Kosmos Energy Ltd (KOS) 2023 Q2 法說會逐字稿

Good day, everyone. Welcome to Kosmos Energy's Second Quarter 2023 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.

今天是個好日子。歡迎參加 Kosmos Energy 2023 年第二季度電話會議。提醒一下，今天的通話正在錄音。現在，讓我把電話轉給 Kosmos Energy 投資者關係副總裁傑米·巴克蘭 (Jamie Buckland)。

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

謝謝運營商，也感謝大家今天加入我們。今天早上，我們發布了第二季度收益報告。本新聞稿和今天電話會議附帶的幻燈片演示可在我們網站的投資者頁面上獲取。

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

今天與我一起參加電話會議並查看這些材料的是董事長兼首席執行官安迪·英格利斯 (Andy Inglis)；和首席財務官尼爾·沙阿。在今天的演講中，我們將做出涉及我們的估計、計劃和期望的前瞻性陳述。由於我們在本演示文稿以及我們在英國和美國證券交易委員會的文件中指出的因素，實際結果和成果可能會存在重大差異。更多詳情請參閱我們的年報、證券交易所公告和美國證券交易委員會 (SEC) 備案文件。這些文件可在我們的網站上找到。這個時候，我會把電話轉給安迪。

Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our second quarter results call. I'm going to run through the progress we've made during the quarter before handing over to Neal to take you through the financials. We'll then open the call for questions.

謝謝杰米，祝大家早上好、下午好。感謝您今天參加我們的第二季度業績電話會議。我將先介紹一下我們在本季度取得的進展，然後交給 Neal 向您介紹財務狀況。然後我們將開始提問。

Starting on Slide 3. Last year, we set out our strategy to develop our world-class asset base with a goal to grow production by around 50% from a 2022 baseline. I'm pleased to say in the last few weeks, we've taken the first step to achieve that growth target with the start-up of the Jubilee Southeast project in Ghana.

從幻燈片 3 開始。去年，我們制定了發展世界一流資產基礎的戰略，目標是在 2022 年的基礎上將產量增長 50% 左右。我很高興地說，在過去的幾周里，隨著加納朱比利東南項目的啟動，我們已經邁出了實現這一增長目標的第一步。

This material step-up in Ghana production is contributing around half of our stated growth target with additional growth expected to come from the Tortue LNG project in Mauritania and Senegal and the Winterfell project in the Gulf of Mexico. I'll talk about all these developments in more detail shortly.

加納產量的大幅增長貢獻了我們既定增長目標的一半左右，預計毛里塔尼亞和塞內加爾的 Tortue 液化天然氣項目以及墨西哥灣的臨冬城項目將帶來額外的增長。我很快就會更詳細地討論所有這些進展。

As we continue to deliver these growth projects, we expect development CapEx to fall, resulting in a lower capital program over the coming years. With production rising towards our growth target and CapEx expected to fall, we're nearing the free cash flow inflection point where we expect to generate significant free cash flow, particularly at current commodity prices. As cash flow grows, we remain disciplined in our allocation of capital towards three priority areas: further financial resilience through debt paydown; funding compelling growth opportunities; and potential shareholder returns. So in summary, we're making good progress on delivery of our strategy with a lot more to come in the next six to nine months.

隨著我們繼續交付這些增長項目，我們預計開發資本支出將下降，從而導致未來幾年資本計劃減少。隨著產量朝著我們的增長目標增長，而資本支出預計將下降，我們正在接近自由現金流拐點，我們預計將產生大量自由現金流，特別是在當前的大宗商品價格下。隨著現金流的增長，我們仍然嚴格地將資本配置到三個優先領域：通過償還債務增強財務彈性；為引人注目的增長機會提供資金；和潛在的股東回報。總而言之，我們在戰略實施方面取得了良好進展，未來六到九個月還將取得更多進展。

Turning to Slide 4, which looks at operations across our three production hubs during the quarter and highlights the upcoming activity set. Net production of around 58,000 barrels of oil equivalent per day was consistent with our guidance for the quarter. Our producing assets across the business performed well. However, the quarter was impacted by a short delay in the startup of Jubilee Southeast. In Ghana, Jubilee gross oil production averaged around 73,000 barrels per day, flat with the first quarter.

轉向幻燈片 4，它介紹了本季度我們三個生產中心的運營情況，並重點介紹了即將開展的活動。每日淨產量約為 58,000 桶油當量，與我們本季度的指導一致。我們整個業務的生產資產表現良好。然而，該季度受到 Jubilee South 啟動短暫延遲的影響。在加納，Jubilee 石油總產量平均約為每天 73,000 桶，與第一季度持平。

In May, the first Jubilee well this year was completed, starting the growth in production. The first two Jubilee Southeast producer wells came online mid-July left in gross production for Jubilee to around 100,000 barrels of oil per day. More on that on the following slide.

5月，今年第一口Jubilee井竣工，產量開始增長。 Jubilee 東南部的前兩口生產井於 7 月中旬上線，使 Jubilee 的總產量達到每天約 100,000 桶石油。下一張幻燈片將詳細介紹這一點。

At TEN, gross oil production averaged around 20,000 barrels per day, in line with the first quarter. During the second quarter, the operator submitted to the Ministry of Energy, the amended draft plan of development for a high-graded activity set of additional wells at TEN. This activity set is expected to maintain TEN oil production around current levels, but increased gas into the domestic market through a combined gas sales agreement or GSA. The GSA covers all future gas sales from both the Jubilee and TEN field.

十月份，石油總產量平均約為每天 20,000 桶，與第一季度持平。第二季度，運營商向能源部提交了 10 號附加井的高等級活動開發計劃修訂草案。該活動預計將維持 TEN 石油產量在當前水平附近，但通過聯合天然氣銷​​售協議或 GSA 增加進入國內市場的天然氣。 GSA 涵蓋 Jubilee 和 TEN 油田未來的所有天然氣銷售。

Discussions on the GSA and the amended TEN plan of development with the ministry continue to make good progress. And last month, we signed a temporary agreement for Jubilee gas delivery through September 2023, at $2.90 per MMBtu, while we conclude the final agreement.

與該部關於總務區和修訂後的十大發展計劃的討論繼續取得良好進展。上個月，我們簽署了一份臨時協議，到 2023 年 9 月為止以每 MMBtu 2.90 美元的價格交付 Jubilee 天然氣，同時我們還簽署了最終協議。

Moving equatorial Guinea, gross oil production averaged just over 24,000 barrels per day during the quarter. In mid-July, the 500th cargo listing from the field took place, a major achievement for the partnership and the government of equatorial Guinea.

以赤道幾內亞為例，本季度石油總產量平均略高於每天 24,000 桶。 7 月中旬，第 500 批貨物從現場掛牌，這是合作夥伴關係和赤道幾內亞政府的一項重大成就。

The 3-well infill drilling campaign is expected to begin in the fourth quarter with the first well scheduled online around the end of the first quarter next year. Ahead of that, there are two planned workovers which should help support production rates through the end of the year and into 2024. The Akeng Deep infrastructure-led exploration well is planned to spud following the completion of the infill drilling campaign.

3井加密鑽井活動預計將於第四季度開始，第一口井計劃於明年第一季度末上線。在此之前，計劃進行兩次修井，這將有助於支持年底至 2024 年的生產率。阿肯深部基礎設施主導的勘探井計劃在加密鑽井活動完成後開鑽。

Lastly, in the Gulf of Mexico, net production was approximately 16,000 barrels of oil equivalent per day, in line with guidance. On Kodiak, performance has been better than expected this year. As we've steadily increased drawdown, production has increased from the ST-3 well, allowing us to capture a good portion of what we expected from the planned workover. As a result, we've optimized the timing of the workover into mid-2024, to allow us to add a third producing zone and capture more upside from the planned well intervention.

最後，墨西哥灣的淨產量約為每天 16,000 桶石油當量，與指導一致。 Kodiak 今年的表現好於預期。隨著我們穩步增加壓降，ST-3 井的產量也有所增加，使我們能夠從計劃的修井中獲得大部分預期產量。因此，我們將修井時間優化為 2024 年中期，以便增加第三個生產區，並從計劃的油井干預中獲得更多優勢。

The odd job subsea pump project continues to make good progress and is expected online in mid-2024 as planned. I'll talk more about Winterfell and Tiberius on the following slide with activity ramping up in the Gulf of Mexico as we move into the second half of this year.

雜工海底泵項目繼續取得良好進展，預計按計劃於2024年中期上線。隨著今年下半年的到來，墨西哥灣的活動不斷增加，我將在下面的幻燈片中更多地討論臨冬城和提比略。

Turning to Slide 5. As I mentioned earlier, last month, we announced the successful start-up of the Jubilee Southeast project in Ghana. This is a major milestone for the partners, the government and the people of Ghana and starts the next chapter for the prolific Jubilee field.

轉向幻燈片 5。正如我之前提到的，上個月，我們宣布加納的 Jubilee 東南項目成功啟動。對於加納的合作夥伴、政府和人民來說，這是一個重要的里程碑，並為多產的 Jubilee 領域開啟了新的篇章。

Shortly after the initial announcement, a second JSE well started up taking gross Jubilee production to around 100,000 barrels of oil per day. Starting later this quarter, three more wells, one producer and two water injectors are expected online at Jubilee, which should further enhance production in the fourth quarter.

最初宣布後不久，第二口 JSE 油井啟動，使 Jubilee 的石油總產量達到每天 100,000 桶左右。從本季度末開始，Jubilee 預計將再有三口井、一口生產井和兩口注水井上線，這將進一步提高第四季度的產量。

The second water injector is a well that has been accelerated from 2024 to late 2023, given the efficiency of the drilling program in Ghana this year. This injector will add pressure support to Jubilee Southeast as we move into 2024.

鑑於今年加納鑽井計劃的效率，第二個注水井已從 2024 年加速到 2023 年末。當我們進入 2024 年時，該注入器將為 Jubilee South 增加壓力支持。

The chart on the right shows our updated guidance of the ramp-up of Jubilee this year. As mentioned, Jubilee Southeast did start up around a month later than anticipated, and this has had a slight impact on 2Q and 3Q production resulting in a cargo deferral from 3Q to 4Q and from 4Q to early 2024. Fourth half production in the fourth quarter is still expected to be around 50% higher than the first half of the year with the impact of the new wells coming online. It's an exciting time for the partnership with production at Jubilee now at levels not seen for several years.

右圖顯示了我們今年對 Jubilee 升級的最新指導。如前所述，Jubilee South 的開工時間確實比預期晚了大約一個月，這對第二季度和第三季度的生產產生了輕微影響，導致貨物從第三季度推遲到第四季度，從第四季度推遲到2024 年初。第四季度第四季度的產量受新井投產影響，預計仍較上半年上漲50%左右。對於與 Jubilee 的製作合作來說，這是一個激動人心的時刻，目前的合作夥伴關係已經達到了幾年來未見的水平。

Turning to Slide 6, which focuses on our activity set in the Gulf of Mexico, which increases significantly this quarter. Last month, we started drilling the Tiberius infrastructure-led exploration well, where Kosmos is the operator and is at 33% interest. Tiberius is a 4-way structural trap in the outer Wilcox trend, targeting an estimated gross resource of around 135 million barrels of oil equivalent. The well was spud in early July is expected to take around two months to hit target [depth] with results expected in September. Later this month, we expect to commence drilling the development wells on Winterfell, the second of our three key growth projects. The initial drilling campaign is for three of the five wells planned in the first phase, targeting gross resource of around 100 million barrels of oil equivalent. There is an upside chase around 200 million barrels of oil equivalent across the greater Winterfell area. The project remains on track to start production at the end of the first quarter of 2024.

轉向幻燈片 6，重點介紹我們在墨西哥灣的活動，該活動本季度顯著增加。上個月，我們開始鑽探 Tiberius 基礎設施主導的勘探井，Kosmos 是該井的運營商，擁有 33% 的權益。 Tiberius 是威爾科克斯外部趨勢中的一個四向結構性陷阱，目標估計總資源量約為 1.35 億桶石油當量。該井於 7 月初開工，預計需要大約兩個月的時間才能達到目標[深度]，並預計在 9 月份獲得結果。本月晚些時候，我們預計將開始在臨冬城鑽探開發井，這是我們三個關鍵增長項目中的第二個。初步鑽探活動針對第一階段計劃的 5 口井中的 3 口，目標總資源量約為 1 億桶油當量。大臨冬城地區正在追逐約 2 億桶石油當量。該項目仍有望於 2024 年第一季度末開始生產。

Turning to Slide 7. This is a slide reviews of the last couple of quarters to provide a status update of the key work streams on the Tortue LNG project. As we flagged last quarter, the critical path to first gas on Phase 1 of the project is through the completion of the subsea work scope. Due to a delay in the subsea work stream, First gas is now targeted in the first quarter of 2024. This was communicated last week by the operator in their 2Q results and is the main driver of our lower CapEx in the second quarter. We are working closely with the operator to address the subsea delay and optimize the other work streams to fit with this 1Q first gas timetable.

轉向幻燈片 7。這是對過去幾個季度的幻燈片回顧，提供了 Tortue 液化天然氣項目關鍵工作流程的狀態更新。正如我們上季度所指出的，該項目第一階段獲得第一批天然氣的關鍵途徑是完成海底工作範圍。由於海底工作流程的延遲，First Gas 現在的目標是 2024 年第一季度。運營商上週在第二季度業績中傳達了這一點，這是我們第二季度資本支出較低的主要推動因素。我們正在與運營商密切合作，解決海底延誤問題並優化其他工作流程，以適應第一季度首次天然氣時間表。

On the FPSO arrival of the vessel is now scheduled for the fourth quarter as we continue precommissioning work in better resource shipyards and align delivery with a revised time line for the subsea work scope. On the hub terminal, construction is now complete with handover to operations currently ongoing.

FPSO 目前計劃於第四季度抵達，我們將繼續在資源更好的造船廠進行預調試工作，並根據海底工作範圍的修訂時間表調整交付。樞紐航站​​樓的建設現已完成，並已移交至正在進行的運營中。

And finally, on the FLNG, construction and mechanical completion are finishing and pre-commissioning work is underway. Sailaway of the vessel is expected around the end of the third quarter with arrival and Hookup planned around year-end. I'll now hand over to Neal to take you through the financials.

最後，FLNG 的施工和機械完工已完成，預調試工作正在進行中。該船預計將於第三季度末左右開航，併計劃於年底左右抵達並連接。現在我將請尼爾向您介紹財務狀況。

Thanks, Andy. Turning to Slide 8. 2Q financials were in line with our prior guidance. As expected, we were materially under listed in the quarter by around 1 million barrels of oil, which we expect will normalize in the second half of the year. The only notable outlier in the quarter was CapEx of $170 million that came in below the guidance range of $200 million to $225 million, largely related to lower accruals on the subsea work scope on the Tortue project.

謝謝，安迪。轉向幻燈片 8。第二季度的財務狀況符合我們之前的指導。正如預期的那樣，本季度我們的石油庫存量大幅低於 100 萬桶左右，我們預計這一情況將在今年下半年恢復正常。本季度唯一值得注意的異常值是 1.7 億美元的資本支出，低於 2 億至 2.25 億美元的指導範圍，這主要與 Tortue 項目海底工作範圍的應計費用較低有關。

Looking forward at our 3Q guidance, which is included as an appendix to this presentation, there are a few points I wanted to flag. First, we expect 3Q production to be around 20% higher than the second quarter on the back of the net change in production we've seen in Ghana in recent weeks.

展望我們的第三季度指導（作為本演示文稿的附錄），我想指出幾點。首先，由於最近幾週加納產量出現淨變化，我們預計第三季度產量將比第二季度高出 20% 左右。

Second, the increase in OpEx per barrel quarter-on-quarter is due to the scheduled TEN cargo in 3Q as expected. OpEx per barrel should then fall again in the fourth quarter with no TEN cargo scheduled and higher production levels from Jubilee.

其次，每桶運營支出環比增加是由於第三季度預定的十號船貨如期而至。由於沒有 10 批船貨計劃且 Jubilee 的產量水平較高，第四季度每桶運營成本應會再次下降。

Third, 3Q CapEx is expected to be similar with the second quarter as a result of the ramp-up in activity in the GoM, offsetting the completion of Jubilee South East. We also expect the reduced Tortue Subsea CapEx from 2Q to be deferred into the fourth quarter and early 2024. As Andy mentioned in his opening remarks, with growing production and CapEx expected to fall as the growth projects complete, we are nearing the important free cash flow inflection point for the business. With that, I'll hand it back to Andy to close today's presentation.

第三，由於墨西哥灣活動的增加，第三季度資本支出預計將與第二季度相似，抵消了 Jubilee South East 的竣工。我們還預計Tortue Subsea 從第二季度開始減少的資本支出將推遲到第四季度和2024 年初。正如Andy 在開場白中提到的那樣，隨著增長項目的完成，產量不斷增長，資本支出預計將下降，我們即將獲得重要的自由現金業務的流量拐點。至此，我將把它交還給安迪以結束今天的演示。

Thanks, Neal. Turning to Slide 9 to conclude today's presentation. At the beginning of the year, we presented a portfolio with multiple meaningful catalysts across our four business units. The recent start-up of Jubilee Southeast was the first of three key development projects to come online with a material step-up in production, delivering around half of our 2024 production growth target of 50%. Additional wells on Jubilee later in the year should support a further production increase.

謝謝，尼爾。轉向幻燈片 9 來結束今天的演示。今年年初，我們在四個業務部門推出了包含多種有意義的催化劑的投資組合。最近啟動的 Jubilee South 是上線的三個關鍵開發項目中的第一個，產量大幅提升，實現了我們 2024 年 50% 產量增長目標的一半左右。今年晚些時候 Jubilee 上的額外油井應該會支持產量的進一步增加。

In equatorial Guinea, the infill drilling campaign is on track to commence around the end of the year with the first well expected online around the end of the first quarter next year. In the Gulf of Mexico, drilling has commenced at the Tiberius ILX prospect with the first development well at Winterfell also expected to start drilling later this quarter. And finally, on Tortue, we expect a very active six to nine months as we continue to progress the subsea installation while optimizing the remaining work scopes.

在赤道幾內亞，加密鑽探活動有望在今年年底左右開始，第一口井預計將於明年第一季度末上線。在墨西哥灣，Tiberius ILX 礦區的鑽探工作已開始，Winterfell 的第一口開發井也預計將於本季度晚些時候開始鑽探。最後，在 Tortue 上，我們預計將有六到九個月的時間非常活躍，因為我們將繼續推進海底安裝，同時優化剩餘的工作範圍。

Delivery of the various catalysts shown on the slide should drive increased production alongside the completion of a multiyear development spend, which supports our material free cash flow generation going forward. As cash flow grows, we'll remain disciplined in our allocation of capital towards three priority areas: further financial resilience through debt paydown, funding compelling growth opportunities and potential shareholder returns. Thank you, and I'd now like to turn the call over to the operator to open the session for questions.

幻燈片上顯示的各種催化劑的交付應會推動產量的增加，同時完成多年的開發支出，這將支持我們未來的物質自由現金流生成。隨著現金流的增長，我們將繼續嚴格地將資本配置到三個優先領域：通過償還債務來增強財務彈性，為引人注目的增長機會和潛在的股東回報提供資金。謝謝，我現在想將電話轉給接線員以開始提問環節。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Our first questions come from the line of Charles Meade with Johnson Rice.

謝謝。我們現在將進行問答環節。 （操作員說明）我們的第一個問題來自查爾斯·米德（Charles Meade）和約翰遜·賴斯（Johnson Rice）的線路。

Good morning Andy, Neal and to the rest of the Kosmos team there. Andy, my first question is about Winterfell and if you could kind of calibrate our expectations for what our production rate can be there. And I'm thinking that -- I recognize no two reservoirs or no two developments are like, but there's a recent subsea tieback in the Gulf of Mexico that's doing I think, about 80,000 barrels of oil a day from seven wells. So is that -- what direction or how would you calibrate loss off of that data point?

早上好，Andy、Neal 以及 Kosmos 團隊的其他成員。安迪，我的第一個問題是關於臨冬城的，您是否可以調整一下我們對那裡的生產率的預期。我在想——我認識到沒有兩個油藏或兩個開發項目是相似的，但我認為最近墨西哥灣的海底回接正在發揮作用，每天從七口油井生產約 80,000 桶石油。那麼，您將朝什麼方向或如何校準該數據點的損失？

Yes. Charles, I think if you sort of think about -- I'll do it in net actually is probably the simplest way to think about it. But out of the first three wells, it would be net 5,000 barrels to us. We're 25% share, so that's a gross level of around 20,000 barrels a day.

是的。查爾斯，我想如果你想一下——我會在網絡上做這件事實際上可能是最簡單的思考方式。但在前三口井中，我們的淨產量為 5,000 桶。我們佔有 25% 的份額，因此每天的總產量約為 20,000 桶。

It's ultimately pipeline constrained. Flow line Constrained.

它最終受到管道的限制。流線受約束。

Flow line constrained. Yes. And so we see more opportunity beyond that. The sort of the second phase will be additional two wells. And I think with success, we would look at actually adding another flow line. So I think there's sort of continuing upside to Winterfell. As we said in our remarks, it's ultimately a 200 million-barrel gross resource. So I think the first three wells, as Neal said, flow line constrained at 20,000 barrels a day with the opportunity then to continue to debottleneck the project.

流線受限。是的。因此我們看到了更多的機會。第二階段的類型將是額外的兩口井。我認為如果成功的話，我們會考慮實際添加另一條流程線。所以我認為臨冬城還有持續的上升空間。正如我們在發言中所說，最終總資源量為 2 億桶。因此，我認為，正如尼爾所說，前三口井的產量限制在每天 20,000 桶，然後有機會繼續消除該項目的瓶頸。

Right. Right. That makes sense. Second question about Tortue. And I like that you closed with Slide 9. This is one of my favorites. But I want to ask, perhaps I'm over-interpreting this, but you have the -- on the bottom right, you have the first cash, it kind of looks like it's going to be at the end of 1Q, '24. Is that the right read?

正確的。正確的。這就說得通了。第二個問題是關於Tortue的。我喜歡你以幻燈片 9 作為結束語。這是我最喜歡的幻燈片之一。但我想問，也許我過度解釋了這一點，但是在右下角，你有第一筆現金，看起來像是在 24 年第一季度末。這樣讀對嗎？

Yes. Look, I appreciate the question. So there is definitely [indiscernible] of over-interpreting material. I think as VP noted in that 2Q results last week, First gas is now expected in 1Q '24, which is where we put it on that chart, Charles. So I think that's what you should rely on.

是的。聽著，我很欣賞這個問題。所以肯定存在[音頻不清晰]的過度解釋材料。我認為，正如副總裁上週在第二季度業績中指出的那樣，目前預計第一批天然氣將在 24 年第一季度上市，這就是我們將其放在圖表上的位置，Charles。所以我認為這就是你應該依賴的。

Our next questions come from the line of James Hosie with Barclays.

我們的下一個問題來自巴克萊銀行的詹姆斯·霍西 (James Hosie)。

I guess, firstly, on Tortue and the delayed Phase I. I was wondering if you could say there's any additional CapEx you expect due to the delays and also the change in the subsidy inflation schedule? And then just on Jubilee, I mean are you actually looking for oil production (inaudible) facility capacity, we think it's 120,000 barrels a day by year-end. And then on the gas price increase you've got in Ghana, should we think about the lower price of what you're expecting to receive under the longer-term sales agreement that you're currently finalizing?

我想，首先是關於 Tortue 和延遲的第一階段。我想知道您是否可以說，由於延遲以及補貼通脹時間表的變化，您預計會有任何額外的資本支出？然後就 Jubilee 而言，我的意思是，您是否真的在尋找石油生產（聽不清）設施的產能，我們認為到年底將達到每天 120,000 桶。然後，關於加納的天然氣價格上漲，我們是否應該考慮一下您目前正在敲定的長期銷售協議下預期收到的較低價格？

Okay. Right. That was a machine gun. Thanks, James. On Tortue Phase 1, if we just sort of look at the CapEx impact, most of the remaining CapEx on the project is related to the subsea work [schedule] to remind the FPSO and the FLNG, our lease vessels. The hub terminal is complete, the wells have been drilled. So ultimately, it's about the remaining CapEx to complete the subsea work. 2Q CapEx, as Neal said in his remarks, was lower due to the accruals on the subsea due to the delay in this activity. But till 3Q, we've sort of said we're sort of in line with guidance. So you should see some rephasing of CapEx from 2Q to 4Q to reflect the subsea delay and therefore, that's why our sort of full year '23 guidance is unchanged.

好的。正確的。那是一把機槍。謝謝，詹姆斯。在 Tortue 第一階段，如果我們只看一下資本支出的影響，該項目的大部分剩餘資本支出都與海底工作[時間表]有關，以提醒我們的租賃船 FPSO 和 FLNG。樞紐碼頭已完工，油井已鑽探。因此最終，這是關於完成海底工作的剩餘資本支出。正如尼爾在講話中所說，第二季度資本支出較低，因為該活動的延遲導致了海底應計費用。但直到第三季度，我們都表示我們的情況與指引一致。因此，您應該會看到資本支出從第二季度到第四季度的一些重新調整，以反映海底延遲，因此，這就是我們 23 年全年指導不變的原因。

And then really sort of depending on the timing of the process of completing the subsea work going back to Charles his question, I think there will be some residual CapEx for the subsea that will go into 1Q of '24 James, and we'll provide you an update for that when we give you the '24 guidance.

然後，實際上取決於完成海底工作過程的時間，回到查爾斯的問題，我認為海底會有一些剩餘的資本支出，這些資本支出將進入 24 年詹姆斯的第一季度，我們將提供當我們向您提供'24 指南時，我們會向您通報最新情況。

On Jubilee, if I just sort of step back and sort of I was trying to give a bigger picture, I think we're very pleased with the performance of Jubilee we've gone up from 70,000 barrels gross. We entered the year, we're now up at 100,000 barrels per day, that is from three wells. We had one in the main field that started up, and then we've had in July, two more wells in Jubilee Southeast.

在 Jubilee 上，如果我退後一步，嘗試給出一個更大的圖景，我想我們對 Jubilee 的表現非常滿意，我們的總產量從 70,000 桶上升。進入今年，我們的產量現在達到了每天 100,000 桶，來自三口井。我們在主油田啟動了一口井，然後我們在 7 月份在朱比利東南部又挖了兩口井。

The next wells come on will be another well in the main field. And with that, we expect another bump in production, and then it will be followed by two water injectors, one in the main fields, one in Jubilee Southeast to sort of provide support to those higher levels of production.

下一批開工的井將是主油田的另一口井。隨之而來的是，我們預計產量會再次增加，然後將有兩個注水器，一個在主油田，一個在朱比利東南部，以便為更高水平的生產提供支持。

So we're getting close to the facility's limit, which is really your question. And I think the other message to sort of deliver is that as we look forward to the Jubilee profile for the remainder of the decade, we've got a very strong set of drilling opportunities. We're in our third cycle of the 4D every time it is bringing forward more opportunities. We're clearly very pleased with the performance of the wells on Jubilee Southeast, so now it's ultimately going to be around, [we have] that drilling program on Jubilee to bump us up the facility limit and maintain a very high level of reliability. So that's the goal, that's the opportunity, and I think we're off to a strong start, actually.

所以我們正在接近設施的極限，這確實是你的問題。我認為要傳遞的另一個信息是，當我們期待這十年餘下時間的 Jubilee 剖面時，我們已經獲得了一系列非常強大的鑽探機會。我們正處於 4D 的第三個週期，每次它都會帶來更多機會。顯然，我們對 Jubilee 東南部油井的表現非常滿意，因此現在最終將在 Jubilee 上實施鑽探計劃，以提高我們的設施極限並保持非常高的可靠性水平。這就是目標，這就是機會，我認為實際上我們已經有了一個良好的開端。

And then finally, a question on the gas price, you're correct. The 290 is in place to take us through the period to the end of September. It's there to allow us to finalize all of the conversations with the government of Ghana around the 10 POD, which has as an integral part of it, a gas sales agreement and cover Jubilee and TEN Gas going forward out the same price. So I think the base price of 290 is -- enables us to get started. And then we believe there will be an increment above that for the ongoing investment in tech. Good. Did I cover everything, James?

最後，關於汽油價格的問題，你是對的。 290 已經就位，將帶領我們度過整個 9 月底。它的存在是為了讓我們能夠完成與加納政府圍繞 10 POD 的所有對話，該協議的一個組成部分是天然氣銷售協議，並涵蓋 Jubilee 和 TEN Gas 未來的相同價格。所以我認為 290 的基本價格是——讓我們能夠開始。然後我們相信對技術的持續投資將會出現高於此的增量。好的。我涵蓋了所有內容嗎，詹姆斯？

Yes, you did.

是的，你做到了。

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

我們的下一個問題來自高盛的尼爾·梅塔。

Yes. Andy, very helpful update. I guess the first question is just around the under-lift. It seemed like if there was any softness in the cash flow, it's just a lot of it was just about timing of cargoes. And can you just remind us how those trajectories will pick up through 3Q and 4Q. It's fair to assume you'll make up for that lost cargo.

是的。安迪，非常有幫助的更新。我想第一個問題就是關於升力不足的問題。看來現金流是否有任何疲軟，很大程度上只是與貨運時間有關。您能否提醒我們這些軌跡在第三季度和第四季度將如何回升？可以公平地假設您會彌補丟失的貨物。

Yes, I'll ask Neal to pick that up.

是的，我會請尼爾來接的。

Yes. So Neil you're right. The first half, a large part included in the second quarter is really just around the timing of the cargoes as we only listed 2 Jubilee Cargoes, which will increase to three and then ultimately, five in 3Q, 4Q as we go forward. And then we have -- we didn't list the TEN cargo in the second quarter, which we'll list in the third quarter. we only listed half a cargo in EG, which we'll list with One cargo in 3Q, 4Q going forward. So yes, there's very much an overlift component, which is even better considering the prices are higher in the back end of the year than they have been in the first half of the year. So Yes, that will square away, at least on our forecast in 3Q partially and in 4Q.

是的。所以尼爾你是對的。上半年，第二季度的很大一部分實際上只是圍繞貨物的時間安排，因為我們只列出了2 個Jubilee Cargos，隨著我們的推進，這些貨物將增加到3 個，最終在第3 季度、第4 季度增加到5 個。然後我們沒有在第二季度列出 10 批貨物，我們將在第三季度列出。我們只在EG列出了一半的貨物，我們將在第三季度、第四季度列出一批貨物。所以，是的，存在很大的超額成分，考慮到今年下半年的價格比上半年更高，這甚至更好。所以，是的，這將是正確的，至少在我們對第三季度和第四季度的預測中是這樣。

Okay. That's very helpful. And then as the non-engineer, maybe I can ask this question, which is about the subsea. And certainly, that's been an area where there have been some productivity issues. Andy, can you just explain in Layman's terms, what's going on there and how the investment community should get confidence that there's a clear [fixed] in mind and it's easily addressable?

好的。這非常有幫助。然後作為非工程師，也許我可以問這個關於海底的問題。當然，這也是一個存在一些生產力問題的領域。安迪，您能用外行的話解釋一下，那裡發生了什麼，以及投資界應該如何獲得信心，相信心中有一個明確的[固定]並且很容易解決？

Yes. Thanks, Neil. 1Q results, we find that subsea work scope was delayed to the late arrival of the deepwater pipeline vessel. So that's the sort of first sort of (inaudible) sort of straightforward issue. As a result, the work stream moved to the critical path and therefore, is driving the overall project time line. I'll come back to the work streams in a minute.

是的。謝謝，尼爾。一季度的結果，我們發現海底工作範圍被推遲到深水管道船遲到。這是第一種（聽不清）簡單的問題。結果，工作流轉移到了關鍵路徑，從而推動了整個項目的時間線。我稍後會回到工作流程。

As VP noted in the 2Q results last week, the first gas date is now expected in 1Q. And then it's simply as a result of further delays in the deepwater pipeline. And the operators are just clearly focused on that issue and looking to both address that delay with contingencies and optimize the other work streams to fit with the overall 1Q first gas time table.

正如 VP 上週在第二季度業績中指出的那樣，目前預計第一個天然氣日期將在第一季度。這只是深水管道進一步延誤的結果。運營商顯然專注於這個問題，並希望既解決突發事件帶來的延遲問題，又優化其他工作流程，以適應整體第一季度首次天然氣時間表。

So that's the basic sort of issue we're dealing with at the moment, Neil, it's focused on a very singular issue. It's being clearly getting the attention it requires from the operator and I think they put together a very good plan, which both addresses the issue in terms of a base plan with contingencies to allow for first gas in 1Q '24.

這就是我們目前正在處理的基本問題，尼爾，它集中在一個非常單一的問題上。顯然，它得到了運營商的關注，我認為他們制定了一個非常好的計劃，該計劃既解決了基本計劃的問題，又考慮到了24年第一季度第一批天然氣的意外情況。

And as with any large project, we're bringing together several work streams now. And I think we shouldn't -- clearly, a major focus on the pipeline part of it. But across the other work streams, a lot of progress has been made with several major items derisked. The FPSOs left the yard where obviously with a delay in the subsea installation, it creates an opportunity for us to complete work in areas where we've got greater support in imports in shipyards rather than take that work offshore in Mauritania and Senegal, which clearly gives us the ability to arrive at an even higher level of completion. The wells have been drilled and flowed back, that hub terminal construction is complete and currently has been handed over to operations and the FLNG is close to Sailaway. So whilst we're disappointed with the subsea delay, it's getting the attention that it needs and the other work streams are proceeding accordingly.

與任何大型項目一樣，我們現在正在整合多個工作流程。我認為我們不應該——顯然，主要關注它的管道部分。但在其他工作流程中，已經取得了很大進展，幾個主要項目已經消除了風險。 FPSO 離開船廠時，顯然海底安裝有所延遲，這為我們創造了一個機會，可以在造船廠進口方面獲得更大支持的地區完成工作，而不是在毛里塔尼亞和塞內加爾的海上完成工作，這顯然使我們有能力達到更高的完成水平。油井已鑽完並回流，樞紐碼頭建設已完成，目前已移交運營，FLNG 已接近 Sailaway。因此，雖然我們對海底延誤感到失望，但它得到了它所需要的關注，並且其他工作流程正在相應地進行。

Our next questions come from the line of Subash Chandra with Benchmark.

我們的下一個問題來自 Subash Chandra 與 Benchmark 的對話。

Just some clarity on the CapEx as you -- should we think of that overflow into first quarter of next year sort of be at that $30 million that you came in under in the second quarter. And then I think you mentioned there's probably some additional CapEx but also shows up independent of 2Q July.

只是對你的資本支出有一些澄清——我們是否應該考慮到明年第一季度的溢出額相當於你在第二季度的 3000 萬美元。然後我想你提到可能有一些額外的資本支出，但也獨立於 7 月第二季度出現。

Yes, Subash, I'd say there are probably the call it, $40-ish million that we underspent in 2Q that gets rephased partially into 4Q and then some additional CapEx that will show up in the first quarter as well. So again, we'll get out 24 guidance when we get to that time frame. But I think, again, I think within the year or 2Q and 3Q are going to be lower than the first quarter and fourth quarter, and then there will be a residual period in the first quarter that will provide some clarity on as we get through the budget cycle.

是的，蘇巴什，我想說的是，我們在第二季度支出不足 4000 萬美元，部分重新投入到第四季度，然後一些額外的資本支出也將在第一季度出現。所以，當我們到達那個時間範圍時，我們將再次給出 24 條指導。但我再次認為，我認為今年或第二季度和第三季度將低於第一季度和第四季度，然後第一季度將有一個剩餘時期，這將在我們度過難關時提供一些清晰的信息預算週期。

Okay, great. Second is on Phase 2 sort of any update on all the aspects that go into it? And secondly, Senegal politics, right, just keep making the paper here over the past week and any color there?

好的，太好了。其次是第二階段的所有方面有什麼更新嗎？其次，塞內加爾政治，對吧，過去一周繼續在這裡發表報紙，那裡有什麼顏色嗎？

Yes. Yes, (inaudible) on Phase 2 is sort of again, sort of going back to the fundamentals. Phase 2 is a brownfield expansion on Phase 1. We're putting in place the infrastructure where the additional gas processing capacity on the FPSO pipeline capacity to export more gas and there is now the hub terminal that can accommodate additional gas processing.

是的。是的，（聽不清）第二階段有點像回到基本面。第二階段是第一階段的棕地擴建。我們正在建設基礎設施，使 FPSO 管道上的額外天然氣處理能力能夠出口更多天然氣，現在的樞紐碼頭可以容納額外的天然氣處理。

So the most important thing at the moment is we properly optimize the concept to take account of all of the brownfield capital that we've laid in. So that's the work that's going on at the moment. And nothing's changed from the lines we gave previously, which is with the concept fully optimized, then the objective would be to end to feed next year, which ourselves and VP would regard as a formal project sanction given the nature of the spend increasing at that point. So again, I feel good about Phase 2 because it's fundamentally one of the lowest cost, lower carbon gas expansion projects globally.

因此，目前最重要的事情是我們適當優化這個概念，以考慮到我們已經投入的所有棕地資本。這就是目前正在進行的工作。我們之前給出的路線沒有任何變化，即概念完全優化，那麼目標將是明年結束，考慮到當時支出增加的性質，我們和副總裁將把這視為正式的項目制裁。觀點。再說一次，我對第二階段感覺很好，因為它從根本上來說是全球成本最低、低碳的天然氣擴建項目之一。

In terms of the politics in Senegal, obviously, we're leading up to an election next year. History has -- the country has a long history of a democratic process, changes of government and stability aligned around that. So I see this as just being part of the normal ebb and flow of politics in the country. And the most important thing is that it has a very stable democracy and it's demonstrated that through several election cycles, and this one will be no different.

就塞內加爾的政治而言，顯然，我們即將舉行明年的選舉。歷史表明，該國有著悠久的民主進程、政府更迭和與之相關的穩定歷史。所以我認為這只是該國政治正常潮起潮落的一部分。最重要的是，它擁有非常穩定的民主制度，並且通過幾個選舉週期證明了這一點，這一次也不會有什麼不同。

(Operator Instructions) Our next questions come from the line of Mark Wilson with Jefferies.

（操作員說明）我們的下一個問題來自馬克·威爾遜（Mark Wilson）和杰弗里斯（Jefferies）的線路。

My first question for Neil. So given all the variables you spoke to, is it fair to assume that this Q2 net debt would be the high watermark Kosmos, and we'll see that delever from quarter-on-quarter from here?

我問尼爾的第一個問題。因此，考慮到您談到的所有變量，可以公平地假設第二季度的淨債務將是 Kosmos 的高水位線，並且我們將從這裡看到季度環比的去槓桿化嗎？

Yes. I mean I think we're pretty close to that mark. I think we're right at that inflection point where production is rising and clearly, it sort of [raise] oil prices and we're now starting to get some of that CapEx fall. So again, I think that will continue to expand as the production continues to grow up or rise in the capital continue to bolt. Yes, I think we're right around that high level.

是的。我的意思是，我認為我們已經非常接近這個目標了。我認為我們正處於產量上升的拐點，顯然，這會[提高]石油價格，而我們現在開始看到一些資本支出下降。所以再次，我認為隨著產量的不斷增長或者資本的不斷增加，將會繼續擴大。是的，我認為我們已經達到了這個高水平。

Okay. Cool. And there's been questions regarding the schedule at Tortue. In terms of introducing gas into this whole system with the facilities in place, it sounds like that's something that's going to happen in the middle of 1Q or -- in 1Q. What was the expected time for commissioning of all of these various FLNG vessels and did you think that has shortened given the time, the extended time in shipyards? Or is it the same as original plan in terms of once you get gas into the pipeline?

好的。涼爽的。關於托爾圖的賽程安排也存在疑問。就在設施到位的情況下將天然氣引入整個系統而言，聽起來這將在第一季度中期或第一季度發生。所有這些不同的 FLNG 船的預計調試時間是多少？考慮到造船廠的延長時間，您認為調試時間是否有所縮短？或者一旦天然氣進入管道就與原計劃相同嗎？

Yes. Mark, I'll take that. No, it's shortened, Mark, because we're doing work as the FPSO on the journey from China to Senegal we managed to liquidate some time. So actually, it goes sort of in front of the first gas day, the actual hookup will be shortened as a result. And then obviously, as you say, we would then introduce gas into the FPSO.

是的。馬克，我會接受的。不，它被縮短了，馬克，因為我們正在從中國到塞內加爾的旅程中作為 FPSO 工作，我們設法清算了一段時間。所以實際上，它在第一個加油日之前進行，因此實際的連接將會縮短。顯然，正如您所說，我們會將天然氣引入 FPSO。

And then there's the sort of cooldown of the FLNG vessel where, again, we hope to sort of shorten that time frame. But I think sort of plus or minus, it's around sort of probably three months from first gas into the FPSO. You've still got around about a 3-month sort of cool down period that would then lead to the first cargo. So I think, yes, it's been shortened. I think the thing for me is it's been derisked because a lot of the work you're doing to inspect, walk down and prepare has removed risk on startup. And I think that's ultimately one of the most important points to take away, I think.

然後是 FLNG 船的冷卻，我們再次希望能縮短這個時間。但我認為無論是正負，從第一次向 FPSO 注入天然氣大約需要三個月的時間。您還有大約 3 個月的冷卻期，然後才能收到第一批貨物。所以我認為，是的，它被縮短了。我認為對我來說，事情已經消除了風險，因為你所做的許多檢查、走訪和準備工作已經消除了啟動時的風險。我認為這最終是最重要的一點之一。

Thank you. I'm showing no further questions at this time. And with that, I would like to bring the call to a close. Thanks to everyone joining today. You may disconnect your lines at this time, and thank you for your participation.

謝謝。我目前沒有提出任何進一步的問題。我想結束這次通話。感謝今天大家的加入。此時您可以斷開線路，感謝您的參與。