Kosmos Energy Ltd - Kosmos Energy Capital Markets Day
NEWS RELEASE |
|
KOSMOS ENERGY CAPITAL MARKETS DAY
The event will be hosted by
"Kosmos is now well-positioned to grow cash flow, reserves and production through a combination of exploitation, development, infrastructure led exploration and basin opening exploration activities. Kosmos is stronger than ever and the confidence we have in the future prospects of the company is demonstrated by the initiation of a dividend for 2019, the first in the company's history. We are excited about the future for Kosmos and look forward to presenting the key takeaways below as part of today's Capital Markets Day event."
Capital Markets Day Key Takeaways:
· Kosmos has a resilient, low-cost, cash-generative business model: The company can fund its sustaining capital expenditure and dividends at
· Reduction in 2019 capital expenditure from
· The strategic acquisitions in
· Kosmos has discovered a significant and valuable resource in
· Kosmos' exploration portfolio creates asymmetric upside, with 2019 an active exploration year for the company: Kosmos expects to drill 6 exploration wells across the portfolio targeting 500 mmboe net
· Kosmos is focused on working in partnerships with the supermajors across its portfolio: Alliances with BP and Royal Dutch Shell leverage expertise and complementary skillsets
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) and Adjusted net income (loss) per share 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 Facility EBITDAX definition includes 50% of the EBITDAX adjustments of
We believe that EBITDAX, Adjusted net income (loss), and Adjusted net income (loss) per share 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. Because EBITDAX, Adjusted net income (loss), and Adjusted net income (loss) per share excludes some, but not all, items that affect net income, these measures 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, 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 ("
###
Source:
Investor Relations
+44 (0) 203 954 2831
+1-214-445-9693
Media Relations
+1-214-445-9674
This information is provided by RNS, the news service of the