The following is a summary of the Kosmos Energy Ltd. (KOS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kosmos Energy reported a 13% increase in net production for Q1, amounting to approx. 66,700 barrels of oil equivalent per day.

• Their Q1 earnings outperformed the consensus, largely attributed to cost management within or better than guidance.

• Q1 capital expenditure reached $286 million, largely funding their Ghana drilling campaign, and progress on Winterfell and Tortue projects.

• The company has improved their financial resilience through a convertible bond issuance and a refinance of their reserve-based lending facility.

Business Progress:

• Kosmos Energy is tracking well towards their goal of boosting production by about 50% from H2 2022 to end of 2024.

• All the planned Jubilee production wells in Ghana for 2024 are online, with additional water injection well forthcoming this year.

• Winterfell oil production in the Gulf of Mexico is expected to initiate soon, while the Tortue project in Mauritania and Senegal is progressing towards first gas.

• The company plans to ramp up investment in cloud infrastructure and to steer free cash flow towards balancing debt repayments and capital returns.

• Focus is placed on finalizing the pre-FEED for Yakaar-Teranga gas project and seeking new partnerships. Concurrently, maximising benefits from the Ghana Jubilee project and starting operations for Winterfell and Tortue are top priorities.

• Kosmos is committed to investing in high yield projects, balancing growth and free cash flow, and aligning new projects with their future growth vision.

More details: Kosmos Energy IR

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