2013 Q4 Form 10-K Financial Statement

#000104746914001232 Filed on February 24, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 2012 Q4
Revenue $214.6M $852.4M $217.6M
YoY Change -1.38% 26.81% -1.09%
Cost Of Revenue $17.10M $96.80M $23.30M
YoY Change -26.61% 1.79% -7.17%
Gross Profit $197.4M $754.4M $194.3M
YoY Change 1.6% 31.7% -0.31%
Gross Profit Margin 91.99% 88.5% 89.29%
Selling, General & Admin $39.60M $158.4M $45.20M
YoY Change -12.39% -1.0% 9.18%
% of Gross Profit 20.06% 21.0% 23.26%
Research & Development $35.90M $230.3M $3.800M
YoY Change 844.74% 135.72% -82.57%
% of Gross Profit 18.19% 30.53% 1.96%
Depreciation & Amortization $49.80M $233.6M $59.70M
YoY Change -16.58% 19.98% 11.17%
% of Gross Profit 25.23% 30.96% 30.73%
Operating Expenses $122.7M $614.8M $109.5M
YoY Change 12.05% 35.42% -6.41%
Operating Profit $74.70M $139.6M $84.80M
YoY Change -11.91% 17.51% 8.86%
Interest Expense -$28.40M $36.81M -$13.60M
YoY Change 108.82% -29.49% -11.69%
% of Operating Profit -38.02% 26.37% -16.04%
Other Income/Expense, Net $200.0K -$3.512M $2.200M
YoY Change -90.91% 138.1%
Pretax Income $46.60M $75.95M $68.10M
YoY Change -31.57% 122.37% 8.96%
Income Tax $42.40M $167.0M $36.50M
% Of Pretax Income 90.99% 219.87% 53.6%
Net Earnings $4.200M -$91.04M $31.60M
YoY Change -86.71% 35.83% -7.87%
Net Earnings / Revenue 1.96% -10.68% 14.52%
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share $11.12K -$0.24 $84.47K
COMMON SHARES
Basic Shares Outstanding 387.6M shares 376.8M shares
Diluted Shares Outstanding 376.8M shares

Balance Sheet

Concept 2013 Q4 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $598.1M $598.1M $515.2M
YoY Change 16.09% 16.09% -23.46%
Cash & Equivalents $598.1M $598.1M $515.2M
Short-Term Investments
Other Short-Term Assets $68.10M $68.10M $67.50M
YoY Change 0.89% 0.89% -33.89%
Inventory $47.42M $47.40M $33.28M
Prepaid Expenses
Receivables $281.0K $20.20M $109.0M
Other Receivables $1.115M $1.100M $3.682M
Total Short-Term Assets $735.0M $735.0M $750.1M
YoY Change -2.02% -2.01% -32.57%
LONG-TERM ASSETS
Property, Plant & Equipment $1.523B $1.523B $1.526B
YoY Change -0.18% -0.18% 10.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $87.90M $87.90M $90.20M
YoY Change -2.55% -2.55% 44.55%
Total Long-Term Assets $1.611B $1.611B $1.616B
YoY Change -0.32% -0.32% 12.27%
TOTAL ASSETS
Total Short-Term Assets $735.0M $735.0M $750.1M
Total Long-Term Assets $1.611B $1.611B $1.616B
Total Assets $2.346B $2.346B $2.366B
YoY Change -0.86% -0.86% -7.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $94.17M $94.20M $128.9M
YoY Change -26.92% -26.92% -53.65%
Accrued Expenses $115.2M $94.80M $41.02M
YoY Change 180.86% 157.61% 10.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $219.3M $219.3M $190.3M
YoY Change 15.28% 15.24% -43.98%
LONG-TERM LIABILITIES
Long-Term Debt $900.0M $900.0M $1.000B
YoY Change -10.0% -10.0% -9.91%
Other Long-Term Liabilities $20.53M $63.90M $12.12M
YoY Change 69.46% 49.3% 147.49%
Total Long-Term Liabilities $1.134B $963.9M $1.147B
YoY Change -1.12% -7.57% -3.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $219.3M $219.3M $190.3M
Total Long-Term Liabilities $1.134B $963.9M $1.147B
Total Liabilities $1.353B $1.354B $1.337B
YoY Change 1.22% 1.22% -12.67%
SHAREHOLDERS EQUITY
Retained Earnings -$774.2M -$683.2M
YoY Change 13.33% 10.88%
Common Stock $1.785B $1.717B
YoY Change 4.0% 5.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.06M $8.397M
YoY Change 150.78% 139850.0%
Treasury Stock Shares 4.400M shares 2.732M shares
Shareholders Equity $992.3M $992.3M $1.029B
YoY Change
Total Liabilities & Shareholders Equity $2.346B $2.346B $2.366B
YoY Change -0.86% -0.86% -7.28%

Cashflow Statement

Concept 2013 Q4 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $4.200M -$91.04M $31.60M
YoY Change -86.71% 35.83% -7.87%
Depreciation, Depletion And Amortization $49.80M $233.6M $59.70M
YoY Change -16.58% 19.98% 11.17%
Cash From Operating Activities $241.1M $522.4M $221.4M
YoY Change 8.9% 40.62% 126.38%
INVESTING ACTIVITIES
Capital Expenditures -$74.20M -$322.4M -$97.30M
YoY Change -23.74% -14.93% -51.15%
Acquisitions
YoY Change
Other Investing Activities -$9.000M -$1.800M -$600.0K
YoY Change 1400.0% -92.41% -107.41%
Cash From Investing Activities -$83.10M -$324.1M -$97.90M
YoY Change -15.12% -19.52% -48.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.10M
YoY Change 56.37%
Debt Paid & Issued, Net $100.0M
YoY Change -9.09%
Cash From Financing Activities 0.000 -115.3M -8.000M
YoY Change -100.0% -9.07% -107.27%
NET CHANGE
Cash From Operating Activities 241.1M 522.4M 221.4M
Cash From Investing Activities -83.10M -324.1M -97.90M
Cash From Financing Activities 0.000 -115.3M -8.000M
Net Change In Cash 158.0M 83.00M 115.5M
YoY Change 36.8% -152.53% 591.62%
FREE CASH FLOW
Cash From Operating Activities $241.1M $522.4M $221.4M
Capital Expenditures -$74.20M -$322.4M -$97.30M
Free Cash Flow $315.3M $844.8M $318.7M
YoY Change -1.07% 12.56% 7.31%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b>1. Organization</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Kosmos Energy&#160;Ltd. was incorporated pursuant to the laws of Bermuda in January 2011 to become a holding company for Kosmos Energy Holdings. Kosmos Energy Holdings is a privately held Cayman Islands company that was formed in March 2004. As a holding company, Kosmos Energy&#160;Ltd.'s management operations are conducted through a wholly owned subsidiary, Kosmos Energy,&#160;LLC. The terms "Kosmos," the "Company," "we," "us," "our," "ours," and similar terms when used in the present tense or prospectively or for historical periods since May&#160;16, 2011 refer to Kosmos Energy&#160;Ltd. and its wholly owned subsidiaries and for historical periods prior to May&#160;16, 2011 refer to Kosmos Energy Holdings and its wholly owned subsidiaries, unless the context indicates otherwise.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We are a leading independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin. Our assets include existing production and other major development projects offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Ireland, Mauritania, Morocco (including Western Sahara) and Suriname. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In May 2011, contemporaneous with Kosmos Energy&#160;Ltd.'s initial public offering ("IPO"), the then outstanding Series&#160;A Convertible Preferred Units, Series&#160;B Convertible Preferred Units and Series&#160;C Convertible Preferred Units (collectively the "Convertible Preferred Units") and common units of Kosmos Energy Holdings were exchanged into common shares of Kosmos Energy&#160;Ltd. based on the pre-offering equity value of such interests in our corporate reorganization (the "corporate reorganization"). This resulted in the Convertible Preferred Units and the common units being exchanged into 277.7&#160;million and 63.5&#160;million common shares of Kosmos Energy&#160;Ltd., respectively, or 341.2&#160;million common shares in the aggregate. The 341.2&#160;million common shares included 10.0&#160;million service vesting restricted stock awards issued to management and employees in exchange for unvested profit units in connection with our corporate reorganization. The common shares have one vote per share and a par value of $0.01. As a result of this corporate reorganization, Kosmos Energy Holdings became wholly owned by Kosmos Energy&#160;Ltd. Subsequent to this exchange, we have one class of common stock with issued and outstanding shares.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Kosmos Energy&#160;Ltd. completed its IPO of 33.0&#160;million common shares on May&#160;16, 2011. In June 2011, the Company closed the sale of an additional 1.5&#160;million common shares pursuant to the over-allotment option exercised by the underwriters of the IPO. This partial exercise of the over-allotment option brings the total number of common shares sold in the offering to 34.5&#160;million. Our net proceeds from the sale of 34.5&#160;million common shares, after underwriting discounts and commissions and offering expenses, were $580.4&#160;million.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We recorded accretion on the Convertible Preferred Units of $24.4&#160;million for the year ended December&#160;31, 2011.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We have one reportable segment, which is the exploration and production of oil and natural gas. Substantially all of our long-lived assets and product sales are related to production located offshore Ghana.</font></p> </div>
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69101000 USD
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1527000 USD
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194691000 USD
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107565000 USD
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32229000 USD
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91254000 USD
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33411000 USD
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9994000 USD
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4303000 USD
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4970000 USD
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28594000 USD
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19203000 USD
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IncreaseDecreaseInReceivables
122859000 USD
CY2013 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
16763000 USD
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7385000 USD
CY2011 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-4176000 USD
CY2013 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
16540000 USD
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3443000 USD
CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
635000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-34683000 USD
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-126401000 USD
CY2011 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
89214000 USD
CY2013 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
82590000 USD
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1486000 USD
CY2011 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-7308000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
522404000 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
371530000 USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
364909000 USD
CY2013 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
317413000 USD
CY2012 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
368990000 USD
CY2011 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
478943000 USD
CY2011 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
-13653000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1750000 USD
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
23678000 USD
CY2011 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-84453000 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-324133000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-402662000 USD
CY2011 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-385140000 USD
CY2011 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1503000000 USD
CY2013 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
100000000 USD
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
110000000 USD
CY2011 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1438000000 USD
CY2011 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
580374000 USD
CY2013 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13101000 USD
CY2012 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
8378000 USD
CY2013 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2226000 USD
CY2012 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
8418000 USD
CY2011 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
52466000 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-115327000 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-126796000 USD
CY2011 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
592908000 USD
CY2013 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
82944000 USD
CY2012 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-157928000 USD
CY2011 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
572677000 USD
CY2013 us-gaap Interest Paid
InterestPaid
36313000 USD
CY2012 us-gaap Interest Paid
InterestPaid
41234000 USD
CY2011 us-gaap Interest Paid
InterestPaid
56845000 USD
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
68437000 USD
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
22020000 USD
CY2011 us-gaap Income Taxes Paid
IncomeTaxesPaid
15550000 USD
CY2011 kos Notes Receivable Applied
NotesReceivableApplied
-102783000 USD
CY2010Q4 us-gaap Capitalized Exploratory Well Costs
CapitalizedExploratoryWellCosts
167511000 USD
us-gaap Net Income Loss
NetIncomeLoss
-38191000 USD
us-gaap Net Income Loss
NetIncomeLoss
36106000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4100000 USD
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4300000 USD
CY2011 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2300000 USD
CY2013Q4 kos Oil And Gas Imbalance Asset Liability
OilAndGasImbalanceAssetLiability
0 USD
CY2012Q4 kos Oil And Gas Imbalance Asset Liability
OilAndGasImbalanceAssetLiability
0 USD
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013Q2 dei Entity Public Float
EntityPublicFloat
951286205 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
-91044000 USD
CY2011 us-gaap Net Income Loss
NetIncomeLoss
-2085000 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-67028000 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1414000 USD
CY2013 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
1400000 USD
CY2012Q4 us-gaap Accumulated Amortization Of Noncurrent Deferred Finance Costs
AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts
13922000 USD
CY2013Q4 us-gaap Accumulated Amortization Of Noncurrent Deferred Finance Costs
AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts
24976000 USD

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