======= =======
Diluted 482,096 479,326
======= =======
Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, December 31,
2024 2023
---------- --------------
Assets
Current assets:
Cash and cash equivalents $ 254,323 $ 95,345
Receivables, net 121,777 120,733
Other current assets 226,786 206,635
--------- ----------
Total current assets 602,886 422,713
Property and equipment, net 4,389,404 4,160,229
Other non-current assets 357,841 355,192
--------- ----------
Total assets $5,350,131 $ 4,938,134
========= ==========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 372,449 $ 248,912
Accrued liabilities 278,891 302,815
Other current liabilities 14,073 3,103
--------- ----------
Total current liabilities 665,413 554,830
Long-term liabilities:
Long-term debt, net 2,655,052 2,390,914
Deferred tax liabilities 358,377 363,918
Other non-current liabilities 599,654 596,135
--------- ----------
Total long-term liabilities 3,613,083 3,350,967
Total stockholders' equity 1,071,635 1,032,337
--------- ----------
Total liabilities and stockholders' equity $5,350,131 $ 4,938,134
========= ==========
Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
Three Months Ended
March 31,
------------------------
2024 2023
-------- --------
Operating activities:
Net income $ 91,686 $ 83,309
Adjustments to reconcile net income to net
cash provided by operating activities:
Depletion, depreciation and amortization
(including deferred financing costs) 103,327 111,925
Deferred income taxes (7,316) (8,032)
Unsuccessful well costs and leasehold
impairments 466 1,304
Change in fair value of derivatives 27,010 (2,338)
Cash settlements on derivatives, net(1) (6,194) (11,357)
Equity-based compensation 7,328 10,093
Other (5,708) (2,273)
Changes in assets and liabilities:
Net changes in working capital 61,964 21,222
-------- --------
Net cash provided by operating activities 272,563 203,853
Investing activities
Oil and gas assets (314,822) (223,685)
Notes receivable from partners (2,528) (15,671)
-------- --------
Net cash used in investing activities (317,350) (239,356)
Financing activities:
Borrowings under long-term debt 175,000 --
Payments on long-term debt (300,000) (7,500)
Net proceeds from issuance of senior notes 390,430 --
Purchase of capped call transactions (49,800) --
Dividends -- (165)
Other financing costs (11,691) (11,810)
-------- --------
Net cash provided by (used in) financing
activities 203,939 (19,475)
-------- --------
Net increase (decrease) in cash, cash
equivalents and restricted cash 159,152 (54,978)
Cash, cash equivalents and restricted cash
at beginning of period 98,761 186,821
-------- --------
Cash, cash equivalents and restricted cash
at end of period $ 257,913 $ 131,843
======== ========
(1) Cash settlements on commodity hedges were $(2.9) million and $(4.2)
million for the three months ended March 31, 2024 and 2023,
respectively.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
Twelve Months
Three Months Ended Ended
-------------------------------- --------------
March 31, 2024 March 31, 2023 March 31, 2024
--------------- --------------- --------------
Net income $ 91,686 $ 83,309 $ 221,897
Exploration
expenses 12,060 12,000 42,338
Depletion,
depreciation
and
amortization 100,928 109,374 436,481
Impairment of
long-lived
assets -- -- 222,278
Equity-based
compensation 7,328 10,093 39,928
Derivatives,
net 23,822 (6,840) 41,790
Cash
settlements
on commodity
derivatives (2,934) (4,182) (15,200)
Other
expenses,
net(1) 2,029 2,030 23,655
Interest and
other
financing
costs, net 16,448 24,568 87,784
Income tax
expense 50,283 56,323 152,175
---------- ---------- ---------
EBITDAX $ 301,650 $ 286,675 $ 1,253,126
(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 March 31, 2024 and December 31, 2023:
March 31, December 31,
---------- --------------
2024 2023
--------- ----------
Total long-term debt $2,700,000 $ 2,425,000
Cash and cash equivalents 254,323 95,345
Total restricted cash 3,590 3,416
--------- ----------
Net debt $2,442,087 $ 2,326,239
========= ==========
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
--------------------
2024 2023
------- -------
Net income $ 91,686 $ 83,309
Derivatives, net 23,822 (6,840)
Cash settlements on commodity derivatives (2,934) (4,182)
Other, net(2) 1,797 1,899
Total selected items before tax 22,685 (9,123)
------- -------
Income tax (expense) benefit on
adjustments(1) (7,311) 3,508
Impact of valuation adjustments and other
tax items (7,963) --
------- -------
Adjusted net income (loss) $ 99,097 77,694
======= =======
Net income per diluted share $ 0.19 $ 0.17
Derivatives, net 0.05 (0.01)
Cash settlements on commodity derivatives (0.01) (0.01)
Total selected items before tax 0.04 (0.02)
------- -------
Income tax (expense) benefit on
adjustments(1) (0.01) 0.01
Impact of valuation adjustments and other
tax items (0.01) --
------- -------
Adjusted net income (loss) per diluted
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