Kosmos Energy Provides Operational and Financial Update
Company to host second quarter 2014 results conference call on August 4, 2014
DALLAS -- July 7, 2014
Kosmos Energy Ltd. (“Kosmos”) (NYSE: KOS) today provided an operational and
financial update in advance of releasing its second quarter 2014 results.
As a result of continued strong production from the Jubilee field, and being
in an underlifted position at the end of the first quarter of 2014, the
company benefited from three liftings of crude oil totaling approximately 2.9
million barrels during the three months ended June 30, 2014. The company
estimates oil revenues for the second quarter of 2014 of approximately $325.0
million to $330.0 million. In addition, oil production costs, depletion costs
and income taxes are all expected to be higher relative to the previous
quarter as a direct result of the three liftings. Gross production from the
Jubilee field averaged approximately 103,000 barrels of oil per day (bopd) for
the first half of 2014 and according to the field operator is expected to
average 100,000 bopd for the full-year 2014.
It is anticipated that results from the second quarter will partially be
offset by the following:
*As part of a previously announced internal reorganization, the company
expects to record an incremental $2.9 million in restructuring charges
associated with severance and related benefits during the three months
ended June 30, 2014 in addition to the prior $9.0 million estimated second
*As a result of an increase in the dated Brent forward curve, the company
expects to record a loss of between $20.0 million and $25.0 million on its
commodity derivatives during the three months ended June 30, 2014.
Currently, the company has approximately 10 million barrels of forward
production hedged through 2016.
Second Quarter 2014 Results Conference Call and Webcast
The company plans the following schedule for its second quarter 2014 results:
*Earnings Release: Monday, August 4, 2014, before the stock market open via
Business Wire and the company’s website at www.kosmosenergy.com.
*Conference Call: Monday, August 4, 2014, at 11:00 a.m. EDT. The call is
open to the public via telephone and webcast.
Dial-in telephone numbers:
U.S. / Canada: +1.877.407.3982
*Webcast Conference Call Replay: A replay of the webcast will be available
at investors.kosmosenergy.com for approximately 90 days following the
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, Suriname, and Western Sahara.
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.
This press release contains forward-looking statements within the meaning of
Section27A of the Securities Act of 1933 and Section21E 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,” “estimate,” “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.
Jon Cappon, +1-214-445-9669
Thomas Golembeski, +1-214-445-9674
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