$KOS
Kosmos Energy Ltd.

2011 Q4 Form 10-Q Financial Statement

#000110465911063046 Filed on November 10, 2011

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2010 Q3
Revenue $220.0M $232.8M $1.988M
YoY Change 11612.53%
Cost Of Revenue $25.10M $24.20M $0.00
YoY Change
Gross Profit $194.9M $206.1M $0.00
YoY Change
Gross Profit Margin 88.59% 88.51% 0.0%
Selling, General & Admin $41.40M $39.10M $27.80M
YoY Change -52.9% 40.65%
% of Gross Profit 21.24% 18.97%
Research & Development $21.80M $11.00M $19.00M
YoY Change 6.86% -42.11%
% of Gross Profit 11.19% 5.34%
Depreciation & Amortization $53.70M $42.59M $578.0K
YoY Change 490.11% 7269.03%
% of Gross Profit 27.55% 20.67%
Operating Expenses $117.0M $94.80M $55.10M
YoY Change -1.18% 72.05%
Operating Profit $77.90M $111.3M -$55.10M
YoY Change -165.79% -302.0%
Interest Expense -$15.40M $16.58M $19.15M
YoY Change -39.13% -13.4%
% of Operating Profit -19.77% 14.9%
Other Income/Expense, Net $0.00 $79.00K -$31.00K
YoY Change -100.0% -354.84%
Pretax Income $62.50M $102.3M -$82.56M
YoY Change -143.89% -223.87%
Income Tax $28.20M $50.48M -$6.000K
% Of Pretax Income 45.12% 49.37%
Net Earnings $34.30M $51.78M -$82.55M
YoY Change -152.45% -162.72%
Net Earnings / Revenue 15.59% 22.24% -4152.36%
Basic Earnings Per Share $0.13
Diluted Earnings Per Share $92.93K $0.13 -$222.3K
COMMON SHARES
Basic Shares Outstanding 389.9M shares 369.0M shares
Diluted Shares Outstanding 369.3M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $673.1M $656.4M
YoY Change
Cash & Equivalents $673.1M $656.4M $202.8M
Short-Term Investments
Other Short-Term Assets $102.1M $88.80M
YoY Change
Inventory $27.10M $33.01M
Prepaid Expenses
Receivables $109.5M $204.5M
Other Receivables $981.0K $4.734M
Total Short-Term Assets $1.112B $1.097B
YoY Change 98.69%
LONG-TERM ASSETS
Property, Plant & Equipment $1.377B $1.131B
YoY Change 37.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.40M $62.80M
YoY Change
Total Long-Term Assets $1.439B $1.194B
YoY Change 27.2%
TOTAL ASSETS
Total Short-Term Assets $1.112B $1.097B
Total Long-Term Assets $1.439B $1.194B
Total Assets $2.552B $2.291B
YoY Change 50.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $278.0M $197.2M
YoY Change 70.04%
Accrued Expenses $37.19M $41.41M
YoY Change -30.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $339.6M $268.7M
YoY Change -29.55%
LONG-TERM LIABILITIES
Long-Term Debt $1.110B $1.000B
YoY Change 38.75%
Other Long-Term Liabilities $4.896M $15.66M
YoY Change 382.84%
Total Long-Term Liabilities $1.192B $1.057B
YoY Change 40.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $339.6M $268.7M
Total Long-Term Liabilities $1.192B $1.057B
Total Liabilities $1.531B $1.326B
YoY Change 15.35%
SHAREHOLDERS EQUITY
Retained Earnings -$616.1M -$650.5M
YoY Change 0.1%
Common Stock $1.633B $1.612B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.000K $6.000K
YoY Change
Treasury Stock Shares 649.8K shares 646.2K shares
Shareholders Equity $1.021B $964.7M
YoY Change
Total Liabilities & Shareholders Equity $2.552B $2.291B
YoY Change 50.86%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income $34.30M $51.78M -$82.55M
YoY Change -152.45% -162.72%
Depreciation, Depletion And Amortization $53.70M $42.59M $578.0K
YoY Change 490.11% 7269.03%
Cash From Operating Activities $97.80M $212.6M -$28.10M
YoY Change -266.89% -856.58%
INVESTING ACTIVITIES
Capital Expenditures -$199.2M -$76.40M -$109.0M
YoY Change 73.37% -29.91%
Acquisitions
YoY Change
Other Investing Activities $8.100M $1.900M $41.80M
YoY Change -133.89% -95.45%
Cash From Investing Activities -$191.1M -$74.50M -$67.20M
YoY Change 37.68% 10.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 110.0M -300.0M 136.0M
YoY Change 15.79% -320.59%
NET CHANGE
Cash From Operating Activities 97.80M 212.6M -28.10M
Cash From Investing Activities -191.1M -74.50M -67.20M
Cash From Financing Activities 110.0M -300.0M 136.0M
Net Change In Cash 16.70M -161.9M 40.70M
YoY Change -116.31% -497.79%
FREE CASH FLOW
Cash From Operating Activities $97.80M $212.6M -$28.10M
Capital Expenditures -$199.2M -$76.40M -$109.0M
Free Cash Flow $297.0M $289.0M $80.90M
YoY Change 427.53% 257.23%

Facts In Submission

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us-gaap Nature Of Operations
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1. Organization</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Kosmos Energy Ltd. was incorporated pursuant to the laws of Bermuda in January&nbsp;2011 to become a holding company for Kosmos Energy Holdings. Kosmos Energy Holdings is a privately held Cayman Islands company that was formed March&nbsp;5, 2004. As a holding company, Kosmos Energy Ltd.&#146;s management operations are conducted through a wholly owned subsidiary, Kosmos Energy, LLC. The terms &#147;Kosmos,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; &#147;ours,&#148; and similar terms when used in the present tense or prospectively or for historical periods since May&nbsp;16, 2011 refer to Kosmos Energy Ltd. and its wholly owned subsidiaries and for historical periods prior to May&nbsp;16, 2011 refer to Kosmos Energy Holdings and its wholly owned subsidiaries, unless the context indicates otherwise. We are an independent oil and gas exploration and production company focused on underexplored regions in Africa. Kosmos Energy Ltd. transitioned from its development stage to operational activities in January&nbsp;2011. Accordingly, reporting as a development stage company is no longer deemed necessary.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Contemporaneous with Kosmos Energy Ltd.&#146;s initial public offering, the Series&nbsp;A Convertible Preferred Units, Series&nbsp;B Convertible Preferred Units and Series&nbsp;C Convertible Preferred Units (collectively the &#147;Convertible Preferred Units&#148;) and common units of Kosmos Energy Holdings were exchanged into common shares based on the pre-offering equity value of such interests in our corporate reorganization (the &#147;corporate reorganization&#148;). This resulted in the Convertible Preferred Units and the common units being exchanged into 277,697,828 and 63,478,643 common shares of Kosmos Energy Ltd., respectively, or 341,176,471 common shares in the aggregate. The 341,176,471 common shares included 10,032,827 restricted shares issued to management and employees in exchange for unvested profit units in connection with our corporate reorganization.&nbsp; 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 Ltd.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Kosmos Energy Ltd. completed its initial public offering of 33,000,000 common shares on May&nbsp;16, 2011. In June&nbsp;2011, the Company closed the sale of an additional 1,518,242 common shares pursuant to the over-allotment option exercised by the underwriters of the initial public offering. This partial exercise of the over-allotment option brings the total number of common shares sold in the offering to 34,518,242. Our net proceeds from the sale of 34,518,242 common shares, after underwriting discounts and commissions and offering expenses, were $580.4 million.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">We have one business segment, which is the exploration and production of oil and natural gas.</font></p></td></tr></table>
CY2011Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
4734000 USD
CY2010Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
615000 USD
CY2011Q3 us-gaap Inventory Net
InventoryNet
33010000 USD
CY2010Q4 us-gaap Inventory Net
InventoryNet
37674000 USD
CY2011Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15733000 USD
CY2010Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
13278000 USD
CY2011Q3 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
50127000 USD
CY2010Q4 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
89600000 USD
CY2011Q3 us-gaap Assets Current
AssetsCurrent
1096983000 USD
CY2010Q4 us-gaap Assets Current
AssetsCurrent
559920000 USD
CY2011Q3 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
1122904000 USD
CY2010Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-81271000 USD
CY2010Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1278000 USD
CY2010Q3 us-gaap Loss On Cash Flow Hedge Ineffectiveness
LossOnCashFlowHedgeIneffectiveness
-1278000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9032000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2934000 USD
us-gaap Loss On Cash Flow Hedge Ineffectiveness
LossOnCashFlowHedgeIneffectiveness
-2934000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-180693000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-455000 USD
us-gaap Loss On Cash Flow Hedge Ineffectiveness
LossOnCashFlowHedgeIneffectiveness
-4383000 USD
us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
-4838000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
-614411000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
29264000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2934000 USD
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
1002948000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
580374000 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
964701000 USD
CY2011Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
389867068 shares
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2011-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001509991
dei Entity Registrant Name
EntityRegistrantName
Kosmos Energy Ltd.
CY2010Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
989869000 USD
CY2011Q3 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
8102000 USD
CY2010Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
8131000 USD
CY2011Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1131006000 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
998000000 USD
CY2011Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
3500000 USD
CY2010Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
32000000 USD
CY2010Q4 us-gaap Oil And Gas Joint Interest Billing Receivables Noncurrent
OilAndGasJointInterestBillingReceivablesNoncurrent
21897000 USD
CY2011Q3 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
57041000 USD
CY2010Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
78217000 USD
CY2010Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
1501000 USD
CY2011Q3 us-gaap Assets
Assets
2290827000 USD
CY2010Q4 us-gaap Assets
Assets
1691535000 USD
CY2010Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
245000000 USD
CY2011Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
197224000 USD
CY2010Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
163495000 USD
CY2011Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
41409000 USD
CY2010Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
53208000 USD
CY2011Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
30023000 USD
CY2010Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
20354000 USD
CY2011Q3 us-gaap Liabilities Current
LiabilitiesCurrent
268656000 USD
CY2011Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1000000000 USD
CY2010Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
800000000 USD
CY2011Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2290827000 USD
CY2010Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1691535000 USD
CY2010Q4 us-gaap Liabilities Current
LiabilitiesCurrent
482057000 USD
CY2011Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
9674000 USD
CY2010Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
15104000 USD
CY2011Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
19622000 USD
CY2010Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
16752000 USD
CY2011Q3 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
12513000 USD
CY2010Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
12513000 USD
CY2011Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
15661000 USD
CY2010Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1014000 USD
CY2011Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1057470000 USD
CY2010Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
845383000 USD
CY2011Q3 us-gaap Common Stock Value
CommonStockValue
3902000 USD
CY2010Q4 kos Common Units
CommonUnits
516000 USD
CY2011Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1607754000 USD
CY2011Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-650471000 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-615515000 USD
CY2011Q3 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
3522000 USD
CY2010Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
588000 USD
CY2011Q3 us-gaap Treasury Stock Value
TreasuryStockValue
6000 USD

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