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1 Strictly Private and Confidential Second Quarter 2025 Results NYSE/LSE: KOS August 4, 2025
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2 Forward-Looking Statements This presentation 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 presentation that address activities, events or developments that Kosmos Energy Ltd. (“Kosmos” or the “Company”) expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of management regarding plans, strategies, objectives, anticipated financial and operating results of the Company, estimated oil and gas in place and recoverability of the oil and gas, estimated reserves and drilling locations, capital expenditures, typical well results and well profiles and production and operating expenses guidance included in the presentation. The Company’s 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 the Company 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 the Company. When used in this presentation, 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 the Company, which may cause actual results to differ materially from those implied o r expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in the Company’s Securities and Exchange Commission (“SEC”) filings. The Company’s SEC filings are available on the Company’s website at www.kosmosenergy.com. 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 presentation, whether as a result of new information, future events or otherwise, 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 presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Non-GAAP Financial Measures EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt are supplemental non-GAAP financial measures used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines 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 (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) debt modifications and extinguishments, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of o perating results. The Company defines Adjusted net income (loss) as Net income (loss) adjusted for certain items that impact the comparability of results. The Company defines free cash flow as net cash provided by operating activities less Oil and gas assets, Other property, and certain other items that may affect the comparability of results and excludes non-recurring activity such as acquisitions, divestitures and National Oil Company ("NOC") financing. NOC financing refers to the amounts funded by Kosmos under the Carry Advance Agreements that the Company has in place with the national oil companies of each of Mauritania and Senegal related to the financing of the respective national oil companies' share of certain development costs at Greater Tortue Ahmeyim. The Company defines net debt as total long-term debt less cash and cash equivalents and total restricted cash. We believe that EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool forassessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies. Any non-GAAP financial measures included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure either within the presentation or within our most recently issued Earnings Release (available on our website at http://investors.kosmosenergy.com.) This presentation also contains certain forward-looking non-GAAP financial measures, including free cash flow. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant. Cautionary Statements regarding Oil and Gas Quantities The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. The Company uses terms in this presentation, such as “discovered resources,” “potential,” “significant resource upside,” “resource,” “net resources,” “recoverable resources,” “discovered resource,” “world-class discovered resource,” “significant defined resource,” “gross unrisked resource potential,” “defined growth resources,” “recovery potential” and similar terms or other descriptions of volumes of reserves potentially recoverable that the SEC’s guidelines strictly prohibit the Company from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. Investors are urged to consider closely the disclosures and risk factors in the Company’s SEC filings, available on the Company’s website at www.kosmosenergy.com. Potential drilling locations and resource potential estimates have not been risked by the Company. Actual locations drilled and quantities that may be ultimately recovered from the Company’s interest may differ substantially from these estimates. There is no commitment by the Company to drill all of the drilling locations that have been attributed these quantities. Factors affecting ultimate recovery include the scope of the Company’s ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling and completion services and equipment, drilling results, agreement terminations, regulatory approval and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of reserves and resource potential may change significantly as development of the Company’s oil and gas assets provides additional data. Disclaimer
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3 3 Agenda Unchanged: Prioritizing Cash Generation • GTA – FLNG Gimi “Commercial Operations Date” achieved in June (~2.45 mtpa equivalent) – Targeting 2.7 mtpa FLNG nameplate in 4Q25 – 6.5 gross LNG cargos lifted YTD • Jubilee – First producer of 2025/26 drilling program online in late-July – Initial production in line with expectations – Second producer now expected online around YE25 (replacing previously planned injector) • Winterfell – Successfully drilled Winterfell-4 – Completion ongoing and expected online end-3Q25 Increasing Production • Liquidity – Indicative terms agreed for GoA term loan up to $250 million to re-pay 2026 maturities – Progressing additional financing options to potentially fund longer dated notes • Hedging – Taking advantage of higher prices to hedge more barrels – Added 7 million barrels for 2026 • RBL Facility – Debt cover ratio covenant waiver from lenders through March 2026 • Capital – Expect FY25 capex ~$350 million (reduced from $400 million) • Operating Costs – Opex/boe expected to fall as production increases – Targeting GTA FPSO re-fi 2H25 – Exploring alternative operating models with the operator on GTA to drive lower costs • Overhead – On track to deliver targeted $25 million overhead reduction by YE25 Lowering Costs Enhancing Balance Sheet Resilience Production approaching record highs, costs falling…focused on cash generation and balance sheet resilience
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4 4 2Q net production of ~63,500 boepd 2Q Operational Progress GhanaMauritania & Senegal Gulf of America Equatorial Guinea 2Q Net Production ~29,100boepd Jubilee • 2Q gross oil production averaged ~55,300 bopd – Includes 9 days of FPSO shutdown – Production post shutdown impacted by riser instability • 2Q gross gas production averaged ~16,600 boepd • First producer of 2025/26 drilling program online in late-July • License extension MoU signed TEN • 2Q gross oil production averaged ~15,900 bopd 2Q Net Production ~7,700boepd Ceiba & Okume • 2Q gross oil production averaged ~22,000 bopd Ceiba • Production impacted by subsea pump issues – Expect first pump replacement 4Q25 Okume • Progressing production enhancement activity 2Q Net Production ~19,600boepd Odd Job & Kodiak • Continue to perform strongly post subsea pump project and workover activity respectively Winterfell • Winterfell-4 well successfully drilled in 2Q – Encountered ~100 feet of net oil pay – Expected online end- 3Q25 Tiberius • Continue to work with Oxy to advance low-cost development • FID targeted in 2026 2Q Net Production ~7,100boepd GTA Phase 1 • 3.5 gross LNG cargos lifted during 2Q25 as previously communicated • FLNG Gimi successfully achieved “Commercial Operations Date” • NOC loan funding completed in 2Q25
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5 GTA Phase 1 • Fully operational with 6.5 gross LNG cargos successfully lifted year-to-date • Working towards 2.7 mtpa nameplate capacity in 4Q25 • FY25 gross cargo guidance ~20 cargos • Subsurface performing in line with expectations • 1 gross condensate cargo expected 3Q25 Ramping up production • GTA Phase 1+: Low-cost, brownfield expansion • Infrastructure in place to double gas production – De-bottleneck FPSO – Increase FLNG capacity – Domestic gas to Senegal/Mauritania • Startup and commissioning operating costs reducing in 2H25 • Targeting GTA FPSO re-financing 2H25 • Exploring lower-cost operating models with the operator Cost reduction ongoing Future in Focus First Cargo CelebrationTargeting increased production and lower costs Production rising, targeting near term opex reductions 0 5 10 15 20 25 30 35 2Q25A 2H25E 1H26E Phase 1+ (mboepd net) Production (mboepd) Illustrative Opex
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6 1H24 End of 3-year drilling campaign • Drilling campaign using 2017 4D seismic data concludes • Jubilee production peaked above 100,000 bopd Ghana – Delivering Jubilee’s Full Potential… …through high facility uptime, sustained water injection, consistent drilling and application of latest technologies 2H24 FPSO topside issues / No additional drilling • Start of 12-month+ drilling hiatus • Water injection and gas turbine issues • <100% voidage replacement 1H25 Successful FPSO shut down / New 4D seismic shot / Drilling re-commences • Significant workscope completed during scheduled FPSO shutdown • Voidage replacement >100% • Production declines higher than anticipated in certain wells in the eastern side of the field, including JSE • Riser base gas lift introduced to east side of field, plan for west side 2H25 New wells coming online / 4D seismic processing • First new well drilled in over a year (Jubilee main reservoir) – Initial well production ~10,000 bopd gross – Second producer well expected online around YE25 • State of the art 4D seismic processing / plan to acquire ocean bottom node (OBN) seismic late-2025 • Expect to complete license extension to 2040 2026+ Resumption of regular drilling activity • Commitment for 4 wells in 2026, targeting Jubilee main field producers • Use 4D seismic and OBN data to better identify unswept Jubilee oil and JSE opportunities for 2027+
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7 2017 Narrow AzimuthNew data and new technology expected to drive higher recovery • 4D NAZ seismic shot 1Q25: New data with modern processing techniques to identify undrilled lobes and unswept oil – Greater definition of existing reservoirs – Better understanding of fluid movement over time – Improving visibility of deeper potential – AI-enhanced data interpretation and reservoir modelling • OBN seismic acquisition planned for late 2025 – Enhances velocity model to further uplift NAZ processing – Better understand Jubilee Southeast subsurface Timely infill drilling to maintain field performance • Two main field producer wells planned for 2025 – First well (J-72) online July (~10,000 bopd gross initial production) – Second well, now a producer, expected online around YE25 • 2026: Four additional wells, targeting Jubilee main field producers • Going forward, expect 3-4 wells/year needed to maintain multi-year performance License extension MoU • 2027+ drilling program to use 4D/OBN seismic to maximize Jubilee production • Drill up to 20 additional wells through license extension • Significant uplift in 2P reserves net to Kosmos expected (~35mmboe) Ghana – Delivering Jubilee’s Full Potential… …consistent drilling informed by latest technologies 2025 Fast Track Narrow Azimuth
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8 Gulf of America Winterfell (Miocene) • Winterfell-4 successfully drilled and completion ongoing – Expected online end-3Q25 – Expected to add ~1,000 boepd net rate Advancing Value Accretive Developments • Tiberius (~100 mmboe, Outboard Wilcox) – Progressing with Oxy (50% partner/host facility operator) – Improved, lower cost development plan – To be supported by new OBN seismic data being acquired this year – FID targeted 2026 • Gettysburg (~20 mmboe, Norphlet) – Low cost, high value tie back opportunity with Shell – Kosmos (25%) brought Shell in as 75% owner/operator – Working as a joint Shell/Kosmos team to advance a single well tie back to Shell’s operated-Appomattox facility – Development plan progressing Gulf of America Operations on track…progressing discovered resource into projects
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9 1. Includes derivatives cash settlements 2. 2Q25 opex/boe excludes operating costs associated with Greater Tortue Ahmeyim, which were approximately $69 million 3. Approximately 61% cash 4. Excludes leasehold impairments and dry hole costs 5. Excludes impact of capitalized interest 6. Excludes acquisitions and divestitures 1Q25A 2Q25A QoQ Drivers Net Production ~60,500boe/day ~63,500boe/day Higher GoA production / GTA ramp up offsetting lower Jubilee and EG production Realized Price1 ~$64.9/boe ~$60.6/boe Lower commodity prices Opex2 ~$25.0/boe ~$28.2/boe 2025 TEN lifting costs all recognized in 2Q25 DD&A ~$27.1/boe ~$22.7/boe Higher sales volumes across all BU’s G&A3 $26 million $19 million Planned overhead reductions starting to take effect Exploration Expense4 $8 million $6 million - Net Interest Expense5 $56 million $58 million - Tax Exp. / (Benefit) ~$3.7/boe ~$3.6/boe Capex6 $86 million $86 million - 2Q 2025 Financials
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10 Raised additional liquidity, increased hedging, reduced capital, proactively addressed leverage covenant Enhancing Balance Sheet Resilience 1. As of June 30, 2025. Pro forma post GoA term loan facility close with $250 million proceeds used to repay 2026 notes Increased Liquidity • Indicative terms agreed for GoA term loan up to $250 million to re-pay 2026 maturities Increased Hedging • Continue to add hedges to protect against downside risk – 2025: 5 million barrels of remaining oil production hedged ▪ Floor: ~$62/barrel; Ceiling: ~$77/barrel – 2026: 7 million barrels of oil production hedged ▪ Floor: ~$66/barrel; Ceiling: ~$75/barrel ▪ Targeting ~50% of 2026 oil production in 2026 Reduced FY25 Capex Forecast • Capex expected to be down >50% vs FY24 • Expect FY25 capex of ~$350m (vs $400m previously) Secured RBL Waiver • Successfully amended the debt cover ratio with lender group through March 2026 to reflect startup timing and costs on GTA Material Capex Reduction ($m) Addressing Near-Term Maturities1Active Balance Sheet Management $215 $210 $117 $86 $86 2Q24 3Q24 4Q24 1Q25 2Q25 $375 $625 $400 $350 $400 $500 $54 $71 $71 $54 2025 2026 2027 2028 2029 2030 2031 RBL 7 1/2 Bonds 7 3/4 Bonds 3 1/8 Convert 8 3/4 Bonds GoA Term Loan
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11 11 …through progressing high-quality production and development opportunities across the portfolio Creating Long-Term Value… ~400 mmboe gross 2P reserves yet to be produced at Jubilee New technology enhancing recovery of high margin barrels License extension to support consistent drilling program Phase 1 online with costs reducing Phase 1+ expected to double gas production through low-cost brownfield expansion, leveraging existing infrastructure Proven basin with significant running room Deep portfolio of high-quality development and ILX opportunities Cash-generative assets with upside potential through production optimization Ghana Mauritania & Senegal Gulf of America Equatorial Guinea Deep, high-quality resource base with longevity: >20 year 2P reserves-to-production life
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13 Note: Ghana / Equatorial Guinea / Mauritania & Senegal revenue calculated by number of cargos 1. 3Q 2025 net cargo forecast – Ghana: 2 cargos / Equatorial Guinea: 0.7 cargo. FY 2025 Ghana: 10 cargos / Equatorial Guinea 2.5 – 3.0 cargos. Average cargo sizes 950,000 barrels of oil. 2. 3Q 2025 gross cargo forecast - Mauritania & Senegal: 6 – 8 cargos. FY 2025: 20 cargos. Average cargo size ~170,000 m3 with Kosmos NRI of ~24% 3. Gulf of America Production: 3Q 2025 forecast 15,500 - 17,000 boe per day. FY 2025: 17,000-20,000 boe per day. Oil/Gas/NGL split for 2025: ~83%/~11%/~6%. 4. FY 2025 opex excludes operating costs associated with GTA, which are expected to total approximately $225 - $245 million net ($60 - $70 million in 3Q 2025).These values include cost associated with the FPSO lease which total approximately $60 million FY 2025 and $15 million 3Q 2025. 5. Approximately 66% cash 6. Excludes leasehold impairments and dry hole costs 7. Includes capitalized interest 3Q 2025 FY 2025 Production1,2,3 65,000 – 71,000 boe/day 65,000 – 70,000 boe/day Opex4 $18.50 - $20.50/boe $22.00 - $24.00/boe DD&A $22.00 - $24.00/boe $22.00 - $24.00/boe G&A5 ~$20 million $80 - $100 million Exploration Expense6 ~$10 million $25 - $45 million Net Interest Expense7 ~$55 million ~$200 million Tax Exp. / (Benefit) $3.00 - $5.00/boe $4.00 - $6.00/boe Capex $75 - $100 million ~$350 million Appendix: FY25 Detailed Guidance