Kosmos Energy Announces Third Quarter 2024 Results
DALLAS–(BUSINESS WIRE)–Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE/LSE: KOS) announced today its financial and operating results for the third quarter of 2024. For the quarter, the Company generated a net income of $45 million, or $0.09 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net income(1) of $38 million, or $0.08 per diluted share for the third quarter of 2024.
THIRD QUARTER 2024 HIGHLIGHTS
- Net Production(2): ~65,400 barrels of oil equivalent per day (boepd), with sales of ~63,200 boepd
- Revenues: $408 million, or $70.18 per boe (excluding the impact of derivative cash settlements)
- Production expense: $133 million ($16.14 per boe excluding $39.7 million of production expenses associated with the Greater Tortue Ahmeyim (GTA) project)
- Capital expenditures: $210 million
- Successfully issued $500 million of new Senior Notes due 2031, with proceeds refinancing near-term bond maturities
- In the US Gulf of Mexico, achieved first oil at Winterfell, successfully completed the operated Kodiak-3 workover and the startup of the Odd Job subsea pump
- Post quarter end, in Equatorial Guinea startup of the first infill well, with gross production now around 30,000 barrels of oil per day (bopd)
Commenting on the Company’s third quarter 2024 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: “We continue to make good progress across the portfolio towards our production goal of ~90,000 boepd around the end of the year. As production rises and projects are completed, we plan to significantly reduce capital expenditure.
Looking ahead to 2025, we are prioritizing cash generation from the business through disciplined capital allocation, and expect to use cash generated to de-lever the balance sheet. As a result, we are reducing our previously communicated 2025 capex guidance from ~$550 million to ~$400 million. With the actions taken this year to strengthen the balance sheet, we are well positioned entering 2025 to enhance shareholder value and further improve the financial resilience of the company.”
FINANCIAL UPDATE
In September, Kosmos successfully issued $500 million of new senior notes due 2031 at 8.75%. Alongside the new issue, Kosmos completed a series of tender offers to repurchase approximately $500 million of its outstanding senior notes across multiple maturities. Following these transactions, the company has paid down the majority of its senior notes due 2026 and also reduced the quantum of the senior notes due 2027 and 2028, thereby reducing all near-term debt maturities.
In September 2024, we added two new lenders to the Reserve Based Lending Facility (RBL) syndicate, increasing total commitments by approximately $145.0 million to the full facility size and borrowing base capacity of $1.35 billion. Post quarter-end, we cancelled the undrawn Revolving Credit Facility (RCF) ahead of schedule.
Kosmos exited the third 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 $715 million.
Net capital expenditure for the third quarter of 2024 was $210 million, slightly above guidance primarily due to higher costs associated with the infill drilling program in Equatorial Guinea. With the completion of the Ghana infill drilling program earlier this year, delivery of multiple Gulf of Mexico projects during the third quarter, and startup of GTA expected this quarter, capital expenditures in the fourth quarter are expected to step down to around $100 million, a steep reduction from previous quarters.
For 2025, the Company is focused on maximizing cash generation through disciplined capital allocation. As a result, the Company expects total capital expenditure for 2025, to be approximately ~$400 million, lower than the previous guidance of ~$550 million, largely from a reduction in growth capital.
The Company generated net cash provided by operating activities of approximately $6 million and free cash flow(1) of approximately $(213) million in the third quarter. Free cash flow in the quarter was negatively impacted by the timing of working capital, largely related to completion payments associated with projects delivered across the portfolio.
OPERATIONAL UPDATE
Production
Total net production(2) in the third quarter of 2024 averaged approximately 65,400 boepd, representing a ~5% increase compared to the prior quarter. This growth reflects higher production in the US Gulf of Mexico due to the startup of the first two Winterfell wells and production enhancement projects at the operated Kodiak and Odd Job fields. The Company exited the quarter in a net underlift position of approximately 0.1 million barrels.
Ghana
Production in Ghana averaged approximately 40,500 boepd net in the third 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 third quarter averaged approximately 87,600 bopd gross with year-to-date production averaging approximately 89,300 bopd gross. Voidage replacement during the third quarter was approximately 90%, below target as a result of lower than planned power generation uptime. Water injection has been restored to record levels of around 300,000 barrels of water per day and should enhance voidage replacement. Jubilee FPSO reliability remains high with uptime approximately 99% for the third quarter.
The three year drilling campaign in Ghana concluded in June following the completion of a final water injector well. The partnership has contracted a new 4D seismic survey over the Jubilee field in early 2025, which is expected to take approximately two months. This seismic data will be processed with state of the art technology to support the high grading of drilling locations for the next phases of drilling. Kosmos is currently working with the operator in Ghana to optimize the 2025 drilling schedule with a rig targeted to arrive in country around the middle of the year.
In the third quarter, Jubilee gas production net to Kosmos was approximately 4,700 boepd. As previously communicated, the onshore gas processing plant that receives Jubilee gas was offline for approximately two weeks for planned maintenance during the quarter. Gas production is now back at approximately 6,000 boepd net to Kosmos.
At TEN (20.4% working interest), oil production averaged approximately 18,500 bopd gross for the third quarter, slightly above expectations. Uptime on the TEN FPSO was approximately 99% for the third quarter.
U.S. Gulf of Mexico
Production in the U.S. Gulf of Mexico averaged approximately 16,900 boepd net (~84% oil) during the third quarter, ahead of expectations.
The first two wells at Winterfell (25% working interest) were brought online in early July with the third development well online in early October, successfully confirming the extension of the main Winterfell reservoir to the south and ~20,000 boepd gross production capacity from the first three wells. Shortly after startup of the third well, production at the field was curtailed due to sand production from the third well seen at the production facility. We are currently working with the operator to restart production from the first two wells (~13,000 boepd gross) and to evaluate options to remediate the third well.
Kosmos-operated production enhancement projects for 2024 concluded in July, with the successful completion of the Kodiak-3 well workover and startup of the Odd Job subsea pump project, both outperforming forecasts.
Current production in the U.S. Gulf of Mexico has increased to approximately 20,000 boepd, in line with expectations, and ~50% higher than the first half of the year.
On Tiberius, Kosmos (50% working interest and operator) and Occidental (50% working interest) have agreed to defer project sanction to the second half of 2025 to prioritize cash generation in 2025. Kosmos continues to progress the farm down of the field with good levels of interest. Estimated gross resource at Tiberius is approximately 100 million boe.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 22,900 bopd gross and 8,000 bopd net in the third quarter. Kosmos lifted one cargo from Equatorial Guinea during the quarter, in line with guidance.
The Noble Venturer rig arrived on location in July and resumed the two well infill campaign to be followed by drilling the Akeng Deep ILX prospect. Early in the fourth quarter, the rig successfully completed the first infill well at Ceiba and achieved first oil in mid-October, approximately two months later than originally planned. Drilling activity has commenced on the second infill well which is expected online later this month. Following completion of the infill campaign, the rig is contracted to drill the Kosmos-operated Akeng Deep ILX prospect in Block S, with results expected around the end of the year.
Mauritania and Senegal
The Greater Tortue Ahmeyim liquefied natural gas (LNG) project continues to make good progress. The following milestones have been achieved:
- Drilling: The first batch of four wells has been completed with expected production capacity significantly higher than is required for first gas.
- Hub Terminal: The Hub Terminal has been handed over to operations.
- Subsea: The subsea workscope for first gas is mechanically complete.
- FPSO: Ready for startup shortly with first gas expected thereafter.
- FLNG: Cool down and commissioning of the FLNG vessel has commenced with first LNG expected around the end of the fourth quarter of 2024.
(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 U.S. 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 third quarter 2024 financial and operating results today, November 4, 2024, 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.
About Kosmos Energy
Kosmos is a full-cycle, deepwater, independent oil and gas exploration and production company focused along the offshore Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as world-class gas projects offshore Mauritania and Senegal. We also pursue a proven basin exploration program in Equatorial Guinea 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) debt modifications and extinguishments, (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 and excludes non-recurring activity such as acquisitions, divestitures and National Oil Company (“NOC”) financing. NOC financing refers to the amounts funded by Kosmos under the Carry Advance Agreements that the Company has in place with the national oil companies of each of Mauritania and Senegal related to the financing of the respective national oil companies’ share of certain development costs at Greater Tortue Ahmeyim. The Company defines net debt as total long-term debt less cash and cash equivalents and total 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.
This release also contains certain forward-looking non-GAAP financial measures, including free cash flow. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant.
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, 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 |
|
Nine Months Ended |
||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Revenues and other income: |
|
|
|
|
|
|
|
|
||||||||
|
Oil and gas revenue |
|
$ |
407,794 |
|
|
$ |
526,348 |
|
$ |
1,277,797 |
|
$ |
1,193,843 |
|
||
|
Other income, net |
|
|
37 |
|
|
|
198 |
|
|
109 |
|
|
(115 |
) |
||
|
Total revenues and other income |
|
|
407,831 |
|
|
|
526,546 |
|
|
1,277,906 |
|
|
1,193,728 |
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
||||||||
|
Oil and gas production |
|
|
133,471 |
|
|
|
138,782 |
|
|
377,822 |
|
|
286,297 |
|
||
|
Exploration expenses |
|
|
14,697 |
|
|
|
10,290 |
|
|
39,992 |
|
|
33,305 |
|
||
|
General and administrative |
|
|
23,298 |
|
|
|
25,120 |
|
|
76,724 |
|
|
77,731 |
|
||
|
Depletion, depreciation and amortization |
|
|
120,728 |
|
|
|
132,347 |
|
|
311,750 |
|
|
331,634 |
|
||
|
Interest and other financing costs, net |
|
|
22,112 |
|
|
|
25,440 |
|
|
75,839 |
|
|
74,379 |
|
||
|
Derivatives, net |
|
|
(15,254 |
) |
|
|
45,971 |
|
|
5,716 |
|
|
42,162 |
|
||
|
Other expenses, net |
|
|
2,227 |
|
|
|
11,055 |
|
|
6,418 |
|
|
17,864 |
|
||
|
Total costs and expenses |
|
|
301,279 |
|
|
|
389,005 |
|
|
894,261 |
|
|
863,372 |
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income before income taxes |
|
|
106,552 |
|
|
|
137,541 |
|
|
383,645 |
|
|
330,356 |
|
||
|
Income tax expense |
|
|
61,578 |
|
|
|
52,356 |
|
|
187,215 |
|
|
138,517 |
|
||
|
Net income |
|
$ |
44,974 |
|
|
$ |
85,185 |
|
$ |
196,430 |
|
$ |
191,839 |
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income per share: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
0.10 |
|
|
$ |
0.19 |
|
$ |
0.42 |
|
$ |
0.42 |
|
||
|
Diluted |
|
$ |
0.09 |
|
|
$ |
0.18 |
|
$ |
0.41 |
|
$ |
0.40 |
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average number of shares used to compute net income per share: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
471,816 |
|
|
|
460,108 |
|
|
470,491 |
|
|
459,477 |
|
||
|
Diluted |
|
|
479,190 |
|
|
|
481,099 |
|
|
478,701 |
|
|
479,738 |
|
||
|
Kosmos Energy Ltd. Condensed Consolidated Balance Sheets (In thousands, unaudited) |
||||||||
|
|
|
September 30, |
|
December 31, |
||||
|
|
|
2024 |
|
2023 |
||||
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
51,581 |
|
$ |
95,345 |
||
|
Receivables, net |
|
|
161,967 |
|
|
|
120,733 |
|
|
Other current assets |
|
|
207,540 |
|
|
|
206,635 |
|
|
Total current assets |
|
|
421,088 |
|
|
|
422,713 |
|
|
|
|
|
|
|
||||
|
Property and equipment, net |
|
|
4,694,435 |
|
|
|
4,160,229 |
|
|
Other non-current assets |
|
|
355,423 |
|
|
|
355,192 |
|
|
Total assets |
|
$ |
5,470,946 |
|
|
$ |
4,938,134 |
|
|
|
|
|
|
|
||||
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
284,954 |
|
|
$ |
248,912 |
|
|
Accrued liabilities |
|
|
277,752 |
|
|
|
302,815 |
|
|
Other current liabilities |
|
|
527 |
|
|
|
3,103 |
|
|
Total current liabilities |
|
|
563,233 |
|
|
|
554,830 |
|
|
|
|
|
|
|
||||
|
Long-term liabilities: |
|
|
|
|
||||
|
Long-term debt, net |
|
|
2,691,912 |
|
|
|
2,390,914 |
|
|
Deferred tax liabilities |
|
|
376,885 |
|
|
|
363,918 |
|
|
Other non-current liabilities |
|
|
642,016 |
|
|
|
596,135 |
|
|
Total long-term liabilities |
|
|
3,710,813 |
|
|
|
3,350,967 |
|
|
|
|
|
|
|
||||
|
Total stockholders’ equity |
|
|
1,196,900 |
|
|
|
1,032,337 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
5,470,946 |
|
|
$ |
4,938,134 |
|
|
Kosmos Energy Ltd. Condensed Consolidated Statements of Cash Flow (In thousands, unaudited) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Operating activities: |
|
|
|
|
|
|
|
|
||||||||
|
Net income |
|
$ |
44,974 |
|
|
$ |
85,185 |
|
|
$ |
196,430 |
|
|
$ |
191,839 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
||||||||
|
Depletion, depreciation and amortization (including deferred financing costs) |
|
|
122,887 |
|
|
|
134,809 |
|
|
|
318,564 |
|
|
|
339,177 |
|
|
Deferred income taxes |
|
|
6,081 |
|
|
|
(28,452 |
) |
|
|
11,280 |
|
|
|
(37,481 |
) |
|
Unsuccessful well costs and leasehold impairments |
|
|
1,187 |
|
|
|
931 |
|
|
|
3,872 |
|
|
|
2,244 |
|
|
Change in fair value of derivatives |
|
|
(9,298 |
) |
|
|
52,687 |
|
|
|
11,808 |
|
|
|
52,467 |
|
|
Cash settlements on derivatives, net(1) |
|
|
(7,388 |
) |
|
|
(10,846 |
) |
|
|
(14,754 |
) |
|
|
(21,478 |
) |
|
Equity-based compensation |
|
|
10,034 |
|
|
|
10,580 |
|
|
|
27,849 |
|
|
|
31,778 |
|
|
Debt modifications and extinguishments |
|
|
2,263 |
|
|
|
1,503 |
|
|
|
24,794 |
|
|
|
1,503 |
|
|
Other |
|
|
(138 |
) |
|
|
4,021 |
|
|
|
(12,126 |
) |
|
|
2,547 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
||||||||
|
Net changes in working capital |
|
|
(164,320 |
) |
|
|
(987 |
) |
|
|
(65,215 |
) |
|
|
(91,202 |
) |
|
Net cash provided by operating activities |
|
|
6,282 |
|
|
|
249,431 |
|
|
|
502,502 |
|
|
|
471,394 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Investing activities |
|
|
|
|
|
|
|
|
||||||||
|
Oil and gas assets |
|
|
(219,245 |
) |
|
|
(195,047 |
) |
|
|
(772,238 |
) |
|
|
(611,914 |
) |
|
Notes receivable from partners |
|
|
— |
|
|
|
(13,337 |
) |
|
|
(2,575 |
) |
|
|
(46,632 |
) |
|
Net cash used in investing activities |
|
|
(219,245 |
) |
|
|
(208,384 |
) |
|
|
(774,813 |
) |
|
|
(658,546 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Financing activities: |
|
|
|
|
|
|
|
|
||||||||
|
Borrowings under long-term debt |
|
|
100,000 |
|
|
|
150,000 |
|
|
|
275,000 |
|
|
|
300,000 |
|
|
Payments on long-term debt |
|
|
— |
|
|
|
(137,500 |
) |
|
|
(350,000 |
) |
|
|
(145,000 |
) |
|
Net proceeds from issuance of senior notes |
|
|
494,855 |
|
|
|
— |
|
|
|
885,285 |
|
|
|
— |
|
|
Purchase of capped call transactions |
|
|
— |
|
|
|
— |
|
|
|
(49,800 |
) |
|
|
— |
|
|
Repurchase of senior notes |
|
|
(499,515 |
) |
|
|
— |
|
|
|
(499,515 |
) |
|
|
— |
|
|
Net proceeds from issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(166 |
) |
|
Other financing costs |
|
|
(4,609 |
) |
|
|
(534 |
) |
|
|
(35,534 |
) |
|
|
(12,345 |
) |
|
Net cash provided by financing activities |
|
|
90,731 |
|
|
|
11,966 |
|
|
|
225,436 |
|
|
|
142,489 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(122,232 |
) |
|
|
53,013 |
|
|
|
(46,875 |
) |
|
|
(44,663 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
174,118 |
|
|
|
89,145 |
|
|
|
98,761 |
|
|
|
186,821 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
51,886 |
|
|
$ |
142,158 |
|
|
$ |
51,886 |
|
|
$ |
142,158 |
|
______________________________________
| (1) |
Cash settlements on commodity hedges were $(2.5) million and $(4.1) million for the three months ended September 30, 2024 and 2023, respectively, and $(10.0) million and $(12.3) million for the nine months ended September 30, 2024 and 2023, respectively. |
|
Kosmos Energy Ltd. EBITDAX (In thousands, unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Nine months ended |
|
Twelve Months Ended |
||||||||||||||
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
||||||||||
|
Net income |
$ |
44,974 |
|
|
$ |
85,185 |
|
|
$ |
196,430 |
|
|
$ |
191,839 |
|
|
$ |
218,111 |
|
|
Exploration expenses |
|
14,697 |
|
|
|
10,290 |
|
|
|
39,992 |
|
|
|
33,305 |
|
|
|
48,965 |
|
|
Depletion, depreciation and amortization |
|
120,728 |
|
|
|
132,347 |
|
|
|
311,750 |
|
|
|
331,634 |
|
|
|
425,043 |
|
|
Impairment of long-lived assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
222,278 |
|
|
Equity-based compensation |
|
10,034 |
|
|
|
10,580 |
|
|
|
27,849 |
|
|
|
31,778 |
|
|
|
38,764 |
|
|
Derivatives, net |
|
(15,254 |
) |
|
|
45,971 |
|
|
|
5,716 |
|
|
|
42,162 |
|
|
|
(25,318 |
) |
|
Cash settlements on commodity derivatives |
|
(2,532 |
) |
|
|
(4,130 |
) |
|
|
(9,956 |
) |
|
|
(12,343 |
) |
|
|
(14,061 |
) |
|
Other expenses, net(1) |
|
2,227 |
|
|
|
11,055 |
|
|
|
6,418 |
|
|
|
17,864 |
|
|
|
12,210 |
|
|
Interest and other financing costs, net |
|
22,112 |
|
|
|
25,440 |
|
|
|
75,839 |
|
|
|
74,379 |
|
|
|
97,364 |
|
|
Income tax expense |
|
61,578 |
|
|
|
52,356 |
|
|
|
187,215 |
|
|
|
138,517 |
|
|
|
206,913 |
|
|
EBITDAX |
$ |
258,564 |
|
|
$ |
369,094 |
|
|
$ |
841,253 |
|
|
$ |
849,135 |
|
|
$ |
1,230,269 |
|
______________________________________
| (1) |
Commencing in the first quarter of 2023, the Company combined the lines for “Restructuring and other” and “Other, net” in its presentation of EBITDAX into a single line titled “Other expenses, net.” |
The following table presents our net debt as of September 30, 2024 and December 31, 2023:
|
|
|
September 30, |
|
December 31, |
||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Total long-term debt |
|
$ |
2,750,274 |
|
$ |
2,425,000 |
||
|
Cash and cash equivalents |
|
|
51,581 |
|
|
|
95,345 |
|
|
Total restricted cash |
|
|
305 |
|
|
|
3,416 |
|
|
Net debt |
|
$ |
2,698,388 |
|
|
$ |
2,326,239 |
|
Contacts
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations
Thomas Golembeski
+1-214-445-9674
tgolembeski@kosmosenergy.com
