KOS - Earnings call transcript Q2 2024

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Operator

Good day, everyone. Welcome to the Kosmos Energy's Second Quarter 2024 Conference Call.

As a reminder, today's call is being recorded. At this time, let me turn the call over to Jamie Buckland, Vice President of Investor Relations at Kosmos Energy.

Jamie Buckland

Thank you, operator, and thanks to everyone for joining us today. our XXXX issued release. we morning, second earnings quarter This accompany slide are of This the to our today's page release and Investors presentation call the available website. on

are to me Shah, Neal through Joining call Chairman today the the CEO; on CFO. materials Andy and Inglis, and go

our we forward-looking this to due today's U.K. plans note refer in estimates, and statements factors our annual Andy. filings turn to stock to in this SEC exchange materially These presentation, SEC refer and over During expectations. filings. I'll could Actual differ and that report, our presentation our for documents and results will announcement make Please to and time, call the outcomes we are website. And details. more available on at

Andrew Inglis

Jubilee around should expect Equatorial to the year, with solid day. But walk start-up our driven the production afternoon cycle the GTA CapEx sharply us alongside for barrels and with oil projects investment inflection more year-end and the cash as increased the gas. in expected We're by and X. I to that completed. The flow of phase all the towards free our for results flow I'll with of we of Neal meaningful $XXX running. of which the the target of with seeing Thank the announced Winterfell of results to XX%, over Mexico, Thanks, towards and our lives multiyear projects Jubilee start-up looking end X in Slide is production the Mexico; fall and of achieving second cash The call production for once from quarter the detail to the are project in Guinea, in second in a $XXX multiple we capital the through these free strengthen will to material around down we're the expect units halfway of look drive now production year. in good half long enhancement up We'll around quarter's debt first to delivery contribute pay and shortly. Through further you then campaign today open projects a XX,XXX financial of I'll lower our talk follows will of GTA Winterfell before ahead Senegal. the in Gulf years largely the projects: the Jamie, we per million the Gulf and goal successful production X grow This joining million about fully important start today's catalysts flow around to drilling achieving call and the oil Southeast at by across not financial company. business call. goals. year-end be ago, resilience everything initially rising Q&A. Starting on equivalent both growth by a to of morning, reserve we're Ghana; quarter deliver target is growth's Mauritania you high-quality and across Southeast for That used the production to growing of coming progress cash momentum everyone. we're operational sake. and to making then business per infill

strategy continue Kosmos few the have deliver last down shareholder exciting to further debt over sub-X.Xx, at alongside cadence focused we'll in look selectively within invest approaches on debt at projects target also years. then returns the near-term of our our an achieve longer-term fit for as Xx. target our to of to Once the will our targeted but be future to invested growth, level It's pay capital shareholders closer leverage a we We developed in this budget. time high-graded will

final in to looks the at campaign production day. second around and In Jubilee. Gross barrels quarter to with X, was the during online Turning Ghana, Jubilee the XX,XXX per of injection at more the the well which an oil quarter detail. end drilling quarter came producer in X-year water Slide well

the have We high FPSO at Jubilee quarter. during sustained the operating XX% facility uptime with around

since drilled well. However, not production one to maintain we levels encountered of the from as we quarter-on-quarter was lower expectations. expected, have wells, it support what pressure required the When this seen individual previously J-XX, underperformed producer drilled, online, production but coming

we replacement In around injection also quarter, water with issues addition, XX% of had some to XXX% target. in the voidage compared second the

from to in the output the field, achieve levels which high I we've of need reliability, As we May, infrastructure planned said achieved.

of We also XX,XXX oil the to and day around as per we the production need address barrels reliability. oil of is wells injection, need perform. Gross currently injection scope water water we levels new with high to increase

now Given the of around year Jubilee be full to expected underperformance gross production of J-XX, oil per is day. barrels XX,XXX

of take starting a high new timeout I'll of produced on significant slide, only survey conduct capabilities about enhance more half over the of midlife can since years. like a over seismic the little the campaign. With we years a of XX XD XP early help new the previous of complete, last in understanding X a Jubilee, subsurface will now will partnership the seismic survey. This talk our time. We've for extend well its and XXXX with well Jubilee locations drilling in processing the over to 'XX-'XX XD almost current benefits the beyond our impacts where program reserves grade after following gap but technology the the assets exploration,

drill and is operator, along So on our first. recovery focus, we with wells maximizing the best ensuring the

will of of expected in of TEN, around line be with the of will maximize day and oil barrels with XD in expectations the is goal ahead from day, of the in the with per oil XX,XXX well field our quarter gross with equivalent the month, XX,XXX the FPSO Guinea, campaign. be expectations. performing production quarter the capital billion complete uptime deliver ultimate slightly production oil around XX%. In barrels gross to the year-end. drilling partnership in oil survey Jubilee believe the that the and recovery of new we averaged to past, X infill important plans said we've commence with Last As country ILX fourth arrived to by moves early Equatorial drill in Deep results rig around Akeng The expected per rig and wells production the around barrels X before the efficiency. On

in has drilled, our The additional a positive day just first been infill EG to in year-end. In around of initial ability X,XXX providing by add results, well confidence net barrels with oil it's brought which online in Winterfell a about I'll shortly. X was in months. U.S. been last of period start-up talk with Mexico, busy July, the multiple projects the Gulf the of

a level year. around ordered production and subsea completed We have also of July oil to pump Kosmos with meaningful equivalent. On Kodiak-X ILX Mexico secured workover, operator, is these current The the next lead increase of a our we expected came production from in successfully of the expectations. online barrels rig items projects grown with Gulf which have of Tiberius, the late Together, our in where well a Odd ahead long the XX,XXX field. this later Job sanction performing is development, project

XX to We progress make oil XX months first good to FID. after anticipate continue around and

upside. some modern about the Turning and where time spend I'll Winterfell now having impact is to Slide seismic the on talking X, resource growing

drilling wells, equivalent licensed technology. first expected online bottom oil around barrels from We're to early payback streamer conventional example in the previous economics. of of the F&D future seismic We're material generates a fields are the wells why activities by enhanced ocean floor mentioned back drilling and see prime upside new to on with imaging acquired OBN opportunities Winterfell for of XX,XXX prospectivity. The potential July ocean in [ with application on higher seismic the barrels year. of the node the compared the the expected We be Tiberius from third techniques data the infrastructure at of targeting wells XXX existing to use additional our across wide X came plan X and greater success A over similar XD in can use has we is around this gross the phase up a Mexico further processing next first those capital the in area, deliver a of with costs, and prospect first a believe resolution million enhance XXXX. us nodes leads with is the updated exploration to wells these near low now I the state-of-the-art online like already partnership X same OBN the adjacent the where it's future from the the application Placing X per of in and calibrated gives exploration results with much slide, expect area. ramping Winterfell ] potential confidence resource images. On which Winterfell, resource with development the significantly efficiency well business attractive X locations which of this partnership wells technology As end quarter. Gulf Jubilee. helping production quick wells with on planned portfolio. We midlife seismic day. a

to Slide Turning now X.

the make As project progress all the to with soon. gas continues key with last pieces infrastructure call earnings GTA to of expected operator noted place, good flow in week, on the its

more location second the FPSO the ocean the to been quarter risers has FLNG has floor the the The in now more terminal. year to and arrived earlier the installed. been As vessel hub slide shows, on the and arrived in

On this expected the month. for subsea first later work gas stream, mechanical is completion

to plans up FLNG thereafter. are the operations ramp with vessel helps be which handed to September to the over activities to bring in accelerate to gas full this rate. shortly cargo vessel, LNG expected first month, commissioning The the the FPSOs cool and On expected to operator an

the cargo the fourth and with the coming expected We First sales for the milestone this our forward are LNG major updating months progress production market over as to we in deliver weeks look and company. quarter.

quality deep coupled to across the grading this the opportunities set EG to Kosmos at the oil differentiated portfolio the now have to Mauritania. Senegal opportunities Ghana, Gulf pursue Slide we which This and Turning year. a as deep activity of looks choice, with of our and in high beyond value gas Mexico, stakeholders. us portfolio opportunities comprised highest advantaged high-quality world-scale is enables portfolio for choices enhance through X,

[indiscernible], look As number are investment of the there a growth. opportunities for attractive at we

of number manage balance ability the we've our to growing future and and operated we within have control of and for pace capital out projects. projects We have framework the a a of the us laid meaning growth therefore, to spend, allows development Operatorship gas greater oil company.

large interest X Yakaar-Teranga. projects, key Tiberius in have and We

project by said, sheet. industry look bringing projects, we've both to strong our to right look partners delever our sanction. manage as On had the the to as balance also in exposure As farm capital we down is and interest we progress previously projects we critical the interest

this our come of we the key company's in nearing completion, the important an projects I earlier to I As evolution the reinforce end with phase capital-intensive year. made message to of want

selectively pursue which to over past Neal than best take framework, We a we've result disciplined capital rate turn X years. I'll in growth modest opportunities within the now growth the through a it will over the financials. to you more seen will

Neal Shah

Andy. Thanks,

in accrued operating at range, DD&A, [ That delay. the Costs positive at slightly X% higher assets the the exploration with Turning reflecting guidance combined in and quarter G&A anticipated in reflecting versus X, due lower quarter. which to towards second lower the looks of helping end coming to end minor the for timing bottom with producing was was of realized with guidance. startup for to the higher cash led up detail. a the consensus production line all Slide the costs Jubilee of XX,XXX were Winterfell CapEx our prices. CapEx largely in in the a Production and working the year-on-year, project. expense, guidance outflow CapEx in expense second barrels of with came than ] the but free of equivalent related tax largely quarter GTA oil quarter, flow capital second earnings to low the peak lower below guidance,

this year CapEx and positive be capital GTA well. to the in reverse to that as expect later working quarter second recognized We the

the guidance delay in appendix, mentioned. oil J-XX slide Winterfell, year production year seen which guidance at impacts have the barrels the the XX,XXX previously we of as full be full reflecting to Jubilee in equivalent, Looking and of more to and on in XQ can broadly, lowered the XX,XXX our

quarter. this year. barrels With day the lift fewer we now new be XX,XXX gross, additional partially expect half to of approximately in as guidance X production cargo expect oil fourth cargoes should reduction we in by an added the production to Equatorial per is Ghana Guinea in Jubilee This offset

which drilling million, July. back in be in is We year that in February OpEx G&A full with function for EG and come expect the we around the Andy gave mainly of expect expense to On guidance the the includes DD&A, campaign, at which exploration CapEx we costs, restart to of the per today's to $XXX began line for the end to and conclude I'll barrel, a that, guidance lower the production. With year lower range of hand with higher presentation. back in

Andrew Inglis

Thanks, Neal.

a X. per and Turning been to oil made the rate our barrels It's on busy in XX,XXX production at lot and day. now second half, of to of year, operational remain Slide we've a That half targeted first progress. year equivalent track momentum continues the we exit the of of

and enables that to debt company that sharply, shareholder to target down leading contributing fall free of ahead to pay projects the As to returns. production flow expect we down drive online, point capital the cash leverage year-end the inflection come

Looking plan to the call of and working to us turn session high-quality only that for to best over right out, I'd framework. Thank right you, have our the pace with portfolio we questions. deep the operate and the we now operator a within the the opportunities, open to capital interest like allows pursue projects further of level at to

Operator

[Operator Stifel. first Round come questions of the with Instructions] from line Our David

David Round

A couple on Jubilee, please.

the you Can field there? as talked again, suppose, please, the take the the how the ensure impact does all? any set that can that point. for you at long-term you well? Secondly, I And results on becomes on face injection steps it And Firstly, the isolated this, and voidage, J-XX about an that to well, of water in please? the identified can forward, improve last outlook you elaborate, going issues you just it key result

Andrew Inglis

on -- my program of we massively the both moved X X-year I I think, almost said We've scale, impact beginning will that of efficiently is slightly as And the clearly, we're -- I than contracted with now. at context, for we'll Yes, of XD the we've new now of the a And J-XX certainly a data just think actually do with wells is start on well moving has the terms of again, piece back, data David. we'll every seismic of acquisition end level. But and production that that we've years it's Clearly, old essentially that then X-year thing, at of as actually anticipated. that go seismic, are which process safely, well on has off a match seismic, drilled to program going identify step And sort I you XX the forward, had the Thanks, X in to them start drilled remarks, year. to program. wells. candidates Yes. you which important technology along. was most drilled not program. And development And but with in with this as earlier ended the and in and next to XD set through important use think an years. processing. the will as go of we'd learn And expectations. program the And year's

I'm in confident that will be data, uplift we significant 'XX. So when allow development in the to program will wells of drill restart a another there the high-quality us set which

Voidage the the And wells bringing [ very clear sequencing the right. we current reliability have we're going the think XX lower needs which going just system that, half about I uptime of this the to XP we export to new ] years to injection need the we're gas injection again, think of which a need do the to that. And an just is about over will my program -- the end, was about huge X really have you was us second production. data play a to now ability It it capital-efficient do little high, And then allow And The to in the potential we for. opportunity The in is it It's first, on turbine. of to I think to amount is wells available of do. first that And gas future way, data, is what the will And get I of we well, in are quarter. ultimately, view seismic, I of it leverage best and there our Reliability and So XX% current. first. the of There's as water maintain the remarks, great. is had field. the need said than shoot doing the gas the XD be is things a best well. and in turbines. it's maintaining about then anticipated. the uptime

bit some maintenance So we gas turbine. the had of little unplanned on

voidage And think now sort is speak, the as of back everything at back high year. an we're we replacement levels to we I in order. through So go as of and catch up opportunity

So I help I it issues. that's will of on you. a think, Hopefully, for bit both background, of David, think little those

Operator

questions the Our with come from next Johnson of Rice. Charles line Meade

Charles Meade

I maybe there's the "Hey, it explains it Jubilee The that this come ]? versus want J-XX, delta that what curious -- another said, production? [ change else a at forecast." benefit months question, theirs? different we're some on Is operator of of no to ]? what the [ delta explain pick is with is your So but I'm up in X.X problem might mid-May cargo view Or it Or our to but having from angle.

Andrew Inglis

question, Charles. Good

August, May pieces got So of a I just got to couple obviously, step of we've data. back, versus

there's in said downtime the on impact replacement. got which, we've little achieved response I the voidage we've to in actual think the I production of the the question, David's bit just as a obviously of quarter, second

evaluate impacts year. able its we've and clearly, So the the fully impact And on to there. J-XX been now then whole

So new have we data. do some

for the and of math, there So got that the that -- run which is to the year we've moves January. at production go part cargo best today. December into that, about then out was forecast, from incorporated production the of then do end GNPC, is our allocation all and obviously through which cargo ourselves. When was which cargo you've liftings our you today view Telo commentary between of to And right a all the

has another been cargo addition, In lost.

definitely, And the all coming sequencing offset So and our with from that Equatorial additional an December had we've then then is January. slipped view of cargo an knowledge into additional today second of one cargoes, cargo the Guinea. from a cargo

impact sort So deferred the lost one by EG. is half real beginning the of December of to of in a January, from one cargo, end offset cargo the

Charles Meade

follow-up process? can be if but explain interact the then does the And is you come And these significant the project line, startup? down on significance that GTA. exciting a or the Can going big come the to serves, the -- maybe overall in what will cool explain together. penultimate ] [ I on of the it cargo? that it's -- where us step as how to It's you pieces with what purpose understand just

Andrew Inglis

of gas, good question, do Typically, the as to sort Charles. gas safest as you're you process. upsets buyback gas. a facility using again, production a It's no Yes, commissioning it known you you're source aware, because the start of of there's commission well with way

the the from vessel initial sort a of step before to to the would So down smoother field. come it start cool introducing to that high-pressure FLNG that allows much gas us have

that us is an efficiency it process. pre-commissioning it's of allows a point view and right to from view, thing safety clearly, what point accelerate So But of do to do. the

process. month up we So our later then cool And cargo that have this to can that start connected month. objective is this down --

about my the subsea September take to enable in of And all quarter. the all the the the that is with technique advance FPSO. the the operational first is again, by as can is steps, talked TEN, gas you to in gas the the sort of on LNG, first through into the We thereafter. the of to to through the tanks which cool work have clearly of this from were step of as quarter. remarks, the in is enabled from BP, the to to control the to well mechanical fourth completion FPSO. flow shortly finishing That, clearly next introduced so I pre-commission handover of targeted leads of the track you've that, they down sort do So in The thing essence, go you're cargos in LNG means our as process which gas FPSO, the of making to occurred,

that's So purely parallel step the just it fits process an to together. how important that in rather is think all down in cargo do of allow I accelerate cool and the than sequence. And to things us sort

Operator

of Our come the from line Research. with next questions Bob Bernstein Brackett

Bob Brackett

Tiberius context future good producer. I'd the interest, bit. theory to you asset well have of balance of the getting against I the XX% would to do as The you you It's isn't value? like discovery a And happens as fact And be that it. level there right selling that? is XX% it's, of people make Kosmos. -- if about value sure oil to the market right the to talk working less argue in a what of capital a could have terms looking underlying currently desire the little tieback host. it than X/X strongly down, And program? In undervalued the in that's X-kilometer from or back How at the a

Andrew Inglis

Great Bob. questions,

year. is make a I Tiberius quality really the So made think development. the contract, progress yes, quarter. We're procured. got I working by rig think long is the We've leads the under the the with to in got well targeting we've end of Oxy point pleased sanction We've with the is, first

positive that's steps think I really So forward.

did moment quality Gulf -- test going Mexico, for We we're ourselves we've And at good the we projects. to opportunity, of to a the of of sort it to market and value interest, market. added to actually, both The Oxy the the up working think interim. now it's the build terms take In XX%. in

some Bob. And level from ultimately, then looking read-through you we the So decision process. on one of that process will up, we And from a we're as in do. It going additional positive getting a targets we a the picked of we'll looking of in down be proportion material did. demonstrate make ultimately, the to original that that forward. we're that field though say, stake will we've free where to be ultimately, value farm ensure interest value deliver the ensuring the accretion cash And we We have made. that want is that keep of capital budget that the we deal we to want to the flow that Part do right forward place.

So And think as And say, ultimate deal value we of will don't company. those. eroding levers in play it's move project those Equinor got managed of because we good on balance and ] I now to with do we've has the we've alignment all right good made with a really that ultimately, really [ I of think the you been the through to we're all ] ultimately, it. [ want we've where But to a forward because the project, creating progress Oxy, when way. left

which we've the frame decisions be So made, make those I right but think to against got judgments. to

Bob Brackett

follow-up. that to discussed a subsea with it's it for at I And or host it? a you've think wells? way quick the to length, Tiberius, but Is X, don't an concept think X about existing X tieback The

Neal Shah

add in, you the over like exploration Yes. Bob, least the multiple well said, first wells I put development the there we'll then at and incremental original will wells the initially, become well, be mean, time. concept infrastructure in region the will but initially

infrastructure well. as grow So wells build it in X projects online to as get the other we'll as we've to done could and up phase eventually, it development X but a

Andrew Inglis

Yes.

Winterfell from pick the seismic right development of to ] we've benefited way ] and similar [ be as ] we approach So to next it'll the be on then label [indiscernible] again, [ wells the to the well. calibration the where, [ wells

where production. got hubs of Mexico I these will future the think it you've a the have Gulf we that sustain in production. be difference the and So progressive today for ability And the to the a that's -- and grow now is build invest of

discovered a the can So in resource that got of we have development future the to part of place. infrastructure which be we've South Tiberius, Logan once called

Operator

next of Our Sachs. questions from with Neil come Goldman the Mehta line

Neil Mehta

Just now us de-risked? items it's on I do you had of of Andy? on this items? first the week, recognize from little that a critical bit largely Tortue. And and path color here are ] gave questions perspective I'd there between feel any like What are couple your but love it BP a been last gating too, LNG? Or [

Andrew Inglis

I a now and Yes. showing path gave, that around think integrating Charles -- we're the answer in I Look, Neil, how was LNG. clear with hopefully, to first

the With the big the -- from integrate see that FLNG. project key those both of you this, together. are made remarks the streams: can then work key there X the to, Hopefully, subsea; FPSO; there are Murray the how subsurface; and I added

the critical a path on we're probably not The path. is critical today. So subsea, there

produce the the the beginning We this from next have later month, month to ability subsea.

produce cargo if BP FPSO we're And have the the the with handover through you LNG parallel, the to gas the -- accelerating, then then directly then You cool in. that down FPSO, through FLNG Operations. for clear to ability the start plan in like, to bringing we're

the turbines day, have and been again, lift on amount connected, with in I the and steps And additional FPSO been moored think managed was done pumps each run, you be gas it There's now. been see are work there clear very have needs carefully progressing. commentary, each to is hope -- we're a I of clearly, risers a can methodical But a So then since water of how -- running, integrated way. that very each sea program significant step, et the cetera.

being way. very of a the wanted conducted are forward. now it's real of talk that today all to steps plan integrated clear the all going But how So a one I methodical with about think messages in was I very

Neil Mehta

couple on And lot focus next cash XXXX? uses of will of there's just cash generating ramping of 'XX? of curating a investor on months perspective that talk Tortue's that free you of pivots a project. what's the cash flow, [ and in can definitely assuming be and yes, XXXX, important But for And deleveraging. think kind I about ] the your lot to

Andrew Inglis

Yes.

our Neal We're So and base let projects clear and -- on in that clear been the year that's with. look production again, enter to guidance capital that required we've to that. capital the I'll allocation up. the sustain pick about the we the growth to And of the invest demand

the So we capital we've do within to enables we're ensure much frame how we us and to -- use it. talked flow that what's grow, allocation, obviously, free modest How deliver cash -- company that a to very that going proceed the but continue will about of which with then more rate.

Neal Shah

-- the I'd the maintaining projects been capital base of with Neil, those this end will point, about flow, only reduction. that year we've towards want exit It the to so the to grow rest investor debt we clear Andy's focusing add we the to base XX,XXX like on over production been inputs on around And of about get our focused the on selectively very and be barrels. Tiberius as cash And sort is, time. will piece be clear of then free we've

prices, $XXX I commodity perspective, go -- flow down. million $XXX pay free to million, [ will 'XX So on will from to focus ], a the debt see cash depending

Operator

questions next the of with Our Instructions] Jefferies. [Operator line come from Wilson Mark

Mark Wilson

-- Could the how for for about -- Clearly, before for your Tiberius? catalyst, the say, gas half versus, the like FID. at Tiberius, if also not the what of at Andy, farm now farm of talk, second are downs but certainly the at Yakaar-Teranga, start market downs you looks the year, certainly part

Andrew Inglis

still Yes. hasn't Good question, say I'd Mark. actually. changed

-- the macro positive. of look macro when pretty I think is I at the Gulf the Mexico,

source of low-cost, of equity as it -- actually players, low-carbon some private money see coming oil, fewer operators, people think a a non-operated fewer lot I in.

people find Tiberius. are And so development a looking to like

As I the to that answer said in has question in long-term. upside actually the Bob's

So asset as we attractive a think an it's result.

Yakaar-Teranga, it's some there of I prices think -- -- I'd [ changed probably cetera, say it's macro I So senses, really view of say it's but et can again, the than are sort stronger weaker, ultimately mark-to-market been the about that. And time. And it's is think ] it's some our for back. don't you in on stepping people's

some gas. me the the deals have I macro, to actually to the are ones actually in are is oil -- long-term the of to get for some think that that what's our do weighting NOCs about again, big access heavy of world looking interesting is

you're So going of a change. deals. that's And sequence those to of none seeing

permanent I think trend a that's of it's trend. a And ultimately, opportunities. a limited against number

to So their not people be think strategies underpin in prices. volatility to I clearly, the fundamental are have changed. going that I there's drivers using think But

don't at buyer being pools sort the see the of difference now the So obviously I a there but towards government Yakaar-Teranga, different of year. versus think very I between we're looking in beginning

Mark Wilson

do to you any it we there's see next that? any think let's -- year? where you towards Phase then And to X, on Phase the Could GTA at if change -- of, also, on gas is what X. there's on first we're getting speak now the partner very... stand and got a visibility case we've You get the view Or is it were

Andrew Inglis

Again, good question, Mark.

] not is of building And X. I -- we're a through enabled results initial a Phase process development getting result It we're from -- think -- facility. infrastructure, to modification the the is it's X look, clearly, [ to low the the production cost. we've early brownfield far enable us FPSO away from expansion is gas The the more Phase wells.

how next of economics because clearly win-win. for project most also both the superior it is timely do and do countries, government progress the we to way capital-efficient phase. the is the Phase the about of the are conversation X a expansion in both fashion. And parties, And So therefore, to in initial because Mauritania a and phases now in all that's important and the obviously, Senegal, the

ongoing that do has the we've the in. that with because most advantage with both and moment next that's a NOCs built progress is us rigorous that's on at has best the project. project and to The -- real infrastructure how the is, efficiency the take focus government So way -- we the capital of to be conversation this actually the a be in phase the enables that execution capital-efficient to with

very get naturally course, and on. that how So clearly we're close. And that to we the sort optimize next not do and get in then is reminder, there of it next but good put project. conversation we I finish Mark, good phase, very need actually, Phase think a the a of to then, everything phase. the which yet, is And it's X we're of We

occurring not we're first yes, But So conversations a is the waiting. are step on partnership. those within And gas clearly that journey.

Okay. Good. Thank you. Go on.

Operator

further to everyone would this to like call Since joining no you. a today. the Thanks to there close. time, are I at bring Thank questions

lines for thank participation. your disconnect time, you and may this at your You

Kosmos Energy (KOS) 5 Aug 242024 Q2 Earnings call transcript