0001104659-15-012842.txt : 20150223 0001104659-15-012842.hdr.sgml : 20150223 20150223083913 ACCESSION NUMBER: 0001104659-15-012842 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150223 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150223 DATE AS OF CHANGE: 20150223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Kosmos Energy Ltd. CENTRAL INDEX KEY: 0001509991 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 980686001 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35167 FILM NUMBER: 15637953 BUSINESS ADDRESS: STREET 1: CLARENDON HOUSE STREET 2: 2 CHURCH STREET CITY: HAMILTON STATE: D0 ZIP: HM 11 BUSINESS PHONE: (214) 445-9600 MAIL ADDRESS: STREET 1: 8176 PARK LANE STREET 2: SUITE 500 CITY: DALLAS STATE: TX ZIP: 75231 8-K 1 a15-5102_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

February 23, 2015

 

KOSMOS ENERGY LTD.

(Exact Name of Registrant as Specified in its Charter)

 

Bermuda

 

001-35167

 

98-0686001

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)

 

Clarendon House
2 Church Street
Hamilton, Bermuda

 

HM 11

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: +1 441 295 5950

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02    Results of Operations and Financial Condition.

 

On February 23, 2015, Kosmos Energy Ltd. (the “Company”) issued a news release announcing results for the fiscal quarter  and year ended December  31, 2014. A copy of the news release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

The information in this Form 8-K and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section.

 

Item 7.01    Regulation FD Disclosure.

 

On February 23, 2015, the Company issued a news release announcing results for the fiscal quarter and year ended December 31, 2014. A copy of the news release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

The information in this Form 8-K and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section.

 

Item 9.01    Financial Statements and Exhibits.

 

(d)

 

Exhibits.

 

The following exhibit is furnished as part of this current report on Form 8-K:

 

 

 

 

 

 

 

99.1

 

News Release dated February 23, 2015 announcing results for the fiscal quarter and year ended December 31, 2014.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Date: February 23, 2015

 

 

 

 

 

 

KOSMOS ENERGY LTD.

 

 

 

 

 

 

 

By:

/s/ Thomas P. Chambers

 

 

Thomas P. Chambers

 

 

Senior Vice President and Chief Financial Officer

 

3



 

INDEX TO EXHIBITS

 

Exhibit No.

 

Description

99.1

 

News Release dated February 23, 2015 announcing results for the fiscal quarter and year ended December 31, 2014.

 

4


EX-99.1 2 a15-5102_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

NEWS RELEASE

 

KOSMOS ENERGY ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 RESULTS

Strong Performance in 2014 Positions Kosmos for Future Growth

 

DALLAS—(BUSINESS WIRE)—Feb. 23, 2015— Kosmos Energy Ltd. (“Kosmos”) (NYSE: KOS) announced today financial and operating results for the fourth quarter and full year 2014. For the fourth quarter of 2014, the Company generated net income of $129 million, or $0.33 per diluted share. For the full year 2014, the Company reported net income of $279 million or $0.72 per diluted share. Excluding the impact of unrealized commodity derivatives, the Company generated net income of $114 million or $0.29 per diluted share for the full year 2014. In 2013, Kosmos reported net loss of $91 million or $0.24 per diluted share. Total oil revenues in 2014 were $856 million on nine oil liftings, net to Kosmos.

 

Highlights for the quarter ended December 31, 2014, include:

 

·                  Realized a net reserve replacement ratio of 336%

·                  Sold 2.4 million barrels of oil, net to Kosmos

·                  Commenced gas export from the Jubilee FPSO to the onshore Atuabo gas plant

·                  Completed approximately 50 percent of the development of the TEN project

·                  Began drilling the CB-1 well, targeting the Al Khayr prospect offshore Western Sahara

·                  Executed a significant 3D seismic program offshore Senegal

 

“2014 was a strong year for Kosmos,” said Andrew G. Inglis, chairman and chief executive officer. “We successfully delivered our operations plan in Ghana, maintaining gross production above 100,000 barrels of oil per day and delivering nine cargoes net to Kosmos. Good progress was made growing the reserves of our Ghana asset and preparing for future production to come on-stream from the TEN development and MTA discoveries. We also continued to mature our exploration portfolio during 2014 and its quality was recently validated by our successful Mauritania farm-out at a time when the industry is slowing their exploration programs. With a strong balance sheet and access to $1.9 billion in liquidity, Kosmos enters 2015 in a position of financial strength, with the opportunity to create significant value as we push ahead to drill the most promising prospects in our exploration portfolio.”

 

Fourth quarter 2014 oil revenues were $177 million versus $215 million in the same quarter of 2013, on sales of 2.4 million barrels of oil for 2014 as compared to 1.9 million barrels in 2013. Realized pricing was $72.89 per barrel of oil sold in the fourth quarter of 2014 versus $111.13 per barrel of oil sold in the fourth quarter of 2013, excluding the impact of the Company’s

 



 

hedging program.  Including the impact of our settled hedges, realized pricing was $80.52 per barrel in the fourth quarter of 2014. At the end of 2014, the Company was in a net underlift position of approximately 99,000 barrels of oil.

 

Production expense for the fourth quarter of 2014 was $46 million, or $18.82 per barrel sold, versus $17 million in the fourth quarter of 2013, due to additional workover activities in the latest quarter as well as an additional lifting. For the year, production expense averaged $11.48 per barrel.

 

Exploration expenses in the fourth quarter of 2014 totaled $36 million. Included in the quarter were costs related to the large 3D seismic survey in Senegal, as well as ongoing seismic processing and interpretation expenditures throughout the Company’s portfolio.

 

Depletion and depreciation expense was $45 million, or $18.59 per barrel of oil sold versus $24.33 per barrel sold in the fourth quarter of 2013. The decrease in the fourth quarter 2014 depletion rate was a result of the increase in proved reserves as of year-end 2014. General and administrative expenses were $40 million for the fourth quarter of 2014, consistent with the fourth quarter of 2013.  General and administrative expenses for the year were $135 million, representing a 15% reduction over 2013.

 

The fourth quarter results benefited from the non-cash mark-to-market gain of $244 million related to the Company’s oil derivative contracts. The Company’s hedging position as of January 15, 2015 included 6.2 million barrels of 2015 production and 6.0 million barrels of 2016 production.

 

Income tax expense for the fourth quarter of 2014 was $129 million. The majority of the amount was related to deferred taxes in Ghana.

 

Total capital expenditures, including exploration expenses, came in under budget at $528 million in 2014.  The reduction is primarily attributable to reduced Ghana expenditures as we were able to maintain production without incremental capital expenditures.

 

Kosmos exited 2014 with $1.9 billion of liquidity and $213 million of net debt compared to $1.2 billion of liquidity and $249 million of net debt as of year-end 2013.

 

Operational Update

 

In the fourth quarter of 2014, Jubilee field gross production averaged nearly 100,000 bopd.  For the full year of 2014, Jubilee field production averaged approximately 102,000 bopd.  Gas export commenced in November and full commissioning of the onshore natural gas processing facility is ongoing.  In 2015, gas exports are expected to increase, enabling oil production from the field to rise towards field plateau.

 

The Tweneboa, Enyenra and Ntomme (TEN) project, the second major oil development project in Ghana, remains within budget and on-track to deliver first oil in the second half of 2016.  The project is now greater than 50 percent complete with all 10 of the wells expected to be online at

 



 

first oil already drilled. Activity is expected to increase in 2015 as completions begin and fabrication continues in advance of installation.

 

The appraisal for the Mahogany, Teak and Akasa (MTA) discoveries within the Greater Jubilee area was completed in December as scheduled.  The results of the appraisal will be combined with the partnership’s views on additional phases of development at Jubilee. A plan for the full field development of Jubilee and MTA is expected to be presented to the Government of Ghana in 2015.

 

During the fourth quarter, Kosmos continued to mature the prospectivity on its exploration acreage. A 7,000 square kilometer 3D seismic program in the Senegal Basin offshore Senegal was completed in January.  In preparation for our 2015 drilling campaign, the farm-out of our Mauritania licenses was announced in February with Chevron acquiring a 30% non-operating interest in the blocks.  The farm-out is subject to customary closing conditions, including approval from the Government of Mauritania.

 

The CB-1 well targeting the Al Khayr prospect offshore Western Sahara was spud on December 19, 2014.  Operations are ongoing and we expect well results in early March.

 

Year-End 2014 Reserves

 

The Company’s proved net reserves at the end of 2014 were 75 million barrels of oil equivalent, an increase of 28 million barrels of oil equivalent from year-end 2013. The year-end 2014 volumes also include natural gas reserves of 2 million barrels of oil equivalent, slightly higher than in 2013, which represents only the gas anticipated to be used for power generation on the Jubilee and TEN floating production, storage and offloading (FPSO) vessels.

 

A reserve replacement ratio of 336%, on a net proved basis, was realized primarily due to the inclusion of reserves associated with the TEN project and observed field performance of Jubilee. The Company’s reported reserves are prepared by Ryder Scott Company, L.P., an independent reserve engineering firm.

 

2015 Capital Program

 

The Company expects total 2015 capital expenditures to be approximately $800 million with approximately $500 million to be spent in Ghana, primarily related to development activity in Jubilee and TEN.  This is an increase from 2014 levels as a result of increased activity at TEN.

 

As part of the Company’s planned exploration expenditures, which total approximately $300 million for the year, Kosmos expects to participate in the drilling of four offshore exploration wells.

 

Conference Call and Webcast Information

 

Kosmos will host a conference call and webcast to discuss fourth quarter and full year 2014 financial and operating results today at 10:00 a.m. Central time (11:00 a.m. Eastern time). A live

 



 

webcast of the event can be accessed on the Investors page of Kosmos’ website at www.kosmosenergy.com. The dial-in telephone number for the call is +1.877.407.3982. Callers outside the United States should dial +1.201.493.6780. A replay of the webcast will be available on the Investors page of Kosmos’ website for approximately 90 days following the event.

 

About Kosmos Energy

 

Kosmos Energy is a leading independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin. Our assets include existing production and other major development projects offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Ireland, Mauritania, Morocco (including Western Sahara), Senegal and Suriname. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos 2013 Corporate Responsibility Report. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS. For additional information, visit www.kosmosenergy.com.

 

Forward-Looking Statements

 

This press release 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 press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

 



 

Kosmos Energy Ltd.

Consolidated Statements of Operations

(In thousands, except per share amounts)

 

 

 

Three Months Ended
December 31,

 

Years Ended
December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

(unaudited)

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

Oil and gas revenue

 

$

177,242

 

$

214,564

 

$

855,877

 

$

851,212

 

Gain on sale of assets

 

 

 

23,769

 

 

Other income

 

902

 

233

 

3,092

 

941

 

Total revenues and other income

 

178,144

 

214,797

 

882,738

 

852,153

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Oil and gas production

 

45,756

 

17,140

 

100,122

 

96,791

 

Exploration expenses

 

35,867

 

35,930

 

93,519

 

230,314

 

General and administrative

 

40,190

 

39,634

 

135,231

 

158,421

 

Depletion and depreciation

 

45,197

 

46,966

 

198,080

 

222,544

 

Interest and other financing costs, net

 

14,051

 

11,723

 

45,548

 

47,590

 

Derivatives, net

 

(260,984

)

16,641

 

(281,853

)

17,027

 

Restructuring charges

 

(16

)

 

11,742

 

 

Other expenses, net

 

449

 

167

 

2,081

 

3,512

 

Total costs and expenses

 

(79,490

)

168,201

 

304,470

 

776,199

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

257,634

 

46,596

 

578,268

 

75,954

 

Income tax expense

 

128,863

 

42,430

 

298,898

 

166,998

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

128,771

 

$

4,166

 

$

279,370

 

$

(91,044

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

$

0.01

 

$

0.73

 

$

(0.24

)

Diluted

 

$

0.33

 

$

0.01

 

$

0.72

 

$

(0.24

)

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

380,127

 

377,738

 

379,195

 

376,819

 

Diluted

 

385,613

 

378,316

 

386,119

 

376,819

 

 



 

Kosmos Energy Ltd.

Condensed Consolidated Balance Sheets

(In thousands, unaudited)

 

 

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

554,831

 

$

598,108

 

Receivables

 

163,544

 

21,326

 

Other current assets

 

292,101

 

115,527

 

Total current assets

 

1,010,476

 

734,961

 

 

 

 

 

 

 

Property and equipment, net

 

1,784,846

 

1,522,962

 

Other non-current assets

 

177,444

 

87,903

 

Total assets

 

$

2,972,766

 

$

2,345,826

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

184,400

 

$

94,172

 

Accrued liabilities

 

201,967

 

115,212

 

Deferred tax liability

 

61,683

 

 

Other current liabilities

 

721

 

9,940

 

Total current liabilities

 

448,771

 

219,324

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

Long-term debt

 

794,269

 

900,000

 

Deferred tax liability

 

337,961

 

170,226

 

Other non-current liabilities

 

52,806

 

63,941

 

Total long-term liabilities

 

1,185,036

 

1,134,167

 

 

 

 

 

 

 

Total shareholders’ equity

 

1,338,959

 

992,335

 

Total liabilities and shareholders’ equity

 

$

2,972,766

 

$

2,345,826

 

 



 

Kosmos Energy Ltd.

Condensed Consolidated Statements of Cash Flow

(In thousands, unaudited)

 

 

 

Three Months Ended
December 31,

 

Years Ended
December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

Operating activities:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

128,771

 

$

4,166

 

$

279,370

 

$

(91,044

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depletion, depreciation and amortization

 

47,807

 

49,751

 

208,628

 

233,598

 

Deferred income taxes

 

113,037

 

19,623

 

216,409

 

82,380

 

Unsuccessful well costs

 

(1,986

)

8,653

 

1,105

 

107,565

 

Change in fair value of derivatives

 

(257,790

)

18,341

 

(271,298

)

23,093

 

Cash settlements on derivatives

 

14,121

 

(14,753

)

4,460

 

(33,411

)

Equity-based compensation

 

19,600

 

18,234

 

79,541

 

69,026

 

Gain on sale of assets

 

 

 

(23,769

)

 

Loss on extinguishment of debt

 

 

 

2,898

 

 

Other

 

493

 

448

 

(3,875

)

4,916

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

Net changes in working capital

 

7,299

 

136,592

 

(49,883

)

126,281

 

Net cash provided by operating activities

 

71,352

 

241,055

 

443,586

 

522,404

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

Oil and gas assets

 

(134,317

)

(72,961

)

(424,535

)

(317,413

)

Other property

 

(980

)

(1,258

)

(2,383

)

(4,970

)

Proceeds from sale of assets

 

 

 

58,315

 

 

Restricted cash

 

18,695

 

(8,964

)

20,924

 

(1,750

)

Net cash used in investing activities

 

(116,602

)

(83,183

)

(347,679

)

(324,133

)

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

Payments on long-term debt

 

 

 

(400,000

)

(100,000

)

Net proceeds from issuance of senior notes

 

 

 

294,000

 

 

Purchase of treasury stock

 

(29

)

(31

)

(11,096

)

(13,101

)

Deferred financing costs

 

(516

)

 

(22,088

)

(2,226

)

Net cash used in financing activities

 

(545

)

(31

)

(139,184

)

(115,327

)

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

(45,795

)

157,841

 

(43,277

)

82,944

 

Cash and cash equivalents at beginning of period

 

600,626

 

440,267

 

598,108

 

515,164

 

Cash and cash equivalents at end of period

 

$

554,831

 

$

598,108

 

$

554,831

 

$

598,108

 

 



 

Kosmos Energy Ltd.

EBITDAX

(In thousands, unaudited)

 

 

 

Three Months Ended
December 31,

 

Years Ended
December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

128,771

 

$

4,166

 

$

279,370

 

$

(91,044

)

Exploration expenses

 

35,867

 

35,930

 

93,519

 

230,314

 

Depletion and depreciation

 

45,197

 

46,966

 

198,080

 

222,544

 

Equity-based compensation

 

19,601

 

18,234

 

74,587

 

69,026

 

Unrealized (gain) loss on commodity derivatives

 

(243,524

)

10,760

 

(254,922

)

11,778

 

Gain on sale of assets

 

 

 

(23,769

)

 

Interest and other financing costs, net

 

14,051

 

11,723

 

45,548

 

47,590

 

Income tax expense

 

128,863

 

42,430

 

298,898

 

166,998

 

Restructuring charges

 

(16

)

 

11,742

 

 

EBITDAX

 

$

128,810

 

$

170,209

 

$

723,053

 

$

657,206

 

 

We define EBITDAX as net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity-based compensation expense, (iv) unrealized (gain) loss on commodity derivatives, (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) loss on extinguishment of debt, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. Amortization of deferred financing costs and loss on extinguishment of debt are included in interest and other financing costs, net.

 

The amortization of deferred financing costs is included in interest and other financing costs, net in the above reconciliation.

 

Oil Revenue Summary

(Unaudited)

 

 

 

Three Months Ended
December 31,

 

Years Ended
December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Net Oil Volume Sold (MMBbl)

 

2.4

 

1.9

 

8.7

 

7.8

 

Realized Oil Price (per barrel)

 

$

72.89

 

$

111.13

 

$

98.06

 

$

109.44

 

Oil Revenue (thousands)

 

$

177,242

 

$

214,564

 

$

855,877

 

$

851,212

 

 

Underlifted by approximately 99,000 barrels as of December 31, 2014.

 



 

Hedging Summary

As of January 15, 2015 (1)

(Unaudited)

 

 

 

2015

 

2016

 

Total

 

 

 

 

 

 

 

 

 

Hedging Position (MMBbl)

 

6.2

 

6.0

 

12.2

 

Weighted Average Floor Price ($/bbl)

 

$

89.41

 

$

81.67

 

 

 

 


(1)         Includes 2.0 MMBbl of hedged volumes in 2016 that were executed in January 2015.  We swapped 2.0 MMBbl at $75/bbl and a corresponding put was sold at $60/bbl.   Average floor price reflects the swap price. We also sold 2.0 MMBbl of $85/bbl calls in 2017.

 

Net Proved Developed and Undeveloped Reserves (Unaudited)

 

 

 

Oil

 

Gas

 

Total

 

 

 

(MMBbl)

 

(Bcf)

 

(MMBoe)

 

 

 

 

 

 

 

 

 

Net proved developed and undeveloped reserves at December 31, 2013

 

45

 

11

 

47

 

Extensions and discoveries

 

26

 

6

 

27

 

Production

 

(9

)

(1

)

(9

)

Revisions in estimates

 

11

 

(2

)

10

 

Net proved developed and undeveloped reserves at December 31, 2014

 

73

 

14

 

75

 

 

 

 

Oil

 

Gas

 

Total

 

 

 

(MMBbl)

 

(Bcf)

 

(MMBoe)

 

Proved reserves at December 31, 2014(1)

 

73

 

14

 

75

 

Proved developed reserves

 

43

 

9

 

45

 

Proved undeveloped reserves

 

30

 

6

 

31

 

 


(1)         The sum of proved developed reserves and proved undeveloped reserves may not add to net proved developed and undeveloped reserves due to rounding.

 

Source: Kosmos Energy Ltd.

 

Investor Relations
Neal Shah

+1-214-445-9628
nshah@kosmosenergy.com

 



 

Media Relations
Thomas Golembeski

+1-214-445-9674
tgolembeski@kosmosenergy.com

 


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