Kosmos Energy Ltd (KOS) 2025 Q2 法說會逐字稿

Good day, everybody, and welcome to Kosmos Energy's Second Quarter 2025 Conference Call. As a reminder, this call today is being recorded.

大家好，歡迎參加 Kosmos Energy 2025 年第二季電話會議。提醒一下，今天的通話正在錄音。

At this time, let me turn the call over to Jamie Buckland, Vice President of Investor Relations at Kosmos Energy.

現在，請允許我將電話轉給 Kosmos Energy 投資者關係副總裁 Jamie Buckland。

Thank you, operator, and thanks to everyone for joining us today. This morning, we issued our second quarter 2025 earnings release. This release and the slide presentation to accompany today's call are available on the Investors page of our website. Joining me on the call today to go through the materials are Andrew Inglis, Chairman and CEO; and Neal Shah, CFO.

謝謝接線員，也謝謝大家今天的加入我們。今天上午，我們發布了 2025 年第二季財報。本新聞稿和今天電話會議的幻燈片簡報可在我們網站的投資者頁面上找到。今天與我一起參加電話會議並審查資料的有董事長兼執行長 Andrew Inglis 和財務長 Neal Shah。

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 UK 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.

在今天的演示中，我們將做出涉及我們的估計、計劃和期望的前瞻性陳述。由於我們在本簡報以及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。請參閱我們的年度報告股票交易所公告和美國證券交易委員會文件以了解更多詳情。這些文件可在我們的網站上找到。

At this time, I will turn the call over to Andy.

現在，我將把電話轉給安迪。

Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our second quarter results call. I'll start off the call by talking about Kosmos' priorities, reinforcing the key messages I gave last quarter before updating you on progress across the portfolio. Neal will then walk through the financials and the work we've been doing to enhance the resilience of the balance sheet before I wrap up with closing remarks. We'll then open up the call for Q&A.

謝謝，傑米，大家早安，下午好。感謝您今天參加我們的第二季業績電話會議。我將在電話會議中首先討論 Kosmos 的優先事項，強調我上個季度提出的關鍵訊息，然後向您通報整個投資組合的進展。然後，尼爾將介紹財務狀況以及我們為增強資產負債表的彈性所做的工作，然後我做最後的總結。然後我們將開始問答環節。

Starting on slide 3. As we navigate the ongoing commodity price volatility, our key priorities have not changed. Last quarter, I talked about growing production and reducing costs to prioritize free cash flow, while continuing to strengthen our balance sheet. I'm pleased to say we've made good progress this quarter across each of these areas.

從投影片 3 開始。當我們應對持續的商品價格波動時，我們的主要優先事項並沒有改變。上個季度，我談到了增加產量和降低成本以優先考慮自由現金流，同時繼續加強我們的資產負債表。我很高興地說，本季我們在各個領域都取得了良好的進展。

Starting with production. In June, we announced the Gimi floating LNG vessel had achieved Commercial Operations Date or COD, a key milestone for the GTA project. COD is achieved when LNG production is tested for a period of 72 hours at the annual contracted rate of around 2.45 million tonnes per annum equivalent.

從生產開始。6 月，我們宣布 Gimi 浮式液化天然氣船已實現商業運營日期或 COD，這是 GTA 項目的一個重要里程碑。當液化天然氣產量按照每年約 245 萬噸當量的合約年產量進行 72 小時測試時，即可達到 COD。

The FLNG has a nameplate capacity of around 2.7 million tonnes per annum and we're targeting reaching that level in the fourth quarter of the year. The project has now lifted 6.5 gross cargoes year-to-date. In Ghana, we're pleased that drilling and Jubilee has restarted with the first producer well of the '25/'26 drilling program now online.

該 FLNG 的額定產能約為每年 270 萬噸，我們的目標是在今年第四季達到這一水平。該項目今年迄今已起運了 6.5 噸貨物。在加納，我們很高興看到鑽探和 Jubilee 作業已重新開始，25/26 鑽探計畫的第一口生產井現已上線。

Initial gross production from the well is around 10,000 barrels of oil per day, in line with our expectations. We have also optimized the drilling program by accelerating the scheduled rig maintenance in 3Q, which allows us to drill a second producer this year, replacing a previously planned injector. This planned producer well is expected to add further Jubilee production around the end of the year ahead of four or more wells planned in 2026. I'll talk about that alongside 2Q Jubilee production later in the material.

該油井的初始總產量約為每天 10,000 桶石油，符合我們的預期。我們還透過加快第三季的鑽機維護計劃優化了鑽井計劃，這使我們能夠在今年鑽探第二口生產井，以取代先前計劃的注入井。預計這口計畫中的生產井將在今年年底前進一步增加 Jubilee 的產量，而 2026 年則計劃生產四口或更多井。我將在後面的材料中與 2Q Jubilee 的生產一起討論這個問題。

In the Gulf of America, the partnership has drilled the Winterfell-4 well with completion operations underway, that went as expected online around the end of the quarter. We are now approaching Kosmos' record high production levels with further near-term growth expected as we push GTA towards the FLNG nameplate capacity and bring on more wells at Jubilee and Winterfell.

在美國灣，該合作計畫已鑽探了 Winterfell-4 井，目前完井作業正在進行中，該作業已於本季度末按預期上線。隨著我們推動 GTA 達到 FLNG 額定產能並在 Jubilee 和 Winterfell 投入更多油井，我們目前正接近 Kosmos 創紀錄的高產量水平，預計近期還會進一步增長。

Moving to costs. We focused on three areas and are making good progress across all three. Firstly, on CapEx. CapEx in the first half of 2025 was around $170 million down around 65% from the first half of 2024 as we come out of a heavy investment period and start to see the benefits of those investments. With a sharp focus on CapEx in 2025, we've reduced our full year CapEx forecast from around $400 million to around $350 million with the first half actual supporting its lower forecast as we slow down some longer-term investments.

轉向成本。我們專注於三個領域，並在所有三個領域都取得了良好進展。首先，關於資本支出。由於我們走出了密集投資期並開始看到這些投資的收益，2025 年上半年的資本支出約為 1.7 億美元，比 2024 年上半年下降了約 65%。由於重點關注 2025 年的資本支出，我們已將全年資本支出預測從約 4 億美元下調至約 3.5 億美元，而上半年的實際情況支持了較低的預測，因為我們放慢了一些長期投資。

Secondly, on OpEx. The largest opportunity for OpEx reduction is on GTA, and we're seeing OpEx per BOE fall as production ramps up. We're also targeting the refinancing of the GTA FPSO in the second half of the year, and we're working with the operator to explore alternative lower-cost operating models, which could further drive down costs across the project. And thirdly, overhead. We remain on track to deliver $25 million of targeted savings by the end of this year, with the full benefit being seen in 2026 and beyond.

其次，關於營運支出。降低營運支出的最大機會在於 GTA，隨著產量的增加，我們看到每桶油當量的營運支出正在下降。我們還計劃在今年下半年為 GTA FPSO 進行再融資，並正在與營運商合作探索其他低成本營運模式，以進一步降低整個專案的成本。第三，開銷。我們仍有望在今年年底前實現 2500 萬美元的目標節省，並將在 2026 年及以後看到全部效益。

And finally, the balance sheet, where we continue to prioritize our financial resilience with a focus on cash flow and debt paydown. On liquidity, we're taking steps to address our upcoming debt maturities, as part of today's material, we announced we've agreed indicative terms for a term loan of up to $250 million secured against our Gulf of America assets and we'll anticipate using the proceeds to repay our 2026 bond maturity.

最後，在資產負債表方面，我們繼續優先考慮我們的財務彈性，並專注於現金流量和債務償還。在流動性方面，我們正在採取措施解決即將到期的債務，作為今天材料的一部分，我們宣布我們已同意以美國灣資產作抵押，以高達 2.5 億美元定期貸款的指示性條款，我們預計將使用所得款項償還 2026 年到期的債券。

We're also progressing additional financing activities to fund some of our longer-dated maturities. On hedging, we took advantage of higher prices in late 2Q and early 3Q to hedge more 2026 oil production with 7 million barrels now hedged in 2026. We're looking to hedge around 50% of 2026 production by the end of this year.

我們也正在推動額外的融資活動，為一些期限較長的債務提供資金。在對沖方面，我們利用第二季末和第三季初的較高價格對沖了更多 2026 年的石油產量，目前已對沖了 700 萬桶。我們希望在今年年底前對沖 2026 年產量的 50% 左右。

And finally, on the RBL to reflect the timing impact of GTA ramp-up costs on leverage, we were granted a waiver from our banks on the debt cover ratio covenant through to March 2026. Neal will talk about all of these in more detail later. But in summary, we're making good progress against our financial objectives.

最後，為了反映 GTA 增加成本對槓桿的時間影響，我們的銀行豁免了 RBL 的債務覆蓋率契約，有效期至 2026 年 3 月。尼爾稍後會更詳細地討論所有這些內容。但總而言之，我們在實現財務目標方面取得了良好的進展。

Turning to slide 4, which looks at operations for the quarter. Starting with the GTA project in Senegal and Mauritania. Second quarter net production was just over 7,000 barrels of oil equivalent per day, and the partnership lifted 3.5 gross LNG cargoes, as previously communicated. As mentioned on the previous slide, the FLNG commercial operations date was achieved in late June. This is an important operational and financial milestone for Kosmos as it signals the end of us funding the NOC's CapEx on the project.

翻到投影片 4，查看本季的營運狀況。從塞內加爾和茅利塔尼亞的GTA計畫開始。第二季度的淨產量略高於每天 7,000 桶油當量，合作夥伴運輸了 3.5 批液化天然氣貨物，正如之前所傳達的那樣。如上一張投影片中所提到的，FLNG 商業營運日期已於 6 月底實現。這對 Kosmos 來說是一個重要的營運和財務里程碑，因為它標誌著我們為 NOC 的專案資本支出提供資金的結束。

In Ghana, total net production was around 29,100 barrels of oil equivalent per day. Jubilee gross production of around 55,000 barrels of oil per day was lower than expected in the second quarter, driven by nine days of planned FPSO shutdown, a period of riser instability following the restart, which has since been addressed and the performance of some wells in the eastern side of the field.

加納的淨總產量約為每天 29,100 桶油當量。Jubilee 油田第二季的石油總產量約為每天 55,000 桶，低於預期，原因是計劃中的 FPSO 停產九天，重啟後出現了一段時間的立管不穩定（現已解決），以及油田東側一些油井的表現。

I'll talk more on the following slides about how the partnership is addressing these issues and the actions being taken to reestablish the full production potential of the field. As mentioned on the previous slide, the first producer well of the '25/'26 program was brought online late last month and is performing well. Jubilee gross gas production was around 16,600 barrels of oil equivalent per day in the second quarter. In early June, we announced that we signed an MOU with the government of Ghana to extend the licenses to 2040.

我將在下面的幻燈片中詳細討論合作夥伴關係如何解決這些問題以及為重建油田的全部生產潛力而採取的行動。正如上一張幻燈片中提到的，'25/'26 計劃的第一口生產井已於上個月底投產，目前運作良好。Jubilee 氣田第二季的天然氣總產量約為每天 16,600 桶油當量。6月初，我們宣布與加納政府簽署了一份諒解備忘錄，將許可證有效期延長至2040年。

The license extensions are a win-win for the project partners and the government, with partners now planning long-term investments in the field to maximize value for all stakeholders. We are working with our partners and the government to finalize the documentation targeting completion in the second half of the year. When I met with President Mahama earlier this year, we discussed his desire to reinvigorate the oil and gas sector in Ghana with increased investment in some of the country's most valuable assets. The license extensions on Jubilee and TEN are aligned with that agenda. At TEN, gross oil production in the quarter was just under 16,000 barrels of oil per day.

許可證延期對於專案合作夥伴和政府來說是雙贏的，合作夥伴現在計劃在該領域進行長期投資，以最大限度地為所有利益相關者創造價值。我們正在與合作夥伴和政府合作，最終確定文件，目標是在今年下半年完成。今年早些時候，當我與馬哈馬總統會面時，我們討論了他希望透過增加對加納一些最有價值資產的投資來重振加納石油和天然氣行業的願望。Jubilee 和 TEN 的許可證延期與該議程一致。在TEN，本季的石油總產量略低於每天16,000桶。

In the Gulf of America, net production was around 19,600 barrels of oil equivalent per day at the upper end of guidance, driven by strong performance from the Kodiak and Odd Job fields. At Winterfell, the partnership has drilled the number 4 well with the completion operations underway and the well is expected online later this quarter. On Tiberius, we continue to advance the development with our 50/50 partner, Oxy with FID targeted next year.

在美國灣，受科迪亞克油田和 Odd Job 油田強勁表現的推動，淨產量約為每天 19,600 桶油當量，處於指導值的上限。在 Winterfell，該合作公司已鑽探了 4 號井，目前完井作業正在進行中，預計該井將於本季稍後投入使用。在 Tiberius 專案上，我們將繼續與各佔一半股份的合作夥伴 Oxy 共同推進開發，目標是明年做出最終投資決定。

In Equatorial Guinea, net production was just under 8,000 barrels of oil per day, lower than expectations due to some subsea pump mechanical failures at Ceiba. The operator expects the first replacement pump to be installed in the fourth quarter, with production expected to rise thereafter.

在赤道幾內亞，由於 Ceiba 的一些海底泵發生機械故障，石油淨產量略低於每天 8,000 桶，低於預期。營運商預計第一台替換泵浦將於第四季度安裝，此後產量預計會上升。

Turning to slide 5. At GTA, we continue to see a lot of positive progress with the project now fully operational. Year-to-date, we've lifted 6.5 gross cargoes, and the cadence of cargo listings is increasing as production ramps up. Further progress as expected with production expected to rise towards nameplate capacity of 2.7 million tonnes per annum in the fourth quarter.

翻到幻燈片 5。在 GTA，我們繼續看到許多積極進展，該項目現已全面投入營運。今年迄今為止，我們已裝載了 6.5 總噸貨物，隨著產量的增加，貨物清單的節奏也正在加快。正如預期的那樣，產量預計在第四季度進一步上升，達到每年 270 萬噸的額定產能。

Production of the project is expected to fluctuate slightly with seasonal temperatures with higher production expected during the winter months when the air and sea temperatures occur. Full year guidance of 20 gross cargoes reflects a slightly slower production ramp-up that we saw in the same quarter and early third quarter.

預計該項目的產量將隨著季節性氣溫而略有波動，在冬季氣溫和海水溫度較高時產量預計會更高。全年預計產量為 20 艘，反映出產量成長速度較同一季和第三季初略有放緩。

Importantly, the subsurface is performing well, which is a key factor as we plan future expansion phases. As a reminder, there is around 25 Tcf of discovered gas in place at GTA. Phase 1 only requires around 3 Tcf for 20 years of production at the contracted rate. This is a world-class gas resource with significant running room. The partnership also expects the first condensate cargo late in the third quarter, a meaningful additional revenue stream for the project. On operating costs, both start-up and commissioning costs should start to fall away in the second half of the year. We're also progressing the refinancing of the FPSO lease targeting completion in the second half of the year.

重要的是，地下表現良好，這是我們規劃未來擴張階段的關鍵因素。提醒一下，GTA 已發現約 25 兆立方英尺天然氣。第一階段僅需約 3 兆立方英尺的天然氣，依照合約規定的產量可生產 20 年。這是一個世界級的天然氣資源，具有巨大的開發空間。該合作公司還預計第一批凝析油將於第三季末交付，這將為該項目帶來一筆有意義的額外收入。在營運成本方面，啟動成本和調試成本都應該在下半年開始下降。我們也正在推動 FPSO 租賃的再融資，目標是在今年下半年完成。

Additionally, the partners are working with the operator to explore alternative lower-cost operating models to drive down costs further. As we look out with Phase 1 now fully operational, the next major opportunity to enhance value is through future expansion. Phase 1 plus, a low-cost brownfield expansion that leverages the existing Phase 1 infrastructure to enable gas production to double at a fraction of the cost through increased LNG production and domestic gas to our host countries.

此外，合作夥伴正在與營運商合作探索替代的低成本營運模式，以進一步降低成本。隨著第一階段全面投入運營，我們預計下一個提升價值的主要機會是透過未來的擴張。第一階段及以上是低成本棕地擴建，利用現有的第一階段基礎設施，透過增加液化天然氣產量和向東道國輸送國內天然氣，使天然氣產量以極低的成本翻倍。

During an official visit to the US in July, the Presidents of Senegal and Mauritania met with President Trump at the White House. President Faye of Senegal spoke positively to President Trump about Kosmos and our critical role in discovering the GTA field 10 years ago. He also talked about the importance to Senegal of US investment from companies like Kosmos and the joint opportunities that could be created through investment in sectors core to the country's economic growth, such as natural gas. The videos of the meetings are online and worth watching.

今年7月，塞內加爾總統和茅利塔尼亞總統對美國進行正式訪問期間，在白宮與川普總統會面。塞內加爾總統法耶向川普總統積極評價了科斯莫斯公司以及我們在 10 年前發現 GTA 油田過程中發揮的關鍵作用。他也談到了科斯莫斯等美國公司對塞內加爾的投資的重要性，以及透過投資天然氣等對塞內加爾經濟成長至關重要的產業所能創造的共同機會。會議影片已上傳至網路上，值得一看。

Turning to slide 6, 2025 is an important year for our operations in Ghana as we return to drilling. The timeline on the slide shows the journey we are on to deliver the full potential of the Jubilee field. The first half of 2024 marked the end of the previous three-year drilling campaign, which was done using 4D seismic shot in 2017. At the end of that drilling campaign, Jubilee production peaked above 100,000 barrels of oil per day. In the second half of the year, we saw the start of a 12-month drilling hiatus, resulting in some expected natural decline of the field, which was exacerbated by facility issues that we talked about in detail last year, namely reliability, water injection and power generation.

翻到幻燈片 6，2025 年對我們在加納的業務來說是重要的一年，因為我們將重返鑽探。幻燈片上的時間線展示了我們為充分發揮 Jubilee 油田的潛力所經歷的歷程。2024 年上半年標誌著前三年鑽探活動的結束，該鑽探活動於 2017 年使用 4D 地震勘探完成。在該鑽探活動結束時，Jubilee 油田的石油產量達到每天 10 萬桶以上的高峰。下半年，我們經歷了為期 12 個月的鑽井中斷，導致油田產量出現一些預期的自然下降，而我們去年詳細討論過的設施問題，即可靠性、注水和發電，則加劇了這種情況。

The first half of 2025, the partnership carried out a significant facilities work scope on the FPSO during the scheduled shutdown. While voidage replacement for the first half of the year has been above 100%, production declines have been higher than anticipated in certain wells in the eastern side of the field, including Jubilee Southeast. Riser-based gas lift was introduced to the eastern side of the field, which has helped to restore and stabilize production and plans are in place to do the same on the western side of the field in the future.

2025 年上半年，合作夥伴在預定的停工期間對 FPSO 進行了重要的設施工作。雖然今年上半年的空隙率替代率已超過 100%，但油田東側某些油井（包括 Jubilee Southeast）的產量下降幅度高於預期。該油田東側引進了立管氣舉技術，有助於恢復和穩定產量，未來也計劃在油田西側採用同樣的技術。

In early 2025, we acquired new 4D across the field, the first since 2017 to ensure the next set of wells we drill in Jubilee are the best targets derisked with the best data and technology. A key event in the second quarter was the arrival of the rig to commence the '25/'26 drilling campaign. In July, we brought the first new well online in over a year, a producer in the Jubilee main reservoir with initial gross production of around 10,000 barrels of oil a day. The 2025 rig program has been optimized to drill a second producer well in the Jubilee Main field following a period of scheduled rig maintenance.

2025 年初，我們在整個油田獲得了新的 4D 數據，這是自 2017 年以來的首次，旨在確保我們在 Jubilee 鑽探的下一組井是使用最佳數據和技術降低風險的最佳目標。第二季的關鍵事件是鑽井平台抵達並開始 25/26 鑽探活動。7 月份，我們在一年多的時間裡投產了第一口新油井，這是 Jubilee 主油藏的一口生產井，初始總產量約為每天 10,000 桶石油。經過一段時間的定期鑽機維護後，2025 年鑽機計畫已優化，將在 Jubilee Main 油田鑽探第二口生產井。

The second producer well is expected online around the end of the year. We're excited to see the enhanced imaging of the fast-track 4D seismic data now coming through, which we plan to further improve using ocean bottom node seismic or OBN, which we expect to acquire later in the year. I'll talk more about that on the following slide. As we look forward to next year and beyond, we're back to a more regular drilling cadence with four wells committed in 2026, which will start to benefit from the new seismic.

第二口生產井預計今年底投產。我們很高興看到快速通道 4D 地震數據的增強成像，我們計劃使用海底節點地震或 OBN 進一步改進該數據，我們預計將在今年稍後獲得這些數據。我將在下一張幻燈片中詳細討論這一點。展望明年及以後，我們將恢復更規律的鑽井節奏，2026 年將鑽探四口井，這些井將開始受益於新的地震勘探。

Turning to slide 7. I want to spend some time on this slide talking about the importance of consistent drilling and how the partnership is planning to use the latest technologies to deliver the full potential of Jubilee. Using cutting-edge seismic technology to enhance resource recovery in mid-life fields is a growing theme across the industry with recent communications from some of the majors highlighting the significant role they expected to play over the coming years. The 4D narrow-azimuth seismic or NAZ shot in the first quarter of the year was the first seismic acquired over the field since 2017.

翻到幻燈片 7。我想花一些時間在這張投影片上談論持續鑽探的重要性以及合作夥伴計劃如何使用最新技術來充分發揮 Jubilee 的潛力。使用尖端地震技術來提高中期油田的資源採收率是整個行業日益增長的主題，一些主要油氣公司最近強調了它們在未來幾年預計將發揮的重要作用。今年第一季的 4D 窄方位角地震或 NAZ 地震採集是自 2017 年以來在該油田採集的首次地震採集。

This new seismic data processed with the latest technology is generating a better understanding of the subsurface through enhanced imaging, which is helping to identify new undrilled lobes and unswept oil. As can be seen on the slide, the modern NAZ data on the bottom right shows much greater definition of existing reservoirs and yields an improved understanding of fluid movements over time compared to the legacy seismic in the top right. The improved imaging of the new data also provides greater visibility and understanding of deeper potential.

這些採用最新技術處理的新地震資料透過增強成像可以更好地了解地下情況，有助於識別新的未鑽裂葉和未波及的石油。從幻燈片上可以看出，與右上角的傳統地震資料相比，右下角的現代 NAZ 資料顯示了現有儲層的更清晰的定義，並且對流體隨時間的運動有了更好的理解。新數據的改進成像也提供了更大的可見性和對更深層潛力的理解。

At Kosmos, we've taken the lead in coupling this modern seismic with new AI-enhanced data interpretation and reservoir modeling to maximize recovery. As mentioned on the previous slide, we're planning to acquire OBN data over the field later in the year, which will enhance the velocity model to further uplift the NAZ processing. The velocity model inserts to the two images on the slide show the evolution and improvement in clarity from 2017 to the present day, and we think there's more to go with OBN data.

在 Kosmos，我們率先將這種現代化地震與新的 AI 增強數據解釋和儲層建模相結合，以最大限度地提高採收率。正如上一張投影片中所提到的，我們計劃在今年稍後取得該油田的 OBN 數據，這將增強速度模型，進一步提升 NAZ 處理能力。幻燈片上兩張圖像中插入的速度模型展示了從 2017 年到現在的演變和清晰度的提高，我們認為 OBN 數據還有更多用途。

The second message on the slide I want to focus on is drilling. We've talked at length in the past about the need for regular drilling on Jubilee, a key part of delivering the field's potential alongside high facility uptime and sustained water injection. As I mentioned, the '25/'26 drilling program is now underway with the first Jubilee producer, J-72 online and the second Jubilee main field producer expected online around the end of the year. Following completion of that well, the rig is scheduled to drill four wells in Jubilee in 2026, targeting well-defined main field producers supported by good adjacent well control, similar to J-72.

投影片上我想重點講的第二個訊息是鑽探。我們過去曾詳細討論過在 Jubilee 油田定期鑽探的必要性，這是發揮油田潛力以及保證設施高正常運行時間和持續注水的關鍵部分。正如我所提到的，25/26 鑽探計劃目前正在進行中，第一個 Jubilee 生產商 J-72 已上線，第二個 Jubilee 主油田生產商預計將於今年年底上線。該井完工後，該鑽井平台計劃於 2026 年在 Jubilee 鑽探四口井，目標是明確的主要油田生產區，並得到良好的相鄰井控制的支持，類似於 J-72。

Going forward, we expect three to four wells per year will be needed to maximize the field's full potential over a multiyear period and sustain higher production levels. With the license extension MOU, the partnership can now plan on long-term investment in Jubilee, which should also drive a material uplift in 2P reserves. In summary, Jubilee is a big field that we expect will get bigger through regular drilling supported by new imaging and reservoir management technology.

展望未來，我們預計每年需要三到四口井，才能在多年時間內最大限度地發揮油田的全部潛力並維持更高的產量水平。透過延長許可諒解備忘錄，該合作夥伴現在可以計劃對 Jubilee 進行長期投資，這也將推動 2P 儲量的大幅提升。總而言之，Jubilee 是一個大型油田，我們預計透過新成像和油藏管理技術支援下的定期鑽探，該油田的規模將會擴大。

Turning to slide 8. The Gulf of America second quarter performance was good with production at the upper end of guidance helped by strong output from both Odd Job and Kodiak. At Winterfell, the number 4 well was drilled in the second quarter and is anticipated to come online late 3Q. The well is expected to contribute a net rate to Kosmos of around 1,000 barrels of oil equivalent per day. On our development activity, we, together with Oxy continuing to progress Tiberius, an outboard Wilcox discovery, working on improved lower-cost development plans supported by new OBN seismic that we expect to acquire later in the year.

翻到幻燈片 8。由於 Odd Job 和 Kodiak 的強勁產量，美國灣第二季表現良好，產量達到預期上限。在 Winterfell，4 號井於第二季鑽探，預計於第三季末投產。預計該油井每天將為 Kosmos 貢獻約 1,000 桶油當量的淨產量。在我們的開發活動中，我們與 Oxy 合作繼續推進 Tiberius（一個外部 Wilcox 發現），並致力於改進低成本開發計劃，該計劃將得到我們預計將於今年晚些時候獲得的新 OBN 地震數據的支持。

FID would then be targeted for next year. Gettysburg is a discovered resource opportunity we acquired in a previous lease sale in the Norphlet trend. To advance the project, we brought in Shell as a 75% partner and operator and are working alongside them in a joint team to progress a low-cost single well development that will be tied back to Shell's operated Appomattox platform. That concludes the review of the portfolio, and Neal will now take you through the financials.

那麼 FID 的目標就定在明年。葛底斯堡是我們在諾夫利特趨勢的先前租賃銷售中獲得的一個發現的資源機會。為了推進該項目，我們引入殼牌作為 75% 的合作夥伴和營運商，並與他們組成聯合團隊，推進低成本單井開發，該開發將與殼牌運營的阿波馬托克斯平台掛鉤。投資組合的審查到此結束，尼爾現在將帶您了解財務狀況。

Thanks, Andy. Turning now to slide 9, which looks at the quarter in detail. Production was higher sequentially due to GTA coming on and strong performance in the Gulf of America, partly offset by lower production in Jubilee and Equatorial Guinea. Production did come in lower than guidance, mainly due to the ramp-up timing on GTA, which we communicated in June and lower Jubilee production in the quarter. With GTA ramped up and the first Jubilee well online in July, current production is approaching record highs, as Andy previously mentioned.

謝謝，安迪。現在翻到第 9 張投影片，詳細介紹本季的狀況。由於 GTA 的投入使用和美國灣的強勁表現，產量環比增長，但 Jubilee 和赤道幾內亞的產量下降部分抵消了這一影響。產量確實低於預期，主要是由於 GTA 的產能提升時間（我們在 6 月溝通過）以及本季 Jubilee 產量下降。正如安迪之前提到的，隨著 GTA 的加速和 7 月第一口 Jubilee 油井的上線，目前的產量正在接近歷史最高水平。

With additional wells at Jubilee and Winterfell, the installation of replacement pumps at Ceiba and ramp-up further of GTA targeting the FLNG nameplate capacity, we expect production to continue to rise quarter-over-quarter into 2026. OpEx per BOE, as shown on the slide, excluding GTA, was higher in the quarter, largely reflecting the 1/10 lifting we expect this year since TEN operating costs are booked in the quarter, the cargo is lifted. G&A was lower as we start to see the impact of some of the overhead savings coming through. And finally, CapEx came in under budget due to the timing of activity in the Gulf of America and lower GTA costs in the quarter.

隨著 Jubilee 和 Winterfell 油井的增多、Ceiba 替換泵浦的安裝以及 GTA 進一步提升以達到 FLNG 額定產能，我們預計到 2026 年產量將繼續逐季上升。如幻燈片所示，不包括 GTA 的每桶油當量的營運成本在本季度有所上升，這在很大程度上反映了我們今年預計的 1/10 的提升，因為本季度已記入 TEN 運營成本，貨物也已提升。由於我們開始看到部分管理費用節省的影響，因此一般及行政費用 (G&A) 有所降低。最後，由於美國灣的活動時間和本季 GTA 成本較低，資本支出低於預算。

As Andy discussed earlier, we have lowered our full year CapEx guidance to approximately $350 million from $400 million with 1Q and 2Q CapEx demonstrating we are on track to achieve the lower amount, which we believe is sustainable into 2026. With our CapEx and NOC funding winding down and production increasing, at current oil prices, we are generating free cash flow. While the timing has been slightly delayed, we remain focused on maximizing cash flow in the near term and reducing the absolute amount of net debt. I also want to mention that while working capital is difficult to predict on a quarterly basis, we do expect a working capital draw in the third quarter to reflect the timing of some payments.

正如安迪之前所討論的，我們已將全年資本支出預期從 4 億美元下調至約 3.5 億美元，第一季度和第二季度的資本支出表明我們預計將實現較低的金額，我們相信這一目標可以持續到 2026 年。隨著我們的資本支出和國家石油公司資金的減少以及產量的增加，在當前油價下，我們正在產生自由現金流。雖然時間略有延遲，但我們仍然專注於在短期內最大化現金流並減少淨債務的絕對量。我還想提一下，雖然很難按季度預測營運資本，但我們確實預計第三季的營運資本提取將反映一些付款的時間。

Turning to slide 10. As Andy said in his opening remarks, one of the priorities for the company this year is enhancing the resilience of the balance sheet, and we've made progress in several key areas recently. On liquidity, we have agreed indicative terms for a senior secured term loan with an investment-grade counterparty at a cost similar to our existing RBL for up to $250 million, which we would anticipate using to repay the outstanding 2026 unsecured notes. This facility would be secured against our assets in the Gulf of America with a final maturity date four years after closing, which is anticipated by the end of the third quarter.

翻到第 10 張投影片。正如安迪在開場白中所說，今年公司的首要任務之一是增強資產負債表的韌性，我們最近在幾個關鍵領域取得了進展。在流動性方面，我們已與投資等級交易對手達成優先擔保定期貸款的指示性條款，貸款成本與我們現有的 RBL 相似，最高金額為 2.5 億美元，我們預計將用這筆貸款償還未償還的 2026 年無擔保票據。這筆貸款將以我們在美國灣的資產作為抵押，最終到期日為交易完成後四年，預計在第三季末。

The chart on the right shows the pro forma impact of this transaction on our maturity schedule, assuming we fully draw down on the new facility to repay the outstanding 2026 notes. Through the second half of this year, we plan to continue working on accessing additional attractive sources of liquidity to potentially repay some of our other longer-dated maturities. On hedging, we continue to add additional protection against commodity price downside through the back half of the year into 2026.

右側圖表顯示了此交易對我們的到期計畫的預期影響，假設我們充分利用新貸款來償還未償還的 2026 年票據。今年下半年，我們計劃繼續努力尋找更多有吸引力的流動資金來源，以償還部分其他較長期債務。在對沖方面，我們將在今年下半年至 2026 年繼續增加對大宗商品價格下跌的額外保障。

For the remainder of 2025, we have 5 million barrels of oil production hedged with a $62 per barrel floor and a $77 per barrel ceiling. We also took advantage of higher prices in late 2Q and early 3Q to add more hedges for 2026. We now have 7 million barrels of oil hedged next year with a floor of $66 per barrel and a ceiling of $75 per barrel. On CapEx, I talked on the previous slide about reducing full year guidance to approximately $350 million from $400 million. The chart on the bottom right shows a material drop in quarterly CapEx from last year with lower levels of CapEx expected to continue as we prioritize free cash flow.

對於 2025 年剩餘的時間，我們將對沖 500 萬桶石油產量，最低價格為每桶 62 美元，最高價格為每桶 77 美元。我們也利用第二季末和第三季初的價格上漲為 2026 年增加了更多對沖。我們現在對明年的 700 萬桶石油進行了對沖，下限為每桶 66 美元，上限為每桶 75 美元。關於資本支出，我在上一張投影片中談到將全年指引金額從 4 億美元下調至約 3.5 億美元。右下角的圖表顯示，季度資本支出與去年相比大幅下降，由於我們優先考慮自由現金流，預計較低的資本支出水準將持續下去。

And finally, we worked with our banks to amend the debt cover ratio calculation for the RBL, increasing the ratio for the next two scheduled test dates to reflect the timing impact of start-up of the GTA project on the backward-looking leverage calculation. The debt cover ratio will return to the originally agreed level thereafter when full year revenues from the GTA project are better aligned with operating expenses. So in summary, we remain proactive on improving the balance sheet, raising liquidity, increasing hedging and reducing costs, and we'll continue to update the market as we make further progress in the second half of this year. With that, I'll hand it back to Andy.

最後，我們與銀行合作修改了 RBL 的債務覆蓋率計算方法，提高了接下來兩個預定測試日期的比率，以反映 GTA 專案啟動對後視槓桿率計算的時間影響。當 GTA 項目的全年收入與營運支出更好地匹配時，債務覆蓋率將恢復到最初商定的水平。總而言之，我們將繼續積極改善資產負債表，提高流動性，增加對沖並降低成本，並將在今年下半年取得進一步進展的同時繼續向市場更新資訊。說完這些，我就把它交還給安迪。

Thanks, Neal. Turning now to slide 11 to conclude today's presentation. As I said in my opening remarks, our near-term focus is on growing production, reducing costs and enhancing the resilience of the balance sheet, and we're making good progress in all three areas. As we look beyond the near term, there's significant scope to add long-term value for our investors through high-quality production and development opportunities across the portfolio.

謝謝，尼爾。現在翻到第 11 張投影片來結束今天的簡報。正如我在開場白中所說，我們近期的重點是提高產量、降低成本和增強資產負債表的彈性，我們在這三個領域都取得了良好的進展。放眼短期，透過投資組合中的高品質生產和開發機會，我們有很大空間為投資者增加長期價值。

On GTA, with the first phase now fully operational, we are focusing our efforts towards reducing costs and doubling production to further drive down unit costs through advancing the low-cost brownfield expansion that leverages the existing infrastructure. In Ghana, Jubilee is a big mid-life field with significant reserves yet to be produced, which can be accessed by consistent drilling enabled by new technology and the license extension.

在 GTA，隨著第一階段的全面投入運營，我們正致力於降低成本和增加產量，透過利用現有基礎設施推進低成本棕地擴建來進一步降低單位成本。在加納，Jubilee 是一個大型中期油田，其大量儲量尚未開採，可以透過新技術和許可證延期實現持續鑽探來開採。

The Gulf of America, a proven basin with significant running room, we continue to advance an attractive portfolio of infrastructure-led exploration and development options in the Outboard Wilcox and Norphlet trends that leverage Kosmos' capability. In Equatorial Guinea, our assets should deliver cash flow as we selectively invest in production optimization.

美洲灣是一個具有巨大運行空間的成熟盆地，我們將繼續在 Outboard Wilcox 和 Norphlet 趨勢中推進以基礎設施為主導的勘探和開發方案組合，充分利用 Kosmos 的能力。在赤道幾內亞，隨著我們選擇性地投資生產優化，我們的資產應該會產生現金流。

So in summary, Kosmos has a diverse, differentiated portfolio with a 2P reserves to production life of over 20 years with considerable discovered resource beyond that. The conversion of this discovered resource into high-value reserves and then into production will be done at the right pace in a capital efficient manner, prioritizing cash flow and the balance sheet in the near term. We look forward to delivering on these near-term objectives, which will support long-term value creation for our investors.

總而言之，Kosmos 擁有多元化、差異化的投資組合，其 2P 儲量和生產壽命超過 20 年，並且在此基礎上還發現了大量資源。將這項已發現的資源轉化為高價值儲量並投入生產的過程將以適當的速度和資本高效的方式進行，優先考慮短期內的現金流量和資產負債表。我們期待實現這些近期目標，這將支持為我們的投資者創造長期價值。

Thank you. And I'd now like to turn the call over to the operator to open the session for questions.

謝謝。現在我想將電話轉給接線員，開始提問環節。

(Operator Instructions) Charles Meade, Johnson Rice.

（操作員指示）Charles Meade、Johnson Rice。

Andy, I want to ask a question about Jubilee. You've given us a lot of great detail here, and I love all the technical detail. But looking at the story from the top down, you gave us the -- you mentioned that in the first half of '24, the field was producing over 100,000 barrels. And a year later, you're down to 55,000 or let's call it, 60,000 adjusted for downtime.

安迪，我想問一個關於 Jubilee 的問題。您在這裡為我們提供了很多詳細的信息，我喜歡所有的技術細節。但從上到下來看這個故事，你給了我們——你提到在 24 年上半年，該油田的產量超過 10 萬桶。而一年之後，你的客戶數量就下降到了 55,000 人，或者說，根據停機時間調整後的客戶數量是 60,000 人。

So that 40% decline in the year strikes me as high, maybe anomalously high. But if I look at it from a different way and say, okay, well, you need to drill four new producers every year to keep the field flat. And if those producers come in like your latest one, maybe that 40% annual decline is the slope you're fighting every year. So I wonder if you could comment on whether that's a valid way of looking at it and what you'd add to that picture.

因此，我認為今年 40% 的降幅很高，甚至可以說是異常高。但如果我從不同的角度來看這個問題，我會說，好吧，那麼你需要每年鑽探四個新的生產井來保持油田的平坦。如果這些生產商像您最新的生產商一樣進來，那麼也許每年 40% 的下降幅度就是您每年要應對的趨勢。所以我想知道您是否可以評論一下這是否是一種有效的看待它的方式以及您會對該圖片添加什麼內容。

Yes. Thanks, Charles, look, it's a really good question. I think when you look at it from the top down, I think you rightly sort of focused on where we are in 2Q. Not only was the shutdown a little challenged, but we did have the additional issues of the riser instability, which we've ironed out. So you sort of have to look in 2Q in the right context, yes. But it was also impacted, I think, by higher-than-expected decline, certainly in some of the wells on the eastern side of the field, in particular, Jubilee Southeast.

是的。謝謝，查爾斯，看，這是一個非常好的問題。我認為，當你從上往下看時，你會正確地關注我們在第二季的狀況。不僅關閉有點困難，而且我們還遇到了立管不穩定的額外問題，但我們已經解決了。是的，你必須在正確的背景下看待第二季。但我認為，它也受到了產量下降幅度高於預期的影響，尤其是油田東側的一些油井，特別是 Jubilee Southeast 油井。

So you go, okay, what are we actually doing about that now? I think we talked in quite a lot of detail in the prepared section of the impact of two things. One is better data. We've -- we're really pleased with the uplift we're seeing from the fast-track data in the NAZ and again, you need to remember, this is fast track, very early product. And to me, the uplift is huge in terms of our ability to see better opportunities in the field, both from undrilled lobes and unswept oil. So you're starting to see now a much clearer picture.

那麼你想，好吧，我們現在實際上在做什麼呢？我認為我們在準備好的部分相當詳細地討論了兩件事的影響。一是更好的數據。我們 — — 我們對 NAZ 快速通道資料所呈現的提升感到非常高興，而且，您需要再次記住，這是快速通道，非常早期的產品。對我來說，就我們從未鑽探的葉瓣和未波及的石油中看到油田中更好的機會而言，這種提升是巨大的。所以你現在開始看到更清晰的畫面了。

And I think we did suffer towards the end of the last drilling campaign from the quality of the data we stated back to 2017. So you've got much better data and then the ability then to improve it further than NAZ to the OBN, I think we're going to get -- see a big uplift in the velocity model. So I think the imaging is only going to become clearer. And then as you rightly say, the second part of the story is how do we harness the improved data, you've got to drill regulate. And when we've said all along that you need to get three to four wells in a year to sort of maintain the production levels.

我認為，上一次鑽探活動結束時，我們確實因 2017 年提供的數據品質而受到影響。因此，您獲得了更好的數據，然後有能力將其進一步改進，而不是 NAZ 到 OBN，我認為我們將看到速度模型的巨大提升。所以我認為成像只會變得更加清晰。然後，正如您正確指出的那樣，故事的第二部分是我們如何利用改進的數據，您必須進行鑽研監管。我們一直說，一年內需要打三到四口井才能維持產量水準。

So if you sort of take that and sort of track forward, I think we drilled the first of those wells and brought it online last month. And we're seeing production rising as a result. We hope to get a second well on around by year-end. And I think that can push production up to around 70,000 barrels a day. So the drilling is more than offsetting the underlying decline and leading to growth. And then four more wells in '26, we think they're likely going to be producers.

因此，如果你按照這種方式繼續前進，我想我們上個月已經鑽了第一口井並投入使用。因此，我們看到產量正在上升。我們希望在年底前打出第二口井。我認為這可以將產量提高到每天約 70,000 桶。因此，鑽探不僅抵消了潛在的衰退，也帶來了成長。我們認為，26 年還有另外四口油井可能會產油。

And if you think each of those is adding 5,000 to 10,000 barrels a day, you can see your way with the -- even with the decline that we're seeing, building up towards that sort of 90,000 barrels a day. So I think that's how you get back to where we need to be. And then you can sort of rinse repeat because you've got quality data and you're starting to deliver a regular consistent drilling program targeting high-quality wells. So yes, 2Q was lower than expectation, and you've sort of done the maths on that.

如果你認為每個產油國每天的產量都會增加 5,000 到 10,000 桶，那麼即使我們看到產量下降，每天的產量也會增加到 90,000 桶。所以我認為這就是回到我們需要的位置的方法。然後，您可以重複進行，因為您已經獲得了高品質的數據，並且您開始實施針對高品質油井的定期一致的鑽井計劃。是的，第二季的業績低於預期，你已經對此進行了計算。

But I think even when you were sort of -- you adjust it for the one-offs that were in there and then you start to look at the performance we're seeing from some of the wells that we're drilling, you can reestablish the potential of the field. But it's going to require the two things we talked about, going to require good data. And I think I'm really pleased with what we're seeing with the NAZ, and I think the fast Track NAZ, it will only get better with the four products and then the uplift from the OBN and then back to a regular drilling program.

但我認為，即使你根據其中的一次性事件進行調整，然後開始查看我們正在鑽探的一些油井的表現，你仍然可以重新確定油田的潛力。但它需要我們討論過的兩件事，需要好的數據。我認為我對 NAZ 的現狀感到非常滿意，我認為快速通道 NAZ 只會隨著四種產品以及 OBN 的提升而變得更好，然後回到常規鑽探計劃。

Got it. That's great detail, Andy. And then on GTA, I think you mentioned in your prepared comments, in the slides, and also in the press release talking about exploring different operating models to lower costs. And can you give us a sense of what they might be or more importantly, what the order of magnitude might be for reducing the cost? And I'm guessing that means an absolute sense, not in -- as a precursor to producing it on a unit basis?

知道了。非常詳細的信息，安迪。然後關於 GTA，我想您在準備好的評論、幻燈片和新聞稿中都提到探索不同的營運模式來降低成本。您能否告訴我們這些措施可能是什麼，或者更重要的是，降低成本的幅度可能是多少？我猜這意味著絕對意義，而不是作為以單位為基礎生產的先決條件？

Yes, absolutely. Look, it's -- I think to sort of remember that GTA has certainly been a major project for us. The start-up of a major facility such as this as an LNG scheme always comes, I think the first year is always a challenging period because you're building plateau, you're removing those shutdowns and commissioning costs and getting to steady state. So I think the first order of business is sort of to deliver that outcome and get to that sort of plateau. And I think we got COD in June.

是的，絕對是。看，我想應該記得 GTA 對我們來說無疑是一個重大項目。像液化天然氣計劃這樣的大型設施的啟動總是需要時間的，我認為第一年總是一個充滿挑戰的時期，因為你正在建造平台期，你需要消除那些停工和調試成本並達到穩定狀態。所以我認為首要任務就是實現這種結果並達到這種水平。我認為我們在六月就獲得了 COD。

I think we're holding at those levels now, and we're producing at the ACQ. So I think -- but we know there's more to go. When we look at the individual trains and the optimization that can be done, there's absolutely ability to get to nameplate and beyond. So that's part of the journey in the second half of the year. Then part of the journey in the second half of the year is getting those projects, those -- and start-up costs, commissioning costs out of the system and getting to a lower level, which we think we'll achieve both in the fourth quarter.

我認為我們現在保持這些水平，並且正在 ACQ 進行生產。所以我認為——但我們知道還有更多工作要做。當我們研究單一列車和可以進行的優化時，我們絕對有能力達到銘牌甚至超越。這是下半年旅程的一部分。那麼下半年的部分工作就是將這些專案、啟動成本、調試成本從系統中剔除，並降低到較低的水平，我們認為我們將在第四季度實現這兩個目標。

And then looking beyond that, the conversation with the operator is around a couple of things. We're looking at how we refinance the FPSO in the second half of the year. That will bring a significant benefit to Kosmos and to the NOCs. And then beyond that is how do you reduce the operating costs even lower. And that ultimately, Charles, is about exploring sort of all operating models, yes.

除此之外，與操作員的對話還涉及幾件事。我們正在研究如何在下半年為 FPSO 進行再融資。這將為 Kosmos 和各國奧委會帶來巨大的利益。除此之外，還有如何進一步降低營運成本。查爾斯，最終，這是為了探索所有的營運模式，是的。

At the moment, we have a model which is exclusively BP personnel, both on the FPSO and the hub are the ways in which you can look at models that are employed elsewhere that ultimately get you to a more competitive position. So those are the things that follow next. So I think there's a lot of opportunity to take cost out. And it isn't simply about moving the volume up. It is fundamentally about attacking the cost base from all of the angles that I've talked about.

目前，我們有一個專門針對 BP 人員的模型，無論是在 FPSO 還是在樞紐，您都可以查看其他地方採用的模型，最終讓您獲得更具競爭力的地位。這些就是接下來要做的事。所以我認為有很多機會可以降低成本。這不僅僅是提高音量那麼簡單。從根本上來說，這是從我談到的所有角度來攻擊成本基礎。

Matt Smith, Bank of America.

美國銀行的馬特史密斯。

Thanks for all those details so far. Perhaps I just have one sort of broad question on CapEx. Welcome to see that coming down in the guidance for 2025. I guess my question really is, is that CapEx envelope now well below $400 million at around $350 million. Is that a sensible CapEx envelope to think about going forward? You referenced, of course, Tiberius FID potentially next year at some stage, Phase 1 plus on GTA.

感謝您提供迄今為止的所有詳細資訊。也許我只是對資本支出有一個廣泛的疑問。歡迎看到 2025 年指導中出現這種情況。我想我真正的問題是，資本支出總額現在是否遠低於 4 億美元，約 3.5 億美元。這是未來值得考慮的合理資本支出範圍嗎？當然，您提到 Tiberius FID 可能在明年某個階段，第一階段以及 GTA 上。

So I'm just wondering, are you comfortable that you could operate within that $350 million going forward? Or should we expect you to perhaps need to go above that if you were to progress those projects? And perhaps if I tack on a second one, related to that is just whether you're seeing any momentum on that GTA Phase 1 plus project at the moment, good alignment from the partnership or how close to near term is progress there, I guess, is the crux of my question, please.

所以我只是想知道，您是否有信心在未來的 3.5 億美元範圍內開展營運？或者我們應該預期，如果您要推進這些項目，您可能需要超越這一點？如果我再問第二個問題，與此相關的是，您是否看到 GTA 第一階段加專案目前有任何發展勢頭，合作夥伴關係是否良好，或者短期內進展如何，我想，這是我的問題的關鍵。

Okay. Good, Matt. As you look at the CapEx reduction of $400 million to $350 million, it is about really sort of making every dollar count as we look at the investment going into the company and prioritizing the free cash flow. So it is at lots of opportunities right across the portfolio. But I'd say the majority has been slowing down some of the longer-term projects, in particular, Tiberius. So as you sort of look to the next question then is, can you sustain the $350 million into '26. We haven't given CapEx guidance yet.

好的。很好，馬特。當您看到資本支出從 4 億美元減少到 3.5 億美元時，我們會發現，當我們考慮投入公司的投資並優先考慮自由現金流時，每一美元都是有價值的。因此，整個投資組合中都存在著許多機會。但我想說，大多數人已經放慢了一些長期專案的進度，特別是 Tiberius 專案。那麼，下一個問題是，你能否將 3.5 億美元維持到 26 年。我們尚未給出資本支出指導。

But if you sort of step back and say that the primary call on capital in '26 is the four wells that we've got committed in Jubilee. There is -- that's a primary call on CapEx. Actually, in Equatorial Guinea, not really any significant CapEx call. On GTA, I'll come on to it in a minute. We don't believe Phase 1 is going to be a significant part of '26, it will follow slightly slower. Therefore, probably the FID of Tiberius will come probably towards the end of the year.

但如果你退一步來看，我們會發現 1926 年最需要資金的是我們在 Jubilee 油田投入的四口油井。這是對資本支出的主要要求。實際上，在赤道幾內亞，並沒有任何重大的資本支出需求。關於 GTA，我馬上就會談到它。我們不認為第一階段將成為26年的重要組成部分，它將稍微慢一點。因此，Tiberius 的 FID 很可能會在年底前到來。

So when you take that and you look at the focus on particularly in the volatile oil price environment that we have today, a forward number of around $350 million can -- not only sustain the company, but it will grow the company, as I just talked about, through the impact of the Jubilee wells without damaging that future growth profile. So I think it's -- in summary, yes, around $350 million, probably right. Yes, around $350 million, the company is going to continue to grow.

因此，當你考慮到這一點，並特別關注我們今天所處的動蕩的油價環境時，大約 3.5 億美元的遠期數字不僅可以維持公司的發展，而且正如我剛才所說的，它還可以通過 Jubilee 油井的影響使公司發展壯大，而不會損害未來的增長前景。所以我認為——總而言之，是的，大約 3.5 億美元，可能沒錯。是的，大約 3.5 億美元，公司將繼續成長。

And then you have the subsequent follow-on, which is more '27, '28 period, where you would see some spend on Tiberius, some spend on Phase 1 plus, okay? Then on Phase 1 plus, the most important thing to start with on that is actually the performance of the subsurface on Phase 1. We've got three wells online at the moment. They're all performing in line with expectation. So that was a little bit of a gating item amongst the partnership wanting to see the reservoir performance. We're now sort of -- we started up at the -- right at the end of the year, December 31.

然後你有後續的跟進，也就是 27、28 年期間，你會看到在 Tiberius 上有一些花費，在第一階段也有一些花費，好嗎？然後是第一階段及之後，最重要的事情實際上是第一階段地下的表現。目前我們已經有三口井投入使用。他們的表現都符合預期。因此，這對於希望了解油藏性能的合作夥伴來說是一個小小的門檻。我們現在是從年底（12 月 31 日）開始的。

So we've got essentially more than sort of seven months of production data and feel good about what we're seeing. So the reserves are absolutely there in terms of the ability to expand the project. In terms of alignment around the partnership, there is alignment around a brownfield expansion, the ability to double volume, double volume through brownfield expansion of the FPSO, which is -- it was designed to do circa double the rate that it's doing today and the incremental investment to get it there is very small. So alignment around that. Alignment around actually that incremental gas will go into LNG and domestic gas. There's a call from the government for domestic gas.

因此，我們基本上獲得了超過七個月的生產數據，並且對所看到的情況感到滿意。因此，就擴大專案的能力而言，儲備是絕對存在的。在合作夥伴關係的協調方面，雙方在棕地擴建方面達成了一致，即透過 FPSO 的棕地擴建使產量翻番，也就是 — — 它的產量設計為目前的兩倍左右，而實現這一目標所需的增量投資非常小。因此要圍繞這一點進行調整。實際的調整是增量天然氣將進入液化天然氣和家用天然氣領域。政府呼籲增加家用天然氣。

Equally, the rate at which they ramp up that domestic gas call is one issue that we're working. And then the ability to debottleneck the Gimi to provide additional LNG capacity is the other part of the exam question to how do I use that incremental 300 million to 400 million standard cubic feet. So that's the work that we're doing at the moment. So I'd say that the fundamental issue is, of course, therefore, around the number of wells which you need to support that incremental sort of 350.

同樣，他們增加國內天然氣需求的速度也是我們正在努力解決的問題。然後，如何突破吉米的瓶頸以提供額外的液化天然氣產能是考試問題的另一部分，即如何使用增量的 3 億到 4 億標準立方英尺。這就是我們目前正在做的工作。因此，我想說，根本問題當然在於需要多少口井來支撐 350 個增量井。

And good that the reservoir is performing, we're getting track record now. And therefore, I believe we have the opportunity, I think, to sort of really refine that well count. So that's the sort of the work that's ongoing at the moment. There are three things: get the well count right, how many wells do you need, when do you need them to support the incremental volume? What's the timing of that volume in terms of domestic gas and what uplift can you see from the Gimi to be able to deliver that.

水庫運作情況良好，我們現在正在記錄。因此，我相信我們有機會真正改善油井數量。這就是目前正在進行的工作。有三件事：正確計算井數，需要多少口井，什麼時候需要它們來支援增量？就國內天然氣而言，這數量的供應時間是什麼時候？您認為吉米天然氣能帶來哪些提升才能滿足這項需求？

Bob Brackett, Bernstein Research.

鮑伯‧布拉克特（Bob Brackett），伯恩斯坦研究公司。

I have a clarification maybe and then a question. The clarification follows what Charles had alluded to a 40% decline in the 100,000 a day Jubilee field. The way I read the release is something more like three to four wells a year to maintain flat performance and maybe those split between producers and injectors, and that gets you to something like a 15% to 20% base decline. Is that the better way to think of it?

我可能需要澄清一下，然後提出一個問題。此前查爾斯曾暗示，日產量 10 萬桶的 ​​Jubilee 油田產量下降了 40%，隨後做出了澄清。我讀到的這份報告是，為了保持穩定的性能，每年需要開採三到四口井，也許這些井由生產井和注入井分擔，這樣可以達到 15% 到 20% 的基準下降率。這是更好的思考方式嗎？

Yes, it is, Bob. Yes. I think you've described it accurately. So if you think about the near-term program, we're going to heavily weight producers because we believe we've got sufficient injection capacity as you ramp up from where we are today up to that sort of 90,000 barrels of oil per day. So you don't really need today additional injectors.

是的，鮑伯。是的。我認為你的描述很準確。因此，如果你考慮短期計劃，我們將會大力支持生產商，因為我們相信，隨著注入能力從目前的水平上升到每天 90,000 桶石油，我們已經擁有足夠的注入能力。所以你今天其實並不需要額外的注射器。

So you can sort of high-grade the program to producers, but to be able to do that, you need the data, et cetera, as I talked through with Charles. When you're at that higher level, then I think the decline rate that you've talked about is the level in which you can manage the field. And therefore, you will be -- you will need injectors because you've got a high level of offtake. And therefore, a mix of producers and injectors, three to four wells per year is the right way to think about it.

因此，你可以向製作人提供高品質的節目，但要做到這一點，你需要數據等等，正如我與查爾斯討論的那樣。當你處於更高的水平時，我認為你談到的下降率就是你可以管理該領域的水平。因此，您將需要注入器，因為您擁有高水平的吸收量。因此，採用生產井和注入井混合開採，每年開採三到四口井是正確的做法。

And then I guess my core question is somewhat related, which is on the license extension. You have an MOU. Can you share whether there's any change in the fiscal terms or any work program commitment? Or is that still up in the air?

然後我想我的核心問題有些相關，即關於許可證擴展。您有一份諒解備忘錄。您能否分享財務條款或工作計畫承諾是否有任何變更？還是這仍未確定？

No. What we've said, Bob, is that we've described the intent of the MOU and the dimensions that it covers. It's a win-win really for both the government and ourselves. What we're doing is there is a decrease in the gas price, but there's more volume. So we've committed to move the volume up to 130 million standard cubic feet a day with a small discount to the gas price. There is an undertaking to drill up to 20 wells. And clearly, the number will depend on the emerging opportunity set that we see from the NAZ.

不。鮑勃，我們說過，我們已經描述了諒解備忘錄的目的及其涵蓋的範圍。這對政府和我們來說確實是雙贏的。我們的做法是降低天然氣價格，但增加天然氣供應量。因此，我們承諾將天然氣輸送量提高到每天 1.3 億標準立方英尺，同時對天然氣價格進行小幅折扣。有一項任務是鑽探多達 20 口井。顯然，這個數字將取決於我們從 NAZ 看到的新興機會。

But today, we see it as being a positive view that we're getting of the reservoir. No change to the fiscal terms. It's under the existing law. And those are the key elements. So I think for us, the most important part is that you can properly invest in the field to deliver a consistent drilling program where you're continuing to invest in the data because I think we can see the uplift from the NAZ having sort of not been shooting seismic for almost eight years.

但今天，我們認為水庫的狀況是正面的。財政條款沒有變更。這是根據現行法律。這些就是關鍵要素。因此，我認為對我們來說，最重要的部分是，您可以對該領域進行適當的投資，以提供一致的鑽探計劃，並繼續對數據進行投資，因為我認為我們可以看到 NAZ 的提升，因為 NAZ 已經有近八年沒有進行地震勘探了。

We need to get back to a regular program probably every three years where you shoot a NAZ, probably no need to redo OBN, but we would come back to that given that you calibrated the velocity model. So that's the real win-win from this is that with a greater purview, you can invest properly upfront to deliver that regular program that we talked about where the data is enabling you to drill the best wells that are available.

我們需要恢復一個大約每三年進行一次 NAZ 發射的常規計劃，可能不需要重新進行 OBN，但我們會回到該計劃，因為您校準了速度模型。因此，真正的雙贏在於，有了更大的權限，您就可以提前進行適當的投資，以實施我們討論過的常規計劃，其中數據使您能夠鑽探最好的井。

Alexa Petrick, Goldman Sachs.

高盛的 Alexa Petrick。

I wanted to ask one question on GTA costs. I think the 3Q guide came in a little higher than our expectations. So just want to get your sense of what's in those costs. How do we think about 4Q? And then any sense of how we should think about it on a per BOE basis for 2026?

我想問一個有關 GTA 成本的問題。我認為第三季的指引比我們的預期略高一些。所以只是想了解這些成本的具體內容。我們如何看待第四季？那麼，我們應該如何根據 2026 年每桶油當量來考慮這個問題呢？

Yes. Neal, do you want to pick that up?

是的。尼爾，你想把它撿起來嗎？

Yes. So the three components in the GTA cost numbers are sort of -- yes, the FLNG toll, the FPSO lease and the field, just sort of regular field OpEx. And so the FLNG toll was a bit higher in 2Q, given we had some bonus payments that were payable to Golar. That's really normalized on a per Mcf basis. It's a little over $2 on a recurring basis. So it's a volume-based calculation. And so it should be relatively steady both into the back half of this year and into next year.

是的。因此，GTA 成本數字中的三個組成部分是 - 是的，FLNG 通行費、FPSO 租賃費和油田，只是常規油田營運支出。因此，由於我們有一些應付給 Golar 的獎金，因此第二季的 FLNG 費用略高。這實際上是按 Mcf 為基礎進行標準化的。定期收費略高於 2 美元。所以這是一個基於體積的計算。因此，今年下半年和明年它應該會相對穩定。

The FPSO is about $15 million a quarter in terms of operating cost of that lease. And again, I think we're saying we're working on -- we said we're working on refinancing that in the second half of this year. That's on track. So you'll see the costs come through -- the cost reduction come through when that's complete. And again, that's about a little over a quarter of the operating cost.

就租賃的營運成本而言，FPSO 每季約為 1500 萬美元。我再說一遍，我想我們正在努力——我們說過我們正在努力在今年下半年進行再融資。一切進展順利。因此，當這一切完成時，您會看到成本的體現——成本的降低。再說一次，這大約佔營運成本的四分之一多一點。

And then the third one, I said, is sort of field OpEx, and that sort of will be flat closer to 3Q to 2Q as we sort of still rationalize some of the start-up and commissioning costs, and then you'll see a drop-off in that in terms of the fourth quarter that again, we anticipate we can hold into '25 -- into '26 and then also looking at the alternative models. And so again, I think on a per unit basis, you'll continue to see both sides of the equation improve, both in terms of increasing volume and costs coming down.

然後我說的第三個是現場營運支出，由於我們仍在合理化一些啟動和調試成本，因此該支出將在第三季度至第二季度之間持平，然後您會看到第四季度的支出會下降，我們預計我們可以保持到 25 年到 26 年，然後我們也會考慮替代模型。因此，我認為，從單位數量來看，你會繼續看到等式的兩邊都在改善，既增加了產量，又降低了成本。

Okay. That's helpful. And then I just wanted to ask, we recognize right now, we're in a period of GTA start-up costs, production is ramping. But as we think about getting to a point where we have more normalized volumes and costs come off, any thoughts about how we should think about a normalized free cash flow for the business?

好的。這很有幫助。然後我只想問一下，我們現在認識到，我們正處於 GTA 啟動成本、生產正在提升的時期。但是，當我們考慮達到更正常化的交易量和降低成本的程度時，我們有什麼想法應該如何考慮企業的正常化自由現金流？

Yes. And again, I would say our view on that sort of hasn't changed, which is sort of bring the breakeven for the business down to sort of the $50 to $55 per barrel type range. And then again, the sensitivity depending on what oil price you're using, it's about $100 million of free cash flow for every $5 or selling above that. So again, I think that's -- I think that's -- again, it doesn't exactly work out quarterly just because of the timing of liftings and so on. But again, I think sort of that rate is what we're targeting sort of across the business on a consistent basis.

是的。我再說一次，我們對此的看法沒有改變，那就是將業務的損益平衡點降至每桶 50 至 55 美元的範圍內。再說一次，敏感度取決於你使用的油價，每賣出 5 美元或高於該價格的油價，就會產生約 1 億美元的自由現金流。所以，我再一次認為 — — 我認為 — — 再一次，由於起重時間等原因，它並不完全按季度進行。但我再次認為，這種比率正是我們在整個業務中持續追求的目標。

Mark Wilson, Jefferies.

傑富瑞的馬克威爾遜。

A couple of questions, please. First, on GTA, thinking ahead to Phase 1 plus, is the most important thing we should be looking for a gas sales agreement either with Senegal, Mauritania or with a third party? That's the first question. And then on Jubilee, a lot of commentary and detail in the presentation and some hindsight views, I would say, as well. The question I have going forward is particularly with this new seismic data and the processing of that and the work that needs to be done on the longer term, should you be operator of that field? And is that something we're looking for?

請問幾個問題。首先，關於 GTA，展望第一階段及之後，我們最重要的事情是尋求與塞內加爾、茅利塔尼亞或第三方達成天然氣銷售協議嗎？這是第一個問題。然後關於 Jubilee，我想說，演講中有很多評論和細節，還有一些後見之明。我接下來的問題是，特別是針對這些新的地震資料及其處理以及長期需要完成的工作，您是否應該成為該油田的營運商？這就是我們所尋找的東西嗎？

Right. Thank you, Mark. Yes, on the first question, absolutely. I think I was clear when we talked about it earlier that what we're looking to do is work with the partnership. And clearly, the partnership involves the government to find the right blend now of domestic gas versus increased LNG sales, yes. And so yes, absolutely, part of that whole optimization is around what level of gas can they take, what are -- what's the expected ramp-up and therefore, what would a gas sales contract look like.

正確的。謝謝你，馬克。是的，關於第一個問題，絕對是這樣。我想當我們之前談論這個問題時我已經明確表示，我們希望與合作夥伴合作。顯然，合作涉及政府現在尋找國內天然氣與增加液化天然氣銷售的正確混合方式，是的。是的，整個優化的一部分是圍繞著他們可以獲得多少天然氣，預期的增長量是多少，以及天然氣銷售合約是什麼樣的。

So absolutely, you put it in terms of the Pacific. But in terms of an output we would need is certainly, as we move towards FID of that, we would need clarity around what that gas sales would look like, yes. But again, the government is clear about the need. And actually, the need in the country is absolutely clear. Growing economy needs to be able to leverage gas, displace heavier -- displace higher cost heavy fuel oil. And therefore, there is a real economic gain for all parties here by being able to do that.

所以，絕對是從太平洋的角度來說的。但就我們需要的產出而言，隨著我們朝著最終投資決定邁進，我們需要明確天然氣銷售情況，是的。但政府再次明確表示了這項需求。事實上，該國的需求非常明確。不斷增長的經濟需要能夠利用天然氣來取代更重的——取代成本更高的重質燃料油。因此，這樣做能為各方帶來真正的經濟利益。

So I don't believe that is a barrier, but it does absolutely need to be addressed. In terms of your second question, look, we work very closely with Tullow, as you know. I think it's a good partnership. I think we each have our individual skills. Clearly, I think being based -- in particular, actually being based in the Gulf of America, I think the view of being able to leverage seismic, the processing, the acquisition techniques and so on has been something that we've been able to bring to the partnership.

所以我不認為這是一個障礙，但絕對需要解決這個問題。關於您的第二個問題，如您所知，我們與 Tullow 的合作非常密切。我認為這是一個很好的合作關係。我認為我們每個人都有自己的技能。顯然，我認為，以美國灣為基地，能夠利用地震、處理、採集技術等，是我們能為合作夥伴關係帶來的好處。

And I think we're working really well with Tullow at the moment to leverage their skills and our skills in this domain to make a difference. So there's no difference between where the companies stand on that. We clearly have the rig locked in. We have six wells in front of us. We're aligned around the well choices and what it's going to take to drive the field forward. So I think that, in response to your question, is the most important thing that we're aligned and actually Kosmos is bringing something to the party and clearly so is Tullow.

我認為我們目前與 Tullow 的合作非常順利，利用他們和我們在該領域的技能來發揮作用。因此，各公司對此的立場並沒有什麼不同。我們顯然已經鎖定了鑽孔機。我們面前有六口井。我們對油井選擇以及推動油田發展的措施達成了一致。所以我認為，回答你的問題，最重要的是我們保持一致，實際上 Kosmos 為聚會帶來了一些東西，顯然 Tullow 也是如此。

Stella Cridge, Barclays.

巴克萊銀行的斯特拉·里奇 (Stella Ridge)。

Many thanks for all of the updates. I was wondering if I could ask on the debt side. So you mentioned that you're progressing additional financing options. I just wondered if you could talk about the different options that might be available to you, how far out on the curve that you're thinking about in terms of maturities, that would be great. And in the RBL, of course, you do have some requirements to address debt a reasonable amount ahead of time. I just wonder if you could talk about how confident you are in meeting some of those requirements of the lending, that would be good.

非常感謝所有的更新。我想知道我是否可以詢問債務方面的問題。您提到您正在推動額外的融資選擇。我只是想知道您是否可以談談您可以選擇的不同方案，以及您考慮的成熟度曲線有多遠，那就太好了。當然，在 RBL 中，確實有一些要求需要提前合理地解決債務問題。我只是想知道您是否可以談談您對滿足某些貸款要求有多大信心，那就太好了。

Yes, I'll take that. Just on the further out maturities, again, I think when we set up the maturity schedule in the past, the goal was to leave a few maturities out there and then repay them with the cash flow generated from the business. And again, recognizing the goal from our perspective is to not just reduce leverage, but to reduce the amount of absolute debt and therefore, paying off the bonds with the cash flow that's generated makes sense.

是的，我接受。再說一下更遠的到期日，我認為，當我們過去製定到期計劃時，目標是留下一些到期日，然後用業務產生的現金流償還。再次強調，從我們的角度來看，目標不僅是降低槓桿率，而且要減少絕對債務金額，因此，用產生的現金流償還債券是有意義的。

And so again, I think inherently, that continues to be part of the plan and the big variable their sort of is around oil prices. And so with the wobble that we had sort of in the oil price, we thought it was prudent to sort of take off the '26 maturity ahead of time with the refinancing. And that gives us a bit of space combined with the other proactive measures we've taken on the financing side to clear sort of a runway. And in that space of time, again, continue to work in a manner to maximize cash flow for the business so that we can continue reducing debt.

因此，我認為，從本質上來說，這仍然是計劃的一部分，而最大的變數是油價。因此，考慮到油價的波動，我們認為透過再融資提前取消 26 年到期的債券是明智之舉。這給了我們一些空間，再加上我們在融資方面採取的其他積極措施，為我們清理跑道提供了空間。並且在這段時間內，我們將繼續努力最大化企業現金流，以便我們可以繼續減少債務。

Alongside that, we'll continue to look at sort of proactive other alternative attractive sources of capital to see if there's a cost of capital advantage to be gained in terms of addressing '27 and '28 maturities as well. They're trading at a discount, if we can raise low-cost finance secured against our assets, there's a cost, there's a capital, there's a return to be earned there. And so the plan is to finish the Gulf facility here this quarter and then continue to evaluate those options.

除此之外，我們將繼續尋找其他具有前瞻性的替代性有吸引力的資本來源，看看在解決 27 年和 28 年到期問題方面是否可以獲得資本成本優勢。他們以折扣價進行交易，如果我們能夠以我們的資產作為抵押籌集低成本融資，那麼就有成本、有資本、有回報。因此，計劃是本季完成這裡的海灣設施，然後繼續評估這些選擇。

And part of that will depend on where things trade. If they continue to trade at a discount, there becomes an opportunity for us to accelerate the net debt reduction through the early retirement of those bonds. So again, I think it will be an ongoing process of evaluating that. And to your second question, just around the RBL, again, we went through the test comfortably in sort of March. Again, we use an RBL price deck to show both from existing liquidity and cash generated between now and the maturities that we have sufficient sources to cover the uses.

這在一定程度上取決於商品的交易地點。如果它們繼續以折價交易，我們就有機會透過提前贖回這些債券來加速淨債務的減少。因此，我認為這將是一個持續評估的過程。關於您的第二個問題，就在 RBL 附近，我們在三月順利通過了測試。再次，我們使用 RBL 價格平台來顯示，從現有流動性和從現在到到期日產生的現金來看，我們有足夠的資源來滿足用途。

Again, I think the oil prices moved up and down, but fundamentally, we're well still above borrowing base price decks. And so feel good about sort of the generation -- future cash generation from the ability and especially combined with the facility that we put in the Gulf, we'll have -- my expectation is we'll continue to have decent coverage as we pass through those tests on a regular basis.

再說一次，我認為油價有漲有跌，但從根本上來說，我們仍然遠高於借貸基準價格。因此，我對未來現金流的產生感到很滿意——特別是結合我們在墨西哥灣的設施，我的預期是，隨著我們定期進行這些測試，我們將繼續擁有良好的覆蓋範圍。

Bob Brackett, Bernstein Research.

鮑伯‧布拉克特（Bob Brackett），伯恩斯坦研究公司。

This has to do with GTA. And you mentioned a domestic gas component. Can you remind me, is that a pipe to St. Louis? Or is that some LNG into regas and, say, the car or something? What's envisioned there?

這與 GTA 有關。您提到了家用瓦斯組件。你能提醒我一下，那是一條通往聖路易斯的管道嗎？還是將一些液化天然氣再氣化，然後用於汽車或別的東西？那裡設想了什麼？

No. I think -- look, I think the primary source would be actually sort of pipeline gas, yes. So this would be a pipe gas solution rather than LNG to [daka], although there is an LNG regas facility in daka. So you could add incremental volume that way. But I think it would be -- what we're looking at today, Bob, is a more permanent solution.

不。我認為——看，我認為主要來源實際上是管道天然氣，是的。因此，這將是一個管道天然氣解決方案，而不是液化天然氣到[達卡]，儘管達卡有一個液化天然氣再氣化設施。因此您可以透過這種方式增加增量音量。但我認為——鮑勃，我們今天要考慮的是一個更持久的解決方案。

Since there are no further questions at this time, I would like to bring the call to a close. Thanks to everyone for joining today. You may disconnect your lines at this time and thank you for your participation.

由於目前沒有其他問題，我想結束本次通話。感謝大家今天的參與。現在您可以斷開您的線路了，感謝您的參與。