss on commodity derivatives
(realized losses are deducted and realized gains are added back), (v) (gain)
loss on sale of oil and gas properties, (vi) interest (income) expense, (vii)
income taxes, (viii) loss on extinguishment of debt, (ix) doubtful accounts
expense and (x) similar other material items which management believes affect
the comparability of operating results. The Company defines Adjusted net
income (loss) as Net income (loss) adjusted for certain items that impact the
comparability of results. The Company defines free cash flow as net cash
provided by operating activities less Oil and gas assets, Other property, and
certain other items that may affect the comparability of results and excludes
non-recurring activity such as acquisitions, divestitures and National Oil
Company ("NOC") financing. NOC financing refers to the amounts funded by
Kosmos under the Carry Advance Agreements that the Company has in place with
the national oil companies of each of Mauritania and Senegal related to the
financing of the respective national oil companies' share of certain
development costs at Greater Tortue Ahmeyim. The Company defines net debt as
total long-term debt less cash and cash equivalents and total restricted cash.
We believe that EBITDAX, Adjusted net income (loss), Adjusted net income
(loss) per share, free cash flow, Net debt and other similar measures are
useful to investors because they are frequently used by securities analysts,
investors and other interested parties in the evaluation of companies in the
oil and gas sector and will provide investors with a useful tool for assessing
the comparability between periods, among securities analysts, as well as
company by company. EBITDAX, Adjusted net income (loss), Adjusted net income
(loss) per share, free cash flow, and net debt as presented by us may not be
comparable to similarly titled measures of other companies.
This release also contains certain forward-looking non-GAAP financial
measures, including free cash flow. Due to the forward-looking nature of the
aforementioned non-GAAP financial measures, management cannot reliably or
reasonably predict certain of the necessary components of the most directly
comparable forward-looking GAAP measures, such as future impairments and
future changes in working capital. Accordingly, we are unable to present a
quantitative reconciliation of such forward-looking non-GAAP financial
measures to their most directly comparable forward-looking GAAP financial
measures. Amounts excluded from these non-GAAP measures in future periods
could be significant.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of historical
facts, included in this press release that address activities, events or
developments that Kosmos expects, believes or anticipates will or may occur in
the future are forward-looking statements. Kosmos' estimates and
forward-looking statements are mainly based on its current expectations and
estimates of future events and trends, which affect or may affect its
businesses and operations. Although Kosmos believes that these estimates and
forward-looking statements are based upon reasonable assumptions, they are
subject to several risks and uncertainties and are made in light of
information currently available to Kosmos. When used in this press release,
the words "anticipate," "believe," "intend," "expect," "plan," "will" or other
similar words are intended to identify forward-looking statements. Such
statements are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of Kosmos, which may cause actual results
to differ materially from those implied or expressed by the forward-looking
statements. Further information on such assumptions, risks and uncertainties
is available in Kosmos' Securities and Exchange Commission ("SEC")
filings. Kosmos undertakes no obligation and does not intend to update or
correct these forward-looking statements to reflect events or circumstances
occurring after the date of this press release, except as required by
applicable law. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. All forward-looking statements are qualified in their entirety by
this cautionary statement.
###
Kosmos Energy Ltd.
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
2024 2023
Revenues and other income:
Oil and gas revenue $ 419,103 $ 394,240
Other income, net 36 (373)
Total revenues and other income 419,139 393,867
Costs and expenses:
Oil and gas production 93,618 83,936
Exploration expenses 12,060 12,000
General and administrative 28,265 29,167
Depletion, depreciation and amortization 100,928 109,374
Interest and other financing costs, net 16,448 24,568
Derivatives, net 23,822 (6,840)
Other expenses, net 2,029 2,030
Total costs and expenses 277,170 254,235
Income before income taxes 141,969 139,632
Income tax expense 50,283 56,323
Net income $ 91,686 $ 83,309
Net income per share:
Basic $ 0.20 $ 0.18
Diluted $ 0.19 $ 0.17
Weighted average number of shares used to compute net income per share:
Basic 468,042 458,318
Diluted 482,096 479,326
Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, December 31,
2024 2023
Assets
Current assets:
Cash and cash equivalents $ 254,323 $ 95,345
Receivables, net 121,777 120,733
Other current assets 226,786 206,635
Total current assets 602,886 422,713
Property and equipment, net 4,389,404 4,160,229
Other non-current assets 357,841 355,192
Total assets $ 5,350,131 $ 4,938,134
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 372,449 $ 248,912
Accrued liabilities 278,891 302,815
Other current liabilities 14,073 3,103
Total current liabilities 665,413 554,830
Long-term liabilities:
Long-term debt, net 2,655,052 2,390,914
Deferred tax liabilities 358,377 363,918
Other non-current liabilities 599,654 596,135
Total long-term liabilities 3,613,083 3,350,967
Total stockholders' equity 1,071,635 1,032,337
Total liabilities and stockholders' equity $ 5,350,131 $ 4,938,134
Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
Three Months Ended
March 31,
2024 2023
Operating activities:
Net income $ 91,686 $ 83,309
Adjustments to reconcile net income to net cash provided by operating
activities:
Depletion, depreciation and amortization (including deferred financing costs) 103,327 111,925
Deferred income taxes (7,316) (8,032)
Unsuccessful well costs and leasehold impairments 466 1,304
Change in fair value of derivatives 27,010 (2,338)
Cash settlements on derivatives, net(1) (6,194) (11,357)
Equity-based compensation 7,328 10,093
Other (5,708) (2,273)
Changes in assets and liabilities:
Net changes in working capital 61,964 21,222
Net cash provided by operating activities 272,563 203,853
Investing activities
Oil and gas assets (314,822) (223,685)
Notes receivable from partners (2,528) (15,671)
Net cash used in investing activities (317,350) (239,356)
Financing activities:
Borrowings under long-term debt 175,000 -
Payments on long-term debt (300,000) (7,500)
Net proceeds from issuance of senior notes 390,430 -
Purchase of capped call transactions (49,800) -
Dividends - (165)
Other financing costs (11,691) (11,810)
Net cash provided by (used in) financing activities 203,939 (19,475)
Net increase (decrease) in cash, cash equivalents and restricted cash 159,152 (54,978)
Cash, cash equivalents and restricted cash at beginning of period 98,761 186,821
Cash, cash equivalents and restricted cash at end of period $ 257,913 $ 131,843
(1) Cash settlements on commodity hedges were $(2.9) million and $(4.2)
million for the three months ended March 31, 2024 and 2023, respectively.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
Three Months Ended Twelve Months Ended
March 31, 2024 March 31, 2023 March 31, 2024
Net income $ 91,686 $ 83,309 $ 221,897
Exploration expenses 12,060 12,000 42,338
Depletion, depreciation and amortization 100,928 109,374 436,481
Impairment of long-lived assets - - 222,278
Equity-based compensation 7,328 10,093 39,928
Derivatives, net 23,822 (6,840) 41,790
Cash settlements on commodity derivatives (2,934) (4,182) (15,200)
Other expenses, net(1) 2,029 2,030 23,655
Interest and other financing costs, net 16,448 24,568 87,784
Income tax expense 50,283 56,323 152,175
EBITDAX $ 301,650 $ 286,675 $ 1,253,126
(1) Commencing in the first quarter of 2023, the Company combined the
lines for "Restructuring and other" and "Other, net" in its presentation of
EBITDAX into a single line titled "Other expenses, net."
The following table presents our net debt as of March 31, 2024 and
December 31, 2023:
March 31, December 31,
2024 2023
Total long-term debt $ 2,700,000 $ 2,425,000
Cash and cash equivalents 254,323 95,345
Total restricted cash 3,590 3,416
Net debt $ 2,442,087 $ 2,326,239
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
2024 2023
Net income $ 91,686 $ 83,309
Derivatives, net 23,822 (6,840)
Cash settlements on commodity derivatives (2,934) (4,182)
Other, net(2) 1,797 1,899
Total selected items before tax 22,685 (9,123)
Income tax (expense) benefit on adjustments(1) (7,311) 3,508
Impact of valuation adjustments and other tax items (7,963) -
Adjusted net income (loss) $ 99,097 77,694
Net income per diluted share $ 0.19 $ 0.17
Derivatives, net 0.05 (0.01)
Cash settlements on commodity derivatives (0.01) (0.01)
Total selected items before tax 0.04 (0.02)
Income tax (expense) benefit on adjustments(1) (0.01) 0.01
Impact of valuation adjustments and other tax items (0.01) -
Adjusted net income (loss) per diluted share $ 0.21 $ 0.16
Weighted average number of diluted shares 482,096 479,326
(1) Income tax expense is calculated at the statutory rate in which such
item(s) reside. Statutory rates for the U.S. and Ghana/Equatorial Guinea are
21% and 35%, respectively.
(2) Commencing in the first quarter of 2023, the Company combined the
lines for "Restructuring and other" and "Other, net" in its presentation of
Adjusted net income into a single line titled "Other, net."
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
Three Months Ended
March 31,
2024 2023
Reconciliation of free cash flow:
Net cash provided by operating activities $ 272,563 $ 203,853
Net cash used for oil and gas assets - base business (156,131) (97,174)
Base business free cash flow 116,432 106,679
Net cash used for oil and gas assets - Mauritania/Senegal (158,691) (126,511)
Free cash flow $ (42,259) $ (19,832)
Kosmos Energy Ltd.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
Three Months Ended
March 31,
2024 2023
Net Volume Sold
Oil (MMBbl) 4.890 4.945
Gas (MMcf) 4.336 2.761
NGL (MMBbl) 0.088 0.096
Total (MMBoe) 5.701 5.501
Total (Mboepd) 62.645 61.124
Revenue
Oil sales $ 402,117 $ 388,099
Gas sales 15,138 3,866
NGL sales 1,848 2,275
Total oil and gas revenue 419,103 394,240
Cash settlements on commodity derivatives (2,934) (4,182)
Realized revenue $ 416,169 $ 390,058
Oil and Gas Production Costs $ 93,618 $ 83,936
Sales per Bbl/Mcf/Boe
Average oil sales price per Bbl $ 82.23 $ 78.48
Average gas sales price per Mcf 3.49 1.40
Average NGL sales price per Bbl 21.00 23.70
Average total sales price per Boe 73.52 71.67
Cash settlements on commodity derivatives per Boe (0.51) (0.76)
Realized revenue per Boe 73.00 70.90
Oil and gas production costs per Boe $ 16.42 $ 15.26
(1) Cash settlements on commodity derivatives are only related to Kosmos
and are calculated on a per barrel basis using Kosmos' Net Oil Volumes Sold.
Kosmos was underlifted by approximately 0.2 million barrels as of March 31,
2024.
Kosmos Energy Ltd.
Hedging Summary
As of March 31, 2024((1))
(Unaudited)
Weighted Average Price per Bbl
Index MBbl Floor(2) Sold Put Ceiling
2024:
Three-way collars Dated Brent 3,000 $ 70.00 $ 45.00 $ 96.25
Three-way collars Dated Brent 2,000 70.00 45.00 90.00
Two-way collars Dated Brent 1,000 65.00 - 85.00
Two-way collars Dated Brent 1,500 70.00 - 100.00
(1) Please see the Company's filed 10-Q for additional disclosure on
hedging material. Includes hedging position as of March 31, 2024 and hedges
put in place through filing date.
(2) "Floor" represents floor price for collars and strike price for
purchased puts.
2024 Guidance
2Q 2024 FY 2024 Guidance
Production(1,2) 62,000 - 66,000 boe per day 71,000 - 77,000 boe per day
Opex(3) $23 - $25 per boe ~$15 - $17 per boe
DD&A $14.50 - $16.50 per boe $18 - $20 per boe
G&A(~60% cash) $25 - $30 million $100 - $120 million
Exploration Expense(4) $10 - $15 million $40 - $60 million
Net Interest Expense(5,6) $35 - $40 million ~$140 million
Tax $10 - $12 per boe $10 - $12 per boe
Capital Expenditure $225 - $275 million $700 - $750 million
Note: Ghana / Equatorial Guinea revenue calculated by number of cargos.
(1) 2Q 2024 cargo forecast - Ghana: 4 cargos / Equatorial Guinea 0.5
cargo. FY 2024 Ghana: 15 cargos / Equatorial Guinea 3 cargos. Average cargo
sizes 950,000 barrels of oil.
(2) U.S. Gulf of Mexico Production: 2Q 2024 forecast 12,500-13,500 boe per
day. FY2024: 15,500-17,000 boe per day. Oil/Gas/NGL split for 2024:
~82%/~12%/~6%.
(3) FY24 opex excludes operating costs associated with Greater Tortue
Ahmeyim, which are expected to total approximately $115-130 million ($15
million in 2Q24)
(4) Excludes leasehold impairments and dry hole costs
(5) Includes impact of capitalized interest in 1H24 relating to Greater
Tortue Ahmeyim development expenditure until first gas; 2H24 interest expense
expected to be ~$45 million / quarter
(6) Includes one-off loss on extinguishment of debt of approximately $22
million in the second quarter 2024 associated with the amendment and
restatement of the RBL
Source: Kosmos Energy Ltd.
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations
Thomas Golembeski
+1-214-445-9674
tgolembeski@kosmosenergy.com
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