2022 Q4 Form 10-Q Financial Statement

#000150999122000064 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $509.9M $456.1M
YoY Change -10.94% 129.25%
Cost Of Revenue $125.8M $62.37M
YoY Change -6.22% 23.96%
Gross Profit $384.1M $393.7M
YoY Change -12.39% 164.89%
Gross Profit Margin 75.33% 86.32%
Selling, General & Admin $26.43M $24.01M
YoY Change 6.15% 6.89%
% of Gross Profit 6.88% 6.1%
Research & Development $15.57M $17.22M
YoY Change -34.92% -28.22%
% of Gross Profit 4.05% 4.37%
Depreciation & Amortization $113.9M $108.9M
YoY Change -35.82% 61.29%
% of Gross Profit 29.64% 27.66%
Operating Expenses $144.6M $147.8M
YoY Change -33.09% 30.98%
Operating Profit $239.6M $245.9M
YoY Change 7.74% 587.41%
Interest Expense -$43.30M $84.05M
YoY Change -19.06% -227.93%
% of Operating Profit -18.08% 34.18%
Other Income/Expense, Net $3.806M $218.0K
YoY Change 7219.23% -212.37%
Pretax Income -$199.9M $330.0M
YoY Change -228.32% -1279.46%
Income Tax -$85.63M $107.7M
% Of Pretax Income 32.64%
Net Earnings -$114.3M $222.3M
YoY Change -215.76% -877.19%
Net Earnings / Revenue -22.41% 48.73%
Basic Earnings Per Share $0.49
Diluted Earnings Per Share -$0.25 $0.47
COMMON SHARES
Basic Shares Outstanding 455.9M shares 455.8M shares
Diluted Shares Outstanding 476.4M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $183.4M $231.6M
YoY Change 39.34% 108.0%
Cash & Equivalents $183.4M $231.6M
Short-Term Investments
Other Short-Term Assets $165.6M $35.31M
YoY Change 145.09% -53.41%
Inventory $133.5M $150.3M
Prepaid Expenses
Receivables $67.48M $67.60M
Other Receivables $23.40M $22.39M
Total Short-Term Assets $468.7M $547.8M
YoY Change -13.51% 31.71%
LONG-TERM ASSETS
Property, Plant & Equipment $3.843B $4.139B
YoY Change -8.16% 20.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.725M $8.646M
YoY Change 68.13%
Other Assets $268.6M $25.11M
YoY Change 5317.91% 6.37%
Total Long-Term Assets $4.111B $4.374B
YoY Change -6.53% 17.01%
TOTAL ASSETS
Total Short-Term Assets $468.7M $547.8M
Total Long-Term Assets $4.111B $4.374B
Total Assets $4.580B $4.921B
YoY Change -7.3% 18.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $212.3M $272.8M
YoY Change 15.11% 90.54%
Accrued Expenses $325.2M $252.2M
YoY Change 29.73% 39.55%
Deferred Revenue $26.09M $21.83M
YoY Change -18.44% 5.27%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00M $30.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $574.3M $592.4M
YoY Change 8.16% 28.31%
LONG-TERM LIABILITIES
Long-Term Debt $2.196B $2.276B
YoY Change -15.23% -3.9%
Other Long-Term Liabilities $252.0M $251.9M
YoY Change 0.62% 2.93%
Total Long-Term Liabilities $3.218B $3.435B
YoY Change -17.07% 0.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $574.3M $592.4M
Total Long-Term Liabilities $3.218B $3.435B
Total Liabilities $3.792B $4.028B
YoY Change -14.04% 4.16%
SHAREHOLDERS EQUITY
Retained Earnings -$1.486B -$1.372B
YoY Change -13.23% -24.27%
Common Stock $2.511B $2.502B
YoY Change 1.29% 7.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $237.0M $237.0M
YoY Change 0.0% 0.0%
Treasury Stock Shares 44.26M shares 44.26M shares
Shareholders Equity $787.8M $893.5M
YoY Change
Total Liabilities & Shareholders Equity $4.580B $4.921B
YoY Change -7.3% 18.48%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$114.3M $222.3M
YoY Change -215.76% -877.19%
Depreciation, Depletion And Amortization $113.9M $108.9M
YoY Change -35.82% 61.29%
Cash From Operating Activities $267.2M $255.0M
YoY Change 15.94% -359.16%
INVESTING ACTIVITIES
Capital Expenditures $244.8M -$222.6M
YoY Change -143.71% 154.91%
Acquisitions
YoY Change
Other Investing Activities $15.00M -$16.75M
YoY Change 1391.55% 684.18%
Cash From Investing Activities -$229.8M -$239.3M
YoY Change -58.9% 167.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -82.50M -7.500M
YoY Change -123.66% -105.01%
NET CHANGE
Cash From Operating Activities 267.2M 255.0M
Cash From Investing Activities -229.8M -239.3M
Cash From Financing Activities -82.50M -7.500M
Net Change In Cash -45.08M 8.238M
YoY Change -324.77% -121.55%
FREE CASH FLOW
Cash From Operating Activities $267.2M $255.0M
Capital Expenditures $244.8M -$222.6M
Free Cash Flow $22.42M $477.6M
YoY Change -97.16% -4401.65%

Facts In Submission

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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q3 kos Tax Withholdings For Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Used To Cover Employee Taxes
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Exploration Abandonment And Impairment Expense
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us-gaap Exploration Abandonment And Impairment Expense
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kos Cash Settlements On Derivatives Net
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kos Cash Settlements On Derivatives Net
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Oil And Gas Equipment
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us-gaap Payments To Acquire Oil And Gas Equipment
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us-gaap Payments To Acquire Oil And Gas Property
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us-gaap Payments To Acquire Oil And Gas Property
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us-gaap Number Of Reportable Segments
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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us-gaap Payments To Acquire Notes Receivable
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us-gaap Payments To Acquire Notes Receivable
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Other Long Term Debt
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us-gaap Repayments Of Debt
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us-gaap Repayments Of Debt
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us-gaap Proceeds From Issuance Of Unsecured Debt
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kos Payments For Tax Withholdings On Restricted Stock Units
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kos Payments For Tax Withholdings On Restricted Stock Units
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Financing Costs
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us-gaap Payments Of Financing Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
174896000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
231897000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
67581000 usd
us-gaap Nature Of Operations
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Organization<div style="text-indent:63pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Kosmos Energy Ltd. changed our jurisdiction of incorporation from Bermuda to the State of Delaware in December 2018 as a holding company for Kosmos Energy Delaware Holdings, LLC, a Delaware limited liability company. As a holding company, Kosmos Energy Ltd.’s management operations are conducted through a wholly-owned subsidiary, Kosmos Energy, LLC. The terms “Kosmos,” the “Company,” “we,” “us,” “our,” “ours,” and similar terms refer to Kosmos Energy Ltd. and its wholly-owned subsidiaries, unless the context indicates otherwise.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Kosmos is a full-cycle, deepwater, independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. We also pursue a proven basin exploration program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS.</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Kosmos is engaged in a single line of business, which is the exploration, development, and production of oil and natural gas. Substantially all of our long-lived assets and all of our product sales are related to operations in four geographic areas: Ghana, Equatorial Guinea, Mauritania/Senegal and the U.S. Gulf of Mexico.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify;text-indent:63pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>Certain prior period amounts have been reclassified to conform with the current presentation. Such reclassifications had no significant impact on our reported net income (loss), current assets, total assets, current liabilities, total liabilities, stockholders’ equity or cash flows.
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Inventory Supplies Net Of Reserves
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CY2022Q3 kos Inventory Material And Supplies Amount Exchanged For Cash
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Concentration Risk Credit Risk
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our revenue can be materially affected by current economic conditions and the price of oil and natural gas. However, based on the current demand for crude oil and natural gas and the fact that alternative purchasers are available, we believe that the loss of our marketing agents and/or any of the purchasers identified by our marketing agents would not have a long‑term material adverse effect on our financial position or results of operations. The continued economic disruption and volatility in the global and industry-wide markets resulting from the COVID-19 pandemic, Russia’s invasion of Ukraine, a potential global recession, and other varying macroeconomic conditions could materially impact the Company’s business in future periods. Any potential disruption will depend on the duration and intensity of these events, which are highly uncertain and cannot be predicted at this time.</span></div>
CY2021Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
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CY2022Q3 us-gaap Property Plant And Equipment Other Net
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CY2022Q3 us-gaap Proved Oil And Gas Property Successful Effort Method
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CY2021Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
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CY2022Q3 us-gaap Oil And Gas Property Successful Effort Method Gross
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CY2021Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
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2999584000 usd
CY2022Q3 us-gaap Oil And Gas Property Successful Effort Method Net
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CY2021Q4 us-gaap Oil And Gas Property Successful Effort Method Net
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CY2021Q4 us-gaap Property Plant And Equipment Other Net
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CY2022Q3 us-gaap Property Plant And Equipment Net
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us-gaap Depletion Of Oil And Gas Properties
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us-gaap Depletion Of Oil And Gas Properties
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CY2021Q4 kos Capitalized Exploratory Well Costs Greater Than Or Equal To Four Years And Less Than Six Years
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CY2021Q4 us-gaap Capitalized Exploratory Well Costs
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us-gaap Capitalized Exploratory Well Cost Additions Pending Determination Of Proved Reserves
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us-gaap Reclassification To Well Facilities And Equipment Based On Determination Of Proved Reserves
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us-gaap Capitalized Exploratory Well Cost Charged To Expense1
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CY2022Q3 us-gaap Capitalized Exploratory Well Costs
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CY2022Q3 us-gaap Capitalized Exploratory Well Costs That Have Been Capitalized For Period Of One Year Or Less
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CY2021Q4 us-gaap Capitalized Exploratory Well Costs That Have Been Capitalized For Period Of One Year Or Less
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CY2022Q3 kos Capitalized Exploratory Well Costs Greater Than Or Equal To One Year And Less Than Four Years
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CY2021Q4 kos Capitalized Exploratory Well Costs Greater Than Or Equal To One Year And Less Than Four Years
CapitalizedExploratoryWellCostsGreaterThanOrEqualToOneYearAndLessThanFourYears
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CY2022Q3 kos Capitalized Exploratory Well Costs Greater Than Or Equal To Four Years And Less Than Six Years
CapitalizedExploratoryWellCostsGreaterThanOrEqualToFourYearsAndLessThanSixYears
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CY2022Q3 us-gaap Capitalized Exploratory Well Costs
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CY2021Q4 us-gaap Capitalized Exploratory Well Costs
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CY2022Q3 us-gaap Projects That Have Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year
ProjectsThatHaveExploratoryWellCostsThatHaveBeenCapitalizedForPeriodGreaterThanOneYear
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CY2021Q4 us-gaap Projects That Have Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year
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us-gaap Interest Costs Capitalized Adjustment
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CY2022Q3 kos Deferred Interest
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CY2021Q3 kos Deferred Interest
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CY2022Q3 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 kos Debt Instrument Unamortized Issuance Costs And Discounts
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CY2022Q3 us-gaap Long Term Debt
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CY2021Q4 us-gaap Long Term Debt
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CY2022Q3 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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kos Deferred Interest
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kos Deferred Interest
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-724000 usd
CY2022Q3 us-gaap Other Nonoperating Income
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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30000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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30000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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254011000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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