2014 Q1 Form 10-Q Financial Statement

#000110465914034604 Filed on May 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $237.1M $214.6M $228.4M
YoY Change 3.82% -1.38% 95.96%
Cost Of Revenue $16.30M $17.10M $24.40M
YoY Change -33.2% -26.61% 234.25%
Gross Profit $196.5M $197.4M $203.7M
YoY Change -3.53% 1.6% 87.92%
Gross Profit Margin 82.87% 91.99% 89.19%
Selling, General & Admin $27.40M $39.60M $39.10M
YoY Change -29.92% -12.39% -0.51%
% of Gross Profit 13.94% 20.06% 19.19%
Research & Development $12.80M $35.90M $24.30M
YoY Change -47.33% 844.74% -38.64%
% of Gross Profit 6.51% 18.19% 11.93%
Depreciation & Amortization $49.16M $49.80M $61.35M
YoY Change -19.86% -16.58% 81.27%
% of Gross Profit 25.02% 25.23% 30.12%
Operating Expenses $87.90M $122.7M $122.6M
YoY Change -28.3% 12.05% 7.92%
Operating Profit $108.6M $74.70M $81.10M
YoY Change 33.91% -11.91% -1659.62%
Interest Expense $3.511M -$28.40M $8.991M
YoY Change -60.95% 108.82% -31.15%
% of Operating Profit 3.23% -38.02% 11.09%
Other Income/Expense, Net -$1.277M $200.0K -$632.0K
YoY Change 102.06% -90.91% -15.51%
Pretax Income $125.8M $46.60M $64.19M
YoY Change 96.0% -31.57% -401.98%
Income Tax $50.78M $42.40M $44.09M
% Of Pretax Income 40.37% 90.99% 68.69%
Net Earnings $74.97M $4.200M $20.09M
YoY Change 273.09% -86.71% -153.53%
Net Earnings / Revenue 31.62% 1.96% 8.8%
Basic Earnings Per Share $0.20 $0.05
Diluted Earnings Per Share $0.19 $11.12K $0.05
COMMON SHARES
Basic Shares Outstanding 377.8M shares 387.6M shares 375.3M shares
Diluted Shares Outstanding 381.5M shares 375.7M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $528.0M $598.1M $497.3M
YoY Change 6.17% 16.09% -33.28%
Cash & Equivalents $528.0M $598.1M $497.3M
Short-Term Investments
Other Short-Term Assets $81.00M $68.10M $62.30M
YoY Change 30.02% 0.89% -31.99%
Inventory $42.49M $47.42M $30.12M
Prepaid Expenses
Receivables $102.8M $281.0K $106.7M
Other Receivables $5.783M $1.115M $2.813M
Total Short-Term Assets $760.1M $735.0M $726.9M
YoY Change 4.56% -2.02% -27.76%
LONG-TERM ASSETS
Property, Plant & Equipment $1.545B $1.523B $1.542B
YoY Change 0.16% -0.18% 10.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $108.5M $87.90M $89.50M
YoY Change 21.23% -2.55% 37.9%
Total Long-Term Assets $1.653B $1.611B $1.632B
YoY Change 1.32% -0.32% 11.86%
TOTAL ASSETS
Total Short-Term Assets $760.1M $735.0M $726.9M
Total Long-Term Assets $1.653B $1.611B $1.632B
Total Assets $2.413B $2.346B $2.359B
YoY Change 2.32% -0.86% -4.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.6M $94.17M $48.80M
YoY Change 112.22% -26.92% -75.76%
Accrued Expenses $150.5M $115.2M $35.30M
YoY Change 326.41% 180.86% -10.76%
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 $262.2M $219.3M $125.1M
YoY Change 109.54% 15.28% -52.81%
LONG-TERM LIABILITIES
Long-Term Debt $800.0M $900.0M $1.000B
YoY Change -20.0% -10.0% -9.91%
Other Long-Term Liabilities $16.09M $20.53M $18.73M
YoY Change -14.06% 69.46% 129.64%
Total Long-Term Liabilities $1.066B $1.134B $1.166B
YoY Change -8.54% -1.12% -2.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $262.2M $219.3M $125.1M
Total Long-Term Liabilities $1.066B $1.134B $1.166B
Total Liabilities $1.329B $1.353B $1.291B
YoY Change 2.9% 1.22% -11.58%
SHAREHOLDERS EQUITY
Retained Earnings -$699.3M -$774.2M -$663.1M
YoY Change 5.45% 13.33% 1.44%
Common Stock $1.803B $1.785B $1.736B
YoY Change 3.9% 4.0% 4.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.13M $21.06M $8.480M
YoY Change 149.16% 150.78% 141233.33%
Treasury Stock Shares 4.427M shares 4.400M shares 2.860M shares
Shareholders Equity $1.085B $992.3M $1.067B
YoY Change
Total Liabilities & Shareholders Equity $2.413B $2.346B $2.359B
YoY Change 2.32% -0.86% -4.31%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income $74.97M $4.200M $20.09M
YoY Change 273.09% -86.71% -153.53%
Depreciation, Depletion And Amortization $49.16M $49.80M $61.35M
YoY Change -19.86% -16.58% 81.27%
Cash From Operating Activities $113.6M $241.1M $66.90M
YoY Change 69.81% 8.9% -53.83%
INVESTING ACTIVITIES
Capital Expenditures -$96.90M -$74.20M -$84.30M
YoY Change 14.95% -23.74% 18.4%
Acquisitions
YoY Change
Other Investing Activities $32.20M -$9.000M $900.0K
YoY Change 3477.78% 1400.0% 800.0%
Cash From Investing Activities -$64.70M -$83.10M -$83.40M
YoY Change -22.42% -15.12% 17.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $71.00K $82.00K
YoY Change -13.41%
Debt Paid & Issued, Net $100.0M
YoY Change
Cash From Financing Activities -118.9M 0.000 -1.300M
YoY Change 9046.15% -100.0% -18.75%
NET CHANGE
Cash From Operating Activities 113.6M 241.1M 66.90M
Cash From Investing Activities -64.70M -83.10M -83.40M
Cash From Financing Activities -118.9M 0.000 -1.300M
Net Change In Cash -70.00M 158.0M -17.80M
YoY Change 293.26% 36.8% -124.65%
FREE CASH FLOW
Cash From Operating Activities $113.6M $241.1M $66.90M
Capital Expenditures -$96.90M -$74.20M -$84.30M
Free Cash Flow $210.5M $315.3M $151.2M
YoY Change 39.22% -1.07% -30.03%

Facts In Submission

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CY2014Q1 us-gaap Comprehensive Income Net Of Tax
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CY2014Q1 us-gaap Number Of Reportable Segments
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CY2013Q4 us-gaap Inventory Supplies Net Of Reserves
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CY2013Q4 us-gaap Energy Related Inventory Petroleum
EnergyRelatedInventoryPetroleum
1600000 USD
CY2014Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
37500000 USD
CY2014Q1 us-gaap Energy Related Inventory Petroleum
EnergyRelatedInventoryPetroleum
5000000 USD
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Kosmos Energy Ltd.
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001509991
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
387593151 shares
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
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2035894000 USD
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1508062000 USD
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31658000 USD
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16758000 USD
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14900000 USD
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1522962000 USD
CY2014Q1 us-gaap Proved Oil And Gas Property Successful Effort Method
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CY2014Q1 us-gaap Unproved Oil And Gas Property Successful Effort Method
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555145000 USD
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714803000 USD
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2102517000 USD
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OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
571851000 USD
CY2014Q1 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
1530666000 USD
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PropertyPlantAndEquipmentOther
32225000 USD
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PropertyPlantAndEquipmentOtherAccumulatedDepreciation
18070000 USD
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PropertyPlantAndEquipmentOtherNet
14155000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1544821000 USD
CY2013Q1 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
56600000 USD
CY2014Q1 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
44000000 USD
CY2014Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
800000000 USD
CY2014Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
4195000 USD
CY2014Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
40643000 USD
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CommonStockValue
3920000 USD
CY2013Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1781535000 USD
CY2014Q1 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
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OtherLiabilitiesNoncurrent
16093000 USD
CY2014Q1 us-gaap Common Stock Value
CommonStockValue
3920000 USD
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AdditionalPaidInCapitalCommonStock
1799435000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-774220000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-699251000 USD
CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
1752000 USD
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17900000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
406000 USD
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
49164000 USD
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
30267000 USD
CY2014Q1 us-gaap Results Of Operations Dry Hole Costs
ResultsOfOperationsDryHoleCosts
-245000 USD
CY2014Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
810000 USD
CY2014Q1 kos Cash Settlements On Derivatives
CashSettlementsOnDerivatives
1555000 USD
CY2014Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
71000 USD
CY2013Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
61347000 USD
CY2013Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
20915000 USD
CY2013Q1 us-gaap Results Of Operations Dry Hole Costs
ResultsOfOperationsDryHoleCosts
9753000 USD
CY2013Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-534000 USD
CY2013Q1 kos Cash Settlements On Derivatives
CashSettlementsOnDerivatives
4850000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
18938000 USD
CY2013Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1396000 USD
CY2013Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
2382000 USD
CY2013Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3637000 USD
CY2013Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
298000 USD
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-80070000 USD
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
17855000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
66869000 USD
CY2013Q1 us-gaap Payments To Acquire Oil And Gas Property And Equipment
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CY2013Q1 us-gaap Increase Decrease In Restricted Cash
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-83419000 USD
CY2013Q1 us-gaap Payments For Repurchase Of Common Stock
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82000 USD
CY2013Q1 us-gaap Payments Of Financing Costs
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1243000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2013Q1 us-gaap Interest Paid
InterestPaid
6585000 USD
CY2013Q1 us-gaap Income Taxes Paid
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4300000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
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100000000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2014Q1 us-gaap Net Cash Provided By Used In Continuing Operations
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CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50783000 USD
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
21129000 USD
CY2014Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
439000 USD
CY2014Q1 us-gaap Oil And Gas Production Expense
OilAndGasProductionExpense
16323000 USD
CY2014Q1 us-gaap Exploration Expense
ExplorationExpense
12809000 USD
CY2014Q1 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
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46378000 USD
CY2014Q1 kos Gain Loss On Commodity Derivative Instruments Net Pretax
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2028000 USD
CY2014Q1 us-gaap Oil And Gas Sales Revenue
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CY2014Q1 us-gaap Other Nonoperating Income
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CY2014Q1 us-gaap Gains Losses On Extinguishment Of Debt
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CY2014Q1 us-gaap Nonoperating Income Expense
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CY2014Q1 us-gaap Share Based Compensation
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17900000 USD
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
4220000 USD
CY2014Q1 us-gaap Increase Decrease In Receivables
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63566000 USD
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
10484000 USD
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CY2014Q1 us-gaap Payments To Acquire Oil And Gas Property And Equipment
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428000 USD
CY2014Q1 us-gaap Increase Decrease In Restricted Cash
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2410000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2014Q1 us-gaap Payments Of Financing Costs
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CY2014Q1 us-gaap Interest Paid
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CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
20431000 USD
CY2014Q1 us-gaap Gain Loss On Sale Of Property
GainLossOnSaleOfProperty
23769000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
34581000 USD

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