Kosmos Energy(KOS)

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Kosmos Energy(KOS) - 2022 Q4 - Annual Report
2023-02-28 14:24
Financial Performance - Oil and gas revenue for 2022 reached $2,245.4 million, a significant increase of 68.7% compared to $1,332.0 million in 2021[496]. - Total revenues and other income for 2022 amounted to $2,299.8 million, up 72.5% from $1,333.8 million in 2021[496]. - Net income for 2022 was $226.6 million, a turnaround from a net loss of $77.8 million in 2021[496]. - Basic net income per share for 2022 was $0.50, compared to a loss of $0.19 per share in 2021[496]. - Total costs and expenses increased to $1,962.7 million in 2022, up 42.4% from $1,377.2 million in 2021[496]. - Net cash provided by operating activities for 2022 was $1,130.5 million, a substantial increase from $374.3 million in 2021[501]. - The company did not declare dividends in 2022, maintaining a dividend of $0.0452 per share in 2021[496]. Assets and Liabilities - The net book value of the company's oil and gas properties was $3.8 billion as of December 31, 2022, with a depletion expense of $471.4 million for the year[472]. - As of December 31, 2022, the company's asset retirement obligations totaled $302.5 million[475]. - The company's total assets decreased from $4,940.7 million in 2021 to $4,580.0 million in 2022, reflecting a decline of approximately 7.3%[494]. - Long-term debt decreased from $2,590.5 million in 2021 to $2,195.9 million in 2022, a reduction of approximately 15.2%[494]. - The company's accumulated deficit improved from $(1,712.4) million in 2021 to $(1,485.8) million in 2022, indicating a reduction of approximately 13.3%[494]. - The company's total current liabilities increased from $530.9 million in 2021 to $574.3 million in 2022, an increase of approximately 8.2%[494]. Risk Management - The company manages market and counterparty credit risk in accordance with established policies, determining the timing and extent of derivative transactions[449]. - The company utilizes oil derivative contracts to mitigate exposure to commodity price risk, reflecting a proactive approach to risk management[528]. - As of December 31, 2022, the company's open commodity derivative instruments were in a net asset position of $1.5 million, with a hypothetical 10% price increase in commodity futures expected to decrease future pre-tax earnings by approximately $30.8 million[457]. Impairments and Write-downs - The company recorded an impairment of $450.0 million related to certain oil and gas proved properties during the year ended December 31, 2022[479]. - The company reported an impairment of long-lived assets of $450.0 million in 2022, compared to no impairment in 2021[501]. - Impairment charges of $450,000,000 were recognized for long-lived assets due to negative proved oil and gas reserve revisions, reducing the carrying value of the TEN Fields to an estimated fair value of $235,700,000[628]. Capital Expenditures and Investments - The company is focused on expanding its operations in the offshore Atlantic Margins, particularly in Ghana, Equatorial Guinea, and the U.S. Gulf of Mexico[504]. - In March 2022, the company acquired an additional 5.5% interest in the Winterfell area for $9.6 million, increasing its participating interest to 25.0% in certain Green Canyon blocks[540]. - In June 2022, the company acquired an additional 5.9% interest in the Kodiak oil field for approximately $29.0 million, raising its working interest from 29.1% to 35.0%[542]. - The company extended the Block G petroleum contract term to 2040, agreeing to a work program that includes drilling three development wells and one exploration well[541]. Debt and Financing - Outstanding borrowings totaled approximately $770.0 million as of December 31, 2022, with a weighted average interest rate of 8.3%, exposing the company to interest rate risk[458]. - The Company issued $650 million of 7.125% Senior Notes in April 2019, with net proceeds of approximately $640 million used to redeem previous notes and repay debt[587]. - The Company issued $400 million of 7.750% Senior Notes in October 2021, receiving net proceeds of approximately $395 million for refinancing purposes[594]. - The Company issued $450 million of 7.500% Senior Notes in March 2021, with net proceeds of approximately $444.4 million used to repay debt and for general corporate purposes[601]. - The GoM Term Loan bears an effective interest rate of approximately 6.9% per annum and includes an accordion feature for incremental commitments of up to $100 million[607]. Shareholder Equity and Compensation - The total equity-based compensation to be recognized on unvested restricted stock units was $20,100,000 over a weighted average period of 1.7 years as of December 31, 2022[636]. - Share-based compensation expense for the year ended December 31, 2022, was $34,546,000, an increase from $31,651,000 in 2021[640]. - The fair value of awards vested in 2022 was $22,205,000, significantly higher than $9,435,000 in 2021[640]. Taxation - The total tax benefit for the year ended December 31, 2022, was $5,933,000, compared to $5,786,000 in 2021[640]. - The net tax shortfall (windfall) for the year ended December 31, 2022, was $673,000, a decrease from $6,307,000 in 2021[640].
Kosmos Energy(KOS) - 2022 Q4 - Earnings Call Transcript
2023-02-28 04:32
Kosmos Energy Ltd. (NYSE:KOS) Q4 2022 Earnings Conference Call February 27, 2023 11:00 AM ET Company Participants Jamie Buckland - Vice President of Investor Relations Andy Inglis - Chairman and Chief Executive Officer Neal Shah - Chief Financial Officer Conference Call Participants Charles Meade - Johnson Rice Alex Smith - Investec Neil Mehta - Goldman Sachs Subash Chandra - The Benchmark James Hosie - Barclays Mark Wilson - Jefferies Matt Smith - Bank of America Operator Good day, everyone, welcome to Kos ...
Kosmos Energy(KOS) - 2022 Q4 - Earnings Call Presentation
2023-02-27 17:25
1 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 that address activities, events or developments that Kosmos Energy Ltd. ("Kosmos" or the "Company") expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the ge ...
Kosmos Energy(KOS) - 2022 Q3 - Earnings Call Transcript
2022-11-08 03:50
Kosmos Energy Ltd. (NYSE:KOS) Q3 2022 Earnings Conference Call November 7, 2022 11:00 AM ET Company Participants Jamie Buckland - Vice President, Investor Relations Andy Inglis - Chief Executive Officer Neal Shah - Senior Vice President and Chief Financial Officer Conference Call Participants Neil Mehta - Goldman Sachs Bob Brackett - Bernstein Research Charles Meade - Johnson Rice & Company Alex Smith - Investec James Hosie - Barclays James Carmichael - Berenberg Mark Wilson - Jefferies Operator Greeting an ...
Kosmos Energy(KOS) - 2022 Q3 - Quarterly Report
2022-11-07 17:08
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35167 Kosmos Energy Ltd. (Exact name of registrant as specified in its charter) Delaware 98-0686001 (State or ...
Kosmos Energy(KOS) - 2022 Q3 - Earnings Call Presentation
2022-11-07 15:37
1 3Q 2022 Results 7 November 2022 NYSE/LSE: KOS 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 that address activities, events or developments that Kosmos Energy Ltd. ("Kosmos" or the "Company") expects, believes or anticipates will or may occur in the futur ...
Kosmos Energy(KOS) - 2022 Q2 - Earnings Call Transcript
2022-08-08 19:34
Kosmos Energy Ltd. (NYSE:KOS) Q2 2022 Earnings Conference Call August 8, 2022 11:00 AM ET Company Participants Jamie Buckland - Vice President-Investor Relations Andy Inglis - Chairman and Chief Executive Officer Neal Shah - Chief Financial Officer Conference Call Participants Carly Davenport - Goldman Sachs Matt Smith - Bank of America Alex Smith - Investec Bob Brackett - Bernstein Research James Hosie - Barclays Mark Wilson - Jefferies Operator Good day, everyone. Welcome to Kosmos Energy's Second Quarter ...
Kosmos Energy(KOS) - 2022 Q2 - Earnings Call Presentation
2022-08-08 17:14
1 2Q 2022 Results 8 August 2022 NYSE/LSE: KOS 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 that address activities, events or developments that Kosmos Energy Ltd. ("Kosmos" or the "Company") expects, believes or anticipates will or may occur in the future ...
Kosmos Energy(KOS) - 2022 Q2 - Quarterly Report
2022-08-08 15:58
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35167 (Exact name of registrant as specified in its charter) Delaware 98-0686001 (State or other jurisdiction of (I ...
Kosmos Energy(KOS) - 2022 Q1 - Quarterly Report
2022-05-09 20:23
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Table of Contents Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35167 Kosmos Energy Ltd. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I ...