Kosmos Energy Announces First Quarter 2024 Results
Kosmos Energy announced its financial results for Q1 2024, reporting a net income of $92 million. Adjusted net income was $99 million. Highlights include 66,700 boepd production, $419 million in revenues, and $286 million in capital expenditures. The Company successfully refinanced its RBL facility, enhancing liquidity. Chairman Andrew G. Inglis expressed optimism about growth projects and financial resilience.
Net income of $92 million for Q1 2024.
Adjusted net income of $99 million for Q1 2024.
66,700 boepd production, a 13% increase year over year.
Revenues of $419 million for Q1 2024.
Successful refinancing of the RBL facility, extending maturity to 2029.
Enhanced liquidity with a convertible bond issuance.
Free cash flow of approximately $(42) million in Q1 2024.
Total long-term debt of approximately $2.7 billion and net debt of $2.4 billion.
Higher operating expenses at $94 million for Q1 2024.
Potential impact of planned routine maintenance on gas plant operations.
Insights
The financial performance presented by Kosmos Energy Ltd. reflects a robust fiscal stance for the first quarter of 2024, as indicated by the reported net income of
Investors should note the year-over-year production growth of approximately
The strategic financial maneuvers such as the successful convertible bond issuance and the refinancing of the RBL facility, which now extends to year-end 2029 with an increased facility size, suggest a proactive approach to liquidity management and debt structure optimization. This could enhance the company's financial resilience and reduce future refinancing risks. The current liquidity position of
In summary, these financial indicators and strategic actions represent a solid fiscal position, which could be interpreted as a positive development for the company's future profitability and financial stability.
An increase in net production by approximately
It's noteworthy that the company exited the quarter in a net underlift position, which means the booked sales volumes were less than the produced volumes, a factor that could influence future revenue recognition. The successful completion of the drilling campaign in Ghana, ending six months ahead of schedule and associated productivity improvements, such as a 110% voidage replacement rate at Jubilee, are commendable.
The acquisition of a portion of Equinor's stake in the Tiberius ILX project and the strategy to farm down to optimize working interest align with Kosmos' capital allocation discipline, suggesting targeted growth within the bounds of financial prudence. This approach bodes well for maintaining a balanced portfolio with a focus on profitable, sustainable expansion.
For an energy investor, the detail provided on operational progress across different geographies and project phases provides a sense of transparency and operational momentum, which may inspire confidence in the company's ability to deliver on its strategic objectives and potentially enhance shareholder value.
Looking at the market dynamics, Kosmos Energy's focus on expanding its production capabilities and the successes in its infill drilling campaigns indicate a strategic positioning within the energy sector to capitalize on increasing global energy demand. The emphasis on growth projects like Tiberius and Yakaar-Teranga suggests an eye toward not just immediate revenue but also long-term strategic asset development, which is important in an industry where foresight often dictates market success.
The company's efforts in securing a high-quality drilling rig for its planned activities in Equatorial Guinea and the obtained license extension for Yakaar-Teranga reflect proactive risk management and regulatory engagement, which are key factors in uninterrupted operations and sustained growth. Furthermore, the extension of a gas sales agreement in Ghana at ~
Enhanced liquidity from financial instruments and the refinancing of debt facilities indicate that Kosmos is shoring up its financial position against market volatility, which can often impact energy companies disproportionately. This preparation may make the company more resilient against fluctuating commodity prices and other macroeconomic factors.
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 $73.52 -
Production expense:
$94 million $16.42 -
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
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
FINANCIAL UPDATE
Net capital expenditure for the first quarter of 2024 was
Kosmos exited the first quarter of 2024 with approximately
The Company generated net cash provided by operating activities of approximately
OPERATIONAL UPDATE
Production
Total net production(2) in the first quarter of 2024 averaged approximately 66,700 boepd, in line with guidance, representing a ~
Production in
At Jubilee (
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
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
At TEN (
Production in the
The first two wells at the Winterfell project (
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, (
Production in
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
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
In
(1) A Non-GAAP measure, see attached reconciliation of non-GAAP measure.
(2) Production means net entitlement volumes. In
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
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
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
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 |
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 |
|
(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 - |
|
(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) |
|
|
|
|
|
DD&A |
|
|
|
|
|
G&A(~ |
|
|
|
|
|
Exploration Expense(4) |
|
|
|
|
|
Net Interest Expense(5,6) |
|
|
|
|
|
Tax |
|
|
|
|
|
Capital Expenditure |
|
|
|
| Note: |
||
(1) |
2Q 2024 cargo forecast – |
|
(2) |
|
|
(3) |
FY24 opex excludes operating costs associated with Greater Tortue Ahmeyim, which are expected to total approximately |
|
(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 |
|
(6) |
Includes one-off loss on extinguishment of debt of approximately |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240506811908/en/
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations
Thomas Golembeski
+1-214-445-9674
tgolembeski@kosmosenergy.com
Source: Kosmos Energy Ltd.
FAQ
What was Kosmos Energy's net income for Q1 2024?
What was the adjusted net income for Kosmos Energy in Q1 2024?
What was the total long-term debt for Kosmos Energy in Q1 2024?
What was the production expense for Kosmos Energy in Q1 2024?
Did Kosmos Energy successfully refinance any facilities in Q1 2024?
