Kosmos Energy Announces First Quarter 2024 Results
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 , or$73.52 per boe (excluding the impact of derivative cash settlements) -
Production expense:
$94 million , or$16.42 per boe -
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
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 ~13% increase compared to the first quarter of 2023. This growth largely reflects higher production in
Production in
At Jubilee (38.6% working interest), oil production in the first quarter averaged approximately 92,900 bopd gross with one water injector well brought on in January and two producer wells brought online in February. In the second quarter, one new producer well was brought online in April with one additional water injector well expected online by quarter end.
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 99% uptime for the first quarter. Voidage replacement for the first quarter was ~110% as a result of the elevated levels of water and gas injection.
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 (20.4% working interest), production averaged approximately 18,600 bopd gross for the first quarter, in line with expectations. TEN FPSO reliability was consistent with Jubilee at approximately 99% uptime for the first quarter.
Production in the
The first two wells at the Winterfell project (25% working interest) are expected online shortly. A third well is expected online in the second half of 2024. Gross production from the first phase of the Winterfell project is expected to be around 20,000 boepd when the initial three wells are online. Total gross resource at Greater Winterfell is estimated to be up to 200 million boe.
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, (50% working interest and operator) continues to progress as a phased development, with project sanction expected later this year. Certain long lead items are being secured to optimize the development timeline and project costs. During the first quarter, Kosmos acquired part of Equinor's stake in the project to maintain an aligned partnership and now holds 50%, which is already included in the 2024 capital guidance. Around the time of project sanction, Kosmos plans to farm down to optimize its working interest to fit within the targeted 2025+ capital program. Estimated gross resource at Tiberius is approximately 100 million boe.
Production in
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 andHub 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 theHub 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,
About
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
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’
###
|
|
|||||
|
Consolidated Statements of Operations |
|||||
|
(In thousands, except per share amounts, unaudited) |
|||||
|
|
Three Months Ended |
||||
|
|
|
||||
|
|
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 |
|
|
|
||||||
|
Condensed Consolidated Balance Sheets |
||||||
|
(In thousands, unaudited) |
||||||
|
|
|
|
|
|
||
|
|
|
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 |
|
|
||||||
|
Condensed Consolidated Statements of Cash Flow |
||||||
|
(In thousands, unaudited) |
||||||
|
|
Three Months Ended |
|||||
|
|
|
|||||
|
|
|
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 |
|
|
||||||||||||
|
EBITDAX |
||||||||||||
|
(In thousands, unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
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
|
|
|
|
|
|
||
|
|
|
|
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 |
|
|
||||||||
|
Adjusted Net Income (Loss) |
||||||||
|
(In thousands, except per share amounts, unaudited) |
||||||||
|
|
Three Months Ended |
|
||||||
|
|
|
|
||||||
|
|
|
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." |
|
|
||||||||
|
Free Cash Flow |
||||||||
|
(In thousands, unaudited) |
||||||||
|
|
Three Months Ended |
|
||||||
|
|
|
|
||||||
|
|
|
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 |
) |
|
|
|
|
|
||||||||
|
Operational Summary |
||||||||
|
(In thousands, except barrel and per barrel data, unaudited) |
||||||||
|
|
Three Months Ended |
|
||||||
|
|
|
|
||||||
|
|
|
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 |
|
|
||||||||||||||
|
Hedging Summary |
||||||||||||||
|
As of |
||||||||||||||
|
(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 |
|
|
(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(~60% cash) |
|
|
|
|
|
|
|
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
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations
+1-214-445-9674
tgolembeski@kosmosenergy.com
Source: