Group 1: Merger and Acquisition Insights - Kosmos Energy (KOS) has decided not to proceed with the acquisition of Tullow Oil (TUWOY), which was initially discussed as an all-share deal [8][10] - The potential merger was projected to create a combined entity with a production capacity exceeding 130,000 barrels of oil equivalent per day (boe/d) [9] - Analysts noted that the merger could have provided operational synergies and improved financials for Tullow Oil, given both companies' shared assets in Ghana [3][4] Group 2: Financial and Operational Context - Both Kosmos Energy and Tullow Oil are currently facing significant debt burdens, which has raised concerns about their financial stability [4] - Tullow Oil's management expressed confidence in the company's ability to operate independently, while Kosmos Energy is seen as well-positioned to enhance its capital structure [5] - The deadline for Kosmos Energy to make an acquisition offer was set for January 9, 2025, but the company retains the option to reconsider its decision under certain circumstances [10] Group 3: Industry Performance Indicators - TechnipFMC plc reported a total backlog of $14.7 million in Q3 2024, reflecting an 11.1% increase year-over-year, indicating strong revenue growth potential [7] - Zacks Rank indicates that TechnipFMC plc holds a strong buy rating, while Nine Energy Service is rated as a buy, suggesting positive market sentiment towards these companies [11]

Company Overview - Kosmos Energy (NYSE: KOS) is identified as an undervalued oil company poised for a significant transformation in the coming months [1] - The company is expected to increase production and reduce capital expenditures (CapEx) through its Winterfell and GTA new projects [1] Projects and Production - The Winterfell and GTA projects are key drivers for Kosmos Energy's future growth, with the potential to enhance production levels [1] - These projects are anticipated to generate operational efficiencies and cost savings, contributing to the company's financial performance [1] Analyst Background - Oriol Madaula, the author, is an experienced actuary with a Master's degree in Actuarial and Financial Sciences from the University of Barcelona [1] - He has a background in the insurance and financial sectors, with experience in consultancy and banking roles in Spain and the United Kingdom [1] - His investment approach is centered on value investing, with a focus on the shipping sector and a macroeconomic perspective [1]

Group 1 - Kosmos Energy Ltd. is in early discussions for an all-share acquisition of Tullow Oil plc, but Tullow has indicated that the deal is not guaranteed and terms are uncertain [1][4] - Kosmos Energy has until January 9, 2025, to decide on pursuing the acquisition, with a firm announcement required by the deadline [2] - The potential acquisition would create a leading exploration and production firm focused on the Atlantic Margin, with Kosmos Energy's third-quarter production at approximately 65,400 barrels of oil equivalent per day [3] Group 2 - Tullow Oil's production for the first half of the year was 63,700 barrels of oil equivalent per day, and the company has a market capitalization of approximately $480.5 million [4] - The North American oil and gas sector has seen significant consolidation, and the potential deal between Kosmos Energy and Tullow Oil may indicate a similar trend in other regions [4]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Kosmos Energy (KOS) as a potentially undervalued stock based on various financial metrics [2][8]. Company Analysis - Kosmos Energy (KOS) holds a Zacks Rank of 2 (Buy) and has a Value grade of A, indicating strong potential for value investors [4]. - The stock is currently trading at a P/E ratio of 7.44, which is lower than the industry average of 8.42 [4]. - KOS has a PEG ratio of 0.43, compared to the industry's average PEG of 0.48, suggesting favorable growth expectations relative to its price [5]. - The P/S ratio for KOS is 1.01, slightly below the industry average of 1.05, indicating a competitive valuation based on sales [6]. - KOS's P/CF ratio stands at 2.66, significantly lower than the industry's average P/CF of 4.61, reflecting a strong cash flow outlook [7]. - Overall, these metrics suggest that Kosmos Energy is likely undervalued, making it an attractive option for value investors [8].

Group 1 - The Daily Drilling Report is an investment group focused on providing analysis for the oil and gas industry, featuring a model portfolio that encompasses all segments of upstream oilfield activity with weekly updates [1] - The group offers investment ideas for both U.S. and international energy companies, covering a range from shale to deepwater drillers [1] - Technical analysis is utilized to identify catalysts within the oil and gas sector [1] Group 2 - Fluidsdoc is an international oil industry veteran with 40 years of experience, having worked across six continents and in over twenty countries, specializing in the upstream oilpatch [2]

Financial Data and Key Metrics Changes - Gross Jubilee production in Q3 was approximately 87,600 barrels of oil per day, with year-to-date production just under 90,000 barrels of oil per day, reflecting a 5% increase compared to the prior quarter [12][26] - CapEx for the year is expected to be around $800 million, with approximately $100 million anticipated in Q4, indicating a significant reduction from previous quarters in 2024 [28][33] - The company achieved a high FPSO uptime of 99% during the quarter, although voidage replacement was approximately 90% below the 100% target due to lower than planned uptime of generators [12][13] Business Line Data and Key Metrics Changes - In Equatorial Guinea, gross production averaged around 23,000 barrels of oil per day, with an infill drilling campaign underway that is expected to increase production to around 30,000 barrels of oil per day [16][17] - In the U.S. Gulf of Mexico, production was ahead of expectations at 17,000 barrels of oil equivalent net to the company, with current production increasing to approximately 20,000 barrels of oil equivalent per day [18][21] - The TEN field performed slightly ahead of expectations with gross oil production of 18,500 barrels of oil per day in the quarter [16] Market Data and Key Metrics Changes - The company is actively managing future price volatility through a rolling hedging program, currently hedging around 45% of first half 2025 oil production with downside protection of approximately $70 per barrel [32] - The partnership contracted a new 4D seismic survey over the Jubilee field, which is expected to enhance understanding of the reservoir and fluid movements [14][15] Company Strategy and Development Direction - The company plans to prioritize free cash flow in 2025, focusing on disciplined capital allocation and significantly reducing growth CapEx year-on-year [11][36] - The company aims to grow production by 50% from around 60,000 barrels of oil equivalent per day to approximately 90,000 barrels of oil equivalent per day by year-end [7][36] - The company is deferring sanctions for the Tiberius project to the second half of 2025 to prioritize cash generation [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving year-end goals, with production expected to ramp up towards the target of approximately 90,000 barrels of oil equivalent per day [36] - The management noted that the Akeng Deep well is crucial for opening up new plays and will impact capital allocation decisions in 2026 rather than 2025 [50] - The management acknowledged that the transition of power in Senegal has slightly slowed discussions regarding the Yakaar-Teranga project, but emphasized that it has not significantly impacted ongoing operations [88][90] Other Important Information - The company completed a series of tender offers to repurchase $500 million of outstanding senior notes, resulting in no maturities in 2025 and only a small stub in 2026 [31] - The company is working on refinancing the FPSO leaseback arrangement with BP, which is expected to reduce operational expenses significantly [86] Q&A Session Summary Question: 2025 CapEx outlook and changes - Management clarified that the $550 million CapEx indication was a guideline, with a focus on free cash flow delivery and a primary delta related to the Tiberius project sliding to the second half of 2025 [39][42] Question: Jubilee drilling priorities for 2025 - Management indicated that the 4D seismic data will inform the next phase of drilling, balancing the need to start drilling while incorporating new information [44][46] Question: Implications of Akeng Deep success on 2025 capital - Success in the Akeng Deep well will open new opportunities but will primarily impact capital allocation decisions in 2026 rather than 2025 [50] Question: Commissioning process for the FLNG vessel - Management explained that the commissioning process is being accelerated, with production recognition expected to occur shortly after gas introduction [57][60] Question: Current production levels in the U.S. Gulf of Mexico - Current production levels are around 20,000 barrels of oil per day, excluding the two Winterfell wells that are being restarted [65] Question: Target leverage point for shareholder returns - Management aims to reduce leverage to less than 1.5 times before considering shareholder returns or buybacks [68][69] Question: Update on discussions with Senegalese authorities - Management noted that the transition of power has slowed discussions but emphasized that ongoing projects like GTA are progressing well [88][90]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35167 Kosmos Energy Ltd. (Exact name of registrant as specified in its charter) Delaware 98-0686001 (State o ...

1 Third Quarter 2024 Results NYSE/LSE: KOS November 4, 2024 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Kosmos Energy Ltd. ("Kosmos" or the "Company") expects, believes or anticipates will or may occur ...

Exhibit 99.1 NEWS RELEASE KOSMOS ENERGY ANNOUNCES THIRD QUARTER 2024 RESULTS DALLAS--(BUSINESS WIRE)—November 4, 2024-- Kosmos Energy Ltd. ("Kosmos" or the "Company") (NYSE/LSE: KOS) announced today its financial and operating results for the third quarter of 2024. For the quarter, the Company generated a net income of $45 million, or $0.09 per diluted share. When adjusted (1) for certain items that impact the comparability of results, the Company generated an adjusted net income of $38 million, or $0.08 pe ...

Juanmonino/E+ via Getty Images Introduction Kosmos Energy Ltd. (NYSE:KOS) turned in a pretty good report, all things considered, for Q-2, 2024. It did so on a day when the world ended-market wise, so no one cared that it beat on the top and bottom lines. KOS, along with most of the upstream E&P class, has been battered by the slings and arrows of outrageous fortune since peaking in the $8s last year. Price chart for KOS (Seeking Alpha) This leaves the company trading at levels not seen since 2022, when many ...