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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 has acquired an additional 18.0% interest in the Jubilee field and 11.0% interest in the TEN fields in Ghana from Occidental Petroleum for $550 million. The assets are expected to generate approximately $1 billion in free cash flow by the end of 2026 at $65/barrel Brent. This acquisition simplifies Kosmos' partnerships in these fields and is highly accretive, with a projected payback of less than three years. The transaction supports Kosmos' ESG goals and aims to deleverage the balance sheet.
Kosmos Energy Ltd. (NYSE:KOS) has announced a registered underwritten public offering of 37,500,000 shares of common stock, with an additional 5,625,000 shares available through underwriters' options. The net proceeds will be used to repay borrowings related to the acquisition of Anadarko WCTP Company. Barclays, BofA Securities, and Jefferies are managing the offering, filed under an effective shelf registration statement with the SEC. This offering is aimed at strengthening the company's financial position following its recent acquisition.
Kosmos Energy Ltd. (NYSE: KOS) reported a net loss of $57 million, or $0.14 per diluted share, for Q2 2021, with an adjusted net loss of $10 million. Production averaged 51,600 boepd, contributing to revenues of $384 million. The company completed key transactions, including a successful sale and leaseback of the GTA FPSO, and amended its reserve-based lending facility, extending it until March 2027. Kosmos generated $115 million in free cash flow and aims for year-end production of 60,000 boepd, with an improved financial position bolstered by increased cash generation.
Kosmos Energy (NYSE: KOS) completed the sale and leaseback of the Greater Tortue Ahmeyim (GTA) FPSO, securing funding for its development costs. The company's 2021 capital expenditures for the GTA project are now estimated at $190 million, reduced from $350 million, with proceeds from the transaction covering remaining cash calls. Kosmos plans to refinance National Oil Company loans for an additional $100 million. Key milestones in the GTA project include completion of the floating LNG vessel and subsea trees construction, demonstrating strong progress.
Kosmos Energy (NYSE/LSE: KOS) announced the schedule for its second quarter 2021 results. The earnings release will occur on August 09, 2021, before the UK market opens, available via Business Wire and the company's website. A conference call is set for the same day at 11:00 a.m. EST, accessible via phone and webcast. Dial-in numbers include toll-free and international options. A replay of the conference call will be available for approximately 90 days. Kosmos Energy focuses on deepwater oil and gas exploration and production across the Atlantic Margins.
Kosmos Energy (KOS) reported a solid second quarter, achieving positive cash flow that reduced net debt by approximately $100 million. With sales volumes averaging about 66,000 boepd and a strong operational performance in Ghana, the company remains optimistic about future production growth. The Greater Tortue Ahmeyim project in Mauritania and Senegal experienced some delays, now expecting first gas in Q3 2023 due to cost inflation and supplier delays. Kosmos also has robust liquidity of over $775 million, positioning itself well for the second half of 2021.
Kosmos Energy (NYSE/LSE: KOS) has appointed Roy A. Franklin to its Board of Directors as of June 9, 2021. Franklin brings over 45 years of energy industry experience, currently serving as Chairman of John Wood Group PLC, where he has focused on energy transition strategies. His background includes leadership roles at prominent firms like Premier Oil and Equinor. Kosmos aims to leverage Franklin's expertise in navigating the energy transition, enhancing its positioning in sustainability and ESG matters, as both companies hold an AA MSCI rating.
Kosmos Energy Ltd. (NYSE: KOS) reported a net loss of $91 million for Q1 2021, translating to $0.22 per diluted share. Adjusted for specific items, the loss stood at $33 million ($0.08 per share). The company generated revenue of $176 million with net production averaging 53,100 boepd. Significant milestones included the completion of 58% of the Greater Tortue LNG project's first phase and a successful $450 million senior notes offering. Kosmos exited the quarter with $2.2 billion in net debt and $0.8 billion in available liquidity.
Kosmos Energy (NYSE/LSE: KOS) has successfully amended and extended its reserve based lending (RBL) facility, reducing the overall facility size from $1.5 billion to $1.25 billion. This adjustment aims to decrease reliance on the RBL and associated costs after a recent senior notes issuance. Key changes include a two-year extension to March 2027 and a borrowing base capacity of $1.24 billion. Additionally, the amendment incorporates ESG performance indicators affecting the facility's margin. Current outstanding borrowings are $1.0 billion, and total commitments are expected to reach $1.25 billion by Q2 2021.
Kosmos Energy (NYSE/LSE: KOS) will announce its first quarter 2021 results on May 10, 2021, before the UK market opens. The earnings release will be accessible via Business Wire, Regulatory News Service, and the company's official website. A conference call is scheduled for the same day at 11:00 a.m. EST, available by telephone and webcast. The call can be accessed through dial-in options and a subsequent replay will be available for 90 days at the company’s investor relations site. Kosmos is committed to ethical standards in its operations.
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