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Kosmos Energy corporate report

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07 January 2019

Kosmos Energy corporate report

Report summary

Kosmos is transitioning from being a pure play explorer to a 'Full-Cycle E&P' company. Two bottom-of-the-cycle acquisitions have transformed the production base. At the same time, the company is progressing its world gas discoveries in Mauritania and Senegal. The new-look company is bigger and diverse, with redefined strategic priorities. But the market response to the new strategy has been mixed. The company's share price has underperformed its peers. However, there are a number of near-term catalysts that can win over cautious investors. 

Table of contents

  • Other Kosmos Research
    • SWOT analysis
    • Overview
    • Strategic priorities and opportunities
      • 1. Maximising value from the 'new-look' diversified portfolio:
      • 2. Prioritising infrastructure-led exploration in the short term:
      • 3. Monetising gas resources in Senegal/Mauritania
      • 4. Strengthening the financial framework
      • Ghana and GoM will drive near-term financial performance
      • But managing medium to long-term LNG investments will be critical
      • Jumping on the shareholder distributions bandwagon
  • Portfolio summary
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserves and resources metrics
    • Full price and modelling methodology descriptions are available in the 'Methodology and Assumptions' section of the Wood Mackenzie portal. The key prices and global assumptions used in the making of this report are summarised below.

Tables and charts

This report includes 38 images and tables including:

  • Portfolio summary: Table 1
  • Executive summary: Table 1
  • Strategy: Image 1
  • Strategy: Image 2
  • Upstream EV vs. Upstream NPV,10
  • Upstream portfolio sensitivities vs. NPV,10
  • Current NPV,10 vs. Future NPV,10
  • Base case upstream NPV,10
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • New project returns
  • Reported development costs
  • Reported and WM forecasted production
  • Oil vs. Gas
  • Liquid production
  • Gas production
  • Total reserves; Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Kosmos production outlook: 2018 – 2030
  • Benchmarking CAGR
  • Kosmos: Acreage reload since 2016
  • Creaming curves – Rio Muni/Douoala and Western Gulf Coast
  • Mauritania/Senegal production outlook
  • Average LNG project breakeven(12% discount rate)
  • Net debt outlook – 2017 – 2020
  • WM Brent base price cash flow breakeven*
  • Kosmos capex outlook: 2019 – 2025
  • Average cash flow/boe: 2018 - 2022
  • Exploration portfolio overview

What's included

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  • Document

    Kosmos Energy corporate report

    PDF 925.46 KB

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  • Document

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    XLSX 1.08 MB

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