Kosmos Energy Ltd. (NYSE:KOS) Q4 2023 Earnings Call Transcript
Kosmos Energy Ltd. (NYSE:KOS) Q4 2023 Earnings Call Transcript February 26, 2024
Kosmos Energy Ltd. beats earnings expectations. Reported EPS is $0.31, expectations were $0.24. Kosmos Energy Ltd. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, everyone. Welcome to Kosmos Energy's Fourth Quarter and Full Year 2023 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.
Jamie Buckland: Thank you, operator, and thanks to everyone for joining us today. This morning we issued our fourth quarter and full year 2023 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 material are Andy Inglis, Chairman and CEO; and Neal 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 that 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 website. At this time, I will turn the call over to Andy.
Andrew Inglis: Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our fourth quarter and full year results call. I'd like to begin today's call talking about our purpose as a company, which defines our strategy and the characteristics that make Kosmos unique. We'll then provide an update on our operational and financial progress in 2023, before looking forward to a catalyst rich year ahead. Starting on Slide 3. At Kosmos, our purpose is clear. We are a leading deepwater independent E&P company, focused on meeting the world's growing demand for cleaner energy. With oil production from our low-cost lower carbon oil assets in Ghana, the U.S. Gulf of Mexico and Equatorial Guinea, we are providing the world with the energy it needs today.
At the same time, we're developing cleaner sources of energy for the future through world scale gas projects offshore Mauritania and Senegal. And finally, as we deliver the energy the world needs, we strive to be a force for good in the countries we operate in, accelerating economic and social progress across our host nations. We do this through growing production, which leads to increased revenues and royalties for the countries. We are also providing natural gas for domestic use in power generation, enhancing access to more affordable and more reliable electricity, while also investing in important social programs in our countries of operation. Turning to Slide 4. Kosmos has a unique investment case with a world-class portfolio, differentiated growth in the right assets and strong free cash flow outlook.
Taking those three in turn; first, we have a diversified portfolio of world-class assets. This portfolio is comprised of advantaged oil assets today, characterized by production with low-cost and top-quartile carbon intensity. Alongside our oil assets, we're building out our advantaged gas position, which will lower the overall intensity of the products we sell. Importantly, the portfolio has longevity with a 2P reserves to production ratio of over 20 years with a deep hopper of discovered resource that can further extend the reserve line. Second, we have meaningful growth. We are targeting production rising to around 90,000 barrels of oil equivalent per day by the end of the year, in line with our 50% growth target from the second half of 2022.
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