Kosmos Energy Announces First Quarter 2021 Results
FIRST QUARTER 2021 HIGHLIGHTS
- Net Production(2) - 53,100 barrels of oil equivalent per day (boepd) with sales of 36,500 boepd, resulting in a material net underlift position of approximately 1.3 million barrels of oil
- Phase One of the Greater Tortue LNG project ~58% complete at quarter end
-
Completion of an upsized
$450 million offering of senior notes due 2028 - Post-quarter end, successful reserve-based lending (RBL) redetermination and extension
-
Revenues -
$176 million , or$53.66 per boe -
Production expense -
$46 million , or$13.91 per boe -
General and administrative expenses -
$22 million ,$14 million cash expense and$8 million non-cash -
Capital expenditures:
-
$44 million Base Business capital expenditures -
$73 million Mauritania andSenegal
-
-
Net cash used in operating activities -
$47 million
Commenting on the Company’s first quarter 2021 performance, Chairman and Chief Executive Officer
2021 is off to a strong start with momentum building across the business. We have begun infill drilling activities in
FINANCIAL UPDATE
In the first quarter of 2021, 1.5 cargos were lifted from a forecast 12.5 cargos for the full year 2021. As a result of the timing mismatch between production and the lifting of cargos, there was a material underlift of approximately 1.3 million barrels of oil in the first quarter.
In
In
The base business net capital expenditure for the first quarter of 2021 was approximately
Kosmos exited the first quarter of 2021 with approximately
OPERATIONAL UPDATE
Production
Total net production in the first quarter of 2021 averaged approximately 53,100 boepd(2), in line with prior guidance.
Production in
At Jubilee, production averaged approximately 70,400 bopd gross during the quarter. Kosmos and its partners continue to focus on higher reliability in
In early 2021, the Jubilee Catenary Anchor Leg Mooring (CALM) buoy was commissioned with the first offloading taking place in February. The CALM buoy will replace the need for shuttle tankers and is expected to reduce operating expenses going forward.
Infill drilling has resumed in the second quarter with drilling planned for three wells on Jubilee and one on TEN in 2021. A long-term rig contract has been entered into for the Maersk Venturer, which arrived on location early in the second quarter. A Jubilee producer well has finished drilling and the rig has now moved to drill a water injector well at Jubilee, after which we expect to complete both wells. The expected impact of these two wells is to increase production by 15,000-20,000 barrels of oil per day gross.
Production in the
In late-February, the Kodiak-2 well was brought back online after successful remediation of the subsea infrastructure issue identified in the fourth quarter of 2020. In April, the Kodiak-3 infill well was also brought online.
After the encouraging results from the Tornado-4 water injection well last year, drilling of the Tornado-5 infill well is now planned by the operator in the second quarter and expected online in the third quarter.
In
Kosmos plans to drill a second ILX well at Zora with a 37.5% operated working interest in the third quarter. The Zora prospect is a Miocene target in the same play as nearby analogous fields such as
Production in
The Okume upgrade project is nearing completion, adding additional power, water injection and gas lift capacity necessary for further facilities de-bottlenecking and additional electrical submersible pumps (ESPs). In April, partners commenced the second phase of the planned ESP program and upgraded the G-19 flowline, which has significantly enhanced production from that well.
A rig has also been contracted for the upcoming infill drilling campaign, which is expected to arrive in country later this quarter to drill the three wells planned this year.
The momentum in Kosmos' production activities in the first quarter can also be seen in the Company's development project. Phase one of the Greater Tortue Ahmeyim LNG project ended the first quarter around 58% complete with material progress across all of the major workstreams, including the FPSO, Floating LNG vessel, hub terminal (concrete breakwater) and subsea infrastructure. The partnership is targeting Phase one to be around 80% complete by year end.
Kosmos expects completion of the FPSO sale and lease-back in the second quarter of 2021 as previously communicated. The process remains on track with documentation being finalized and the government approval process well underway.
(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 2021 financial and operating results today at
About
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
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. The Company defines net debt as the sum of notes outstanding issued at par and borrowings on the RBL Facility and Corporate revolver 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’
|
|
||||||||
|
|
|
Three Months Ended
|
||||||
|
|
|
2021 |
|
2020 |
||||
|
Revenues and other income: |
|
|
|
|
||||
|
Oil and gas revenue |
|
$ |
176,474 |
|
|
$ |
177,780 |
|
|
Gain on sale of assets |
|
|
26 |
|
|
|
— |
|
|
Other income, net |
|
|
70 |
|
|
|
1 |
|
|
Total revenues and other income |
|
|
176,570 |
|
|
|
177,781 |
|
|
|
|
|
|
|
||||
|
Costs and expenses: |
|
|
|
|
||||
|
Oil and gas production |
|
|
45,752 |
|
|
|
61,603 |
|
|
Facilities insurance modifications, net |
|
|
671 |
|
|
|
8,038 |
|
|
Exploration expenses |
|
|
8,181 |
|
|
|
44,605 |
|
|
General and administrative |
|
|
22,441 |
|
|
|
20,911 |
|
|
Depletion, depreciation and amortization |
|
|
76,541 |
|
|
|
93,302 |
|
|
Impairment of long-lived assets |
|
|
— |
|
|
|
150,820 |
|
|
Interest and other financing costs, net |
|
|
24,528 |
|
|
|
27,835 |
|
|
Derivatives, net |
|
|
102,461 |
|
|
|
(136,038 |
) |
|
Other expenses, net |
|
|
3,468 |
|
|
|
23,929 |
|
|
Total costs and expenses |
|
|
284,043 |
|
|
|
295,005 |
|
|
|
|
|
|
|
||||
|
Loss before income taxes |
|
|
(107,473 |
) |
|
|
(117,224 |
) |
|
Income tax expense (benefit) |
|
|
(16,705 |
) |
|
|
65,543 |
|
|
Net loss |
|
$ |
(90,768 |
) |
|
$ |
(182,767 |
) |
|
|
|
|
|
|
||||
|
Net loss per share: |
|
|
|
|
||||
|
Basic |
|
$ |
(0.22 |
) |
|
$ |
(0.45 |
) |
|
Diluted |
|
$ |
(0.22 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Weighted average number of shares used to compute net loss per share: |
|
|
|
|
||||
|
Basic |
|
|
407,365 |
|
|
|
404,759 |
|
|
Diluted |
|
|
407,365 |
|
|
|
404,759 |
|
|
|
|
|
|
|
||||
|
Dividends declared per common share |
|
$ |
— |
|
|
$ |
0.0452 |
|
|
|
||||||
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
||
|
Current assets: |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
95,242 |
|
$ |
149,027 |
|
Receivables, net |
|
|
92,407 |
|
|
78,813 |
|
Other current assets |
|
|
232,578 |
|
|
172,451 |
|
Total current assets |
|
|
420,227 |
|
|
400,291 |
|
|
|
|
|
|
||
|
Property and equipment, net |
|
|
3,369,448 |
|
|
3,320,913 |
|
Other non-current assets |
|
|
169,411 |
|
|
146,389 |
|
Total assets |
|
$ |
3,959,086 |
|
$ |
3,867,593 |
|
|
|
|
|
|
||
|
Liabilities and stockholders’ equity |
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
||
|
Accounts payable |
|
$ |
188,704 |
|
$ |
221,430 |
|
Accrued liabilities |
|
|
174,147 |
|
|
203,260 |
|
Current maturities of long-term debt |
|
|
35,000 |
|
|
7,500 |
|
Other current liabilities |
|
|
83,293 |
|
|
28,009 |
|
Total current liabilities |
|
|
481,144 |
|
|
460,199 |
|
|
|
|
|
|
||
|
Long-term liabilities: |
|
|
|
|
||
|
Long-term debt, net |
|
|
2,271,112 |
|
|
2,103,931 |
|
Deferred tax liabilities |
|
|
551,540 |
|
|
573,619 |
|
Other non-current liabilities |
|
|
298,505 |
|
|
289,690 |
|
Total long-term liabilities |
|
|
3,121,157 |
|
|
2,967,240 |
|
|
|
|
|
|
||
|
Total stockholders’ equity |
|
|
356,785 |
|
|
440,154 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,959,086 |
|
$ |
3,867,593 |
|
|
||||||||
|
|
Three Months Ended
|
|||||||
|
|
|
2021 |
|
2020 |
||||
|
Operating activities: |
|
|
|
|
||||
|
Net loss |
|
$ |
(90,768 |
) |
|
$ |
(182,767 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
|
Depletion, depreciation and amortization (including deferred financing costs) |
|
|
79,112 |
|
|
|
95,585 |
|
|
Deferred income taxes |
|
|
(22,079 |
) |
|
|
72,177 |
|
|
Unsuccessful well costs and leasehold impairments |
|
|
1,469 |
|
|
|
19,228 |
|
|
Impairment of long-lived assets |
|
|
— |
|
|
|
150,820 |
|
|
Change in fair value of derivatives |
|
|
106,158 |
|
|
|
(136,322 |
) |
|
Cash settlements on derivatives, net(1) |
|
|
(32,998 |
) |
|
|
9,016 |
|
|
Equity-based compensation |
|
|
8,281 |
|
|
|
9,346 |
|
|
Gain on sale of assets |
|
|
(26 |
) |
|
|
— |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
Other |
|
|
(890 |
) |
|
|
3,974 |
|
|
Changes in assets and liabilities: |
|
|
|
|
||||
|
Net changes in working capital |
|
|
(94,885 |
) |
|
|
(58,020 |
) |
|
Net cash used in operating activities |
|
|
(46,626 |
) |
|
|
(16,963 |
) |
|
|
|
|
|
|
||||
|
Investing activities |
|
|
|
|
||||
|
Oil and gas assets |
|
|
(128,448 |
) |
|
|
(83,716 |
) |
|
Other property |
|
|
(354 |
) |
|
|
(1,537 |
) |
|
Acquisition of oil and gas properties, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
Proceeds on sale of assets |
|
|
631 |
|
|
|
1,713 |
|
|
Notes receivable from partners |
|
|
(22,416 |
) |
|
|
(23,983 |
) |
|
Net cash used in investing activities |
|
|
(150,587 |
) |
|
|
(107,523 |
) |
|
|
|
|
|
|
||||
|
Financing activities: |
|
|
|
|
||||
|
Borrowings on long-term debt |
|
|
100,000 |
|
|
|
50,000 |
|
|
Payments on long-term debt |
|
|
(350,000 |
) |
|
|
— |
|
|
Advances under production prepayment agreement |
|
|
— |
|
|
|
— |
|
|
Net proceeds from issuance of senior notes |
|
|
444,375 |
|
|
|
— |
|
|
Redemption of senior secured notes |
|
|
— |
|
|
|
— |
|
|
Purchase of treasury stock / tax withholdings |
|
|
(1,018 |
) |
|
|
(4,947 |
) |
|
Dividends |
|
|
(430 |
) |
|
|
(19,156 |
) |
|
Deferred financing costs |
|
|
(1,034 |
) |
|
|
— |
|
|
Net cash provided by financing activities |
|
|
191,893 |
|
|
|
25,897 |
|
|
|
|
|
|
|
||||
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(5,320 |
) |
|
|
(98,589 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
149,764 |
|
|
|
229,346 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
144,444 |
|
|
$ |
130,757 |
|
|
|
||
|
(1) |
Cash settlements on commodity hedges were |
|
|
||||||||||||
|
|
|
|
|
|
|
|||||||
|
|
Three months ended |
|
Twelve Months
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
Net loss |
$ |
(90,768 |
) |
|
$ |
(182,767 |
) |
|
$ |
(319,587 |
) |
|
|
Exploration expenses |
|
8,181 |
|
|
|
44,605 |
|
|
|
48,192 |
|
|
|
Facilities insurance modifications, net |
|
671 |
|
|
|
8,038 |
|
|
|
5,794 |
|
|
|
Depletion, depreciation and amortization |
|
76,541 |
|
|
|
93,302 |
|
|
|
469,101 |
|
|
|
Impairment of long-lived assets |
|
— |
|
|
|
150,820 |
|
|
|
3,139 |
|
|
|
Equity-based compensation |
|
8,281 |
|
|
|
9,346 |
|
|
|
31,641 |
|
|
|
Derivatives, net |
|
102,461 |
|
|
|
(136,038 |
) |
|
|
255,679 |
|
|
|
Cash settlements on commodity derivatives |
|
(28,623 |
) |
|
|
12,018 |
|
|
|
(43,356 |
) |
|
|
Restructuring and other |
|
1,186 |
|
|
|
18,023 |
|
|
|
12,330 |
|
|
|
Other, net |
|
2,282 |
|
|
|
3,091 |
|
|
|
9,406 |
|
|
|
Gain on sale of assets |
|
(26 |
) |
|
|
— |
|
|
|
(92,189 |
) |
|
|
Interest and other financing costs, net |
|
24,528 |
|
|
|
27,835 |
|
|
|
106,487 |
|
|
|
Income tax expense (benefit) |
|
(16,705 |
) |
|
|
65,543 |
|
|
|
(87,457 |
) |
|
|
EBITDAX |
$ |
88,009 |
|
|
$ |
113,816 |
|
|
$ |
399,180 |
|
|
|
|
||||||||
|
Three Months Ended
|
||||||||
|
|
2021 |
|
2020 |
|||||
|
Net loss |
$ |
(90,768 |
) |
|
$ |
(182,767 |
) |
|
|
|
|
|
||||||
|
Derivatives, net |
|
102,461 |
|
|
|
(136,038 |
) |
|
|
Cash settlements on commodity derivatives |
|
(28,623 |
) |
|
|
12,018 |
|
|
|
Gain on sale of assets |
|
(26 |
) |
|
|
— |
|
|
|
Facilities insurance modifications, net |
|
671 |
|
|
|
8,038 |
|
|
|
Impairment of long-lived assets |
|
— |
|
|
|
150,820 |
|
|
|
Restructuring and other |
|
1,186 |
|
|
|
18,023 |
|
|
|
Other, net |
|
2,323 |
|
|
|
3,091 |
|
|
|
Total selected items before tax |
|
77,992 |
|
|
|
55,952 |
|
|
|
|
|
|
|
|||||
|
Income tax expense (benefit) on adjustments(1) |
|
(20,198 |
) |
|
|
34,464 |
|
|
|
Impact of valuation adjustments and |
|
— |
|
|
|
26,001 |
|
|
|
Adjusted net loss |
$ |
(32,974 |
) |
|
$ |
(66,350 |
) |
|
|
|
|
|
|
|||||
|
Net loss per diluted share |
$ |
(0.22 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|||||
|
Derivatives, net |
|
0.25 |
|
|
|
(0.34 |
) |
|
|
Cash settlements on commodity derivatives |
|
(0.07 |
) |
|
|
0.03 |
|
|
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
Facilities insurance modifications, net |
|
— |
|
|
|
0.02 |
|
|
|
Impairment of long-lived assets |
|
— |
|
|
|
0.37 |
|
|
|
Restructuring and other |
|
— |
|
|
|
0.04 |
|
|
|
Other, net |
|
0.01 |
|
|
|
0.01 |
|
|
|
Total selected items before tax |
|
0.19 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|||||
|
Income tax expense (benefit) on adjustments(1) |
|
(0.05 |
) |
|
|
0.09 |
|
|
|
Impact of valuation adjustments and |
|
— |
|
|
|
0.07 |
|
|
|
Adjusted net loss per diluted share |
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|||||
|
Weighted average number of diluted shares |
|
407,365 |
|
|
|
404,759 |
|
|
|
|
||
|
(1) |
Income tax expense is calculated at the statutory rate in which such item(s) reside. Statutory rates for the |
|
|
||||||||
|
|
Three Months Ended
|
|||||||
|
|
2021 |
|
2020 |
|||||
|
Reconciliation of net cash provided by operating activities to free cash flow: |
|
|
|
|||||
|
Net cash used in operating activities |
$ |
(46,626 |
) |
|
$ |
(16,963 |
) |
|
|
Net cash used in investing activities - base business |
|
(47,883 |
) |
|
|
(75,794 |
) |
|
|
Net cash used in investing activities - |
|
(102,704 |
) |
|
|
(31,729 |
) |
|
|
Free cash flow(1) |
$ |
(197,213 |
) |
|
$ |
(124,486 |
) |
|
|
|
||
|
(1) |
Commencing in the second quarter of 2020, the Company no longer included restricted cash and other cash used in financing activities (deferred financing costs, the purchase of treasury stock and costs related to the redemption of the senior secured notes and issuance of senior notes) in its calculation of free cash flow to better reflect cash flow of the underlying business, consistent with general industry practice. |
|
Operational Summary
|
|||||||
|
|
Three Months Ended
|
||||||
|
|
2021 |
|
2020 |
||||
|
Net Volume Sold |
|
|
|
||||
|
Oil (MMBbl) |
|
2.941 |
|
|
|
3.450 |
|
|
Gas (MMcf) |
|
1.325 |
|
|
|
1.982 |
|
|
NGL (MMBbl) |
|
0.127 |
|
|
|
0.193 |
|
|
Total (MMBoe) |
|
3.289 |
|
|
|
3.973 |
|
|
Total (Boepd) |
|
36.543 |
|
|
|
43.659 |
|
|
|
|
|
|
||||
|
Revenue |
|
|
|||||
|
Oil sales |
$ |
169,150 |
|
|
$ |
171,916 |
|
|
Gas sales |
|
4,540 |
|
|
|
3,719 |
|
|
NGL sales |
|
2,784 |
|
|
|
2,145 |
|
|
Total sales |
|
176,474 |
|
|
|
177,780 |
|
|
Cash settlements on commodity derivatives |
|
(28,623 |
) |
|
|
12,018 |
|
|
Realized revenue |
$ |
147,851 |
|
|
$ |
189,798 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
|
Oil and Gas Production Costs |
$ |
45,752 |
|
|
$ |
61,603 |
|
|
|
|
|
|
||||
|
Sales per Bbl/Mcf/Boe |
|
|
|
||||
|
Oil sales per Bbl |
$ |
57.51 |
|
|
$ |
49.83 |
|
|
Gas sales per Mcf |
|
3.43 |
|
|
|
1.88 |
|
|
NGL sales per Bbl |
|
21.92 |
|
|
|
11.11 |
|
|
Total sales per Boe |
|
53.66 |
|
|
|
44.74 |
|
|
Cash settlements on commodity derivatives per oil Bbl(1) |
|
(9.73 |
) |
|
|
3.48 |
|
|
Realized revenue per Boe |
|
44.96 |
|
|
|
47.77 |
|
|
|
|
|
|
||||
|
Oil and gas production costs per Boe |
$ |
13.91 |
|
|
$ |
15.50 |
|
|
|
||
|
(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 1,316 thousand barrels as of |
||
|
Hedging Summary
|
|||||||||||||
|
|
|
|
|
|
|
Weighted Average Price per Bbl |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Index |
|
MBbl |
|
Floor(2) |
|
Sold Put |
|
Ceiling |
|||
|
2021: |
|
|
|
|
|
|
|
|
|
|
|||
|
Swaps with sold puts |
|
Dated Brent |
|
4,500 |
|
$ |
53.96 |
|
$ |
42.92 |
|
$ |
— |
|
Swaps with sold puts |
|
NYMEX WTI |
|
500 |
|
|
47.75 |
|
|
37.50 |
|
|
— |
|
Three-way collars |
|
Dated Brent |
|
2,750 |
|
|
40.45 |
|
|
32.95 |
|
|
52.84 |
|
Three-way collars |
|
NYMEX WTI |
|
750 |
|
|
45.00 |
|
|
37.50 |
|
|
55.00 |
|
2022: |
|
|
|
|
|
|
|
|
|
|
|||
|
Three-way collars |
|
Dated Brent |
|
1,500 |
|
|
50.00 |
|
|
40.00 |
|
|
70.00 |
|
|
||
|
(1) |
Please see the Company’s filed 10-K for full disclosure on hedging material. Includes hedging position as of |
|
|
(2) |
“Floor” represents floor price for collars or swaps and strike price for purchased puts. |
|
|
Note: Excludes 5.3 MMBbls of sold (short) calls with a strike price of |
||
|
2021 Guidance |
||||
|
|
|
|||
|
|
2Q 2021 |
|
FY 2021 |
|
|
|
|
|
|
|
|
Production(1,2) |
52,500 - 54,000 boe per day |
|
53,000 - 57,000 boe per day |
|
|
|
|
|
|
|
|
Opex |
|
|
|
|
|
|
|
|
|
|
|
DD&A |
|
|
|
|
|
|
|
|
|
|
|
G&A(3) |
|
|
|
|
|
|
|
|
|
|
|
Exploration Expense(4) |
|
|
|
|
|
|
|
|
|
|
|
Net Interest(5) |
|
|||
|
|
|
|
|
|
|
Tax |
|
|||
|
|
|
|
|
|
|
Base Business Capex(6) |
|
|||
|
|
||
|
Note: |
||
|
(1) |
2Q 2021 cargos forecast - |
|
|
(2) |
|
|
|
(3) |
G&A - Approximately 60% cash. |
|
|
(4) |
Excludes dry hole costs. 2Q includes |
|
|
(5) |
Excludes one-off loss on extinguishment of debt of approximately |
|
|
(6) |
Excludes |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210509005036/en/
Investor Relations
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations
+1-214-445-9674
tgolembeski@kosmosenergy.com
Source: