Kosmos Energy Ltd Stock Price, News & Analysis

Kosmos Energy (NYSE/LSE: KOS) has priced $500 million of 8.750% senior notes due 2031. The offering is expected to close on September 24, 2024, subject to customary conditions. Kosmos plans to use the net proceeds, along with cash on hand, to fund tender offers for a portion of its existing senior notes due in 2026, 2027, and 2028, and to cover related expenses.

The new senior notes are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act. They have not been registered under the Securities Act or state securities laws, and cannot be offered or sold in the United States without registration or an applicable exemption.

Kosmos Energy (NYSE/LSE: KOS) has announced plans to offer $500 million in senior notes due 2031, subject to market conditions. The company intends to use the net proceeds, along with cash on hand, to fund tender offers for a portion of its existing senior notes due in 2026, 2027, and 2028. The new senior notes will be offered only to qualified institutional buyers and non-U.S. persons, in compliance with Rule 144A and Regulation S under the Securities Act, respectively.

This announcement is not an offer to sell or a solicitation to buy securities, and the senior notes have not been registered under the Securities Act or any state securities laws. The offering is part of Kosmos Energy's strategy to refinance its existing debt obligations.

Kosmos Energy (NYSE/LSE:KOS) has launched cash tender offers to purchase up to $400 million of its 7.125% Senior Notes due 2026 and up to $100 million of its 7.750% Senior Notes due 2027 and 7.500% Senior Notes due 2028. The tender offers expire on October 7, 2024, with an early tender deadline of September 20, 2024. Early tenders will receive an additional $50 per $1,000 principal amount. Kosmos plans to fund the offers through a new notes offering and cash on hand. The company aims to manage its debt maturity profile and may prioritize allocations to holders who tender notes and subscribe to new notes.

Kosmos Energy (NYSE/LSE: KOS) reported its Q2 2024 results with net income of $60 million, or $0.12 per diluted share. Adjusted net income was $80 million, or $0.17 per diluted share. Key highlights include:

- Net production of ~62,100 boepd, up 7% year-over-year
- Revenues of $451 million
- Capital expenditures of $215 million
- Successful mooring of FPSO vessel for GTA project
- First oil achieved at Winterfell in US Gulf of Mexico
- Drilling campaign commenced in Equatorial Guinea

The company expects to exit 2024 with production around 90,000 boepd. Kosmos remains focused on delivering free cash flow and enhancing financial resilience.

Kosmos Energy (NYSE/LSE: KOS) has scheduled the release of its second-quarter 2024 financial results for August 5, 2024, before the UK market opens.

The company will host a conference call at 11:00 a.m. ET on the same day to discuss the results. Investors can access the earnings release via Business Wire, Regulatory News Service, and the company’s website.

The conference call will be available via telephone and webcast, with a replay accessible on the company’s investor relations website for approximately 90 days.

Kosmos Energy announced the successful start-up of oil production at the Winterfell development in the Green Canyon area of the U.S. Gulf of Mexico. Kosmos holds a 25.04% working interest in Winterfell, which is a phased development. Two initial production wells are now online, with a third expected by Q3 2024, aiming for a gross production of around 20,000 barrels of oil equivalent per day (boepd).

The development is expected to yield approximately 100 million barrels of oil equivalent with future phases anticipated. Despite minor delays, Winterfell's first oil production marks a significant milestone for Kosmos, contributing to its growth targets for year-end 2024. The field, discovered in 2021, is developed via a 13-mile subsea tieback to the host platform in approximately 5,400 feet of water depth. Kosmos emphasizes the project's low carbon intensity, high margins, and quick payback period.

Kosmos Energy announced its financial results for Q1 2024, reporting a net income of $92 million. Adjusted net income was $99 million. Highlights include 66,700 boepd production, $419 million in revenues, and $286 million in capital expenditures. The Company successfully refinanced its RBL facility, enhancing liquidity. Chairman Andrew G. Inglis expressed optimism about growth projects and financial resilience.