Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE/LSE: KOS)
announced today its financial and operating results for the first
quarter of 2022. For the quarter, the Company generated a net
income of $1 million, or $0.00 per diluted share. When adjusted for
certain items that impact the comparability of results, the Company
generated an adjusted net income(1) of $142 million, or $0.30 per
diluted share for the first quarter of 2022.
FIRST QUARTER 2022 HIGHLIGHTS
- Net Production(2)(3): ~72,600 barrels of oil equivalent per day
(boepd) with sales of 72,400 boepd
- Revenues: $659 million, or $101.15 per boe (excluding the
impact of derivative cash settlements)
- Production expense: $125 million, or $19.14 per boe
- Capital expenditures (excluding acquisitions and divestitures):
$101 million
- Generated free cash flow(1) of approximately $221 million
- Net debt reduced by approximately $330 million in the first
quarter, driven by free cash flow and Ghana pre-emption proceeds,
allowing Kosmos to reduce net leverage to ~1.9x
- Successful redetermination of the reserve-based lending
facility ("RBL") and re-financing of the revolving credit facility
("RCF")
- Phase One of the Greater Tortue LNG project approximately 75%
complete at quarter-end
Commenting on the Company’s first quarter 2022 performance,
Chairman and Chief Executive Officer Andrew G. Inglis said: “Kosmos
had a strong first quarter operationally and financially, with
production at the top end of guidance and free cash flow of around
$220 million. We are continuing to invest in our differentiated
portfolio which has the potential to grow production around 50%
between 2022 and 2024 while increasing the gas weighting of our
portfolio. This production growth combined with a reduction in
capital spending as these projects come online should allow Kosmos
to generate material, sustainable cash flow for its
shareholders.
"We made good progress with the balance sheet during the
quarter, with the successful redetermination of the RBL and
re-financing of the RCF. We also reduced net debt by over $300
million in the quarter, which coupled with strong EBITDAX
performance, helped reduce leverage to around 1.9x. We remain well
on track to meet our target of less than 1.5x by year end.
“With low-cost, high margin oil assets that generate cash to pay
down debt and invest in our deep portfolio of world-class gas
assets, we believe we have the right portfolio at the right time.
We are well positioned for the energy transition and believe we
will have an increasingly important role to play in providing
energy security to countries looking to diversify from current
supply sources with cost competitive and geographically advantaged
LNG.”
FINANCIAL UPDATE
Around the end of the first quarter, Kosmos successfully
completed the semi-annual redetermination of the RBL facility and
re-financed the RCF. As part of the RBL re-determination, lenders
approved a borrowing base capacity of $1.25 billion with
outstanding borrowings of $0.9 billion as of March 31, 2022. The
maturity of the RCF was extended to December 2024 with $250 million
of commitments.
During the quarter, Kosmos received approximately $118 million
from Tullow following the completion of pre-emption for the
additional Ghana interests acquired in October 2021. Kosmos'
interest in the Jubilee and TEN fields has been reduced by
approximately 3.5% and 7.7%, respectively. PetroSA's pre-emption
process is still ongoing, however the impact is expected to be
immaterial.
Net capital expenditure for the first quarter of 2022, excluding
acquisitions and divestitures, was approximately $101 million. Full
year capital expenditure guidance for 2022 of $670 million remains
unchanged for inflation (reduced from $700 million for Ghana
pre-emption) reflecting the longer duration of our supply
agreements and mitigating actions taken.
Kosmos exited the first quarter of 2022 with $2.2 billion of net
debt(1) and available liquidity of approximately $0.9 billion.
Total net debt decreased in the quarter by approximately $330
million with the strong free cash flow and the Ghana pre-emption
proceeds received from Tullow. Leverage fell from around 2.5x at
year end 2021 to around 1.9x at the end of the first quarter of
2022.
OPERATIONAL UPDATE
Production
Total net production(2)(3) in the first quarter of 2022 averaged
approximately 72,600 boepd, at the top end of guidance. We exited
the quarter in a slight net overlift position.
Ghana
Production(3) in Ghana averaged approximately 42,300 barrels of
oil per day (bopd) net in the first quarter of 2022. Kosmos lifted
four cargos from Ghana during the quarter, in line with
guidance.
At Jubilee, production averaged approximately 91,200 bopd gross
during the quarter. At TEN, production averaged approximately
25,000 bopd gross for the first quarter. High reliability of the
Ghana production facilities continues, with uptime of the Jubilee
and TEN FPSO's averaging around 99% in the first quarter as well as
high levels of water injection and gas offtake from the Government
of Ghana.
On Jubilee, a water injector well was drilled and completed in
the first quarter and is now providing pressure support to the
field. A further producer well and water injector well were drilled
in the first quarter with completion expected during the second
quarter, which should help to support production levels through the
second half of the year.
The Jubilee floating production, storage and offloading vessel
("FPSO") is currently undergoing a two week planned shut down for
routine maintenance and facility upgrades with production expected
to recommence at the end of this week.
U.S. Gulf of Mexico
Production in the U.S. Gulf of Mexico averaged approximately
18,800 boepd net (83% oil) during the first quarter, impacted by
unplanned facility downtime. All facilities were back online by the
end of the first quarter.
Drilling of the Kodiak sidetrack well, which is being funded
with insurance proceeds, is currently ongoing with production
expected in the third quarter.
The Winterfell-2 appraisal well completed drilling during the
first quarter and encountered approximately 40 meters of net oil
pay in the first and second horizons, with better oil saturation
and porosity than pre-drill expectations. The exploration tail
discovered an additional oil-bearing horizon in a deeper reservoir,
which is also prospective in the blocks immediately to the north.
The results of this appraisal well further define the resource
potential in the central Winterfell area, with our current estimate
around 100 million barrels gross. We are continuing to work with
partners on a low cost, lower carbon development targeting sanction
around mid-year 2022, with first oil expected approximately 18
months after sanction.
During the quarter, Kosmos acquired an additional 5.5% working
interest in Winterfell from Red Willow, an existing partner in the
field bringing Kosmos' working interest to approximately 22% in the
four central Winterfell blocks. The interest was acquired for
approximately $10 million and funded through capital reductions
elsewhere. Kosmos also holds a 36.5% interest in the two blocks to
the north of the Winterfell discovery.
Post quarter-end, Kosmos exercised its preferential right to
purchase an additional 5.9% interest in Kodiak from Marubeni for
approximately $21 million with an additional deferred payment of $7
million, utilizing a portion of the Ghana pre-emption proceeds.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 34,900
bopd gross and 11,500 bopd net in the first quarter of 2022.
Production increased around 15% from the fourth quarter of 2021 as
a result of the new wells at Okume as well as ~99% uptime at the
Ceiba FPSO. As forecasted, Kosmos lifted 1 cargo from Equatorial
Guinea during the quarter.
During the quarter, the Okume upgrade project was completed. The
field-wide upgrades were undertaken to increase Okume throughput
and improve process reliability by increasing power generation,
fluid handling and water injection capacities.
In April, the partnership commenced a three well electrical
submersible pump (ESP) installation program, expected to be
completed by the end of the third quarter, which provides support
to existing production.
In early May, Kosmos and its Joint Venture partners agreed with
the Ministry of Mines and Hydrocarbons of Equatorial Guinea to
extend the Block G petroleum contract term, which will harmonize
the expiration of the Ceiba and Okume field production licenses
(presently expiring in 2029 and 2034 respectively) to 2040. The
extension will support the next phase of investment in the license.
As part of the extension, Kosmos has agreed to pay a signature
bonus, included in our 2022 capital expenditure guidance, as well
as to undertake an agreed work program. Management estimates 2P
reserves will increase by around 6 million barrels, and net present
value of the assets at a 10% discount rate will increase by
approximately $100 million assuming $75 Brent.
Management estimates that the transaction in Equatorial Guinea
and the two transactions in the U.S. Gulf of Mexico will add around
12 million boe of resources at a price of approximately $4 per
boe.
Mauritania & Senegal
The Greater Tortue Ahmeyim liquified natural gas (LNG) project
was approximately 75% complete at quarter-end with the following
milestones achieved in the quarter:
- FLNG: commenced pipe rack outfitting and equipment installation
and testing
- FPSO: mooring piles have been pre-installed offshore and work
on the FPSO in the shipyard continues with mechanical completion
activities and inspection tests
- Hub Terminal: construction continues on schedule with the 21st
and final caisson shipped offshore in early March 2022 and 3
caissons left to be installed
- Subsea: the offshore construction campaign is expected to
commence in May 2022
- Drilling: commenced with top holes completed on two of the four
wells required for first gas
(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 Gulf of Mexico, this means those
volumes net to Kosmos' working interest and net of royalty.
(3) First quarter 2022 net production numbers include impact of
Tullow's pre-emption in Ghana effective March 17, 2022.
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss first
quarter 2022 financial and operating results today 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 Atlantic
Margins. Our key assets include production offshore Ghana,
Equatorial Guinea and the U.S. Gulf of Mexico, as well as a
world-class gas development offshore Mauritania and Senegal. We
also maintain a proven basin exploration program in Equatorial
Guinea, Ghana 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 NOC financing. The Company defines net debt as the sum of notes
outstanding issued at par and borrowings on the RBL Facility,
Corporate revolver, and GoM Term Loan less cash and cash
equivalents and 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.
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 (including, but not limited to, the impact of the COVID-19
pandemic), 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,
2022
2021
Revenues and other income:
Oil and gas revenue
$
659,015
$
176,474
Gain on sale of assets
—
26
Other income, net
52
70
Total revenues and other income
659,067
176,570
Costs and expenses:
Oil and gas production
124,703
45,752
Facilities insurance modifications,
net
7,136
671
Exploration expenses
11,876
8,181
General and administrative
25,793
22,441
Depletion, depreciation and
amortization
158,969
76,541
Interest and other financing costs,
net
33,139
24,528
Derivatives, net
282,172
102,461
Other expenses, net
2,426
3,468
Total costs and expenses
646,214
284,043
Income (loss) before income taxes
12,853
(107,473
)
Income tax expense (benefit)
11,453
(16,705
)
Net income (loss)
$
1,400
$
(90,768
)
Net income (loss) per share:
Basic
$
—
$
(0.22
)
Diluted
$
—
$
(0.22
)
Weighted average number of shares used to
compute net income (loss) per share:
Basic
454,102
407,365
Diluted
469,164
407,365
Kosmos Energy Ltd.
Condensed Consolidated Balance
Sheets
(In thousands,
unaudited)
March 31,
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
337,834
$
131,620
Receivables, net
213,270
177,526
Other current assets
243,085
232,806
Total current assets
794,189
541,952
Property and equipment, net
4,030,816
4,183,987
Other non-current assets
196,356
214,712
Total assets
$
5,021,361
$
4,940,651
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
224,594
$
184,403
Accrued liabilities
330,492
250,670
Current maturities of long-term debt
130,000
30,000
Other current liabilities
248,021
65,879
Total current liabilities
933,107
530,952
Long-term liabilities:
Long-term debt, net
2,385,629
2,590,495
Deferred tax liabilities
580,613
711,038
Other non-current liabilities
585,691
578,929
Total long-term liabilities
3,551,933
3,880,462
Total stockholders’ equity
536,321
529,237
Total liabilities and stockholders’
equity
$
5,021,361
$
4,940,651
Kosmos Energy Ltd.
Condensed Consolidated
Statements of Cash Flow
(In thousands,
unaudited)
Three Months Ended
March 31,
2022
2021
Operating activities:
Net income (loss)
$
1,400
$
(90,768
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depletion, depreciation and amortization
(including deferred financing costs)
161,639
79,112
Deferred income taxes
(85,792
)
(22,079
)
Unsuccessful well costs and leasehold
impairments
2,401
1,469
Change in fair value of derivatives
290,806
106,158
Cash settlements on derivatives,
net(1)
(93,050
)
(32,998
)
Equity-based compensation
8,392
8,281
Gain on sale of assets
—
(26
)
Loss on extinguishment of debt
192
—
Other
(2,288
)
(890
)
Changes in assets and liabilities:
Net changes in working capital
45,928
(94,885
)
Net cash provided by (used in) operating
activities
329,628
(46,626
)
Investing activities
Oil and gas assets
(108,834
)
(128,802
)
Proceeds on sale of assets
118,222
631
Notes receivable from partners
—
(22,416
)
Net cash provided by (used in) investing
activities
9,388
(150,587
)
Financing activities:
Borrowings on long-term debt
—
100,000
Payments on long-term debt
(107,500
)
(350,000
)
Net proceeds from issuance of senior
notes
—
444,375
Purchase of treasury stock / tax
withholdings
(2,753
)
(1,018
)
Dividends
(642
)
(430
)
Deferred financing costs
(5,738
)
(1,034
)
Net cash provided by (used in) financing
activities
(116,633
)
191,893
Net increase (decrease) in cash, cash
equivalents and restricted cash
222,383
(5,320
)
Cash, cash equivalents and restricted cash
at beginning of period
174,896
149,764
Cash, cash equivalents and restricted cash
at end of period
$
397,279
$
144,444
(1)
Cash settlements on commodity
hedges were $(83.6) million and $(28.6) million for the three
months ended March 31, 2022 and 2021, respectively.
Kosmos Energy Ltd.
EBITDAX
(In thousands,
unaudited)
Three Months Ended
Twelve Months Ended
March 31, 2022
March 31, 2021
March 31, 2022
Net income (loss)
$
1,400
$
(90,768
)
$
14,332
Exploration expenses
11,876
8,181
69,077
Facilities insurance modifications,
net
7,136
671
4,879
Depletion, depreciation and
amortization
158,969
76,541
549,649
Equity-based compensation
8,392
8,281
31,762
Derivatives, net
282,172
102,461
449,896
Cash settlements on commodity
derivatives
(83,563
)
(28,623
)
(279,361
)
Restructuring and other
222
1,186
2,859
Other, net
2,204
2,282
6,210
Gain on sale of assets
—
(26
)
(1,538
)
Interest and other financing costs,
net
33,139
24,528
136,982
Income tax expense (benefit)
11,453
(16,705
)
62,614
EBITDAX
$
433,400
$
88,009
$
1,047,361
Acquired Ghana interest and pre-emption
interest EBITDAX(1)
(22,208
)
97,986
Pro Forma EBITDAX
$
411,192
$
1,145,347
(1)
Three Months Ended March 31, 2022
EBITDAX for the Acquired Ghana Interest and pre-emption interest of
$(22.2) million is comprised of Revenues of $24.2 million less
direct operating expenses of $1.4 million for the pre-empted
interest which has been excluded to present Pro Forma EBITDAX for
the three months ended March 31, 2022. Twelve Months Ended March
31, 2022 EBITDAX for the Acquired Ghana Interest and pre-emption
interest of $98.0 million is comprised of Revenues of $345.3
million less direct operating expenses of $247.3 million for the
acquired properties. Consistent with the definition of EBITDAX,
$1.3 million of Facilities insurance modifications, net has been
excluded from the results to present the Acquired Ghana Interests
Twelve Months Ended March 31, 2022 EBITDAX. The results are
presented on the accrual basis of accounting, however as the
acquired properties were not accounted for or operated as a
separate segment, division, or entity, complete financial
statements under U.S. generally accepted accounting principles are
not available or practicable to produce. The results are not
intended to be a complete presentation of the results of operations
of the acquired properties and may not be representative of future
operations as they do not include general and administrative
expenses; interest expense; depreciation, depletion, and
amortization; provision for income taxes; and certain other
revenues and expenses not directly associated with revenues from
the sale of crude oil.
Kosmos Energy Ltd.
Adjusted Net Income
(Loss)
(In thousands, except per
share amounts, unaudited)
Three Months Ended
March 31,
2022
2021
Net income (loss)
$
1,400
$
(90,768
)
Derivatives, net
282,172
102,461
Cash settlements on commodity
derivatives
(83,563
)
(28,623
)
Gain on sale of assets
—
(26
)
Facilities insurance modifications,
net
7,136
671
Restructuring and other
222
1,186
Other, net
2,109
2,323
Loss on extinguishment of debt
192
—
Total selected items before tax
208,268
77,992
Income tax expense (benefit) on
adjustments(1)
(63,980
)
(20,198
)
Impact of valuation adjustments and U.S.
tax law changes
(3,295
)
—
Adjusted net income (loss)
$
142,393
(32,974
)
Net income (loss) per diluted share
$
—
$
(0.22
)
Derivatives, net
0.60
0.25
Cash settlements on commodity
derivatives
(0.18
)
(0.07
)
Gain on sale of assets
—
—
Facilities insurance modifications,
net
0.02
—
Restructuring and other
—
—
Other, net
—
0.01
Loss on extinguishment of debt
—
—
Total selected items before tax
0.44
0.19
Income tax expense (benefit) on
adjustments(1)
(0.13
)
(0.05
)
Impact of valuation adjustments and U.S.
tax law changes
(0.01
)
—
Adjusted net income (loss) per diluted
share
$
0.30
$
(0.08
)
Weighted average number of diluted
shares
469,164
407,365
(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.
Kosmos Energy Ltd.
Free Cash Flow
(In thousands,
unaudited)
Three Months Ended
March 31,
2022
2021
Reconciliation of free cash
flow:
Net cash provided by (used in) operating
activities
$
329,628
$
(46,626
)
Net cash used for oil and gas assets -
base business
(85,925
)
(48,514
)
Base business free cash flow
243,703
(95,140
)
Net cash used for oil and gas assets -
Mauritania/Senegal
(22,909
)
(80,288
)
Free cash flow(1)
$
220,794
$
(175,428
)
(1)
Commencing in the fourth quarter
of 2021, the Company refined its definition of free cash flow to
exclude non-recurring activity such as acquisitions, divestitures
and NOC financing that may affect the comparability of results in
order to better reflect cash flow of the underlying business,
consistent with general industry practice.
Operational Summary
(In thousands, except barrel
and per barrel data, unaudited)
Three Months Ended
March 31,
2022
2021
Net Volume Sold
Oil (MMBbl)
6.348
3.068
Gas (MMcf)
1.004
1.325
Total (MMBoe)
6.515
3.289
Total (Boepd)
72.393
36.543
Revenue
Oil sales
$
654,079
$
171,934
Gas sales
4,936
4,540
Total sales
659,015
176,474
Cash settlements on commodity
derivatives
(83,563
)
(28,623
)
Realized revenue
$
575,452
$
147,851
Oil and Gas Production Costs
$
124,703
$
45,752
Sales per Bbl/Mcf/Boe
Oil sales per Bbl
$
103.04
$
56.04
Gas sales per Mcf
4.92
3.43
Total sales per Boe
101.15
53.66
Cash settlements on commodity derivatives
per oil Bbl(1)
(13.16
)
(9.33
)
Realized revenue per Boe
88.32
44.96
Oil and gas production costs per
Boe
$
19.14
$
13.91
(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 overlifted by approximately
56.0 thousand barrels as of March 31, 2022.
Hedging Summary
As of March 31,
2022(1)
(Unaudited)
Weighted Average Price per
Bbl
Index
MBbl
Floor(2)
Sold Put
Ceiling
2022:
Three-way collars
Dated Brent
3,375
56.67
43.33
76.91
Three-way collars
NYMEX WTI
750
65.00
50.00
85.00
Two-way collars
Dated Brent
5,000
63.25
—
84.00
2023:
Three-way collars
Dated Brent
2,000
65.00
47.50
95.25
(1)
Please see the Company’s filed
10-K for full disclosure on hedging material. Includes hedging
position as of March 31, 2022 and hedges added since year-end.
(2)
“Floor” represents floor price
for collars or swaps and strike price for purchased puts.
Note: Excludes 1.2 MMBbls of sold
(short) calls with a strike price of $60.00 per Bbl in 2022.
2022 Guidance(1)
2Q2022
FY 2022 Guidance
Production(2,3)
60,000 - 63,000 boe per day
63,000 - 67,000 boe per day
Opex
$17.00 - $19.00 per boe
$16.00 - $18.00 per boe
DD&A
$21.00 - $23.00 per boe
G&A(~65% cash)
$24 - $26 million
$90 - $100 million
Exploration Expense
$10 - $15 million
$45 - $55 million
Net Interest
~40 million / quarter
Tax
$13.00 - $15.00 per boe
$10.00 - $12.00 per boe
Capital Expenditure(4)
~$200 million
~$670 million
Note: Ghana / Equatorial Guinea
revenue calculated by number of cargos.
(1)
Includes impact of Tullow's pre-emption in
Ghana, effective 17 March 2022.
(2)
2Q 2022 cargos forecast - Ghana: 3 cargos
/ Equatorial Guinea: 1 cargo. FY 2022 Ghana: 14 cargos / Equatorial
Guinea 3.5 cargos. Average cargo size ~950,000 barrels of oil.
(3)
U.S. Gulf of Mexico Production - 2Q 2022
forecast 19,000-20,000 boe per day. FY2022: 18,500-20,500 boe per
day. Oil/Gas/NGL split for 2022: ~80%/~12%/~8%.
(4)
Excludes acquisitions/sales of oil &
gas assets.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220508005038/en/
Investor Relations Jamie Buckland +44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations Thomas Golembeski +1-214-445-9674
tgolembeski@kosmosenergy.com
Kosmos Energy (NYSE:KOS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kosmos Energy (NYSE:KOS)
Historical Stock Chart
From Apr 2023 to Apr 2024