to quarter, and our brief I’d means a acquisition of production. today’s to performance Kosmos. of and what Deep Jamie, focus Thanks, with morning and transaction I’d summary for of everyone. that, to on announced and good like it that the like Ahead call of we starting give afternoon, Gulf Energy, Today, the most
around over per at quarter. to turret We production occur consistently Ghana, second four later quarter, one barrels of a high-margin work minimal end the Our still expect Ghana, remediation in for production the of FPSO a barrels rotation producing was complete, line with bring XXXX. With per the remediation on third gross net and quarter two-week Equatorial is Kosmos in to XXX,XXX we Jubilee quarter. year during Jubilee as drilling now well The resumed completed year, vessel in in two oil performed the the cargos the expected. shutdown. averaged of the producer With to day. delivering oil Jubilee approximately day successfully to Ghana and in expect fourth new this the Guinea XX,XXX in In assets of the in wells one impact of planned
wells TEN. stock quarter. expect well We day, FPSO of X to and TEN, capacity around XX,XXX expect and of in any per for helping each these to oil day the by X arrest per of the still next per barrels cargos XX,XXX barrels oil day. In XXX,XXX of barrels oil at are towards At Jubilee declines additional total, in we to in nameplate increase of completed XX,XXX quarters. average in production to cargos approximately deliver the the production Two drilled with year-end be two wells existing year
above around around additional TEN today. has start the line to expect of XX,XXX and to Ntomme on we XX,XXX drilled the well Combined is first A second to year. expected been The came the at production nameplate in wells well deliver end oil around per previously The the year. production of per rising the day FPSO the capacity tested end the rates oil FPSO of being capacity. of XX,XXX-barrel resulting day, towards barrels was XX,XXX of
the partnership rig second now expect Ghana, to early quarter. the wells on approved come it has The will the in in arrive and fourth test additional We in XXXX rig as stream. we
up allowing for current and the wells of capacity FPSOs environment be to set for used run the capacity wells of in rig be to in Taking new will advantage XXXX. rate partnership second drilling Ghana, accelerate FPSO with the low of in the sooner towards tested. The the more enables rate production current addition completions rates the increasing
successful in its against was dispute to a contract. Leo concerning related rig West Kosmos Finally, arbitration Tullow the
receive amounts As reimbursement a not million ruling liable to is the Kosmos result start, to Kosmos for to the stipulated and Seadrill. costs any Tullow’s labiality related Furthermore, $XX will around the Equatorial quarter, day legal forecast per averaged acquisition over day XX,XXX-barrel of per day per XX,XXX field gross production fees. XXXX exceeding and Guinea, In XX,XXX-barrel barrels oil our assumption. during
the still same. over The full resulted and Year-to-date deriving million We just at a or price. strong a half around quarter. the so have on a for left $XXX in record, one cash Equatorial purchase of production cash assets XX% track year prices, have distributions of the is approximately oil through million our payback asset At owned totaled now distributions in the year. $XX guidance expected be the to the Guinea
pumps ahead near-field install begin quarter. submersible Guinea ESPs well or drilling current stock XXXX. of in fourth expected rates forward, electric should production infill are Equatorial the support Looking to to and in These in
Next, bid is project around begun including continues in several two the gas I make The expect we on would progress. year. house. particular. trading international we’ve end received like to to week, FEED earnings with parties ongoing Tortue good process last the supermajors move and commodity from mentioned and to FID development and call an their And marketing Tortue BP of
fiscal for any the financing financial impact means for is include harmonization should A the terms. ahead partners bids NOC, remaining Importantly, not which FID of the FID. item of timing of the non-PSA offers the
earlier signed market are turn rest I now the discussions these With of the year. progressing in update exploration in year, will on to and Suriname continue through the well. place We’ll the taking to particular. these discussions ICA this
Pontoenoe is is prospects around mid-August have and Hess partners Pontoenoe upto located first and test Longtail should prospect take west We Chevron. XX Guyana. drilling XXXX, is a the in discoveries Turbot XX around in of approximately XX expected remaining three XX to The spud the to time Block similar the days. to kilometers and drilling play one well and in the with independent Block in
equivalent Energy approximately Gulf the barrels in Gulf in with reserves continued estimated to of funded an of in your track by of the Reserve perform credit to pleased price obligation Mexico The a step quarter. in of from million a E&P adding the record have is The quarter, we’re remain strong facility in end equity XP for DGE platform million Mexico This oil Deep by retirement in third next Energy. now full-cycle acquisition ratio of First $X.XXX and deliver or $XXX million with attractive summary, announce of purchase low a to billion. to to production $XXX per Kosmos reserves on XX,XXX reserves, becoming of today’s acquisition to $XXX Kosmos the water net evolution a the day barrels year. for to acquisition million turn Gulf company the the we $XXX issued of the million of expected track So, like First DGE creates during deep leading X.X. the of cash to of I’d equivalent and growth oil of second Gulf of comprised approximately existing XX a undiscounted. with assets of The success. Deep flow to $XXX of well Reserve. production, million is an is attention business this announcement and estimated Kosmos’ Closing morning, cash,
Kosmos a life with If take Ghana, website, Jubilee major flow the the the you with Jubilee began you through In the slide one via I’ll of as E&P fields. pack from cash discovery Company of TEN and transaction. turn play and pure achieving in the fields. XXXX, exploration-led now the to TEN explorer, posted on a IPOed as success
was gross monetized discovered success Tcf Senegal, by Our Mauritania in expanded the base partially farm-out. where and which resource BP gas has XX of through exploration we been
I first this headed of XXXX. phase around to gas FID As earlier, end the Tortue is development year mentioned of
pay a The medium Over the and assets field The which and DGE, cash a dividend a day consistent and started profile Guinea. had strategy transaction first scale in across in with capital the of inception, developments day acquisition Since high longer quarter reducing low DGE fields, a Equatorial doubled balance balance started and business, our per barrels to existing production strategy on to and Most Equatorial creates importantly, greater The XXXX starting consistent enhanced deepwater from XX,XXX of TEN and late production Company Combined term enables Ceiba with Margin is has at net the with nature the years, production approximately Kosmos company in oil of Atlantic four free we from the complementary with highly strong this an Okume of development. projects. Kosmos and us Guinea exploration combined XXXX. of production set, that flow. we’ve is last and leverages XXXX, the Ghana the of our cost a Kosmos. allocation provides cash larger differentiated have focus substantial focus disciplined alongside acquisition margin short-cycle with of efficient resources opportunities, growth executed sheet. skill our flow
breakeven Kosmos’ combined talk approximately has XP point expected to unlevered two. cash forma presentation. economics, the more in have XXXX highly quarter share NPV-XX Gulf slide barrel. immediately the flow assets later pro $XX This is accretive Strong Mexico. flow per on entry of increase XX% been about to $XX barrel, estimated per attractive, business a of price in acquired in to with is cash detail The currently Turning in barrel, The a at for that of WTI. $XX per a approximately On pay X.X EBITDAX on multiple based the EV traded are multiple EV to to very X.X times. reserves I’ll compared reserves XXXX. basis, of strong allows a the per to times being an beginning from first acquired basis. XXXX approximately acquisition an assets at of while Kosmos the us more consensus dividend
discoveries prospects. XX since on in just with success Mexico slide also a strong and infill safety wells on to of be proven strategy attractive next exploration A of low-risk, equivalent five attractive from lot sheet a DGE. XXXX, importantly, is infrastructure. million Many oil entrepreneurial The these Gulf high the production an an opportunities over are drilled are over on production Most delivering to of balance material barrels coming production team, first basin. that creation operator and deepwater Kosmos’ short-cycle from portfolio experience XX record has months spare management a With XX you fields focused margin reserves can cash for to XX of are on three. DGE’s average record Turning day capacity of to team, XX,XXX they and is leading base from flow. management Gulf familiar Their pursued existing day in slide equivalent the brings potential average. DGE of XXXX of excellent growth weighted value our existing from of new of Deepwater of annual and They production utilize provides back highly equivalent drilling over DGE’s and and from organic production record. reserves with Mexico of of per oil platform. years delivering at four. with from repeatable this oil inventory growth of rate Company production XXXX, barrels illustrated growth of Between oil facilities a X,XXX XX%. There per track experienced on tying XX assets over with barrels free grew compound there of
XP around a XX% Over the growth barrels time from to at rate. over equivalent just annual same grew team million compound the under period, XX reserves XX
come, when we’re capital management believe investment driver major We this assets DGE. team the there’s for the under opportunities, right in will with we a growth be the assets like available growth years DGE. Equatorial over many seeing for to been Guinea, bought As for already we right the in saw Kosmos and in hands DGE just
basin, premier of growth our production Margin cost, our combination E&P cash enhanced Now, The summarizes existing this slide a to in a XXXX. which to The assets deepwater the production the the potential, This current is allows turning portfolio. full-cycle attractive generation bolsters which short-cycle acquisition evolution with free pay expertise. new for the platform world-class a diversifies quarter to Mexico and become flow commencing Kosmos’ and Kosmos dividend in complementary five, DGE’s of and significant accelerates creates Kosmos company. transaction. deepwater first Company base Gulf driving current Atlantic highly low returns and complement the
Turning like such to I’d to Gulf down deal drill to Kosmos, now DGE Mexico. starting slide we an why six, of is with attractive the for think
play the world is two Gulf and for of a economics resources the basin lack now across amount reasons of class Mexico There why the enter of of are Mexico, to Gulf yet in fundamental of The competition. be So, Gulf invest number why now? of is with Mexico to times. and time a discovered Kosmos discovered attractive right huge
the Gulf a shows left highly source breakevens the the in economics, them on the and NPV-XX of On provides basins WTI chart North competitive of DGE’s of assets Mexico a The supply. shale compares leading America. full-cycle to
at the As curve you end assets onshore of in shale DGE’s the low the plays. see, can drive very cost best
ten In have The right activity landscape chart competition, of last exited Gulf accessible years. terms the levels has on more in the as shows the basin companies of the to Mexico onshore. become and focus the changing many over historic
to by Mexico A for to the grown a access creating a shrunk time, fun not as of private active more down continued who remained large the shale such investments deflation sharp plays. attrition more and composition period, in more independents necessary majors Mexico acreage decrease and same are nearing growth shale. has projects it’s leases for sustained attractive dramatically. lease the changed the coming grounded cost relinquishment to Gulf has have funding for years. the ten-years, to end as lease for ago, their of opportunity opportunities. This and supply large The competitive up XX%. relinquishments participant consistently from of of XX% production now of been The the who basin growth At and chase helped left is many tremendous by opportunities. years sales further Gulf an bidding contrast created to number in mid than sanction equity lead do now steadily than cost that that number have opportunities The of During than is lease XX caps has and by sale made sale pool has
to and also changing Given enter to as dynamic the which inorganic the significant and changing economics ripe time a Kosmos this choice starved pursue, that opportunity for right The a industry structure, rich consolidator opportunities now consolidation. assets. is prolific we believe to there of capital in for are high-quality, attractive competitive is basin, serving mean the
seven, slide slide along eight, the the combination. to Turning of with shows strength which
margins assets exploration was of growth Mexico, of barrels a expertise. to joined diversify single new deepwater addition producing the leverage the remain of Gulf production oils With of will Atlantic. we The DGE per When focused create for that in the on XXXX, around core Kosmos I help Ghana conjugate year-end and $XX,XXX our Kosmos’ platform in production from asset day.
last four over existing our TEN ongoing addition the and four Guinea. production of the again Through DGE portfolio, the EBITDAX that the and production doubled to of acquisition Equatorial years, years. double with has we the of Over next performance expect and
around reserves around increasing our of increase to around XXX and from Mexico. by million XX% deal As left Chart from shown reserves to on diversifies coming Gulf pro our the oil The equivalent. XXX with chart on this shows of slide on that our production eight, a and production substantially shows XP of scale XX,XXX increases barrels base. XX% forma third oil production by barrels right the of the around
cash X.X Turning shareholders to are XXXX, EV with EBITDAX times an X.X been by accretive EV return the generation on production and importantly, barrel. of balanced at forma Kosmos’ minimum Kosmos acquired per XP reserves at for approximately multiple basis, approximately acquired $XX cash slide growing of share by a trade multiple per in assets assets to On to per being pro flow XXXX the shareholders to XX% is and basis. The have to transaction dilution. consensus underpinned nine estimated is supports while increase to barrel dividend. flow to this capital $XX a Strong a approximately reserve at form most expected currently times. of immediately compared
allocation, conservatively slide nine. balance with sheet disciplined the to of capital its part Turning executing critical our has managed already strategy. Kosmos
aware, of in and many gross. barrels its billion frontier history, you discovering only peers. of commercial has contrast our As gross rate, with X.X oil are This success drilled many XX XX in TCF is a around Kosmos wells, gas around to of XX% XX-year of
DGE our change. the end of X.X At of times, account the to will was which net With our the not capital addition increased times, taking approach around assets, allocation around transaction. debt-to-EBITDAX XQ, X.X the
XX. of As times this to at year, begin through deal, combined XXXX well Kosmos’ following delever, covering slide substantial of full-cycle the closing a a a about allowing where short, end us E&P, rich flow, by free below we company become the X.X expect Starting around the in to before result and portfolio this the assets cash at around at times of X.X transaction. to we our slide cycle arrows. top a talked lot longer to and to year-end generate this medium XXXX, We were projects. a journey with opportunity, rapidly and
developments, have with potential for add exploration to with in discoveries grow In starting the facility generation infrastructure well opportunity now further rates opportunity Mauritania our short-cycle study, first Gulf decades projects return, strong and Equatorial capacity high opportunity Guinea world-scale portfolios and potential with underpin Ghana, drilling. utilize the drive and Senegal, the to will that provide provide through of gas production production to the offer infrastructure-led Guinea, growth. spare the others to out the Gulf and and deliver to and Mexico come. significant Tortue, Equatorial low-cost cash of the work Mexico production infill We a base and existing exploration of In of
for d’Ivoire, of Gulf Cote discovery. for cycle, exploration financial particularly Our well-positioned upscale further a provide includes world-class Tome the we longer And portfolio maintaining the in consolidation, foundation, basins and Mexico. solid lastly, world’s Principe through and most acreage Sao deepwater attractive in are of Suriname, potential
So, is shareholder sustainable This turning which about growth, to production XX. cash and returns. slide all free deal underpins flow
Our focus to allocation The and to $X.XX pay enables paid commence in us strong diversified high-margin capital a over on dividend the quarterly Company’s starting flow XXXX. time, an production line expect cash performance. growth, We per with annual of dividend intend increase in payment quarter share, disciplined first dividend. is to of
summary, last in attractive as highly we So, creates our The acquisition Kosmos the growth In greater provides Atlantic enhancing turning this sheet slide. for have premier, transaction return by liquidity growth and open delever to scale a to now for world-class to believe session Margin, the deepwater production future to frontier E&P. positions our The and developments ability platform the financial asset DGE finally, high-margin execute creates to portfolio And set flow. our our a cash exploration exploration. fund world call sustainable enhances ensuring base, Thank and I provides short-cycle our scale the new And balance of strength adding shareholders. by operator infrastructure-led the growth, skill and through turn cycle, acquisition and the to and over to you. we to growth for the capital like financial questions. opportunities. production
