Fourth Quarter Results
Q4 net loss of $7m; full-year profit of $190m; GTA LNG first gas achieved; 2025 capex guidance $400m.
vs expectations: Production below guidance due to lower Jubilee output and timing of project startups
- Q4 2024 net loss $7 million (prior Q4 2023 net income $21.7 million)
- Full year 2024 net income $189.9 million (prior $213.5 million)
- Q4 revenue $398 million (prior $507.8 million)
- Q4 production ~66,800 boepd
- 2P reserves at year-end 2024 ~528 million boe (prior 22-year reserve-to-production ratio)
- 2025 capex guidance $400 million
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DALLAS - February 24, 2025-- Kosmos Energy Ltd. ("Kosmos" or the "Company") (NYSE/LSE: KOS) announced today its financial and operating results for the fourth quarter of 2024. For the quarter, the Company generated a net loss of $7 million, or $0.01 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss(1) of $16 million, or $0.03 per diluted share for the fourth quarter of 2024.
FOURTH QUARTER 2024 HIGHLIGHTS
- Zero lost-time injuries or total recordable injuries in 2024
- Net Production(2): ~66,800 barrels of oil equivalent per day (boepd), with sales of ~65,700 boepd
- Revenues: $398 million, or $65.80 per boe (excluding the impact of derivative cash settlements)
- Production expense: $153 million ($19.39 per boe excluding $35.6 million of production expenses associated with the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project)
- Capital expenditures: $117 million
- Achieved first gas production at the GTA LNG project in December; first LNG production achieved in February 2025
- Secured the Noble Venturer drilling rig for the 2025/2026 Jubilee drilling campaign; commenced a 4D seismic survey over Jubilee and TEN in January 2025
- ~137% 2P reserve replacement ratio with year-end 2024 2P reserves of ~528 million barrels of oil equivalent (mmboe), representing a 22-year reserves-to-production ratio
- Maintained AAA rating with MSCI
Commenting on the Company's 2024 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: "In 2022, we set out a goal to materially grow production from several key projects across our portfolio. 2024 was a year of delivering those projects, with continued 2P reserve growth and production now increasing as the projects ramp up. With the end of this highly capital-intensive period for the company we will now prioritize the generation of free cash flow from our increased production base together with disciplined capital investment. Our forecast 2025 capex budget of $400 million is a reduction of over 50% from recent years.
Operationally, we were pleased to see first gas production at GTA at the end of 2024, followed earlier this month by first LNG production, two significant milestones for the project, its partners and the people of Mauritania and Senegal. The first cargo is currently being prepared for loading. GTA is a world-scale asset in the Kosmos portfolio and with the initial capital intensive phase complete, we can focus on delivering the full potential of the asset with significant room to grow production and cash flow.
In the Gulf of America, we expect production to further increase from the Winterfell 3&4 wells in the coming months and have been pleased by the production optimization projects undertaken during 2024. In Ghana, with the Jubilee 4D seismic and the upcoming infill drilling program, we expect to see production increasing. Jubilee is a world-class oil field and with the appropriate field management, sustained water injection and high facility reliability, the asset is capable of delivering strong production volumes for many years to come."
FINANCIAL UPDATE
The Company generated net cash provided by operating activities of approximately $176 million and free cash flow(1) of approximately $14 million in the fourth quarter.
Kosmos exited the fourth 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 $535 million. The Company has minimal near-term debt maturities with only $250 million in 2026, which it intends to fund from free cash flow.
Net capital expenditure for the fourth quarter of 2024 was $117 million, slightly higher than guidance primarily due to higher startup costs associated with GTA. In 2025 capital expenditure is expected to be $400 million or below, more than 50% lower than the previous year as we prioritize cash generation through disciplined capital allocation. Additionally, as a part of this ongoing rigorous cost management, the Company is targeting a reduction in annual overhead of around $25 million by year-end 2025.
RESERVES UPDATE
At year-end 2024, Kosmos 2P reserves were approximately 530 million boe, representing a reserve replacement ratio of 137% and a 2P reserves-to-production ratio of approximately 22 years, demonstrating the longevity of the portfolio. The positive 2P reserve replacement was largely driven by upward revisions in Mauritania and Senegal. Kosmos 2P reserves do not include any recognition for the Tiberius and Yakaar-Teranga discoveries. Kosmos 1P reserves were approximately 250 million barrels of oil equivalent (boe), representing a 1P reserves to production ratio of around 11 years and a reserve replacement ratio of -11% driven primarily by annual production. Kosmos' year-end reserves on all assets have been independently evaluated by Ryder Scott.
OPERATIONAL UPDATE
Production
Total net production(2) in the fourth quarter of 2024 averaged approximately 66,800 boepd. Production was below guidance primarily due to lower production at Jubilee (flagged by the operator in January) and the timing impact of new project startups. The Company exited the quarter in a net underlift position of approximately 0.2 million barrels. While these projects are close to completing their ramp-up within the next month, first quarter 2025 production is also impacted by planned shut-downs at Jubilee in Ghana and at the Devils Tower facility, which hosts Kodiak field, in the Gulf of America.
Ghana
Production in Ghana averaged approximately 38,600 boepd net in the fourth 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 fourth quarter averaged approximately 80,200 bopd gross with full year production averaging approximately 87,000 bopd gross. Fourth quarter production versus guidance was impacted by insufficient water injection and reliability, primarily related to power generation, and we are working with the operator to address these field management issues. To moderate decline ahead of the upcoming drilling campaign, a combination of high FPSO uptime, improved facility reliability and voidage replacement in excess of 100% are required, consistent with what has been delivered through the first two months of 2025.
The Noble Venturer rig has been contracted to drill two wells in 2025 and is expected to arrive in May. The two wells, one Jubilee producer and one Jubilee injector, are expected online in the third quarter of 2025. The rig will then undergo scheduled maintenance before returning for a planned four-well drilling campaign on Jubilee in 2026.
In the fourth quarter of 2024, Jubilee gas production net to Kosmos was approximately 5,700 boepd in line with expectations.
At TEN (20.4% working interest), oil production averaged approximately 17,800 bopd gross for the fourth quarter.
Gulf of America
Production in the Gulf of America averaged approximately 18,200 boepd net (~83% oil) during the fourth quarter with Winterfell shut in for most of the quarter due to previously communicated Winterfell-3 issues. The Winterfell 1&2 wells were brought back online in late-December. The rig contracted to drill the Winterfell-4 well starting later this quarter is currently being used for remediation of the Winterfell-3 well. Winterfell-3 is expected online later this quarter with Winterfell-4 expected online in the third quarter.
On Tiberius, Kosmos continues to progress the development and expects to complete a farm down of the field around the time of project sanction.
Kosmos has an attractive portfolio of infrastructure-led exploration (ILX) opportunities that we will high-grade through 2025.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 28,500 bopd gross and 10,000 bopd net in the fourth quarter. Kosmos lifted one cargo from Equatorial Guinea during the quarter, in line with guidance. The Noble Venturer rig successfully completed the infill drilling campaign with both wells now online.
The drilling campaign also included drilling of the S-6 "Akeng Deep" ILX prospect in Block S offshore Equatorial Guinea in the fourth quarter of 2024. The well was drilled to a total vertical depth of approximately 13,225 feet (~4030 meters) and encountered sub-commercial quantities of hydrocarbons. Kosmos recorded $28 million of exploration expense related to the well in the fourth quarter and the well has now been plugged and abandoned. Kosmos also wrote off $37.2 million of exploration expense off related to the Asam discovery in Block S offshore Equatorial Guinea which was successfully drilled in 2019, but is now not expected to be developed in the near-term.
Mauritania and Senegal
The GTA LNG project achieved first gas production during the fourth quarter, a significant milestone for the project partners and the governments and people of Mauritania and Senegal, establishing a new LNG production hub in the Atlantic basin.
Post quarter-end, the project achieved first LNG production, another key milestone, which is when Kosmos will now start to recognize entitlement production. The first LNG cargo is expected later this quarter, with an LNG tanker currently standing by the Hub Terminal ready for loading. Loading the first cargo is when the partnership will start to recognize revenue from the project.
In addition, the partnership is working collaboratively to prioritize both the low-cost brownfield expansion of the development to fully utilize the existing infrastructure, and future cost optimization for the first phase of GTA with the near-term focus on the re-financing of the FPSO leaseback arrangement.
- A Non-GAAP measure, see attached reconciliation of non-GAAP measure.
- Production means net entitlement volumes. In Ghana and Equatorial Guinea, this means those volumes net to Kosmos' working interest or participating interest and net of royalty or production sharing contract effect. In the Gulf of America, this means those volumes net to Kosmos' working interest and net of royalty.
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss fourth quarter 2024 financial and operating results today, February 24, 2025, 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 | Years Ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenues and other income: | ||||
| Oil and gas revenue | $ 397,561 | $ 507,765 | $ 1,675,358 | $ 1,701,608 |
| Gain on sale of assets | - | - | - | - |
| Other income, net | 95 | 42 | 204 | (73) |
| Total revenues and other income | 397,656 | 507,807 | 1,675,562 | 1,701,535 |
| Costs and expenses: | ||||
| Oil and gas production | 152,692 | 103,800 | 530,514 | 390,097 |
| Exploration expenses | 79,915 | 8,973 | 119,907 | 42,278 |
| General and administrative | 23,431 | 21,801 | 100,155 | 99,532 |
| Depletion, depreciation and amortization | 145,024 | 113,293 | 456,774 | 444,927 |
| Impairment of long-lived assets | - | 222,278 | - | 222,278 |
| Interest and other financing costs, net | 12,759 | 21,525 | 88,598 | 95,904 |
| Derivatives, net | 6,383 | (31,034) | 12,099 | 11,128 |
| Other expenses, net | 11,285 | 5,792 | 17,703 | 23,656 |
| Total costs and expenses | 431,489 | 466,428 | 1,325,750 | 1,329,800 |
| Income (loss) before income taxes | (33,833) | 41,379 | 349,812 | 371,735 |
| Income tax expense (benefit) | (27,254) | 19,698 | 159,961 | 158,215 |
| Net income (loss) | $ (6,579) | $ 21,681 | $ 189,851 | $ 213,520 |
| Net income (loss) per share: | ||||
| Basic | $ (0.01) | $ 0.05 | $ 0.40 | $ 0.46 |
| Diluted | $ (0.01) | $ 0.04 | $ 0.40 | $ 0.44 |
Weighted average number of shares used to compute net income (loss) per share:
| Three Months Ended | Years Ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Basic | 471,894 | 460,129 | 470,844 | 459,641 |
| Diluted | 471,894 | 483,252 | 476,691 | 481,070 |
Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
| December 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 84,972 | $ 95,345 |
| Receivables, net | 164,959 | 120,733 |
| Other current assets | 196,201 | 206,635 |
| Total current assets | 446,132 | 422,713 |
| Property and equipment, net | 4,444,221 | 4,160,229 |
| Other non-current assets | 418,635 | 355,192 |
| Total assets | $ 5,308,988 | $ 4,938,134 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $ 349,994 | $ 248,912 |
| Accrued liabilities | 244,954 | 302,815 |
| Other current liabilities | - | 3,103 |
| Total current liabilities | 594,948 | 554,830 |
| Long-term liabilities: | ||
| Long-term debt, net | 2,744,712 | 2,390,914 |
| Deferred tax liabilities | 313,433 | 363,918 |
| Other non-current liabilities | 455,471 | 596,135 |
| Total long-term liabilities | 3,513,616 | 3,350,967 |
| Total stockholders' equity | 1,200,424 | 1,032,337 |
| Total liabilities and stockholders' equity | $ 5,308,988 | $ 4,938,134 |
Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
| Three Months Ended | Years Ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Operating activities: | ||||
| Net income (loss) | $ (6,579) | $ 21,681 | $ 189,851 | $ 213,520 |
Adjustments to reconcile net income to net cash provided by operating activities:
| Three Months Ended | Years Ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Depletion, depreciation and amortization (including deferred financing costs) | 146,919 | 115,671 | 465,483 | 454,848 |
| Deferred income taxes | (63,454) | (70,079) | (52,174) | (107,560) |
| Unsuccessful well costs and leasehold impairments | 70,617 | (36) | 74,489 | 2,208 |
| Impairment of long-lived assets | - | 222,278 | - | 222,278 |
| Change in fair value of derivatives | 2,939 | (24,118) | 14,747 | 28,349 |
| Cash settlements on derivatives, net(1) | (4,898) | (10,948) | (19,652) | (32,426) |
| Equity-based compensation | 10,102 | 10,915 | 37,951 | 42,693 |
| Debt modifications and extinguishments | 379 | - | 25,173 | 1,503 |
| Other | (1,609) | 3,162 | (13,735) | 5,709 |
| Changes in assets and liabilities: | ||||
| Net changes in working capital | 21,331 | 25,250 | (43,884) | (65,952) |
| Net cash provided by operating activities | 175,747 | 293,776 | 678,249 | 765,170 |
| Investing activities | ||||
| Oil and gas assets | (161,421) | (320,689) | (933,659) | (932,603) |
| Notes receivable and other investing activities | (29,822) | (15,615) | (32,397) | (62,247) |
| Net cash used in investing activities | (191,243) | (336,304) | (966,056) | (994,850) |
| Financing activities: | ||||
| Borrowings under long-term debt | 50,000 | - | 325,000 | 300,000 |
| Payments on long-term debt | - | - | (350,000) | (145,000) |
| Net proceeds from issuance of senior notes | - | - | 885,285 | - |
| Purchase of capped call transactions | - | - | (49,800) | - |
| Repurchase of senior notes | - | - | (499,515) | - |
| Dividends | - | - | - | (166) |
| Other financing costs | (1,113) | (869) | (36,647) | (13,214) |
| Net cash provided by (used in) financing activities | 48,887 | (869) | 274,323 | 141,620 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 33,391 | (43,397) | (13,484) | (88,060) |
| Cash, cash equivalents and restricted cash at beginning of period | 51,886 | 142,158 | 98,761 | 186,821 |
| Cash, cash equivalents and restricted cash at end of period | $ 85,277 | $ 98,761 | $ 85,277 | $ 98,761 |
- Cash settlements on commodity hedges were $(2.5) million and $(4.1) million for the three months ended December 31, 2024 and 2023, respectively, and $(12.5) million and $(16.4) million for the years ended December 31, 2024 and 2023, respectively.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
| Three Months Ended | Years ended | |||
|---|---|---|---|---|
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |
| Net income (loss) | $ (6,579) | $ 21,681 | $ 189,851 | $ 213,520 |
| Exploration expenses | 79,915 | 8,973 | 119,907 | 42,278 |
| Depletion, depreciation and amortization | 145,024 | 113,293 | 456,774 | 444,927 |
| Impairment of long-lived assets | - | 222,278 | - | 222,278 |
| Equity-based compensation | 10,102 | 10,915 | 37,951 | 42,693 |
| Derivatives, net | 6,383 | (31,034) | 12,099 | 11,128 |
| Cash settlements on commodity derivatives | (2,532) | (4,105) | (12,488) | (16,448) |
| Other expenses, net(1) | 11,285 | 5,792 | 17,703 | 23,656 |
| Interest and other financing costs, net | 12,759 | 21,525 | 88,598 | 95,904 |
| Income tax expense (benefit) | (27,254) | 19,698 | 159,961 | 158,215 |
| EBITDAX | $ 229,103 | $ 389,016 | $ 1,070,356 | $ 1,238,151 |
The following table presents our net debt as of December 31, 2024 and December 31, 2023:
| December 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Total long-term debt | $ 2,800,274 | $ 2,425,000 |
| Cash and cash equivalents | 84,972 | 95,345 |
| Total restricted cash | 305 | 3,416 |
| Net debt | $ 2,714,997 | $ 2,326,239 |
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
| Three Months Ended | Years Ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net income (loss) | $ (6,579) | $ 21,681 | $ 189,851 | $ 213,520 |
| Derivatives, net | 6,383 | (31,034) | 12,099 | 11,128 |
| Cash settlements on commodity derivatives | (2,532) | (4,105) | (12,488) | (16,448) |
| Impairment of long-lived assets | - | 222,278 | - | 222,278 |
| Other, net(2) | 8,178 | 5,744 | 14,070 | 23,598 |
| Impairment of suspended well costs | 37,175 | - | 37,175 | - |
| Debt modifications and extinguishments | 379 | - | 25,173 | 1,503 |
| Total selected items before tax | 49,583 | 192,883 | 76,029 | 242,059 |
| Income tax (expense) benefit on adjustments(1) | (2,291) | (65,763) | (22) | (75,608) |
| Impact of valuation adjustments and other tax items | (56,295) | - | (64,258) | - |
| Adjusted net income (loss) | $ (15,582) | 148,801 | 201,600 | 379,971 |
| Net income (loss) per diluted share | $ (0.01) | $ 0.04 | $ 0.40 | $ 0.44 |
| Derivatives, net | 0.01 | (0.06) | 0.03 | 0.02 |
| Cash settlements on commodity derivatives | (0.01) | (0.01) | (0.03) | (0.03) |
| Impairment of long-lived assets | - | 0.46 | - | 0.46 |
| Other, net(2) | 0.03 | 0.01 | 0.03 | 0.05 |
| Impairment of suspended well costs | 0.08 | - | 0.08 | - |
| Debt modifications and extinguishments | - | - | 0.05 | - |
| Total selected items before tax | 0.11 | 0.40 | 0.16 | 0.50 |
| Income tax (expense) benefit on adjustments(1) | - | (0.13) | - | (0.15) |
| Impact of valuation adjustments and other tax items | (0.13) | - | (0.14) | - |
| Adjusted net income (loss) per diluted share | $ (0.03) | $ 0.31 | $ 0.42 | $ 0.79 |
| Weighted average number of diluted shares | 471,894 | 483,252 | 476,691 | 481,070 |
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
| Three Months Ended | Years Ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Reconciliation of free cash flow: | ||||
| Net cash provided by operating activities | $ 175,747 | $ 293,776 | $ 678,249 | $ 765,170 |
| Net cash used for oil and gas assets - base business | (85,921) | (204,177) | (469,747) | (541,665) |
| Base business free cash flow | 89,826 | 89,599 | 208,502 | 223,505 |
| Net cash used for oil and gas assets - Mauritania/Senegal | (75,500) | (116,512) | (463,912) | (390,938) |
| Free cash flow | $ 14,326 | $ (26,913) | $ (255,410) | $ (167,433) |
Kosmos Energy Ltd.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
| Three Months Ended | Years Ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net Volume Sold | ||||
| Oil (MMBbl) | 5.238 | 5.937 | 20.472 | 20.385 |
| Gas (MMcf) | 4.189 | 4.155 | 16.180 | 13.737 |
| NGL (MMBbl) | 0.106 | 0.083 | 0.338 | 0.382 |
| Total (MMBoe) | 6.042 | 6.713 | 23.507 | 23.057 |
| Total (Mboepd) | 65.676 | 72.962 | 64.226 | 63.168 |
| Revenue | ||||
| Oil sales | $ 380,397 | $ 491,438 | $ 1,611,169 | $ 1,658,421 |
| Gas sales | 15,025 | 14,793 | 57,243 | 35,307 |
| NGL sales | 2,139 | 1,534 | 6,946 | 7,880 |
| Total oil and gas revenue | 397,561 | 507,765 | 1,675,358 | 1,701,608 |
| Cash settlements on commodity derivatives | (2,532) | (4,105) | (12,488) | (16,448) |
| Realized revenue | $ 395,029 | $ 503,660 | $ 1,662,870 | $ 1,685,160 |
| Oil and Gas Production Costs | $ 152,692 | $ 103,800 | $ 530,514 | $ 390,097 |
| Sales per Bbl/Mcf/Boe | ||||
| Average oil sales price per Bbl | $ 72.62 | $ 82.78 | $ 78.70 | $ 81.35 |
| Average gas sales price per Mcf | 3.59 | 3.56 | 3.54 | 2.57 |
| Average NGL sales price per Bbl | 20.18 | 18.48 | 20.55 | 20.61 |
| Average total sales price per Boe | 65.80 | 75.64 | 71.27 | 73.80 |
| Cash settlements on commodity derivatives per Boe | (0.42) | (0.61) | (0.53) | (0.71) |
| Realized revenue per Boe | 65.38 | 75.03 | 70.74 | 73.09 |
| Oil and gas production costs per Boe | $ 25.27 | $ 15.46 | $ 22.57 | $ 16.92 |
Kosmos was underlifted by approximately 0.2 million barrels as of December 31, 2024.
Kosmos Energy Ltd.
Hedging Summary
As of December 31, 2024(1)
(Unaudited)
Weighted Average Price per Bbl
| Index | MBbl | Swap | Floor(2) | Ceiling | |
|---|---|---|---|---|---|
| 2025: | |||||
| Two-way collars 1H25 (3) | Dated Brent | 2,000 | $ - | $ 70.00 | $ 85.00 |
| Swaps 1H25 | Dated Brent | 2,000 | 75.48 | - | - |
| Two-way collars FY25 | Dated Brent | 2,000 | - | 70.00 | 85.00 |
| Three-way collars FY25 | Dated Brent | 2,000 | - | 70.00 | 85.00 |
- Please see the Company's filed 10-K for additional disclosure on hedging material. Includes hedging position as of December 31, 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.
2025 Guidance
| 1Q 2025 | FY 2025 Guidance | |
| Production(1,2,3) | 62,000 - 66,000 boe per day | 70,000 - 80,000 boe per day |
| Opex(4) | $23.00 - $25.00 per boe | $18.00 - $20.00 per boe |
| DD&A | $25.00 - $27.00 per boe | $22.00 - $24.00 per boe |
| G&A(~65% cash) | ~$25 million | $80 - $100 million |
| Exploration Expense(5) | ~$10 million | $25 - $45 million |
| Net Interest Expense | ~$45 million | $180 - $200 million |
| Tax | $3.00 - $5.00 per boe | $6.00 - $8.00 per boe |
| Capital Expenditure | $100 - $120 million | <$400 million |
Note: Ghana / Equatorial Guinea / Mauritania & Senegal revenue calculated by number of cargos.
- 1Q 2025 net cargo forecast - Ghana: 2 cargos / Equatorial Guinea: 0.5 cargo. FY 2025 Ghana: 11-12 cargos / Equatorial Guinea 3.5 cargos. Average cargo sizes 950,000 barrels of oil.
- 1Q 2025 gross cargo forecast - Mauritania & Senegal: 2 cargos. FY 2025: 20-25 cargos. Average cargo size ~170,000 m3 with Kosmos NRI of ~24%. 1Q 2025 cargo sizes likely impacted by project commissioning.
- Gulf of America Production: 1Q 2025 forecast 16,500 - 18,500 boe per day. FY 2025: 17,000-20,000 boe per day. Oil/Gas/NGL split for 2025: ~84%/~10%/~6%.
- FY 2025 opex excludes operating costs associated with GTA, which are expected to total approximately $225 - $245 million net ($45 - $65 million in 1Q 2025).These values include cost associated with the FPSO lease which total approximately $60 million FY 2025 and $15 million 1Q 2025.
- Excludes leasehold impairments and dry hole costs
Source: Kosmos Energy Ltd.
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