Kosmos Energy Ltd - 1st Quarter Results
|
NEWS RELEASE |
|
KOSMOS ENERGY ANNOUNCES FIRST QUARTER 2019 RESULTS
"Kosmos has made a strong start to 2019 with progress across all business units and first quarter results in line with guidance," said
It must be noted that the first quarter 2019 results include the impact of proportionately consolidating the
First quarter 2019 revenues were
• Production expense was
• General and administrative expenses were
• Depletion and depreciation expense was
• Exploration expenses totaled
• Capital expenditures in the first quarter were $110 million
First quarter results included a mark-to-market loss of
Kosmos exited the first quarter of 2019 with approximately
OPERATIONAL UPDATE
Total net production volumes during the first quarter of 2019 averaged approximately 59,500 barrels of oil equivalent (boepd) per day(2).
During the first quarter of 2019, net production volumes from
At Jubilee, gas handling reliability was enhanced during the quarter with a spare high-pressure gas compressor now available. Kosmos continues to work with the operator to increase the gas handling capacity, which would thereby allow oil production rates to increase.
At TEN, in March the EN-10 well was completed and brought online, increasing production from the field. An additional production well is expected to be brought on stream around the middle of the year, enabling the field to increase production rates to the FPSO nameplate oil capacity of 80,000 bopd gross.
Production in
The routine dry-dock work on the Helix Producer-1 was successfully completed on time, increasing production from the
Kosmos was one of the most active participants in
During the first quarter of 2019, Kosmos farmed in to eighteen BP-owned blocks in the Garden Banks area of the deepwater
Also, during the first quarter of 2019, Kosmos executed a farm-in agreement with
As of early May, all major contracts have been awarded for Tortue Phase 1, and construction activity for the project has commenced with work on the FPSO.
In
In the wider
Portfolio Additions
Kosmos entered into a petroleum contract in March covering the Marine XXI block with the
In March, Kosmos acquired Ophir's remaining interest in Block EG-24 offshore
(1) A Non-GAAP measure, see attached reconciliation of adjusted net income.
(2) Production means net entitlement volumes. In
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss first quarter 2019 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) 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 ("
###
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
|
|
|
Three Months Ended |
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||||||
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|
|
|
|
||||||
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|
|
2019 |
|
2018 |
|
||||
|
Revenues and other income: |
|
|
|
|
|
||||
|
Oil and gas revenue |
|
$ |
296,790 |
|
|
$ |
127,196 |
|
|
|
Other income, net |
|
- |
|
|
(19 |
) |
|
||
|
Total revenues and other income |
|
296,790 |
|
|
127,177 |
|
|
||
|
|
|
|
|
|
|
||||
|
Costs and expenses: |
|
|
|
|
|
||||
|
Oil and gas production |
|
79,799 |
|
|
46,768 |
|
|
||
|
Facilities insurance modifications, net |
|
(20,021 |
) |
|
8,449 |
|
|
||
|
Exploration expenses |
|
30,344 |
|
|
21,193 |
|
|
||
|
General and administrative |
|
35,908 |
|
|
21,883 |
|
|
||
|
Depletion, depreciation and amortization |
|
118,095 |
|
|
54,277 |
|
|
||
|
Interest and other financing costs, net |
|
35,041 |
|
|
25,694 |
|
|
||
|
Derivatives, net |
|
77,085 |
|
|
38,478 |
|
|
||
|
Gain on equity method investments, net |
|
- |
|
|
(18,696 |
) |
|
||
|
Other expenses, net |
|
2,119 |
|
|
3,705 |
|
|
||
|
Total costs and expenses |
|
358,370 |
|
|
201,751 |
|
|
||
|
|
|
|
|
|
|
||||
|
Loss before income taxes |
|
(61,580 |
) |
|
(74,574 |
) |
|
||
|
Income tax benefit |
|
(8,674 |
) |
|
(24,348 |
) |
|
||
|
Net loss |
|
$ |
(52,906 |
) |
|
$ |
(50,226 |
) |
|
|
|
|
|
|
|
|
||||
|
Net loss per share: |
|
|
|
|
|
||||
|
Basic |
|
$ |
(0.13 |
) |
|
$ |
(0.13 |
) |
|
|
Diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.13 |
) |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
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Weighted average number of shares used to compute net loss per share: |
|
|
|
|
|
||||
|
Basic |
|
401,164 |
|
|
395,600 |
|
|
||
|
Diluted |
|
401,164 |
|
|
395,600 |
|
|
||
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
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||||
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2019 |
|
2018 |
||||
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Assets |
|
|
|
|
||||
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Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
134,423 |
|
|
$ |
173,515 |
|
|
Receivables, net |
|
186,179 |
|
|
140,006 |
|
||
|
Other current assets |
|
163,525 |
|
|
196,179 |
|
||
|
Total current assets |
|
484,127 |
|
|
509,700 |
|
||
|
|
|
|
|
|
||||
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Property and equipment, net |
|
3,914,803 |
|
|
3,459,701 |
|
||
|
Other non-current assets |
|
102,926 |
|
|
118,788 |
|
||
|
Total assets |
|
$ |
4,501,856 |
|
|
$ |
4,088,189 |
|
|
|
|
|
|
|
||||
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Liabilities and stockholders' equity |
|
|
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|
||||
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Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
174,073 |
|
|
$ |
176,540 |
|
|
Accrued liabilities |
|
187,941 |
|
|
195,596 |
|
||
|
Other current liabilities |
|
51,713 |
|
|
12,172 |
|
||
|
Total current liabilities |
|
413,727 |
|
|
384,308 |
|
||
|
|
|
|
|
|
||||
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Long-term liabilities: |
|
|
|
|
||||
|
Long-term debt, net |
|
2,195,826 |
|
|
2,120,547 |
|
||
|
Deferred tax liabilities |
|
704,122 |
|
|
477,179 |
|
||
|
Other non-current liabilities |
|
311,588 |
|
|
164,677 |
|
||
|
Total long-term liabilities |
|
3,211,536 |
|
|
2,762,403 |
|
||
|
|
|
|
|
|
||||
|
Total stockholders' equity |
|
876,593 |
|
|
941,478 |
|
||
|
Total liabilities and stockholders' equity |
|
$ |
4,501,856 |
|
|
$ |
4,088,189 |
|
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
|
|
|
Three Months Ended |
|
||||||
|
|
|
|
|
||||||
|
|
|
2019 |
|
2018 |
|
||||
|
Operating activities: |
|
|
|
|
|
||||
|
Net loss |
|
$ |
(52,906 |
) |
|
$ |
(50,226 |
) |
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
||||
|
Depletion, depreciation and amortization |
|
120,482 |
|
|
56,717 |
|
|
||
|
Deferred income taxes |
|
(39,833 |
) |
|
(24,697 |
) |
|
||
|
Unsuccessful well costs |
|
(160 |
) |
|
43 |
|
|
||
|
Change in fair value of derivatives |
|
73,807 |
|
|
38,966 |
|
|
||
|
Cash settlements on derivatives, net(1) |
|
(3,576 |
) |
|
(20,397 |
) |
|
||
|
Equity-based compensation |
|
8,441 |
|
|
8,017 |
|
|
||
|
Loss on extinguishment of debt |
|
- |
|
|
4,056 |
|
|
||
|
Distributions in excess of equity in earnings |
|
- |
|
|
5,234 |
|
|
||
|
Other |
|
10,647 |
|
|
(478 |
) |
|
||
|
Changes in assets and liabilities: |
|
|
|
|
|
||||
|
Net changes in working capital |
|
(134,249 |
) |
|
(34,251 |
) |
|
||
|
Net cash used in operating activities |
|
(17,347 |
) |
|
(17,016 |
) |
|
||
|
|
|
|
|
|
|
||||
|
Investing activities |
|
|
|
|
|
||||
|
Oil and gas assets |
|
(78,377 |
) |
|
(34,712 |
) |
|
||
|
Other property |
|
(1,071 |
) |
|
(1,757 |
) |
|
||
|
Return of investment from KTIPI |
|
- |
|
|
41,070 |
|
|
||
|
Net cash provided by (used in) investing activities |
|
(79,448 |
) |
|
4,601 |
|
|
||
|
|
|
|
|
|
|
||||
|
Financing activities: |
|
|
|
|
|
||||
|
Borrowings on long-term debt |
|
175,000 |
|
|
- |
|
|
||
|
Payments on long-term debt |
|
(100,000 |
) |
|
- |
|
|
||
|
Purchase of treasury stock |
|
(1,980 |
) |
|
(11,874 |
) |
|
||
|
Dividends |
|
(18,147 |
) |
|
- |
|
|
||
|
Deferred financing costs |
|
(1,160 |
) |
|
(24,969 |
) |
|
||
|
Net cash provided by (used in) financing activities |
|
53,713 |
|
|
(36,843 |
) |
|
||
|
|
|
|
|
|
|
||||
|
Net decrease in cash, cash equivalents and restricted cash |
|
(43,082 |
) |
|
(49,258 |
) |
|
||
|
Cash, cash equivalents and restricted cash at beginning of period |
|
185,616 |
|
|
304,986 |
|
|
||
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
142,534 |
|
|
$ |
255,728 |
|
|
|
|
(1) Cash settlements on commodity hedges were
(In thousands, unaudited)
|
|
Three months ended |
||
|
|
|
||
|
Revenues and other income: |
|
||
|
Oil and gas revenue |
$ |
246,354 |
|
|
Other income |
287 |
|
|
|
Total revenues and other income |
246,641 |
|
|
|
|
|
||
|
Costs and expenses: |
|
||
|
Oil and gas production |
51,700 |
|
|
|
Depletion and depreciation |
54,070 |
|
|
|
Other expenses, net |
(79 |
) |
|
|
Total costs and expenses |
105,691 |
|
|
|
|
|
||
|
Income before income taxes |
140,950 |
|
|
|
Income tax expense |
49,632 |
|
|
|
Net income |
$ |
91,318 |
|
|
|
|
||
|
Kosmos' share of net income |
$ |
45,659 |
|
|
Basis difference amortization(1) |
26,963 |
|
|
|
Equity in earnings - KTIPI |
$ |
18,696 |
|
|
|
(1) The basis difference, which is associated with oil and gas properties and subject to amortization, has been allocated to the
EBITDAX
(In thousands, unaudited)
|
|
Three Months Ended |
|
Three Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
Kosmos |
|
Kosmos |
|
|
|
Total |
||||||||
|
Net income (loss) |
$ |
(52,906 |
) |
|
$ |
(50,226 |
) |
|
$ |
18,696 |
|
|
$ |
(31,530 |
) |
|
Exploration expenses |
30,344 |
|
|
21,193 |
|
|
- |
|
|
21,193 |
|
||||
|
Facilities insurance modifications, net |
(20,021 |
) |
|
8,449 |
|
|
- |
|
|
8,449 |
|
||||
|
Depletion, depreciation and amortization |
118,095 |
|
|
54,277 |
|
|
53,997 |
|
|
108,274 |
|
||||
|
Equity-based compensation |
8,441 |
|
|
8,017 |
|
|
- |
|
|
8,017 |
|
||||
|
Derivatives, net |
77,085 |
|
|
38,478 |
|
|
- |
|
|
38,478 |
|
||||
|
Cash settlements on commodity derivatives |
(7,289 |
) |
|
(19,744 |
) |
|
- |
|
|
(19,744 |
) |
||||
|
Inventory impairment and other |
187 |
|
|
19 |
|
|
- |
|
|
19 |
|
||||
|
Disputed charges and related costs |
(14 |
) |
|
2,335 |
|
|
- |
|
|
2,335 |
|
||||
|
Gain on equity method investment - KTIPI |
- |
|
|
(18,696 |
) |
|
- |
|
|
(18,696 |
) |
||||
|
Interest and other financing costs, net |
35,041 |
|
|
25,694 |
|
|
- |
|
|
25,694 |
|
||||
|
Income tax expense (benefit) |
(8,674 |
) |
|
(24,348 |
) |
|
24,816 |
|
|
468 |
|
||||
|
EBITDAX |
$ |
180,289 |
|
|
$ |
45,448 |
|
|
$ |
97,509 |
|
|
$ |
142,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
||||||||||
|
|
Kosmos |
|
|
|
Total |
|
||||||
|
Net income (loss) |
$ |
(96,671 |
) |
|
$ |
54,185 |
|
|
$ |
(42,486 |
) |
|
|
Exploration expenses |
310,643 |
|
|
352 |
|
|
310,995 |
|
|
|||
|
Facilities insurance modifications, net |
(21,515 |
) |
|
- |
|
|
(21,515 |
) |
|
|||
|
Depletion and depreciation |
393,653 |
|
|
80,985 |
|
|
474,638 |
|
|
|||
|
Equity-based compensation |
35,654 |
|
|
- |
|
|
35,654 |
|
|
|||
|
Derivatives, net |
7,177 |
|
|
- |
|
|
7,177 |
|
|
|||
|
Cash settlements on commodity derivatives |
(124,598 |
) |
|
- |
|
|
(124,598 |
) |
|
|||
|
Inventory impairment and other |
456 |
|
|
- |
|
|
456 |
|
|
|||
|
Disputed charges and related costs |
(12,102 |
) |
|
- |
|
|
(12,102 |
) |
|
|||
|
Gain on sale of assets |
(7,666 |
) |
|
- |
|
|
(7,666 |
) |
|
|||
|
Gain on equity method investment - KTIPI |
(54,185 |
) |
|
- |
|
|
(54,185 |
) |
|
|||
|
Interest and other financing costs, net |
110,523 |
|
|
- |
|
|
110,523 |
|
|
|||
|
Income tax expense |
58,805 |
|
|
53,675 |
|
|
112,480 |
|
|
|||
|
EBITDAX |
$ |
600,174 |
|
|
$ |
189,197 |
|
|
$ |
789,371 |
|
|
|
|
(1) For the three months ended
(2) For the twelve months ended
Adjusted Net Income
(In thousands, except per share amounts, unaudited)
|
|
Three Months Ended |
|
||||||
|
|
|
|
||||||
|
|
2019 |
|
2018 |
|
||||
|
Net loss |
$ |
(52,906 |
) |
|
$ |
(50,226 |
) |
|
|
|
|
|
|
|
||||
|
Derivatives, net |
77,085 |
|
|
38,478 |
|
|
||
|
Cash settlements on commodity derivatives |
(7,289 |
) |
|
(19,744 |
) |
|
||
|
Facilities insurance modifications, net |
(20,021 |
) |
|
8,449 |
|
|
||
|
Inventory impairment and other |
187 |
|
|
19 |
|
|
||
|
Disputed charges and related costs |
(14 |
) |
|
2,335 |
|
|
||
|
Loss on extinguishment of debt |
- |
|
|
4,056 |
|
|
||
|
Total selected items before tax |
49,948 |
|
|
33,593 |
|
|
||
|
|
|
|
|
|
||||
|
Income tax expense on adjustments(1) |
(20,041 |
) |
|
(6,564 |
) |
|
||
|
Impact of |
- |
|
|
- |
|
|
||
|
Adjusted net loss |
$ |
(22,999 |
) |
|
$ |
(23,197 |
) |
|
|
|
|
|
|
|
||||
|
Net loss per diluted share |
$ |
(0.13 |
) |
|
$ |
(0.13 |
) |
|
|
|
|
|
|
|
||||
|
Derivatives, net |
0.19 |
|
|
0.10 |
|
|
||
|
Cash settlements on commodity derivatives |
(0.02 |
) |
|
(0.05 |
) |
|
||
|
Facilities insurance modifications, net |
(0.05 |
) |
|
0.02 |
|
|
||
|
Inventory impairment and other |
- |
|
|
- |
|
|
||
|
Disputed charges and related costs |
- |
|
|
- |
|
|
||
|
Loss on extinguishment of debt |
- |
|
|
0.01 |
|
|
||
|
Total selected items before tax |
0.12 |
|
|
0.08 |
|
|
||
|
|
|
|
|
|
||||
|
Income tax expense on adjustments(1) |
(0.05 |
) |
|
(0.01 |
) |
|
||
|
Adjusted net loss per diluted share |
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
||||
|
Weighted average number of diluted shares |
401,164 |
|
|
395,600 |
|
|
||
|
|
(1) Income tax expense is calculated at the statutory rate in which such item(s) reside. Statutory rates for the
Operational Summary(1)
(In thousands, except barrel and per barrel data, unaudited)
|
|
Three Months Ended |
|
||||||
|
|
March 31, |
|
||||||
|
|
2019 |
|
2018 |
|
||||
|
Net Volume Sold |
|
|
|
|
||||
|
Oil (MMBbl) |
|
|
|
|
||||
|
Kosmos |
4.690 |
|
|
1.934 |
|
|
||
|
Equity method investment - |
- |
|
|
1.880 |
|
|
||
|
Total Oil (MMBbl) |
4.690 |
|
|
3.814 |
|
|
||
|
Gas (MMcf) |
1.801 |
|
|
- |
|
|
||
|
NGL (MMBbl) |
0.113 |
|
|
- |
|
|
||
|
Total (MMBoe) |
5.103 |
|
|
3.814 |
|
|
||
|
|
|
|
|
|
||||
|
Revenue |
|
|
|
|
||||
|
Oil sales: |
|
|
|
|
||||
|
Kosmos |
$ |
290,864 |
|
|
$ |
127,196 |
|
|
|
Equity method investment - |
- |
|
|
123,177 |
|
|
||
|
Total Oil sales |
290,864 |
|
|
250,373 |
|
|
||
|
Gas sales |
3,662 |
|
|
- |
|
|
||
|
NGL sales |
2,264 |
|
|
- |
|
|
||
|
Total sales |
296,790 |
|
|
250,373 |
|
|
||
|
Cash settlements on commodity derivatives |
(7,289 |
) |
|
(19,744 |
) |
|
||
|
Realized revenue |
$ |
289,501 |
|
|
$ |
230,629 |
|
|
|
|
|
|
|
|
||||
|
Oil and Gas Production Costs |
|
|
|
|
||||
|
Kosmos |
$ |
79,799 |
|
|
$ |
46,768 |
|
|
|
Equity method investment - |
- |
|
|
25,850 |
|
|
||
|
Total oil and gas production costs |
$ |
79,799 |
|
|
$ |
72,618 |
|
|
|
|
|
|
|
|
||||
|
Oil sales per Bbl: |
|
|
|
|
||||
|
Kosmos |
$ |
62.02 |
|
|
$ |
65.77 |
|
|
|
Equity method investment - |
- |
|
|
65.52 |
|
|
||
|
Total Oil sales per Bbl |
62.02 |
|
|
65.65 |
|
|
||
|
Gas sales per Mcf |
2.03 |
|
|
- |
|
|
||
|
NGL sales per Bbl |
20.13 |
|
|
- |
|
|
||
|
Total sales per Boe |
58.16 |
|
|
65.65 |
|
|
||
|
Cash settlements on commodity derivatives per oil Bbl(2) |
(1.55 |
) |
|
(10.21 |
) |
|
||
|
Realized revenue per Boe(3) |
56.73 |
|
|
60.47 |
|
|
||
|
|
|
|
|
|
||||
|
Oil and gas production costs per Boe: |
|
|
|
|
||||
|
Kosmos |
$ |
15.64 |
|
|
$ |
24.18 |
|
|
|
Equity method investment - |
- |
|
|
$ |
13.75 |
|
|
|
|
Total oil and gas production costs |
15.64 |
|
|
19.04 |
|
|
||
|
|
(1) For the three months March 31, 2018, we have presented separately our 50% share of the results from operations for the
(2) Cash settlements on commodity derivatives are only related to Kosmos and are calculated on a per barrel basis using Kosmos' Net Oil Volumes Sold.
(3) Realized revenue includes revenue from Kosmos,
Kosmos was underlifted by approximately 795 thousand barrels as of March 31, 2019.
Hedging Summary
As of March 31, 2019(1)
(Unaudited)
|
|
|
|
|
|
|
Weighted Average Price per Bbl |
||||||||||||
|
|
|
Index |
|
MBbl |
|
Floor(2) |
|
Sold Put |
|
Ceiling |
|
|||||||
|
2019: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three-way collars |
|
Dated Brent |
|
7,880 |
|
|
$ |
53.33 |
|
|
$ |
43.81 |
|
|
$ |
73.57 |
|
|
|
Swaps |
|
NYMEX WTI |
|
1,224 |
|
|
52.22 |
|
|
- |
|
|
- |
|
|
|||
|
Collars |
|
NYMEX WTI |
|
169 |
|
|
57.77 |
|
|
- |
|
|
63.70 |
|
|
|||
|
Collars |
|
Argus LLS |
|
750 |
|
|
60.00 |
|
|
- |
|
|
88.75 |
|
|
|||
|
2020: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three-way collars |
|
Dated Brent |
|
6,000 |
|
|
$ |
57.50 |
|
|
$ |
45.00 |
|
|
$ |
80.18 |
|
|
|
|
(1) Please see the Company's filed 10-Q for full disclosure on hedging material. Includes hedging position as of March 31, 2019 and hedges added since quarter-end.
(2) "Floor" represents floor price for collars or swaps and strike price for purchased puts.
Note: Excludes 0.7 MMBbls of sold (short) calls with a strike price of $80.00 per Bbl in 2019 and 8.0 MMBbls of sold (short) calls with a strike price of $85.00 per Bbl in 2020.
2019 Guidance
|
|
FY 2019 |
||
|
|
|
|
|
|
Production(1,2) |
69,000 - 73,000 boe per day |
||
|
|
|
|
|
|
Opex |
$12.00 - $15.00 per boe |
||
|
|
|
|
|
|
DD&A |
$22.00 - $25.00 per boe |
||
|
|
|
|
|
|
G&A(3) |
$115 - $125 million |
||
|
|
|
|
|
|
Exploration Expense |
~$30 million average per quarter |
||
|
|
|
|
|
|
Net Interest |
$35 - $37 million per quarter |
||
|
|
|
|
|
|
Tax |
$3.00 - $5.00 per boe |
||
|
|
|
|
|
|
Capex |
$425 - $475 million in FY 2019 |
||
|
|
Note:
(1) 2Q 2019 -
(2) GoM Production - 2Q 2019: 23,000-25,000 boe per day. FY 2019 22,000-24,000 boe per day. Oil/Gas/NGL split for 2019:
(3) G&A - Approximately 70% cash.
Source:
Investor Relations
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
+1-214-445-9693
rwilliams@kosmosenergy.com
Media Relations
+1-214-445-9674
tgolembeski@kosmosenergy.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the