Kosmos Energy(KOS)

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Kosmos Energy(KOS) - 2021 Q1 - Earnings Call Transcript
2021-05-10 21:07
Kosmos Energy Ltd (NYSE:KOS) Q1 2021 Earnings Conference Call May 10, 2021 11:00 AM ET Company Participants Jamie Buckland - VP of IR Andy Inglis - Chairman and CEO Neal Shah - CFO Conference Call Participants James Hosie - Barclays Charles Meade - Johnson Rice Neil Mehta - Goldman Sachs Bob Brackett - Bernstein Research Mark Wilson - Jefferies Nick Stefano - Renaissance Capital Richard Tullis - Capital One Securities Operator Good day, everyone. Welcome to Kosmos Energy's First Quarter 2021 Conference Call ...
Kosmos Energy(KOS) - 2021 Q1 - Quarterly Report
2021-05-10 20:54
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 March 31, 2021 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 othe ...
Kosmos Energy(KOS) - 2020 Q4 - Earnings Call Presentation
2021-02-23 19:48
4Q 2020 Results NYSE/LSE: KOS February 22 2021 0 Strictly Private and Confidential 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 anticip ...
Kosmos Energy(KOS) - 2020 Q4 - Annual Report
2021-02-23 11:05
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ 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 | https://reportify | | --- | | 1252068037.cos.ap | Kosmos Energy Ltd. (Exact name of registrant as specified i ...
Kosmos Energy(KOS) - 2020 Q4 - Earnings Call Transcript
2021-02-23 00:23
Kosmos Energy Ltd. (NYSE:KOS) Q4 2020 Earnings Conference Call February 22, 2021 11:00 AM ET Company Participants Jamie Buckland – Vice President-Investor Relations Andy Inglis – Chairman and Chief Executive Officer Neal Shah – Senior Vice President and Chief Financial Officer Conference Call Participants Charles Meade – Johnson Rice Neil Mehta – Goldman Sachs Bob Brackett – Bernstein Research James Carmichael – Berenberg Mark Wilson – Jefferies Nick Stefanou – Renaissance Capital Richard Tullis – Capital O ...
Kosmos Energy(KOS) - 2020 Q3 - Earnings Call Presentation
2020-11-10 10:24
3Q 2020 Results NYSE/LSE: KOS November 9 2020 0 Strictly Private and Confidential 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 anticipa ...
Kosmos Energy(KOS) - 2020 Q3 - Earnings Call Transcript
2020-11-09 22:51
Kosmos Energy Ltd. (NYSE:KOS) Q3 2020 Earnings Conference Call November 9, 2020 11:00 AM ET Company Participants Jamie Buckland - Vice President of Investor Relations Andy Inglis - Chairman & Chief Executive Officer Neal Shah - Senior Vice President & Chief Financial Officer Conference Call Participants Charles Meade - Johnson Rice & Company David Round - BMO Capital Markets Neil Mehta - Goldman Sachs Bob Brackett - Bernstein Research Nikolas Stefanou - Renaissance Capital James Hosie - Barclays Richard Tul ...
Kosmos Energy(KOS) - 2020 Q3 - Quarterly Report
2020-11-09 17:10
[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) The company experienced a significant net loss and reduced cash flow from operations for the nine months ended September 30, 2020 [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $592,466 | $566,557 | | **Property and Equipment, net** | $3,366,304 | $3,642,332 | | **Total Assets** | **$4,093,501** | **$4,317,232** | | **Total Current Liabilities** | $565,210 | $539,101 | | **Long-term Debt, net** | $2,191,433 | $2,008,063 | | **Total Liabilities** | $3,667,937 | $3,475,530 | | **Total Stockholders' Equity** | **$425,564** | **$841,702** | - Total stockholders' equity decreased significantly from **$841.7 million** at the end of 2019 to **$425.6 million** as of September 30, 2020, primarily due to an increase in the accumulated deficit[22](index=22&type=chunk) [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | **Oil and gas revenue** | $224,786 | $357,036 | $529,880 | $1,049,759 | | **Total costs and expenses** | $261,279 | $317,435 | $930,414 | $1,022,300 | | **Impairment of long-lived assets** | $0 | $0 | $150,820 | $0 | | **Net income (loss)** | **($37,384)** | **$16,065** | **($419,542)** | **($20,004)** | | **Diluted EPS** | **($0.09)** | **$0.04** | **($1.04)** | **($0.05)** | - The company recorded a **$150.8 million** impairment of long-lived assets during the first nine months of 2020, which was a significant contributor to the net loss for the period[24](index=24&type=chunk) [Consolidated Statements of Stockholders' Equity](index=10&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity) - Stockholders' equity declined from **$841.7 million** at December 31, 2019, to **$425.6 million** at September 30, 2020. The primary driver of this decrease was the net loss of **$419.5 million** recorded over the nine-month period[26](index=26&type=chunk) - The company declared and paid dividends of **$0.0452 per share** in the first quarter of 2020, totaling **$18.9 million**, before suspending the dividend[26](index=26&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $20,657 | $400,276 | | **Net cash used in investing activities** | ($269,124) | ($268,498) | | **Net cash provided by (used in) financing activities** | $321,309 | ($102,336) | | **Net increase in cash, cash equivalents and restricted cash** | $72,842 | $29,442 | - Net cash from operating activities decreased dramatically to **$20.7 million** in the first nine months of 2020 from **$400.3 million** in the prior-year period, reflecting the impact of lower revenues[29](index=29&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the impact of the COVID-19 pandemic on operations, strategic responses, and the company's financial position [Overview](index=35&type=section&id=Overview) - The COVID-19 pandemic has significantly impacted operations by decreasing oil demand and prices, leading to project delays across Ghana, the U.S. Gulf of Mexico, and Equatorial Guinea[139](index=139&type=chunk) - As a result of the pandemic's impact, the company suspended its quarterly dividend, reduced headcount, and recorded a **$150.8 million** asset impairment in the first quarter of 2020[140](index=140&type=chunk) - The Greater Tortue Ahmeyim Phase 1 gas project has been delayed by approximately **12 months**, with first gas now expected in the first half of 2023[140](index=140&type=chunk) [Recent Developments](index=37&type=section&id=Recent%20Developments) - In Q3 2020, Kosmos agreed to farm down interests in a portfolio of frontier exploration assets to Shell for **$96.0 million** in cash and up to **$100.0 million** in future contingent payments[142](index=142&type=chunk) - In September 2020, the company entered into a new five-year, **$200 million** senior secured term loan (GoM Term Loan) secured against its U.S. Gulf of Mexico assets to pay down its revolving credit facility and fund working capital[143](index=143&type=chunk) - Production in Q3 2020 averaged approximately **137,300 Bopd** (gross) in Ghana and **17,500 Boepd** (net) in the U.S. Gulf of Mexico, with the latter impacted by hurricane-related downtime[144](index=144&type=chunk)[145](index=145&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Sales Volumes and Realized Prices | Metric | Q3 2020 | Q3 2019 | 9 Months 2020 | 9 Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Total Sales (MBoe)** | 5,477 | 6,038 | 15,560 | 17,408 | | **Average Sales Price per Boe** | $41.05 | $59.13 | $34.05 | $60.30 | - Oil and gas revenue for Q3 2020 decreased by **$132.3 million** compared to Q3 2019, primarily due to a **30% drop** in the average realized price per barrel equivalent and lower sales volumes[157](index=157&type=chunk)[158](index=158&type=chunk) - For the first nine months of 2020, oil and gas revenue fell by **$519.9 million** compared to the same period in 2019, driven by lower prices and production volumes[167](index=167&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity Position as of September 30, 2020 (in thousands) | Item | Amount | | :--- | :--- | | Cash and cash equivalents | $300,819 | | Availability under the Facility | $50,000 | | Availability under the Corporate Revolver | $300,000 | | **Total Liquidity** | **$650,819** | - The company reduced its 2020 base business capital expenditure program to an estimated **$140 - $150 million** in response to volatile oil prices and the COVID-19 pandemic[185](index=185&type=chunk) - In July 2020, the company amended its debt cover ratio covenant on its credit facilities to be less restrictive through December 31, 2021, providing additional financial flexibility[190](index=190&type=chunk)[193](index=193&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are from commodity price volatility and interest rate changes, managed through derivative instruments - The company actively uses derivative contracts to mitigate exposure to volatile oil prices. As of September 30, 2020, open commodity derivative instruments were in a net asset position of **$6.7 million**[220](index=220&type=chunk)[225](index=225&type=chunk) - A sensitivity analysis shows that a **10% increase** in commodity futures prices would decrease future pre-tax earnings by approximately **$46.6 million**, while a **10% decrease** would increase earnings by **$38.2 million**[225](index=225&type=chunk) - The company has **$1.75 billion** in variable-rate debt. A **10% increase** in the floating market rate would increase annual interest expense by an estimated **$0.2 million**[226](index=226&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2020 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[227](index=227&type=chunk) - No changes in internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[228](index=228&type=chunk) [PART II. OTHER INFORMATION](index=52&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material changes from the legal proceedings information disclosed in its most recent annual report - There have been no material changes from the information concerning legal proceedings discussed in the annual report on Form 10-K[229](index=229&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) The company states there have been no material changes to the risk factors previously disclosed in prior reports - There have been no material changes from the risks discussed in the annual report on Form 10-K for the year ended December 31, 2019 and the quarterly report for the quarter ended March 31, 2020[230](index=230&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None reported[231](index=231&type=chunk) [Item 3. Defaults Upon Senior Securities](index=52&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None reported[232](index=232&type=chunk) [Item 4. Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[233](index=233&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) The company indicates no material changes required to be reported under this item that were not previously disclosed - No material changes required to be reported under this Item that have not previously been disclosed[234](index=234&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including key agreements and certifications - Key exhibits filed include: * Asset and Share Sale Agreements with Shell related to the farm-down of exploration assets * The Senior Secured Term Loan Credit Agreement dated September 30, 2020 * Certifications from the CEO and CFO pursuant to the Sarbanes-Oxley Act[241](index=241&type=chunk)
Kosmos Energy(KOS) - 2020 Q2 - Earnings Call Transcript
2020-08-03 20:40
Kosmos Energy Ltd. (NYSE:KOS) Q2 2020 Earnings Conference Call August 3, 2020 11:00 AM ET Company Participants Jamie Buckland - Vice President of Investor Relations Andy Inglis - Chief Executive Officer, Chairman of the Board of Directors Neal Shah - Senior Vice President and Chief Financial Officer Conference Call Participants Charles Meade - Johnson Rice & Company David Round - BMO Capital Markets Richard Tullis - Capital One Securities Nikolas Stefanou - Renaissance Capital James Carmichael - Berenberg ...
Kosmos Energy(KOS) - 2020 Q2 - Quarterly Report
2020-08-03 16:02
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, 2020 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 other ...