TIDMKOS
RNS Number : 9942X
Kosmos Energy Limited
10 May 2021
NEWS RELEASE
============
KOSMOS ENERGY ANNOUNCES FIRST QUARTER 2021 RESULTS
DALLAS--(BUSINESS WIRE)-May 10, 2021-- Kosmos Energy Ltd.
("Kosmos" or the "Company") (NYSE: KOS) announced today its
financial and operating results for the first quarter of 2021. For
the quarter, the Company generated a net loss of $91 million, or
$0.22 per diluted share. When adjusted for certain items that
impact the comparability of results, the Company generated an
adjusted net loss(1) of $33 million, or $0.08 per diluted share for
the first quarter of 2021.
FIRST QUARTER 2021 HIGHLIGHTS
-- Net Production(2) - 53,100 barrels of oil equivalent per day
(boepd) with sales of 36,500 boepd, resulting in a material net
underlift position of approximately 1.3 million barrels of oil
-- Phase One of the Greater Tortue LNG project 58% complete at quarter end
-- Completion of an upsized $450 million offering of senior notes due 2028
-- Post-quarter end, successful reserve-based lending (RBL) redetermination and extension
-- Revenues - $176 million, or $53.66 per boe
-- Production expense - $46 million, or $13.91 per boe
-- General and administrative expenses - $22 million, $14
million cash expense and $8 million non-cash
-- Capital expenditures:
-- $44 million Base Business capital expenditures
-- $73 million Mauritania and Senegal
-- Net cash used in operating activities - $47 million
Commenting on the Company's first quarter 2021 performance,
Chairman and Chief Executive Officer Andrew G. Inglis said: "This
month marks the tenth anniversary of Kosmos' listing on the New
York Stock Exchange. In those ten years, Kosmos has evolved from a
frontier explorer to a full-cycle E&P with a diverse reserve
base that has increased nearly seven-fold, building the platform
for continued success over the next ten years. In the first decade
of the company's history, we maintained a strong focus on corporate
responsibility, leading on transparency and positioning the
business to deliver value to our stakeholders through the energy
transition.
2021 is off to a strong start with momentum building across the
business. We have begun infill drilling activities in Ghana and the
Gulf of Mexico, will soon begin drilling in Equatorial Guinea, and
are on track to deliver our production and cash flow targets for
the year. Progress also continues on the Greater Tortue Project in
Mauritania and Senegal, with Phase one 58% complete at the end of
the first quarter. We have taken important steps to create a more
permanent capital structure with the bond offering and the
recently-completed RBL extension, which increased liquidity and
cleared all material near-term debt maturities."
FINANCIAL UPDATE
In the first quarter of 2021, 1.5 cargos were lifted from a
forecast 12.5 cargos for the full year 2021. As a result of the
timing mismatch between production and the lifting of cargos, there
was a material underlift of approximately 1.3 million barrels of
oil in the first quarter.
In March 2021, Kosmos successfully closed a $450 million
offering of senior notes due 2028. The net proceeds from the
offering were used to partially pay down the RBL facility and
revolving credit facility as well as for working capital
purposes.
In May 2021, Kosmos successfully completed an amendment and
restatement of the RBL facility in conjunction with the spring
redetermination. The amendment reduced the facility size to $1.25
billion and extended the facility by two years, with a final
maturity of March 2027. The borrowing base was finalized, with a
more conservative price deck, at $1.24 billion with $1.0 billion
currently outstanding.
The base business net capital expenditure for the first quarter
of 2021 was approximately $44 million, in-line with Company
guidance. Net capital expenditures related to Mauritania and
Senegal in the first quarter were $73 million.
Kosmos exited the first quarter of 2021 with approximately $2.2
billion of net debt(1) and available liquidity of around $0.8
billion. The increase in net debt in the quarter was driven by the
material underlift, Mauritania and Senegal capital expenditures and
the National Oil Company loan payments, as well as working capital.
Kosmos base business free cash flow guidance for 2021 remains
unchanged.
OPERATIONAL UPDATE
Production
Total net production in the first quarter of 2021 averaged
approximately 53,100 boepd(2) , in line with prior guidance.
Ghana
Production in Ghana averaged approximately 22,400 barrels of oil
per day (bopd) net in the first quarter of 2021. As forecasted,
Kosmos lifted one cargo from Ghana during the first quarter.
At Jubilee, production averaged approximately 70,400 bopd gross
during the quarter. Kosmos and its partners continue to focus on
higher reliability in Ghana as demonstrated by floating production,
storage and offloading (FPSO) vessel uptime at Jubilee of around
98% in the first quarter and consistent water injection at the
highest levels since 2012. Gas offtake to the government of Ghana
of around 110 million standard cubic feet per day in the quarter is
almost double the level seen in 2019. At TEN, production averaged
approximately 38,800 bopd gross for the first quarter with FPSO
uptime of 99%.
In early 2021, the Jubilee Catenary Anchor Leg Mooring (CALM)
buoy was commissioned with the first offloading taking place in
February. The CALM buoy will replace the need for shuttle tankers
and is expected to reduce operating expenses going forward.
Infill drilling has resumed in the second quarter with drilling
planned for three wells on Jubilee and one on TEN in 2021. A
long-term rig contract has been entered into for the Maersk
Venturer, which arrived on location early in the second quarter. A
Jubilee producer well has finished drilling and the rig has now
moved to drill a water injector well at Jubilee, after which we
expect to complete both wells. The expected impact of these two
wells is to increase production by 15,000-20,000 barrels of oil per
day gross.
U.S. Gulf of Mexico
Production in the U.S. Gulf of Mexico averaged approximately
20,500 boepd net (81% oil) during the first quarter.
In late-February, the Kodiak-2 well was brought back online
after successful remediation of the subsea infrastructure issue
identified in the fourth quarter of 2020. In April, the Kodiak-3
infill well was also brought online.
After the encouraging results from the Tornado-4 water injection
well last year, drilling of the Tornado-5 infill well is now
planned by the operator in the second quarter and expected online
in the third quarter.
In January 2021, Kosmos announced an oil discovery at the
Winterfell infrastructure-led exploration (ILX) well (drilled at a
Kosmos working interest 17.5%), which encountered approximately 26
meters (85 feet) of net oil pay in two intervals. During the first
quarter, Kosmos worked with partners on an appraisal plan for
Winterfell, which is expected to begin with a well in the third
quarter. This appraisal well is expected to drill the fault block
to the northwest of the discovery, which has the same seismic
signature as Winterfell, with an exploration tail into a deeper
horizon. The Winterfell discovery is located within tie back
distance to several existing and planned host facilities.
Kosmos plans to drill a second ILX well at Zora with a 37.5%
operated working interest in the third quarter. The Zora prospect
is a Miocene target in the same play as nearby analogous fields
such as Odd Job, Horn Mountain and Marmalard. The permits to drill
the well have all been received and a rig has been contracted. The
Zora prospect is located near multiple other prospects where Kosmos
has built a material interest and is in close proximity to several
potential host facilities, which could facilitate a low cost and
lower carbon development in the event of success.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 30,200
bopd gross and 10,200 bopd net in the first quarter of 2021. As
forecasted, Kosmos lifted 0.5 cargos from Equatorial Guinea during
the quarter.
The Okume upgrade project is nearing completion, adding
additional power, water injection and gas lift capacity necessary
for further facilities de-bottlenecking and additional electrical
submersible pumps (ESPs). In April, partners commenced the second
phase of the planned ESP program and upgraded the G-19 flowline,
which has significantly enhanced production from that well.
A rig has also been contracted for the upcoming infill drilling
campaign, which is expected to arrive in country later this quarter
to drill the three wells planned this year.
Mauritania & Senegal
The momentum in Kosmos' production activities in the first
quarter can also be seen in the Company's development project.
Phase one of the Greater Tortue Ahmeyim LNG project ended the first
quarter around 58% complete with material progress across all of
the major workstreams, including the FPSO, Floating LNG vessel, hub
terminal (concrete breakwater) and subsea infrastructure. The
partnership is targeting Phase one to be around 80% complete by
year end.
Kosmos expects completion of the FPSO sale and lease-back in the
second quarter of 2021 as previously communicated. The process
remains on track with documentation being finalized and the
government approval process well underway.
(1) A Non-GAAP measure, see attached reconciliation of non-GAAP
measure
(2) 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 Mexico, 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 first
quarter 2021 financial and operating results today 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 +1-877-407-3982. Callers in the
United Kingdom should call 0800 756 3429. Callers outside the
United States should dial 1-201-493-6780. A replay of the webcast
will be available on the Investors page of Kosmos' website for
approximately 90 days following the event.
About Kosmos Energy
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 Ghana,
Equatorial Guinea and the U.S. Gulf of Mexico, as well as a
world-class gas development offshore Mauritania and Senegal. We
also maintain a sustainable proven basin exploration program in
Equatorial Guinea, Ghana and the U.S. Gulf of Mexico. Kosmos is
listed on the New York Stock Exchange and London Stock Exchange and
is traded under the ticker symbol KOS. As an ethical and
transparent company, Kosmos is committed to doing things the right
way. The Company's Business Principles articulate our commitment to
transparency, ethics, human rights, safety and the environment.
Read more about this commitment in the Kosmos Sustainability
Report. For additional information, visit www.kosmosenergy.com.
Non-GAAP Financial Measures
EBITDAX, Adjusted net income (loss), Adjusted net income (loss)
per share, free cash flow, and net debt 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 Company
defines Adjusted net income (loss) as Net income (loss) adjusted
for certain items that impact the comparability of results. The
Company defines free cash flow as net cash provided by operating
activities less Oil and gas assets, Other property, and certain
other items that may affect the comparability of results. The
Company defines net debt as the sum of notes outstanding issued at
par and borrowings on the RBL Facility and Corporate revolver less
cash and cash equivalents and restricted cash.
We believe that EBITDAX, Adjusted net income (loss), Adjusted
net income (loss) per share, free cash flow, Net debt 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. EBITDAX, Adjusted net
income (loss), Adjusted net income (loss) per share, free cash
flow, and net debt 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 (including, but not limited to, the impact of the COVID-19
pandemic), 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 ("SEC")
filings. Kosmos undertakes no obligation and does not intend to
update or correct these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except as required by applicable law. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
###
Kosmos Energy Ltd.
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
---------------------
2021 2020
--------- ----------
Revenues and other income:
Oil and gas revenue $ 176,474 $ 177,780
Gain on sale of assets 26 -
Other income, net 70 1
--------- ----------
Total revenues and other income 176,570 177,781
Costs and expenses:
Oil and gas production 45,752 61,603
Facilities insurance modifications, net 671 8,038
Exploration expenses 8,181 44,605
General and administrative 22,441 20,911
Depletion, depreciation and amortization 76,541 93,302
Impairment of long-lived assets - 150,820
Interest and other financing costs, net 24,528 27,835
Derivatives, net 102,461 (136,038)
Other expenses, net 3,468 23,929
--------- ----------
Total costs and expenses 284,043 295,005
--------- ----------
Loss before income taxes (107,473) (117,224)
Income tax expense (benefit) (16,705) 65,543
--------- ----------
Net loss $(90,768) $(182,767)
======== =========
Net loss per share:
Basic $ (0.22) $ (0.45)
======== =========
Diluted $ (0.22) $ (0.45)
======== =========
Weighted average number of shares used
to compute net loss per share:
Basic 407,365 404,759
========= ==========
Diluted 407,365 404,759
========= ==========
Dividends declared per common share $ - $ 0.0452
======== =========
Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, December 31,
2021 2020
---------- ----------------
Assets
Current assets:
Cash and cash equivalents $ 95,242 $ 149,027
Receivables, net 92,407 78,813
Other current assets 232,578 172,451
---------- --------------
Total current assets 420,227 400,291
Property and equipment, net 3,369,448 3,320,913
Other non-current assets 169,411 146,389
---------- --------------
Total assets $3,959,086 $ 3,867,593
========= ==========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 188,704 $ 221,430
Accrued liabilities 174,147 203,260
Current maturities of long-term debt 35,000 7,500
Other current liabilities 83,293 28,009
---------- --------------
Total current liabilities 481,144 460,199
Long-term liabilities:
Long-term debt, net 2,271,112 2,103,931
Deferred tax liabilities 551,540 573,619
Other non-current liabilities 298,505 289,690
---------- --------------
Total long-term liabilities 3,121,157 2,967,240
Total stockholders' equity 356,785 440,154
---------- --------------
Total liabilities and stockholders' equity $3,959,086 $ 3,867,593
========= ==========
Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
Three Months Ended
March 31,
---------------------
2021 2020
--------- ----------
Operating activities:
Net loss $(90,768) $(182,767)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depletion, depreciation and amortization
(including deferred financing costs) 79,112 95,585
Deferred income taxes (22,079) 72,177
Unsuccessful well costs and leasehold impairments 1,469 19,228
Impairment of long-lived assets - 150,820
Change in fair value of derivatives 106,158 (136,322)
Cash settlements on derivatives, net(1) (32,998) 9,016
Equity-based compensation 8,281 9,346
Gain on sale of assets (26) -
Loss on extinguishment of debt - -
Other (890) 3,974
Changes in assets and liabilities:
Net changes in working capital (94,885) (58,020)
--------- ----------
Net cash used in operating activities (46,626) (16,963)
Investing activities
Oil and gas assets (128,448) (83,716)
Other property (354) (1,537)
Acquisition of oil and gas properties, net
of cash acquired - -
Proceeds on sale of assets 631 1,713
Notes receivable from partners (22,416) (23,983)
--------- ----------
Net cash used in investing activities (150,587) (107,523)
Financing activities:
Borrowings on long-term debt 100,000 50,000
Payments on long-term debt (350,000) -
Advances under production prepayment agreement - -
Net proceeds from issuance of senior notes 444,375 -
Redemption of senior secured notes - -
Purchase of treasury stock / tax withholdings (1,018) (4,947)
Dividends (430) (19,156)
Deferred financing costs (1,034) -
--------- ----------
Net cash provided by financing activities 191,893 25,897
--------- ----------
Net decrease in cash, cash equivalents and
restricted cash (5,320) (98,589)
Cash, cash equivalents and restricted cash
at beginning of period 149,764 229,346
--------- ----------
Cash, cash equivalents and restricted cash
at end of period $ 144,444 $ 130,757
======== =========
(1) Cash settlements on commodity hedges were $(28.6) million
and $12.0 million for the three ended March 31, 2021 and 2020,
respectively.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
Twelve Months
Three months ended Ended
--------------------- ---------------
March 31, March 31, March 31,
2021 2020 2021
--------- ---------- ---------------
Net loss $(90,768) $(182,767) $ (319,587)
Exploration expenses 8,181 44,605 48,192
Facilities insurance modifications,
net 671 8,038 5,794
Depletion, depreciation and
amortization 76,541 93,302 469,101
Impairment of long-lived
assets - 150,820 3,139
Equity-based compensation 8,281 9,346 31,641
Derivatives, net 102,461 (136,038) 255,679
Cash settlements on commodity
derivatives (28,623) 12,018 (43,356)
Restructuring and other 1,186 18,023 12,330
Other, net 2,282 3,091 9,406
Gain on sale of assets (26) - (92,189)
Interest and other financing
costs, net 24,528 27,835 106,487
Income tax expense (benefit) (16,705) 65,543 (87,457)
--------- ---------- ---------------
EBITDAX $ 88,009 $ 113,816 $ 399,180
======== ========= ===========
Kosmos Energy Ltd.
Adjusted Net Income
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
---------------------
2021 2020
--------- ----------
Net loss $(90,768) $(182,767)
Derivatives, net 102,461 (136,038)
Cash settlements on commodity derivatives (28,623) 12,018
Gain on sale of assets (26) -
Facilities insurance modifications,
net 671 8,038
Impairment of long-lived assets - 150,820
Restructuring and other 1,186 18,023
Other, net 2,323 3,091
Total selected items before tax 77,992 55,952
--------- ----------
Income tax expense (benefit) on adjustments(1) (20,198) 34,464
Impact of valuation adjustments and
U.S. tax law changes - 26,001
--------- ----------
Adjusted net loss $(32,974) $ (66,350)
======== =========
Net loss per diluted share $ (0.22) $ (0.45)
Derivatives, net 0.25 (0.34)
Cash settlements on commodity derivatives (0.07) 0.03
Gain on sale of assets - -
Facilities insurance modifications,
net - 0.02
Impairment of long-lived assets - 0.37
Restructuring and other - 0.04
Other, net 0.01 0.01
Total selected items before tax 0.19 0.13
--------- ----------
Income tax expense (benefit) on adjustments(1) (0.05) 0.09
Impact of valuation adjustments and
U.S. tax law changes - 0.07
--------- ----------
Adjusted net loss per diluted share $ (0.08) $ (0.16)
======== =========
Weighted average number of diluted
shares 407,365 404,759
(1) Income tax expense is calculated at the statutory rate in
which such item(s) reside. Statutory rates for the U.S. and
Ghana/Equatorial Guinea are 21% and 35%, respectively.
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
Three Months Ended
March 31,
2021 2020
---------- ----------
Reconciliation of net cash provided by
operating activities to free cash flow:
Net cash used in operating activities $ (46,626) $ (16,963)
Net cash used in investing activities -
base business (47,883) (75,794)
Net cash used in investing activities -
Mauritania/Senegal (102,704) (31,729)
---------- ----------
Free cash flow(1) $(197,213) $(124,486)
========= =========
(1) Commencing in the second quarter of 2020, the Company no
longer included restricted cash and other cash used in financing
activities (deferred financing costs, the purchase of treasury
stock and costs related to the redemption of the senior secured
notes and issuance of senior notes) in its calculation of free cash
flow to better reflect cash flow of the underlying business,
consistent with general industry practice.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
Three Months Ended
March 31,
----------------------
2021 2020
------------ --------
Net Volume Sold
Oil (MMBbl) 2.941 3.450
Gas (MMcf) 1.325 1.982
NGL (MMBbl) 0.127 0.193
------------ --------
Total (MMBoe) 3.289 3.973
============ ========
Total (Boepd) 36.543 43.659
============ ========
Revenue
Oil sales $ 169,150 $171,916
Gas sales 4,540 3,719
NGL sales 2,784 2,145
------------ --------
Total sales 176,474 177,780
Cash settlements on commodity derivatives (28,623) 12,018
------------ --------
Realized revenue $ 147,851 $189,798
======== =======
Oil and Gas Production Costs $ 45,752 $ 61,603
Sales per Bbl/Mcf/Boe
Oil sales per Bbl $ 57.51 $ 49.83
Gas sales per Mcf 3.43 1.88
NGL sales per Bbl 21.92 11.11
Total sales per Boe 53.66 44.74
Cash settlements on commodity derivatives
per oil Bbl(1) (9.73) 3.48
Realized revenue per Boe 44.96 47.77
Oil and gas production costs per Boe $ 13.91 $ 15.50
(1) Cash settlements on commodity derivatives are only related
to Kosmos and are calculated on a per barrel basis using Kosmos'
Net Oil Volumes Sold.
Kosmos was underlifted by approximately 1,316 thousand barrels
as of March 31, 2021.
Hedging Summary
As of March 31, 2021(1)
(Unaudited)
Weighted Average Price per
Bbl
-------------------------------------------
Index MBbl Floor(2) Sold Put Ceiling
------------ ----- ---------------- ------------ ---------
2021:
Swaps with sold puts Dated Brent 4,500 $ 53.96 $ 42.92 $ -
Swaps with sold puts NYMEX WTI 500 47.75 37.50 -
Three-way collars Dated Brent 2,750 40.45 32.95 52.84
Three-way collars NYMEX WTI 750 45.00 37.50 55.00
2022:
Three-way collars Dated Brent 1,500 50.00 40.00 70.00
(1) Please see the Company's filed 10-K for full disclosure on
hedging material. Includes hedging position as of March 31, 2021
and hedges added since quarter-end.
(2) "Floor" represents floor price for collars or swaps and strike price for purchased puts.
Note: Excludes 5.3 MMBbls of sold (short) calls with a strike
price of $70.09 per Bbl in 2021 and 1.6 MMBbls of sold (short)
calls with a strike price of $60.00 per Bbl in 2022.
2021 Guidance
2Q 2021 FY 2021
------------------- -------------------
52,500 - 54,000 boe 53,000 - 57,000 boe
Production(1,2) per day per day
$16.00 - $18.00 per $14.50 - $16.50 per
Opex boe boe
$23.00 - $25.00 per $21.00 - $23.00 per
DD&A boe boe
G&A(3) $22 - $24 million $85 - $95 million
Exploration Expense(4) $20 million $35 - $45 million
Net Interest(5) $30 million per quarter
Tax $1.00 - $3.00 per boe
Base Business Capex(6) $225 - $275 million in FY 2021
Note: Ghana / Equatorial Guinea revenue calculated by number of
cargos.
(1) 2Q 2021 cargos forecast - Ghana: 3 cargos / Equatorial
Guinea: 1.5 cargos. FY 2021 Ghana: 8 cargos / Equatorial Guinea 4.5
cargos. Average cargo sizes 950,000 barrels of oil.
(2) U.S. Gulf of Mexico Production - 2Q 2021 forecast
20,500-22,000 boe per day. FY 2021: 21,000-23,000 boe per day.
Oil/Gas/NGL split for 2021: 80%/15%/5%.
(3) G&A - Approximately 60% cash.
(4) Excludes dry hole costs. 2Q includes Gulf of Mexico seismic acquisition.
(5) Excludes one-off loss on extinguishment of debt of
approximately $15 million in the second quarter 2021 associated
with the amendment and restatement of the RBL.
(6) Excludes Mauritania and Senegal capital expenditures.
Source: Kosmos Energy Ltd.
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations
Thomas Golembeski
+1-214-445-9674
tgolembeski@kosmosenergy.com
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END
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