Kosmos Energy Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kosmos Energy Ltd. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Kosmos Energy Ltd. (KOS) filed a Annual Report (10-K) with the SEC on February 26, 2024. Kosmos Energy Ltd. filed its 2023 Form 10-K on February 26, 2024. The filing covers the fiscal year ending December 31, 2023. The company is engaged in the Crude Petroleum & Natural Gas industry (SIC 1311). Kosmos Energy Ltd. is incorporated in Delaware. The company's principal business address is in Dallas, Texas.

Why It Matters

For investors and stakeholders tracking Kosmos Energy Ltd., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kosmos Energy's financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future prospects. As a key player in the Crude Petroleum & Natural Gas sector, the details within this report are vital for understanding industry trends, regulatory impacts, and the company's competitive positioning.

Risk Assessment

Risk Level: medium — Kosmos Energy Ltd. shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and geopolitical risks, as detailed in its 10-K filings.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Kosmos Energy's financial stability and future growth potential in the energy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-26 — Filing Date (Filed as of date)

Key Players & Entities

• Kosmos Energy Ltd. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-26 (date) — Filing date
• Dallas, TX (location) — Business address
• Crude Petroleum & Natural Gas (industry) — Standard Industrial Classification
• DE (location) — State of incorporation

FAQ

Industry Context

Kosmos Energy operates within the upstream segment of the oil and gas industry, focusing on exploration, development, and production of natural gas and oil resources.

Regulatory Implications

As a publicly traded energy company, Kosmos Energy is subject to SEC regulations and reporting requirements, including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the company's financial statements for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Examine the risk factors section for potential challenges and uncertainties affecting the company's business.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the full fiscal year 2023 performance.
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Comparative data from previous filings will be available in subsequent reports.

Key Financial Figures

• $0.01 — ange on which registered: Common Stock $0.01 par value KOS New York Stock Exchange

Filing Documents

• kos-20231231.htm (10-K) — 3709KB
• blockgpsc_amendx4wordconve.htm (EX-10.21) — 44KB
• executedversionoftheblockg.htm (EX-10.22) — 40KB
• exh211-12312023listofsubsi.htm (EX-21.1) — 20KB
• exh231-12312023eyconsent.htm (EX-23.1) — 3KB
• kosmosenergyltd-12312023rs.htm (EX-23.2) — 6KB
• kos-12312023x10kex311.htm (EX-31.1) — 9KB
• kos-12312023x10kex312.htm (EX-31.2) — 10KB
• kos-12312023x10kex321.htm (EX-32.1) — 5KB
• kos-12312023x10kex322.htm (EX-32.2) — 5KB
• kosmosclawbackpolicydodd-f.htm (EX-97.1) — 45KB
• kel-ghanaeggtaandgomsecpvo.htm (EX-99.1) — 258KB
• image_0.jpg (GRAPHIC) — 12KB
• image_0a.jpg (GRAPHIC) — 93KB
• image_1.jpg (GRAPHIC) — 15KB
• image_1b.jpg (GRAPHIC) — 79KB
• kos-20231231_g1.jpg (GRAPHIC) — 23KB
• kos-20231231_g2.jpg (GRAPHIC) — 61KB
• 0001509991-24-000029.txt (&nbsp;) — 15775KB
• kos-20231231.xsd (EX-101.SCH) — 87KB
• kos-20231231_cal.xml (EX-101.CAL) — 129KB
• kos-20231231_def.xml (EX-101.DEF) — 540KB
• kos-20231231_lab.xml (EX-101.LAB) — 953KB
• kos-20231231_pre.xml (EX-101.PRE) — 775KB
• kos-20231231_htm.xml (XML) — 2372KB

Business

Business 10 Item 1A.

Risk Factors

Risk Factors 35 Item 1B. Unresolved Staff Comments 61

C

Item 1 C . C ybersecurity 61 Item 2.

Properties

Properties 61 Item 3.

Legal Proceedings

Legal Proceedings 61 Item 4. Mine Safety Disclosures 61 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 62 Item 6.

Selected Financial Data

Selected Financial Data 64 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 65 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 77 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 80 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 127 Item 9A.

Controls and Procedures

Controls and Procedures 127 Item 9B. Other Information 127 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 128 PART III Item 10. Directors, Executive Officers and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 128 Item 14. Principal Accounting Fees and Services 128 PART IV Item 15. Exhibits, Financial Statement Schedules 128 Item 16. Form 10-K Summary 133 3 Table of Contents KOSMOS ENERGY LTD. GLOSSARY AND SELECTED ABBREVIATIONS The following are abbreviations and definitions of certain terms that may be used in this report. Unless listed below, all defined terms under Rule 410(a) of Regulation SX shall have their statutorily prescribed meanings. "2D seismic data" Twodimensional seismic data, serving as interpretive data that allows a view of a vertical crosssection beneath a prospective area. "3D seismic data" Threedimensional seismic data, serving as geophysical data that depicts the subsurface strata in three dimensions. 3D seismic data typically provides a more detailed and accurate interpretation of the subsurface strata than 2D seismic data. "ANP-STP" Agencia Nacional Do Petroleo De Sao Tome E Principe. "API" A specific gravity scale, expressed in degrees, that denotes the relative density of various petroleum liquids. The scale increases inversely with density. Thus lighter petroleum liquids will have a higher API than heavier ones. "ASC" Financial Accounting Standards Board Accounting Standards Codification. "ASU" Financial Accounting Standards Board Accounting Standards Update. "Barrel" or "Bbl" A standard measure of volume for petroleum corresponding to approximately 42 gallons at 60 degrees Fahrenheit. "BBbl" Billion barrels of oil. "BBoe" Billion barrels of oil equivalent. "Bcf" Billion cubic feet. "Boe" Barrels of oil equivalent. Volumes of natural gas converted to barrels of oil using a conversion factor of 6,000 cubic feet of natural gas to one barrel of oil. "BOEM" Bureau of Ocean Energy Management. "Boepd" Barrels of oil equivalent per

Business

Item 1. Business General Kosmos is a full-cycle, deepwater, independent oil and gas exploration and production company focused along the offshore Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as world-class gas projects offshore Mauritania and Senegal. We also pursue a proven basin exploration program in Equatorial Guinea and the U.S. Gulf of Mexico. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. Kosmos was founded in 2003 to find oil in underexplored or overlooked parts of West Africa. In its relatively brief history, we have successfully opened two new hydrocarbon basins through the discovery of the Jubilee Field offshore Ghana in 2007 and the Greater Tortue Ahmeyim Field in 2015 (which includes the Ahmeyim and Guembeul-1 discovery wells offshore Mauritania and Senegal in 2015 and 2016, respectively). Jubilee was one of the largest oil discoveries worldwide in 2007 and is considered one of the largest finds offshore West Africa discovered during that decade. The Greater Tortue Ahmeyim discovery was one of the largest natural gas discoveries worldwide in 2015 and is one of the largest gas discoveries ever offshore West Africa. Over the past few years, our business strategy has evolved to focus on enhancing production through infill drilling and well work, infrastructure-led exploration, as well as value-accretive acquisitions. This strategic evolution was initially enabled by our acquisition of the Ceiba Field and Okume Complex assets offshore Equatorial Guinea in 2017, together with access to surrounding exploration licenses, and bolstered by the 2018 acquisition of Deep Gulf Energy, a deepwater company operating in the U.S. Gulf of Mexico, which further enhanced our production, exploitation and infrastructure-led exploration capabilities. Most recently, we have demonstrated this infrastructure-led exploration strategy by the Winterfell and Tiberius

View Full Filing

View this 10-K filing on SEC EDGAR