Q1 2025 Kosmos Energy Ltd Earnings Call Transcript
Key Points
- Kosmos Energy Ltd (KOS) successfully exported the first LNG cargo from the GTA project, marking a significant milestone.
- All four liquefaction trains on the FLNG vessel are operational, with production ramping up towards a contracted daily rate of 2.45 million tons per annum.
- The company achieved a material reduction in capital expenditures, with a 50% year-on-year decrease, demonstrating strong cost control.
- Kosmos Energy Ltd (KOS) is focused on enhancing financial resilience through refinancing and upsizing its reserve-based lending facility.
- The company is actively working on potential upgrades to the FLNG vessel to increase LNG production capacity beyond 3 million tons per annum.
- First quarter production was impacted by scheduled maintenance and lower-than-expected entitlement production due to the timing of the GTA ramp-up.
- Operating expenses per barrel were higher year-on-year due to lower production and increased maintenance activities.
- The Winterfell 3 workover was unsuccessful, requiring further evaluation for a future sidetrack.
- There is uncertainty regarding the pace of growth CapEx deployment in the current volatile oil price environment.
- The company faces challenges in managing financial leverage and liquidity in a lower commodity price environment.
Good day everyone. Welcome to Kosmos Energy's first-quarter 2025 conference call. As a reminder, today's call is being recorded.
At this time, let me turn the call over to Jamie Buckland, Vice President of Investor Relations at Kosmos Energy.
Thank you, operator, and thanks to everyone for joining us today. This morning we issued our first quarter 2025 earnings release. This release and the slide presentation to accompany today's call are available on the investors page of our website.
Joining me on the call today to go through the materials are Andy Inglis, Chairman and CEO; and Nealesh Shah, CFO.
During today's presentation, we will make forward-looking statements that refer to our estimates, plans and expectations. Actual results and outcomes could differ materially due to factors we note in this presentation and in our UK and SEC filings. Please refer to our annual report, stock exchange announcement, and SEC filings for more details. These documents are available on our
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