Q3 2024 Kosmos Energy Ltd Earnings Call Transcript
Key Points
- Kosmos Energy Ltd (KOS) achieved first production at Winterfell and completed two production enhancement projects at Kodiak and Odd Job in the Gulf of Mexico, contributing to increased production.
- The company is making significant progress towards its target of increasing production by 50% to approximately 90,000 barrels of oil equivalent per day by year-end.
- Kosmos Energy Ltd (KOS) has enhanced its financial resilience by extending debt maturities, enhancing liquidity, and simplifying its capital structure.
- The company plans to prioritize free cash flow in 2025, aiming to reduce growth CapEx significantly and enhance shareholder value.
- Kosmos Energy Ltd (KOS) successfully issued $500 million of new senior notes due 2031, improving its financial position by repurchasing outstanding notes and reducing near-term maturities.
- Production for the third quarter was at the lower end of guidance due to delays in the Equatorial Guinea infill well and slightly lower Jubilee production.
- The company experienced sand production issues at the Winterfell project, which curtailed production from the third well.
- CapEx for the third quarter exceeded guidance due to higher than forecasted spending on the drilling campaign.
- The planned downtime at the onshore gas processing plant led to lower gas production quarter-on-quarter.
- Kosmos Energy Ltd (KOS) faced challenges in maintaining water injection levels at the Jubilee field, impacting voidage replacement targets.
Good day, everyone and welcome to Kosmos Energy third quarter, 2024 conference call. As a reminder, today's call is being recorded at this time. Let me turn the call over to Jamie Buckland, Vice President, Investor Relations at Kosmos Energy.
Thank you operator and thanks to everyone for joining us today. This morning, we issued our third quarter, 2024 earnings release this release and the slide presentation to a company. Today's call are available on the investors page of our website.
Joining me on the call today to go through the materials are Andrew G. Inglis, Chairman and CEO and Neal D. Shah CFO.
During today's presentation, we will make forward-looking statements that refer to our estimates, plans and expectations, actual results and outcomes could differ materially due to factors. We note in this presentation and in our UK and SEC filings, please refer to our annual report, stock exchange announcement and sec filings for more details. These documents are available
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