Kosmos Energy Ltd. · NYSE:KOS
Kosmos Energy — Q3 2023 Earnings Presentation
13 slides from Kosmos Energy's earnings presentation, Nov 6, 2023
Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results 6 November 2023 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: Creating Value Through Consistent Strategic Delivery
Creating Value Through Consistent Strategic Delivery Differentiated growth materializing Long Term Visible Growth 2025+ Increasing • Jubilee South East online Production which increased gross (+17% vs 2Q23) production to ~100,000 bopd 100 New operated growth opportunities Tiberius Yakaar - Teranga •
Slide 4: 3Q Highlights
3Q Highlights 3Q net production of ~68,200 boepd, in line with guidance (+17% quarter-on-quarter) Ghana Equatorial Guinea Gulf of Mexico 3Q net production 3Q net production 3Q net production ~43,600 boepd ~8,900 bopd ~15,700 boepd Jubilee Ceiba & Okume • Gross oil production averaged ~95,900 • Gross
Slide 5: Ghana: Jubilee Production Continues to Grow
Ghana: Jubilee Production Continues to Grow Jubilee Growth Forecast Gross Jubilee Production (bopd) 100,000 80,000 60,000 40,000 1Q23 2Q23 3Q23 4Q23E Jubilee Cargos 3 2 3 4 Jubilee Main Jubilee South East Gross Oil Production / Water Injection Rates1 110 250 Production expected to increase through 2
Slide 6: Mauritania & Senegal: Tortue Phase 1
Mauritania & Senegal: Tortue Phase 1 Hub terminal handed over to operations, subsea re-contracted and off the critical path… FPSO now driving overall project timeline 1 2 3 4 1 Subsea/Wells 2 FPSO 4 Floating LNG 3 Hub Terminal • Four wells drilled and completed • Allseas & Saipem contracted to finis
Slide 7: Yakaar-Teranga: Operated Advantaged Gas Growth
Yakaar-Teranga: Operated Advantaged Gas Growth Kosmos now in control of the development of this world-scale resource Yakaar – Teranga Yakaar-Teranga • Yakaar-Teranga was the largest discovery in the world in 2017 • Approximately 25 Tcf of advantaged gas in place discovered across the Yakaar-Teranga
Slide 8: Tiberius: Operated Advantaged Oil Growth
Tiberius: Operated Advantaged Oil Growth Evaluating phased development targeting first production in ~2 years Tiberius Tiberius • Kosmos: 33.34% working interest and operator (alongside Oxy and Equinor, both 33.33%) • Well-imaged 4-way closure • Discovered ~250ft of net oil pay in the primary Wilcox
Slide 9: 3Q 2023 Financials
3Q 2023 Financials In line with guidance 2Q 2023A 3Q 2023A Net Production ~58,000 boe/day ~68,200 boe/day Realized Price1 ~$65.4/boe ~$77.6/boe Opex ~$15.4/boe ~$20.6/boe DD&A ~$21.8/boe ~$19.7/boe G&A2 $23 million $25 million Exploration Expense3 $11 million $9 million Net Interest Expense4 $24 mil
Slide 10: 3Q23 Financial Position
3Q23 Financial Position Balance sheet continues to strengthen and capital structure simplified Scheduled Debt Maturities No near-term debt maturities • Repayment of Gulf of Mexico term loan in September and deferred amortization of RBL mean no amortization until 2025 $650 • Improves weighted average
Slide 11: Strategic Delivery
Strategic Delivery Multiple milestones achieved in 2023 so far and more anticipated in 2024… 11
Slide 12: Kosmos Energy
KOSM*“*S ENERGY.
Slide 13: Appendix: FY23 Detailed Guidance
Appendix: FY23 Detailed Guidance 4Q 2023 FY 2023 Production1,2 66,000 – 69,000 boe/day ~63,000 boe/day Opex $12 – $14/boe ~$16/boe DD&A $18 – $20/boe ~$20/boe G&A (~60% cash) $31 – $33 million ~$110 million Exploration Expense3 ~$10 million ~$40 million Net Interest4 ~$25 million/quarter Tax $14 – $