Kosmos Energy Ltd. · NYSE:KOS
Kosmos Energy — Q1 2024 Earnings Presentation
12 slides from Kosmos Energy's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Results
First Quarter 2024 Results May 7, 2024 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: Operational and Financial Momentum
Operational and Financial Momentum Delivering developments that drive growth and enhance financial resilience…FCF inflection approaching • Jubilee: All 2024 producer wells Targeting +50% Production Growth to YE24 (boepd) online; one water injector remaining Delivering • Winterfell: First two wells e
Slide 4: Ghana
Ghana 1Q net production: ~43,800 boepd 1Q24 Production: Greater Jubilee • Jubilee: – Gross oil production: ~92,900 bopd – Gross gas sales: ~16,500 boepd – FPSO uptime: ~99% – Voidage replacement: ~110% – Interim Jubilee gas sales agreement extended for a further 18 months at ~$3/mmbtu • TEN: – Gross
Slide 5: US Gulf of Mexico
US Gulf of Mexico 1Q net production: ~14,500 boepd Winterfell Greater Winterfell Area • Kosmos: 25% working interest • First two wells expected online shortly, third well expected 2H24 • Gross production of ~20,000 boepd expected when all 3 wells online • Estimated gross resource at Greater Winterfe
Slide 6: Equatorial Guinea
Equatorial Guinea 1Q net production: ~8,400 bopd Infill Drilling and ILX Campaign Drilling Campaign • Noble Venturer contracted at attractive rate to complete the 2024 infill drilling campaign and Akeng Deep ILX well – Expected on location mid-year 2024 to drill and complete two infill wells and dri
Slide 7: Mauritania & Senegal: Tortue Phase 1
Mauritania & Senegal: Tortue Phase 1 First gas expected 3Q24; First LNG expected 4Q24 Key workstreams continue to progress: Floating LNG moored at Hub Terminal • Hub terminal complete and handed over to operations • Floating LNG vessel arrived on location and moored to hub terminal. Golar continuing
Slide 8: 1Q 2024 Financials
1Q 2024 Financials 1Q24 financials in line with guidance 1Q 2023A 1Q 2024A Net Production ~58,800boe/day ~66,700boe/day Realized Price1 ~$70.9/boe ~$73.0/boe Opex ~$15.3/boe ~$16.4/boe DD&A ~$19.9/boe ~$17.7/boe G&A2 $29 million $28 million Exploration Expense3 $11 million $12 million Net Interest E
Slide 9: Enhanced Financial Resilience
Enhanced Financial Resilience Proactively addressing debt maturities through convertible issuance and RBL refinancing YE23 Scheduled Debt Maturities Scheduled Debt Maturities post convertible/RBL re-financing1 $650 $400 $450 $650 $625 $417 $450 $400 $400 $300 $250 $208 $175 2023 2024 2025 2026 2027
Slide 10: Operational Momentum Continues
Operational Momentum Continues Advanced key projects across the portfolio in 1Q24 with continuing momentum through 2024 Growing Production With Reducing Capex Expected To Drive Significant Growth In Free Cash Flow 10
Slide 11: Kosmos Energy
KOSM**S ENERGY.
Slide 12: Appendix: FY24 Detailed Guidance
Appendix: FY24 Detailed Guidance 2Q 2024 FY2024 Production1,2 62,000 - 66,000 boe/day 71,000 - 77,000 boe/day Opex3 $23.00 - $25.00/boe ~$15.00 - $17.00/boe DD&A $14.50 - $16.50/boe ~$18.00 - $20.00/boe G&A4 $25 - $30 million ~$100 - $120 million Exploration Expense5 ~$10 - $15 million ~$40 - $60 mi