Additional Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Additional Financial Information

Schedule of accrued liabilities

Accrued liabilities consisted of the following:

	December 31,
	2020		2019
	(In thousands)
Accrued liabilities:
Exploration, development and production	$	89,162	$	152,490
Revenue payable	15,079		32,482
Current asset retirement obligations	7,255		4,527
General and administrative expenses	4,988		44,575
Interest	23,725		33,584
Income taxes	37,344		103,566
Taxes other than income	2,815		3,375
Derivatives	17,475		4,837
Other	5,417		1,268
	$	203,260	$	380,704

Schedule of other expenses, net incurred

Other expenses, net incurred during the period is comprised of the following: 

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Loss on disposal of inventory	$	8,607	$	4,590	$	280
Gain on insurance settlements	—		(3,509)		—
Loss on asset retirement obligations liability settlements	1,966		193		—
Restructuring charges	16,474		11,528		—
Other, net	10,755		11,846		(6,781)
Other expenses, net	$	37,802	$	24,648	$	(6,501)

Summary of financial information of KTIPI

Below is a summary of financial information for KTIPI presented on a 100% basis for 2018. The financial information for 2019 is presented as part of our consolidated financial statements based on our direct 40.375% ownership in the Ceiba Field and Okume Complex.

	December 31,
	2018
	(In thousands)
Assets
Total current assets	$	149,950
Property and equipment, net	271,627
Other assets	21
Total assets	$	421,598
Liabilities and shareholders' deficit
Total current liabilities	$	226,311
Total long term liabilities	536,178
Shareholders' deficit:
Total shareholders' deficit	(340,891)
Total liabilities and shareholders' deficit	$	421,598

	Year Ended December 31, 2018
	(In thousands)
Revenues and other income:
Oil and gas revenue	$	721,299
Other income	(477)
Total revenues and other income	720,822
Costs and expenses:
Oil and gas production	147,685
Depletion and depreciation	126,983
Other expenses, net	429
Total costs and expenses	275,097
Income before income taxes	445,725
Income tax expense	156,981
Net income	$	288,744
Kosmos' share of net income	$	144,372
Basis difference amortization(1)	71,491
Equity in earnings - KTIPI	$	72,881

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(1)The basis difference, which is associated with oil and gas properties and subject to amortization, has been allocated to the Ceiba Field and Okume Complex. We amortize the basis difference using the unit-of-production method.

Schedule of Asset Acquisitions

The estimated fair value measurements of oil and gas assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair value of oil and gas properties and asset retirement obligations were measured using the discounted cash flow technique of valuation. Significant inputs to the valuation of oil and gas properties include estimates of: (i) reserves, (ii) future operating and development costs, (iii) future commodity prices, (iv) future plugging and abandonment costs, (v) estimated future cash flows, and (vi) a market-based weighted average cost of capital rate.

	Carrying Value Allocation (in thousands)
Assets acquired:
Proved oil and gas properties	$	372,144
Unproved oil and gas properties	103,909
Prepaids and other	7,273
Total assets acquired	$	483,326
Liabilities assumed:
Asset retirement obligations	$	114,395
Deferred tax liabilities	247,636
Accrued liabilities and other	69,399
Total liabilities assumed	$	431,430
Carrying value:
Equity method investment carrying value at December 31, 2018	$	51,896