Kosmos Energy Ltd. · NYSE:KOS
Kosmos Energy — Q4 2024 Earnings Presentation
17 slides from Kosmos Energy's earnings presentation, Feb 24, 2025
Slide 1: Fourth Quarter & Full Year 2024 Results
Fourth Quarter & Full Year 2024 Results February 24, 2025 NYSE/LSE: KOS 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation 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 presentation
Slide 3: Why Kosmos?
Why Kosmos? A company with the portfolio to deliver sustainable cash generation Attractive Free Cash Flow2 Yield Vs. Peer Group3 Distinctive Portfolio Of World Class 30% Oil And Gas Assets Longevity Of Reserve Life: 20% 2P Reserves/Production >20 years Annual FCF Yield Highly Cash Generative: Low As
Slide 4: Delivering Sustainable Cash Generation
Delivering Sustainable Cash Generation Production rising, costs falling, driving sustainable free cash flow Growing Production Reducing Capex 100 1,000 Jubilee infill 800 Production Capacity (kboepd) 75 Winterfell ramp up GTA ramp up 600 GTA development Capex ($m) Winterfell 50 Jubilee infill develo
Slide 5: Strong Reserve Base Underpins Sustainable Cash Generation
Strong Reserve Base Underpins Sustainable Cash Generation Diverse resource base with longevity and significant organic running room Year-on-Year 2P Reserve Growth1: Reserve replacement of ~137% Diverse Reserve Base 519 33 528 YE24: 2P Reserves of ~530mmboe – 2P reserves-to-production life >20 years1
Slide 6: 2024: Key Achievements
2024: Key Achievements Significant operational and financial progress Safe Operations Reserves Increased First Oil at Winterfell Zero TRIRs and LTIRs Year-on-Year 2P Latest GoA ILX Reserves Growth Development Enhanced Financial First Gas at GTA New Capital Raised Resilience First production from $90
Slide 7: 4Q24 and FY24 Financials
4Q24 and FY24 Financials 4Q24A FY 2024A Net Production ~66,800boe/day ~65,300boe/day Realized Price1 ~$65.4/boe ~$70.7/boe Opex2 ~$19.4/boe ~$18.6/boe DD&A ~$24.0/boe ~$19.4/boe G&A3 $23 million $100 million Exploration Expense4 $9 million $45 million Net Interest Expense5 $13 million $89 million Ta
Slide 8: Enhanced Financial Resilience – No Near-Term Maturities
Enhanced Financial Resilience – No Near-Term Maturities In 2024, raised new capital and extended maturities 2024 Financial Achievements Improved Maturity Schedule1 Successful Bond Offerings • $900m bond offerings completed in 2024 • Repaid $400m of 2026 bonds and ~$50m of each of the 2027/2028 bonds
Slide 9: 2025 Financial Priorities
2025 Financial Priorities Disciplined cost management, prioritize free cash flow, reduce leverage Disciplined Cost Management Well Positioned For 2025 • FY25E capex of $400 million – Down >50% year-on-year Production increasing • Overhead Production from development projects – Targeting ~$25 million
Slide 10: Mauritania & Senegal: GTA – An Advantaged Asset
Mauritania & Senegal: GTA – An Advantaged Asset Creating a new Atlantic Basin LNG hub, adjacent to favorable markets… 2015 2024 Early 2025 Kosmos makes initial Tortue FLNG and FPSO arrive on site “First LNG” produced 2018 discovery (~25Tcf GIIP) Project takes FID 2016 2020/21 BP farms in as operator
Slide 11: Mauritania & Senegal: GTA Future Growth
Mauritania & Senegal: GTA Future Growth …With growing production, cash margin and value 1Q25 Future First LNG cargo expected • Recoverable resource of ~15Tcf supports 2Q25 growth to Production expected to ramp 1.5Bcf+/day to Ph.1 capacity (~400 mmscf/day) • Kosmos ~27% Expect 2 cargos 1Q25 (gross) w
Slide 12: Ghana
Ghana 2024 Net Production: 41,300 boepd 2025+ Activity Jubilee 4D Seismic • 4D seismic campaign ongoing • Noble Venturer to return 2Q25 to drill two Jubilee wells – One producer, one injector: expected online 3Q25 • Four-well campaign in 2026 and subsequent campaigns supported by 4D seismic products
Slide 13: Gulf of America
Gulf of America 2024 Net Production: 15,300 boepd 2025+ Activity 2024 Production Ramp-up • Remediation of WF-3 ongoing, expected online end- 25 Net production (000’s boepd) 1Q25 20 • Drilling of WF-4 expected 2Q25, expected online 3Q25 15 • Progressing Tiberius towards FID 10 • High-grading attracti
Slide 14: Equatorial Guinea
Equatorial Guinea 2024 Net Production: 8,700 bopd Infill Drilling Campaign & Akeng Deep Infill Campaign Complete • Completed infill campaign in late-2024 – Infill wells currently delivering ~9,000 bopd gross • Akeng Deep: Encountered oil zones in the Upper Albian confirming elements of an active pet
Slide 15: Well Positioned to Deliver Value in 2025
Well Positioned to Deliver Value in 2025 Prioritizing free cash flow Production Rising As New Projects Ramp Up Costs Being Rigorously Managed To Prioritize FCF In 2025 FCF Used To Reduce Absolute Debt / Leverage Growth Portfolio Provides Differentiated Future Optionality 15
Slide 16: Kosmos Energy
KOSM**S ENERGY.
Slide 17: Appendix: FY25 Detailed Guidance
Appendix: FY25 Detailed Guidance 1Q 2025 FY 2025 Production1,2,3 62,000 – 66,000 boe/day 70,000 – 80,000 boe/day Opex4 $23.00 - $25.00/boe $18.00 - $20.00/boe DD&A $25.00 - $27.00/boe $22.00 - $24.00/boe G&A5 ~$25 million $80 - $100 million Exploration Expense6 ~$10 million $25 - $45 million Net Int