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Kosmos Energy Ltd. (NYSE: KOS) is a pioneering independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin. Established in 2003, Kosmos Energy has dedicated itself to creating value for stakeholders, including investors, employees, and the communities in which it operates. The company’s core assets include established production sites and significant development projects offshore Ghana, as well as groundbreaking discoveries offshore Mauritania and Senegal.
Kosmos Energy’s portfolio showcases a range of exploration licenses with substantial hydrocarbon potential in offshore regions such as Mauritania, Morocco, Senegal, Suriname, and Western Sahara. The company's success is underpinned by a rigorous geologically based approach to exploration, which entails comprehensive geologic studies, basin modeling, and advanced 3D seismic analysis to identify promising petroleum systems.
The company is committed to ethical practices, transparency, and corporate responsibility. Kosmos Energy’s business principles highlight its dedication to human rights, safety, and environmental stewardship. This ethos ensures that the company not only excels in subsurface operations but also maintains a strong, positive impact above ground.
Recent achievements for Kosmos Energy include accelerated production field developments and the identification of numerous prospective traps through meticulous subsurface and country-specific analyses. These efforts ensure that the company remains at the forefront of the industry, driving growth and innovation in oil and gas exploration and production.
Stay updated with the latest news and developments from Kosmos Energy Ltd., which continually strives to uphold its values of transparency, ethical conduct, and corporate responsibility while delivering substantial value to all its stakeholders.
Kosmos Energy announced the successful start-up of oil production at the Winterfell development in the Green Canyon area of the U.S. Gulf of Mexico. Kosmos holds a 25.04% working interest in Winterfell, which is a phased development. Two initial production wells are now online, with a third expected by Q3 2024, aiming for a gross production of around 20,000 barrels of oil equivalent per day (boepd).
The development is expected to yield approximately 100 million barrels of oil equivalent with future phases anticipated. Despite minor delays, Winterfell's first oil production marks a significant milestone for Kosmos, contributing to its growth targets for year-end 2024. The field, discovered in 2021, is developed via a 13-mile subsea tieback to the host platform in approximately 5,400 feet of water depth. Kosmos emphasizes the project's low carbon intensity, high margins, and quick payback period.
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.
Kosmos Energy has announced the successful re-financing of its reserve-based lending facility, extending the maturity by approximately three years, with the final maturity now in December 2029. The total RBL facility size has been increased to $1.35 billion, with current commitments of approximately $1.2 billion. Discussions with additional potential lenders are ongoing, with $800 million currently drawn against the RBL facility and the first amortization payment scheduled for April 1, 2027. The RBL facility is secured against the Company’s production assets in Ghana and Equatorial Guinea, with the interest margin payable on the RBL increasing slightly compared to the previous facility, reflecting the current banking market environment. The company has downsized its revolving credit facility from $250 million to approximately $165 million as part of the RBL facility re-financing. Neal Shah, Chief Financial Officer, stated that the re-financing is an important step in optimizing Kosmos' capital structure and proactively addressing debt maturities, with no maturities until 2026 and lower interest expense going forward.
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