2023 Q1 Form 10-K Financial Statement

#000150999123000021 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $394.2M $509.9M $2.245B
YoY Change -40.18% -10.94% 68.57%
Cost Of Revenue $83.94M $125.8M $403.1M
YoY Change -32.69% -6.22% 16.49%
Gross Profit $310.3M $384.1M $1.842B
YoY Change -41.92% -12.39% 86.84%
Gross Profit Margin 78.71% 75.33% 82.05%
Selling, General & Admin $29.17M $26.43M $100.9M
YoY Change 13.08% 6.15% 10.19%
% of Gross Profit 9.4% 6.88% 5.47%
Research & Development $12.00M $15.57M $134.2M
YoY Change 1.04% -34.92% 105.3%
% of Gross Profit 3.87% 4.05% 7.29%
Depreciation & Amortization $111.9M $113.9M $508.7M
YoY Change -30.76% -35.82% 6.46%
% of Gross Profit 36.07% 29.64% 27.61%
Operating Expenses $151.9M $144.6M $730.5M
YoY Change -25.59% -33.09% 18.0%
Operating Profit $158.4M $239.6M $1.112B
YoY Change -52.02% 7.74% 203.0%
Interest Expense -$18.05M -$43.30M -$379.2M
YoY Change -94.3% -19.06% -0.83%
% of Operating Profit -11.39% -18.08% -34.1%
Other Income/Expense, Net -$2.030M $3.806M $9.054M
YoY Change -16.32% 7219.23% -189.55%
Pretax Income $139.6M -$199.9M $337.1M
YoY Change 986.38% -228.32% -877.01%
Income Tax $56.32M -$85.63M $110.5M
% Of Pretax Income 40.34% 32.79%
Net Earnings $83.31M -$114.3M $226.6M
YoY Change 5850.64% -215.76% -391.06%
Net Earnings / Revenue 21.13% -22.41% 10.09%
Basic Earnings Per Share $0.18 $0.50
Diluted Earnings Per Share $0.17 -$0.25 $0.48
COMMON SHARES
Basic Shares Outstanding 459.6M shares 455.9M shares 455.3M shares
Diluted Shares Outstanding 479.3M shares 474.9M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $128.4M $183.4M $183.4M
YoY Change -61.99% 39.34% 39.34%
Cash & Equivalents $128.4M $183.4M $183.4M
Short-Term Investments
Other Short-Term Assets $41.02M $165.6M $165.6M
YoY Change -54.26% 145.09% 145.09%
Inventory $163.9M $133.5M $133.5M
Prepaid Expenses
Receivables $57.96M $67.48M $119.7M
Other Receivables $15.90M $23.40M $0.00
Total Short-Term Assets $443.3M $468.7M $468.7M
YoY Change -44.18% -13.51% -13.51%
LONG-TERM ASSETS
Property, Plant & Equipment $3.966B $3.843B $3.843B
YoY Change -1.6% -8.16% -8.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.937M $1.725M $1.725M
YoY Change 68.13% 68.13%
Other Assets $30.46M $268.6M $268.6M
YoY Change 11.32% 5317.91% 5317.91%
Total Long-Term Assets $4.255B $4.111B $4.111B
YoY Change 0.65% -6.53% -6.53%
TOTAL ASSETS
Total Short-Term Assets $443.3M $468.7M $468.7M
Total Long-Term Assets $4.255B $4.111B $4.111B
Total Assets $4.698B $4.580B $4.580B
YoY Change -6.44% -7.3% -7.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $273.2M $212.3M $212.3M
YoY Change 21.64% 15.11% 15.11%
Accrued Expenses $319.8M $325.2M $325.2M
YoY Change -3.23% 29.73% 100.77%
Deferred Revenue $18.78M $26.09M
YoY Change -42.62% -18.44%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00M $30.00M $30.00M
YoY Change -76.92% 0.0% 0.0%
Total Short-Term Liabilities $624.5M $574.3M $574.3M
YoY Change -33.07% 8.16% 8.16%
LONG-TERM LIABILITIES
Long-Term Debt $2.191B $2.196B $2.196B
YoY Change -8.16% -15.23% -15.23%
Other Long-Term Liabilities $251.1M $252.0M $553.5M
YoY Change 1.15% 0.62% -4.39%
Total Long-Term Liabilities $3.204B $3.218B $2.749B
YoY Change -9.79% -17.07% -13.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $624.5M $574.3M $574.3M
Total Long-Term Liabilities $3.204B $3.218B $2.749B
Total Liabilities $3.829B $3.792B $3.792B
YoY Change -14.63% -14.04% -14.04%
SHAREHOLDERS EQUITY
Retained Earnings -$1.403B -$1.486B
YoY Change -18.03% -13.23%
Common Stock $2.509B $2.511B
YoY Change 0.99% 1.29%
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 $869.4M $787.8M $787.8M
YoY Change
Total Liabilities & Shareholders Equity $4.698B $4.580B $4.580B
YoY Change -6.44% -7.3% -7.3%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $83.31M -$114.3M $226.6M
YoY Change 5850.64% -215.76% -391.06%
Depreciation, Depletion And Amortization $111.9M $113.9M $508.7M
YoY Change -30.76% -35.82% 6.46%
Cash From Operating Activities $203.9M $267.2M $1.130B
YoY Change -38.16% 15.94% 201.99%
INVESTING ACTIVITIES
Capital Expenditures $223.7M $244.8M $611.6M
YoY Change -305.53% -143.71% -33.83%
Acquisitions
YoY Change
Other Investing Activities -$15.67M $15.00M $105.5M
YoY Change -113.26% 1391.55% -398.26%
Cash From Investing Activities -$239.4M -$229.8M -$703.9M
YoY Change -2649.6% -58.9% -27.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$19.48M -82.50M -$414.7M
YoY Change -83.3% -123.66% -166.44%
NET CHANGE
Cash From Operating Activities $203.9M 267.2M $1.130B
Cash From Investing Activities -$239.4M -229.8M -$703.9M
Cash From Financing Activities -$19.48M -82.50M -$414.7M
Net Change In Cash -$54.98M -45.08M $11.93M
YoY Change -124.72% -324.77% -52.55%
FREE CASH FLOW
Cash From Operating Activities $203.9M $267.2M $1.130B
Capital Expenditures $223.7M $244.8M $611.6M
Free Cash Flow -$19.83M $22.42M $518.9M
YoY Change -104.52% -97.16% -194.37%

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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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PaymentsForTaxWithholdingsOnRestrictedStockUnits
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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25132000 usd
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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186821000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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174896000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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149764000 usd
CY2022 us-gaap Interest Paid Net
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CY2020 us-gaap Interest Paid Net
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CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
137421000 usd
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CY2022 kos Production Prepayment Agreement Exchanged For Term Loan
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CY2021 kos Production Prepayment Agreement Exchanged For Term Loan
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CY2020 kos Production Prepayment Agreement Exchanged For Term Loan
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CY2022 us-gaap Nature Of Operations
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Organization<div style="margin-bottom:9pt;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="margin-bottom:9pt;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 offshore Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as world-class gas projects offshore Mauritania and Senegal. We also pursue a proven basin exploration program in Equatorial Guinea 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="margin-bottom:9pt;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>
CY2022 us-gaap Number Of Reportable Segments
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4 segment
CY2022 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;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%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. These estimates could change materially if different information or assumptions were used. We base our assumptions and estimates on historical experience and other sources that we believe to be reasonable at the time. Actual results could differ from these estimates.</span></div>
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:9pt;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="margin-bottom:9pt;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%">Certain prior period amounts have been reclassified to conform with the current year presentation. Such reclassifications had no significant impact on our reported net income (loss), current assets, total assets, current liabilities, total liabilities, shareholders’ equity or cash flows.</span></div>
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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3416000 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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305000 usd
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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542000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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186821000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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174896000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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149764000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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7000000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Inventory Supplies Net Of Reserves
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125300000 usd
CY2021Q4 us-gaap Inventory Supplies Net Of Reserves
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149500000 usd
CY2022Q4 us-gaap Energy Related Inventory Petroleum
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8200000 usd
CY2021Q4 us-gaap Energy Related Inventory Petroleum
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15700000 usd
CY2022 us-gaap Inventory Write Down
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1500000 usd
CY2021 us-gaap Inventory Write Down
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1200000 usd
CY2020 us-gaap Inventory Write Down
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CY2022Q4 kos Oil And Gas Imbalance Asset Liability
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0 usd
CY2021Q4 kos Oil And Gas Imbalance Asset Liability
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0 usd
CY2022 us-gaap Restructuring Charges
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0 usd
CY2021 us-gaap Restructuring Charges
RestructuringCharges
2600000 usd
CY2020 us-gaap Restructuring Charges
RestructuringCharges
16500000 usd
CY2022 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:9pt;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="margin-bottom:9pt;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 readily 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 international operations. The continued economic disruption 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>
CY2022Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
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