3rd Quarter Results
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your KOS notes
DALLAS - November 4, 2024 - Kosmos Energy Ltd. ("Kosmos" or the "Company") (NYSE/LSE: KOS) announced today its financial and operating results for the third quarter of 2024. For the quarter, the Company generated a net income of $45 million, or $0.09 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net income(1) of $38 million, or $0.08 per diluted share for the third quarter of 2024.
THIRD QUARTER 2024 HIGHLIGHTS
- Net Production(2): ~65,400 barrels of oil equivalent per day (boepd), with sales of ~63,200 boepd
- Revenues: $408 million, or $70.18 per boe (excluding the impact of derivative cash settlements)
- Production expense: $133 million ($16.14 per boe excluding $39.7 million of production expenses associated with the Greater Tortue Ahmeyim (GTA) project)
- Capital expenditures: $210 million
- Successfully issued $500 million of new Senior Notes due 2031, with proceeds refinancing near-term bond maturities
- In the US Gulf of Mexico, achieved first oil at Winterfell, successfully completed the operated Kodiak-3 workover and the startup of the Odd Job subsea pump
- Post quarter end, in Equatorial Guinea startup of the first infill well, with gross production now around 30,000 barrels of oil per day (bopd)
Commenting on the Company's third quarter 2024 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: "We continue to make good progress across the portfolio towards our production goal of ~90,000 boepd around the end of the year. As production rises and projects are completed, we plan to significantly reduce capital expenditure.
Looking ahead to 2025, we are prioritizing cash generation from the business through disciplined capital allocation, and expect to use cash generated to de-lever the balance sheet. As a result, we are reducing our previously communicated 2025 capex guidance from ~$550 million to ~$400 million. With the actions taken this year to strengthen the balance sheet, we are well positioned entering 2025 to enhance shareholder value and further improve the financial resilience of the company."
FINANCIAL UPDATE
In September, Kosmos successfully issued $500 million of new senior notes due 2031 at 8.75%. Alongside the new issue, Kosmos completed a series of tender offers to repurchase approximately $500 million of its outstanding senior notes across multiple maturities. Following these transactions, the company has paid down the majority of its senior notes due 2026 and also reduced the quantum of the senior notes due 2027 and 2028, thereby reducing all near-term debt maturities.
In September 2024, we added two new lenders to the Reserve Based Lending Facility (RBL) syndicate, increasing total commitments by approximately $145.0 million to the full facility size and borrowing base capacity of $1.35 billion. Post quarter-end, we cancelled the undrawn Revolving Credit Facility (RCF) ahead of schedule.
Kosmos exited the third quarter of 2024 with approximately $2.8 billion of total long-term debt and approximately $2.7 billion of net debt(1) and available liquidity of approximately $715 million.
Net capital expenditure for the third quarter of 2024 was $210 million, slightly above guidance primarily due to higher costs associated with the infill drilling program in Equatorial Guinea. With the completion of the Ghana infill drilling program earlier this year, delivery of multiple Gulf of Mexico projects during the third quarter, and startup of GTA expected this quarter, capital expenditures in the fourth quarter are expected to step down to around $100 million, a steep reduction from previous quarters.
For 2025, the Company is focused on maximizing cash generation through disciplined capital allocation. As a result, the Company expects total capital expenditure for 2025, to be approximately ~$400 million, lower than the previous guidance of ~$550 million, largely from a reduction in growth capital.
The Company generated net cash provided by operating activities of approximately $6 million and free cash flow(1) of approximately $(213) million in the third quarter. Free cash flow in the quarter was negatively impacted by the timing of working capital, largely related to completion payments associated with projects delivered across the portfolio.
OPERATIONAL UPDATE
Production
Total net production(2) in the third quarter of 2024 averaged approximately 65,400 boepd, representing a ~5% increase compared to the prior quarter. This growth reflects higher production in the US Gulf of Mexico due to the startup of the first two Winterfell wells and production enhancement projects at the operated Kodiak and Odd Job fields. The Company exited the quarter in a net underlift position of approximately 0.1 million barrels.
Ghana
Production in Ghana averaged approximately 40,500 boepd net in the third quarter of 2024. Kosmos lifted three cargos from Ghana during the quarter, in line with guidance.
At Jubilee (38.6% working interest), oil production in the third quarter averaged approximately 87,600 bopd gross with year-to-date production averaging approximately 89,300 bopd gross. Voidage replacement during the third quarter was approximately 90%, below target as a result of lower than planned power generation uptime. Water injection has been restored to record levels of around 300,000 barrels of water per day and should enhance voidage replacement. Jubilee FPSO reliability remains high with uptime approximately 99% for the third quarter.
The three year drilling campaign in Ghana concluded in June following the completion of a final water injector well. The partnership has contracted a new 4D seismic survey over the Jubilee field in early 2025, which is expected to take approximately two months. This seismic data will be processed with state of the art technology to support the high grading of drilling locations for the next phases of drilling. Kosmos is currently working with the operator in Ghana to optimize the 2025 drilling schedule with a rig targeted to arrive in country around the middle of the year.
In the third quarter, Jubilee gas production net to Kosmos was approximately 4,700 boepd. As previously communicated, the onshore gas processing plant that receives Jubilee gas was offline for approximately two weeks for planned maintenance during the quarter. Gas production is now back at approximately 6,000 boepd net to Kosmos.
At TEN (20.4% working interest), oil production averaged approximately 18,500 bopd gross for the third quarter, slightly above expectations. Uptime on the TEN FPSO was approximately 99% for the third quarter.
U.S. Gulf of Mexico
Production in the U.S. Gulf of Mexico averaged approximately 16,900 boepd net (~84% oil) during the third quarter, ahead of expectations.
The first two wells at Winterfell (25% working interest) were brought online in early July with the third development well online in early October, successfully confirming the extension of the main Winterfell reservoir to the south and ~20,000 boepd gross production capacity from the first three wells. Shortly after startup of the third well, production at the field was curtailed due to sand production from the third well seen at the production facility. We are currently working with the operator to restart production from the first two wells (~13,000 boepd gross) and to evaluate options to remediate the third well.
Kosmos-operated production enhancement projects for 2024 concluded in July, with the successful completion of the Kodiak-3 well workover and startup of the Odd Job subsea pump project, both outperforming forecasts.
Current production in the U.S. Gulf of Mexico has increased to approximately 20,000 boepd, in line with expectations, and ~50% higher than the first half of the year.
On Tiberius, Kosmos (50% working interest and operator) and Occidental (50% working interest) have agreed to defer project sanction to the second half of 2025 to prioritize cash generation in 2025. Kosmos continues to progress the farm down of the field with good levels of interest. Estimated gross resource at Tiberius is approximately 100 million boe.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 22,900 bopd gross and 8,000 bopd net in the third quarter. Kosmos lifted one cargo from Equatorial Guinea during the quarter, in line with guidance.
The Noble Venturer rig arrived on location in July and resumed the two well infill campaign to be followed by drilling the Akeng Deep ILX prospect. Early in the fourth quarter, the rig successfully completed the first infill well at Ceiba and achieved first oil in mid-October, approximately two months later than originally planned. Drilling activity has commenced on the second infill well which is expected online later this month. Following completion of the infill campaign, the rig is contracted to drill the Kosmos-operated 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 is required for first gas.
- Hub Terminal: The Hub Terminal has been handed over to operations.
- Subsea: The subsea workscope for first gas is mechanically complete.
- FPSO: Ready for startup shortly with first gas expected thereafter.
- FLNG: Cool down and commissioning of the FLNG vessel has commenced with first LNG expected around the end of the fourth quarter of 2024.
- 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 third quarter 2024 financial and operating results today, November 4, 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
###
Kosmos Energy Ltd.
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenues and other income: | ||||
| Oil and gas revenue | $ 407,794 | $ 526,348 | $ 1,277,797 | $ 1,193,843 |
| Other income, net | 37 | 198 | 109 | (115) |
| Total revenues and other income | 407,831 | 526,546 | 1,277,906 | 1,193,728 |
| Costs and expenses: | ||||
| Oil and gas production | 133,471 | 138,782 | 377,822 | 286,297 |
| Exploration expenses | 14,697 | 10,290 | 39,992 | 33,305 |
| General and administrative | 23,298 | 25,120 | 76,724 | 77,731 |
| Depletion, depreciation and amortization | 120,728 | 132,347 | 311,750 | 331,634 |
| Interest and other financing costs, net | 22,112 | 25,440 | 75,839 | 74,379 |
| Derivatives, net | (15,254) | 45,971 | 5,716 | 42,162 |
| Other expenses, net | 2,227 | 11,055 | 6,418 | 17,864 |
| Total costs and expenses | 301,279 | 389,005 | 894,261 | 863,372 |
| Income before income taxes | 106,552 | 137,541 | 383,645 | 330,356 |
| Income tax expense | 61,578 | 52,356 | 187,215 | 138,517 |
| Net income | $ 44,974 | $ 85,185 | $ 196,430 | $ 191,839 |
| Net income per share: | ||||
| Basic | $ 0.10 | $ 0.19 | $ 0.42 | $ 0.42 |
| Diluted | $ 0.09 | $ 0.18 | $ 0.41 | $ 0.40 |
Weighted average number of shares used to compute net income per share:
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Basic | 471,816 | 460,108 | 470,491 | 459,477 |
| Diluted | 479,190 | 481,099 | 478,701 | 479,738 |
Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 51,581 | $ 95,345 |
| Receivables, net | 161,967 | 120,733 |
| Other current assets | 207,540 | 206,635 |
| Total current assets | 421,088 | 422,713 |
| Property and equipment, net | 4,694,435 | 4,160,229 |
| Other non-current assets | 355,423 | 355,192 |
| Total assets | $ 5,470,946 | $ 4,938,134 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $ 284,954 | $ 248,912 |
| Accrued liabilities | 277,752 | 302,815 |
| Other current liabilities | 527 | 3,103 |
| Total current liabilities | 563,233 | 554,830 |
| Long-term liabilities: | ||
| Long-term debt, net | 2,691,912 | 2,390,914 |
| Deferred tax liabilities | 376,885 | 363,918 |
| Other non-current liabilities | 642,016 | 596,135 |
| Total long-term liabilities | 3,710,813 | 3,350,967 |
| Total stockholders' equity | 1,196,900 | 1,032,337 |
| Total liabilities and stockholders' equity | $ 5,470,946 | $ 4,938,134 |
Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Operating activities: | ||||
| Net income | $ 44,974 | $ 85,185 | $ 196,430 | $ 191,839 |
Adjustments to reconcile net income to net cash provided by operating activities:
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Depletion, depreciation and amortization (including deferred financing costs) | 122,887 | 134,809 | 318,564 | 339,177 |
| Deferred income taxes | 6,081 | (28,452) | 11,280 | (37,481) |
| Unsuccessful well costs and leasehold impairments | 1,187 | 931 | 3,872 | 2,244 |
| Change in fair value of derivatives | (9,298) | 52,687 | 11,808 | 52,467 |
| Cash settlements on derivatives, net(1) | (7,388) | (10,846) | (14,754) | (21,478) |
| Equity-based compensation | 10,034 | 10,580 | 27,849 | 31,778 |
| Debt modifications and extinguishments | 2,263 | 1,503 | 24,794 | 1,503 |
| Other | (138) | 4,021 | (12,126) | 2,547 |
| Changes in assets and liabilities: | ||||
| Net changes in working capital | (164,320) | (987) | (65,215) | (91,202) |
| Net cash provided by operating activities | 6,282 | 249,431 | 502,502 | 471,394 |
| Investing activities | ||||
| Oil and gas assets | (219,245) | (195,047) | (772,238) | (611,914) |
| Notes receivable from partners | - | (13,337) | (2,575) | (46,632) |
| Net cash used in investing activities | (219,245) | (208,384) | (774,813) | (658,546) |
| Financing activities: | ||||
| Borrowings under long-term debt | 100,000 | 150,000 | 275,000 | 300,000 |
| Payments on long-term debt | - | (137,500) | (350,000) | (145,000) |
| Net proceeds from issuance of senior notes | 494,855 | - | 885,285 | - |
| Purchase of capped call transactions | - | - | (49,800) | - |
| Repurchase of senior notes | (499,515) | - | (499,515) | - |
| Net proceeds from issuance of common stock | - | - | - | - |
| Dividends | - | - | - | (166) |
| Other financing costs | (4,609) | (534) | (35,534) | (12,345) |
| Net cash provided by financing activities | 90,731 | 11,966 | 225,436 | 142,489 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (122,232) | 53,013 | (46,875) | (44,663) |
| Cash, cash equivalents and restricted cash at beginning of period | 174,118 | 89,145 | 98,761 | 186,821 |
| Cash, cash equivalents and restricted cash at end of period | $ 51,886 | $ 142,158 | $ 51,886 | $ 142,158 |
- Cash settlements on commodity hedges were $(2.5) million and $(4.1) million for the three months ended September 30, 2024 and 2023, respectively, and $(10.0) million and $(12.3) million for the nine months ended September 30, 2024 and 2023, respectively.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
| Three Months Ended | Nine months ended | Twelve Months Ended | |||
|---|---|---|---|---|---|
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | September 30, 2024 | |
| Net income | $ 44,974 | $ 85,185 | $ 196,430 | $ 191,839 | $ 218,111 |
| Exploration expenses | 14,697 | 10,290 | 39,992 | 33,305 | 48,965 |
| Depletion, depreciation and amortization | 120,728 | 132,347 | 311,750 | 331,634 | 425,043 |
| Impairment of long-lived assets | - | - | - | - | 222,278 |
| Equity-based compensation | 10,034 | 10,580 | 27,849 | 31,778 | 38,764 |
| Derivatives, net | (15,254) | 45,971 | 5,716 | 42,162 | (25,318) |
| Cash settlements on commodity derivatives | (2,532) | (4,130) | (9,956) | (12,343) | (14,061) |
| Other expenses, net(1) | 2,227 | 11,055 | 6,418 | 17,864 | 12,210 |
| Interest and other financing costs, net | 22,112 | 25,440 | 75,839 | 74,379 | 97,364 |
| Income tax expense | 61,578 | 52,356 | 187,215 | 138,517 | 206,913 |
| EBITDAX | $ 258,564 | $ 369,094 | $ 841,253 | $ 849,135 | $ 1,230,269 |
The following table presents our net debt as of September 30, 2024 and December 31, 2023:
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Total long-term debt | $ 2,750,274 | $ 2,425,000 |
| Cash and cash equivalents | 51,581 | 95,345 |
| Total restricted cash | 305 | 3,416 |
| Net debt | $ 2,698,388 | $ 2,326,239 |
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $ 44,974 | $ 85,185 | $ 196,430 | $ 191,839 |
| Derivatives, net | (15,254) | 45,971 | 5,716 | 42,162 |
| Cash settlements on commodity derivatives | (2,532) | (4,130) | (9,956) | (12,343) |
| Other, net(2) | 1,965 | 11,117 | 5,892 | 17,854 |
| Debt modifications and extinguishments | 2,263 | 1,503 | 24,794 | 1,503 |
| Total selected items before tax | (13,558) | 54,461 | 26,446 | 49,176 |
| Income tax (expense) benefit on adjustments(1) | 6,186 | (13,630) | 2,269 | (9,845) |
| Impact of valuation adjustments and other tax items | - | - | (7,963) | - |
| Adjusted net income | $ 37,602 | 126,016 | 217,182 | 231,170 |
| Net income per diluted share | $ 0.09 | $ 0.18 | $ 0.41 | $ 0.40 |
| Derivatives, net | (0.03) | 0.10 | 0.01 | 0.09 |
| Cash settlements on commodity derivatives | - | (0.01) | (0.01) | (0.03) |
| Other, net(2) | - | 0.02 | 0.01 | 0.04 |
| Debt modifications and extinguishments | - | - | 0.05 | - |
| Total selected items before tax | (0.03) | 0.11 | 0.06 | 0.10 |
| Income tax (expense) benefit on adjustments(1) | 0.02 | (0.03) | - | (0.02) |
| Impact of valuation adjustments and other tax items | - | - | (0.02) | - |
| Adjusted net income per diluted share | $ 0.08 | $ 0.26 | $ 0.45 | $ 0.48 |
| Weighted average number of diluted shares | 479,190 | 481,099 | 478,701 | 479,738 |
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Reconciliation of free cash flow: | ||||
| Net cash provided by operating activities | $ 6,282 | $ 249,431 | $ 502,502 | $ 471,394 |
| Net cash used for oil and gas assets - base business | (108,441) | (122,542) | (383,826) | (337,488) |
| Base business free cash flow | (102,159) | 126,889 | 118,676 | 133,906 |
| Net cash used for oil and gas assets - Mauritania/Senegal | (110,804) | (72,505) | (388,412) | (274,426) |
| Free cash flow | $ (212,963) | $ 54,384 | $ (269,736) | $ (140,520) |
Kosmos Energy Ltd.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net Volume Sold | ||||
| Oil (MMBbl) | 5.135 | 5.956 | 15.234 | 14.448 |
| Gas (MMcf) | 3.554 | 4.046 | 11.991 | 9.582 |
| NGL (MMBbl) | 0.084 | 0.097 | 0.232 | 0.299 |
| Total (MMBoe) | 5.811 | 6.727 | 17.465 | 16.344 |
| Total (Mboepd) | 63.167 | 73.123 | 63.739 | 59.868 |
| Revenue | ||||
| Oil sales | $ 393,555 | $ 511,735 | $ 1,230,772 | $ 1,166,983 |
| Gas sales | 12,586 | 13,080 | 42,218 | 20,514 |
| NGL sales | 1,653 | 1,533 | 4,807 | 6,346 |
| Total oil and gas revenue | 407,794 | 526,348 | 1,277,797 | 1,193,843 |
| Cash settlements on commodity derivatives | (2,532) | (4,130) | (9,956) | (12,343) |
| Realized revenue | $ 405,262 | $ 522,218 | $ 1,267,841 | $ 1,181,500 |
| Oil and Gas Production Costs | $ 133,471 | $ 138,782 | $ 377,822 | $ 286,297 |
| Sales per Bbl/Mcf/Boe | ||||
| Average oil sales price per Bbl | $ 76.64 | $ 85.92 | $ 80.79 | $ 80.77 |
| Average gas sales price per Mcf | 3.54 | 3.23 | 3.52 | 2.14 |
| Average NGL sales price per Bbl | 19.68 | 15.80 | 20.72 | 21.22 |
| Average total sales price per Boe | 70.18 | 78.24 | 73.16 | 73.04 |
| Cash settlements on commodity derivatives per Boe | (0.44) | (0.61) | (0.57) | (0.76) |
| Realized revenue per Boe | 69.74 | 77.63 | 72.59 | 72.29 |
| Oil and gas production costs per Boe | $ 22.97 | $ 20.63 | $ 21.64 | $ 17.51 |
Kosmos was underlifted by approximately 0.1 million barrels as of September 30, 2024.
Kosmos Energy Ltd.
Hedging Summary
As of September 30, 2024(1)
(Unaudited)
Weighted Average Price per Bbl
| Index | MBbl | Swap | Floor(2) | Ceiling | |
|---|---|---|---|---|---|
| 2024: | |||||
| Three-way collars | Dated Brent | 2,000 | $ - | $ 70.00 | $ 93.12 |
| Two-way collars | Dated Brent | 500 | - | 70.00 | 100.00 |
| 2025: | |||||
| Two-way collars 1H25 (3) | Dated Brent | 2,000 | - | 70.00 | 85.00 |
| Two-way collars FY25 | Dated Brent | 2,000 | - | 70.00 | 85.00 |
| Swaps 1H25 | Dated Brent | 2,000 | 75.48 | - | - |
- Please see the Company's filed 10-Q for additional disclosure on hedging material. Includes hedging position as of September 30, 2024 and hedges put in place through filing date.
- "Floor" represents floor price for collars and strike price for purchased puts.
- We entered into Dated Brent call spread contracts with a purchased price of $95.00 per barrel and a sold price of $85.00 per barrel for 2.0 MMBbl, effectively reducing the ceiling on our 1H25 two-way collars to $85.00 per barrel.
2024 Guidance
| 4Q 2024 | FY 2024 Guidance | |
| Production(1,2) | 70,000 - 74,000 boe per day | ~67,000 boe per day |
| Opex(3) | $17.50 - $19.50 per boe | $16.50 - $18.50 per boe |
| DD&A | $20.50 - $22.50 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) | $30 - $40 million | ~$110 million |
| Tax | $8.00 - $10.00 per boe | $10.00 - $12.00 per boe |
| Capital Expenditure | ~$100 million | ~$800 million |
Note: Ghana / Equatorial Guinea revenue calculated by number of cargos.
- 4Q 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: 4Q 2024 forecast 19,000 - 20,000 boe per day. FY 2024: 15,500-16,500 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 net ($60 - $80 million in 4Q 2024)
- Excludes leasehold impairments and dry hole costs
- Includes impact of capitalized interest; ~$20 million related to GTA in 4Q 2024
Source: Kosmos Energy Ltd.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.