Second Quarter Results
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DALLAS - August 5, 2024-- Kosmos Energy Ltd. ("Kosmos" or the "Company") (NYSE/LSE: KOS) announced today its financial and operating results for the second quarter of 2024. For the quarter, the Company generated a net income of $60 million, or $0.12 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net income(1) of $80 million, or $0.17 per diluted share for the second quarter of 2024.
SECOND QUARTER 2024 HIGHLIGHTS
- Net Production(2): ~62,100 barrels of oil equivalent per day (boepd), representing ~7% growth year over year, with sales of ~65,400 boepd
- Revenues: $451 million, or $75.73 per boe (excluding the impact of derivative cash settlements)
- Production expense: $151 million or $25.32 per boe ($22.27 per boe excluding $18 million of production expenses associated with the Greater Tortue Ahmeyim (GTA) project)
- Capital expenditures: $215 million
- Arrival on location and successful mooring of the floating production, storage and offtake (FPSO) vessel for the GTA project
- Post quarter end, in the US Gulf of Mexico achieved first oil at Winterfell (with the first two wells online in early July), successfully completed the operated Kodiak-3 well workover and the startup of the Odd Job subsea pump project
- Post quarter end, in Equatorial Guinea the drilling rig for the infill and infrastructure-led exploration (ILX) campaign arrived on location and successfully drilled the first infill well
Commenting on the Company's second quarter 2024 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: "It has been a busy period for Kosmos with significant progress in the delivery of our development projects. Production is rising in the US Gulf of Mexico with the startup of Winterfell and the successful completion of our production optimization activities. The drilling campaign in Equatorial Guinea has now commenced and we continue to see good progress across all major workstreams on the GTA project in Mauritania and Senegal. With these projects online, we expect to exit the year at our production goal of around 90,000 boepd. In addition, we have completed the concept development work on Yakaar-Teranga in Senegal and are progressing Tiberius in the US Gulf of Mexico towards final investment decision, providing high-quality investment opportunities beyond 2024.
As production ramps up and capital expenditures are expected to fall, we remain committed to delivering free cash flow within a disciplined capital framework, to further enhance the financial resilience of the company, after which we will consider shareholder returns."
FINANCIAL UPDATE
Net capital expenditure for the second quarter of 2024 was $215 million, below our guidance range primarily due to the timing of capital expenditures accruals related to GTA in Mauritania and Senegal, which we now expect will be recognized in the third quarter. With the completion of the Ghana infill drilling program and the startup of Winterfell, capital expenditures in the second half of the year are expected to be materially lower than the first half. As previously guided, with the resumption of the drilling campaign in Equatorial Guinea, full year capital expenditure is expected to be around $750 million.
Kosmos exited the second quarter of 2024 with approximately $2.7 billion of total long-term debt and approximately $2.5 billion of net debt(1) and available liquidity of approximately $793 million.
The Company generated net cash provided by operating activities of approximately $224 million and free cash flow(1) of approximately $(15) million in the second quarter.
OPERATIONAL UPDATE
Production
Total net production(2) in the second quarter of 2024 averaged approximately 62,100 boepd, within guidance range, representing a ~7% increase compared to the second quarter of 2023. This growth largely reflects higher production in Ghana following completion of the infill drilling campaign offset by lower production in the US Gulf of Mexico due to planned downtime and a delay to startup of the Winterfell project. The Company exited the quarter in a net overlift position of approximately 0.1 million barrels.
Ghana
Production in Ghana averaged approximately 41,900 boepd net in the second quarter of 2024. Kosmos lifted four cargos from Ghana during the quarter, in line with guidance.
At Jubilee (38.6% working interest), oil production in the second quarter averaged approximately 87,300 bopd gross with one producer well brought online in April and one water injector well brought online in June. As the operator in Ghana recently communicated, the ramp up in production at Jubilee has been slower than expected, primarily as a result of one producer well (J-69) under performing expectations and a temporary reduction in water injection. Voidage replacement during the second quarter was approximately 80% (compared to the 100% target). The Jubilee FPSO reliability remains high with uptime approximately 99% for the second quarter.
Following the completion of the water injector well in June, the three-year drilling campaign has concluded. The partnership now plans to conduct a new 4D seismic survey in early 2025. This survey, using enhanced seismic technology, will support the partnership in high grading the optimal drilling locations for the planned 2025/2026 drilling campaign.
In the second quarter, Jubilee gas production net to Kosmos was approximately 6,200 boepd. The onshore gas plant that receives Jubilee gas was originally expected to be offline for approximately two weeks for planned routine maintenance during the second quarter. This is now expected in the third quarter, with the impact included in third quarter guidance. Following the J-69 well underperformance, we now expect Jubilee production for the full year to be around 90,000 bopd gross. Longer-term, with enhanced 4D seismic imaging and a material 2P reserve base remaining, we remain confident of the field's production potential through the end of the decade.
At TEN (20.4% working interest), production averaged approximately 19,300 bopd gross for the second quarter, slightly above expectations. Uptime on the TEN FPSO was approximately 99% for the second quarter.
U.S. Gulf of Mexico
Production in the U.S. Gulf of Mexico averaged approximately 11,700 boepd net (~83% oil) during the second quarter.
The first two wells at Winterfell (25% working interest) were drilled and completed by April with startup occurring in early July, later than planned impacting production in the quarter. The third development well was successfully drilled in the second quarter, encountering approximately 50 feet of net oil pay, in line with expectations. First production from this well is expected by the end of this quarter. Gross production from the first phase of Winterfell is expected to be around 20,000 boepd when the initial three wells are online.
Enhanced imaging from recent ocean bottom node (OBN) seismic, calibrated with data from the first three Winterfell wells, gives Kosmos increased confidence in the recovery of approximately 100 million boe gross in the first phase of the project (5 wells in total) and greater visibility to additional upside potential in adjacent prospectivity.
The Company's production enhancement activities for 2024 concluded in July, with the completion of the Kodiak-3 well workover and startup of the Odd Job subsea pump project, both operated by Kosmos. Current production in the US Gulf of Mexico has increased to approximately 20,000 boepd, a 40% increase over the first quarter of the year.
The Tiberius project, (50% working interest and operator) continues to progress as a phased development, with final investment decision expected later this year. Long lead items and a drilling rig have been secured to manage the development timeline and project costs. 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.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 24,200 bopd gross and 8,500 bopd net in the second quarter. Kosmos lifted 0.5 cargos from Equatorial Guinea during the quarter, in line with guidance.
As previously announced, the Noble Venturer rig was contracted to resume the infill and ILX drilling campaign and arrived on location in July. The rig has successfully completed drilling the first infill well in Block G with positive initial results. Post completion, we plan to drill the second infill well. Both wells are expected online in the fourth quarter, after which the rig is contracted to drill the Akeng Deep ILX prospect in Block S, with results expected around the end of the year.
Mauritania and Senegal
The Greater Tortue Ahmeyim liquefied natural gas (LNG) project continues to make good progress. The following milestones have been achieved:
- Drilling: The first batch of four wells has been completed with expected production capacity significantly higher than what is required for first gas.
- Hub Terminal: The Hub Terminal has been handed over to operations.
- Subsea: The subsea workscope is progressing in line with expectations with final connection work ongoing. Mechanical completion for first gas is expected this month.
- FPSO: The vessel arrived on location offshore Mauritania and Senegal during the second quarter of 2024 with mooring now complete. All risers were installed in June and commissioning of the FPSO is ongoing with handover to operations targeted in September with first gas expected shortly thereafter.
- FLNG: The vessel arrived on location offshore Mauritania and Senegal during the first quarter of 2024 and is now moored to the Hub Terminal. The partnership is working with the vessel operator to advance commissioning work and plans to bring in a pre-commissioning cargo to accelerate the cool down of the vessel later this month. First LNG is expected in the fourth quarter of 2024.
On Yakaar-Teranga in Senegal, Kosmos has completed the concept development work, which supports a cost competitive LNG/domestic gas project. Work will now transition towards finalizing the partnership to support advancement of the project.
- A Non-GAAP measure, see attached reconciliation of non-GAAP measure.
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss second quarter 2024 financial and operating results today, August 5, 2024, 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.
Non-GAAP Financial Measures
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Kosmos Energy Ltd.
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenues and other income: | ||||
| Oil and gas revenue | $ 450,900 | $ 273,255 | $ 870,003 | $ 667,495 |
| Other income, net | 36 | 60 | 72 | (313) |
| Total revenues and other income | 450,936 | 273,315 | 870,075 | 667,182 |
| Costs and expenses: | ||||
| Oil and gas production | 150,733 | 63,579 | 244,351 | 147,515 |
| Exploration expenses | 13,235 | 11,015 | 25,295 | 23,015 |
| General and administrative | 25,161 | 23,444 | 53,426 | 52,611 |
| Depletion, depreciation and amortization | 90,094 | 89,913 | 191,022 | 199,287 |
| Interest and other financing costs, net | 37,279 | 24,371 | 53,727 | 48,939 |
| Derivatives, net | (2,852) | 3,031 | 20,970 | (3,809) |
| Other expenses, net | 2,162 | 4,779 | 4,191 | 6,809 |
| Total costs and expenses | 315,812 | 220,132 | 592,982 | 474,367 |
| Income before income taxes | 135,124 | 53,183 | 277,093 | 192,815 |
| Income tax expense | 75,354 | 29,838 | 125,637 | 86,161 |
| Net income | $ 59,770 | $ 23,345 | $ 151,456 | $ 106,654 |
| Net income per share: | ||||
| Basic | $ 0.13 | $ 0.05 | $ 0.32 | $ 0.23 |
| Diluted | $ 0.12 | $ 0.05 | $ 0.32 | $ 0.22 |
Weighted average number of shares used to compute net income per share:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Basic | 471,599 | 459,984 | 469,821 | 459,155 |
| Diluted | 480,172 | 479,016 | 479,824 | 478,902 |
Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 173,813 | $ 95,345 |
| Receivables, net | 113,124 | 120,733 |
| Other current assets | 190,694 | 206,635 |
| Total current assets | 477,631 | 422,713 |
| Property and equipment, net | 4,558,313 | 4,160,229 |
| Other non-current assets | 353,366 | 355,192 |
| Total assets | $ 5,389,310 | $ 4,938,134 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $ 345,258 | $ 248,912 |
| Accrued liabilities | 302,903 | 302,815 |
| Other current liabilities | 6,710 | 3,103 |
| Total current liabilities | 654,871 | 554,830 |
| Long-term liabilities: | ||
| Long-term debt, net | 2,595,296 | 2,390,914 |
| Deferred tax liabilities | 370,840 | 363,918 |
| Other non-current liabilities | 626,412 | 596,135 |
| Total long-term liabilities | 3,592,548 | 3,350,967 |
| Total stockholders' equity | 1,141,891 | 1,032,337 |
| Total liabilities and stockholders' equity | $ 5,389,310 | $ 4,938,134 |
Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Operating activities: | ||||
| Net income | $ 59,770 | $ 23,345 | $ 151,456 | $ 106,654 |
Adjustments to reconcile net income to net cash provided by operating activities:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Depletion, depreciation and amortization (including deferred financing costs) | 92,350 | 92,443 | 195,677 | 204,368 |
| Deferred income taxes | 12,515 | (997) | 5,199 | (9,029) |
| Unsuccessful well costs and leasehold impairments | 2,219 | 9 | 2,685 | 1,313 |
| Change in fair value of derivatives | (5,904) | 2,118 | 21,106 | (220) |
| Cash settlements on derivatives, net(1) | (1,172) | 725 | (7,366) | (10,632) |
| Equity-based compensation | 10,487 | 11,105 | 17,815 | 21,198 |
| Debt modifications and extinguishments | 22,531 | - | 22,531 | - |
| Other | (6,280) | 799 | (11,988) | (1,474) |
| Changes in assets and liabilities: | ||||
| Net changes in working capital | 37,141 | (111,437) | 99,105 | (90,215) |
| Net cash provided by operating activities | 223,657 | 18,110 | 496,220 | 221,963 |
| Investing activities | ||||
| Oil and gas assets | (238,171) | (193,182) | (552,993) | (416,867) |
| Notes receivable from partners | (47) | (17,624) | (2,575) | (33,295) |
| Net cash used in investing activities | (238,218) | (210,806) | (555,568) | (450,162) |
| Financing activities: | ||||
| Borrowings under long-term debt | - | 150,000 | 175,000 | 150,000 |
| Payments on long-term debt | (50,000) | - | (350,000) | (7,500) |
| Net proceeds from issuance of senior notes | - | - | 390,430 | - |
| Purchase of capped call transactions | - | - | (49,800) | - |
| Dividends | - | (1) | - | (166) |
| Other financing costs | (19,234) | (1) | (30,925) | (11,811) |
| Net cash provided by (used in) financing activities | (69,234) | 149,998 | 134,705 | 130,523 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (83,795) | (42,698) | 75,357 | (97,676) |
| Cash, cash equivalents and restricted cash at beginning of period | 257,913 | 131,843 | 98,761 | 186,821 |
| Cash, cash equivalents and restricted cash at end of period | $ 174,118 | $ 89,145 | $ 174,118 | $ 89,145 |
- Cash settlements on commodity hedges were $(4.5) million and $(4.0) million for the three months ended June 30, 2024 and 2023, respectively, and $(7.4) million and $(8.2) million for the six months ended June 30, 2024 and 2023, respectively.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
| Three Months Ended | Six months ended | Twelve Months Ended | |||
|---|---|---|---|---|---|
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | June 30, 2024 | |
| Net income | $ 59,770 | $ 23,345 | $ 151,456 | $ 106,654 | $ 258,322 |
| Exploration expenses | 13,235 | 11,015 | 25,295 | 23,015 | 44,558 |
| Depletion, depreciation and amortization | 90,094 | 89,913 | 191,022 | 199,287 | 436,662 |
| Impairment of long-lived assets | - | - | - | - | 222,278 |
| Equity-based compensation | 10,487 | 11,105 | 17,815 | 21,198 | 39,310 |
| Derivatives, net | (2,852) | 3,031 | 20,970 | (3,809) | 35,907 |
| Cash settlements on commodity derivatives | (4,489) | (4,030) | (7,423) | (8,213) | (15,658) |
| Other expenses, net(1) | 2,162 | 4,779 | 4,191 | 6,809 | 21,038 |
| Interest and other financing costs, net | 37,279 | 24,371 | 53,727 | 48,939 | 100,692 |
| Income tax expense | 75,354 | 29,838 | 125,637 | 86,161 | 197,691 |
| EBITDAX | $ 281,040 | $ 193,367 | $ 582,690 | $ 480,041 | $ 1,340,800 |
The following table presents our net debt as of June 30, 2024 and December 31, 2023:
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Total long-term debt | $ 2,650,000 | $ 2,425,000 |
| Cash and cash equivalents | 173,813 | 95,345 |
| Total restricted cash | 305 | 3,416 |
| Net debt | $ 2,475,882 | $ 2,326,239 |
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $ 59,770 | $ 23,345 | $ 151,456 | $ 106,654 |
| Derivatives, net | (2,852) | 3,031 | 20,970 | (3,809) |
| Cash settlements on commodity derivatives | (4,489) | (4,030) | (7,423) | (8,213) |
| Other, net(2) | 2,130 | 4,838 | 3,927 | 6,737 |
| Debt modifications and extinguishments | 22,531 | - | 22,531 | - |
| Total selected items before tax | 17,320 | 3,839 | 40,005 | (5,285) |
| Income tax (expense) benefit on adjustments(1) | 3,392 | 277 | (3,917) | 3,785 |
| Impact of valuation adjustments and other tax items | - | - | (7,963) | - |
| Adjusted net income | $ 80,482 | 27,461 | 179,581 | 105,154 |
| Net income per diluted share | $ 0.12 | $ 0.05 | $ 0.32 | $ 0.22 |
| Derivatives, net | (0.01) | 0.01 | 0.04 | (0.01) |
| Cash settlements on commodity derivatives | (0.01) | (0.01) | (0.02) | (0.02) |
| Other, net(2) | - | 0.01 | 0.01 | 0.01 |
| Debt modifications and extinguishments | 0.05 | - | 0.05 | - |
| Total selected items before tax | 0.03 | 0.01 | 0.08 | (0.02) |
| Income tax (expense) benefit on adjustments(1) | 0.02 | - | (0.01) | 0.02 |
| Impact of valuation adjustments and other tax items | - | - | (0.02) | - |
| Adjusted net income per diluted share | $ 0.17 | $ 0.06 | $ 0.37 | $ 0.22 |
| Weighted average number of diluted shares | 480,172 | 479,016 | 479,824 | 478,902 |
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Reconciliation of free cash flow: | ||||
| Net cash provided by operating activities | $ 223,657 | $ 18,110 | $ 496,220 | $ 221,963 |
| Net cash used for oil and gas assets - base business | (120,525) | (117,772) | (275,385) | (214,946) |
| Base business free cash flow | 103,132 | (99,662) | 220,835 | 7,017 |
| Net cash used for oil and gas assets - Mauritania/Senegal | (117,646) | (75,410) | (277,608) | (201,921) |
| Free cash flow | $ (14,514) | $ (175,072) | $ (56,773) | $ (194,904) |
Kosmos Energy Ltd.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net Volume Sold | ||||
| Oil (MMBbl) | 5.210 | 3.547 | 10.099 | 8.492 |
| Gas (MMcf) | 4.101 | 2.774 | 8.437 | 5.535 |
| NGL (MMBbl) | 0.060 | 0.107 | 0.148 | 0.203 |
| Total (MMBoe) | 5.954 | 4.116 | 11.653 | 9.618 |
| Total (Mboepd) | 65.423 | 45.234 | 64.028 | 53.135 |
| Revenue | ||||
| Oil sales | $ 435,100 | $ 267,149 | $ 837,217 | $ 655,248 |
| Gas sales | 14,494 | 3,568 | 29,632 | 7,434 |
| NGL sales | 1,306 | 2,538 | 3,154 | 4,813 |
| Total oil and gas revenue | 450,900 | 273,255 | 870,003 | 667,495 |
| Cash settlements on commodity derivatives | (4,489) | (4,030) | (7,423) | (8,213) |
| Realized revenue | $ 446,411 | $ 269,225 | $ 862,580 | $ 659,282 |
| Oil and Gas Production Costs | $ 150,733 | $ 63,579 | $ 244,351 | $ 147,515 |
| Sales per Bbl/Mcf/Boe | ||||
| Average oil sales price per Bbl | $ 83.51 | $ 75.32 | $ 82.90 | $ 77.16 |
| Average gas sales price per Mcf | 3.53 | 1.29 | 3.51 | 1.34 |
| Average NGL sales price per Bbl | 21.77 | 23.72 | 21.31 | 23.71 |
| Average total sales price per Boe | 75.73 | 66.38 | 74.66 | 69.40 |
| Cash settlements on commodity derivatives per Boe | (0.75) | (0.98) | (0.64) | (0.85) |
| Realized revenue per Boe | 74.98 | 65.40 | 74.02 | 68.55 |
| Oil and gas production costs per Boe | $ 25.31 | $ 15.45 | $ 20.97 | $ 15.34 |
Kosmos was overlifted by approximately 0.1 million barrels as of June 30, 2024.
Kosmos Energy Ltd.
Hedging Summary
As of June 30, 2024(1)
(Unaudited)
Weighted Average Price per Bbl
| Index | MBbl | Floor(2) | Sold Put | Ceiling | |
|---|---|---|---|---|---|
| 2024: | |||||
| Three-way collars | Dated Brent | 4,000 | $ 70.00 | $ 45.00 | $ 93.12 |
| Two-way collars | Dated Brent | 1,000 | 70.00 | - | 100.00 |
| 1H 2025: | |||||
| Two-way collars | Dated Brent | 2,000 | 70.00 | - | 95.00 |
- Please see the Company's filed 10-Q for additional disclosure on hedging material. Includes hedging position as of June 30, 2024 and hedges put in place through filing date.
- "Floor" represents floor price for collars and strike price for purchased puts.
2024 Guidance
| 3Q 2024 | FY 2024 Guidance | |
| Production(1,2) | 65,000 - 69,000 boe per day | 67,000 - 71,000 boe per day |
| Opex(3) | $17.50 - $19.50 per boe | $16.50 - $18.50 per boe |
| DD&A | $19.50 - $21.50 per boe | $18.00 - $20.00 per boe |
| G&A(~60% cash) | $25 - $30 million | $100 - $120 million |
| Exploration Expense(4) | $10 - $15 million | $40 - $60 million |
| Net Interest Expense(5) | $25 - $30 million | ~$140 million |
| Tax | $9.00 - $11.00 per boe | $10.00 - $12.00 per boe |
| Capital Expenditure | $175 - $200 million | ~$750 million |
Note: Ghana / Equatorial Guinea revenue calculated by number of cargos.
- 3Q 2024 cargo forecast - Ghana: 3 cargos / Equatorial Guinea 1 cargo. FY 2024 Ghana: 13 cargos / Equatorial Guinea 3.5 cargos. Average cargo sizes 950,000 barrels of oil.
- U.S. Gulf of Mexico Production: 3Q 2024 forecast 15,500-16,500 boe per day; includes assumed downtime for weather. FY 2024: 15,500-17,000 boe per day. Oil/Gas/NGL split for 2024: ~83%/~11%/~6%.
- FY 2024 opex excludes operating costs associated with GTA, which are expected to total approximately $115 - $130 million ($50 - $70 million in 3Q 2024)
- Excludes leasehold impairments and dry hole costs
- Includes impact of capitalized interest; ~$35 million related to GTA in 3Q 2024
Source: Kosmos Energy Ltd.
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