Kosmos Energy Ltd. (KOS) 2026 Q1 法說會逐字稿

Good day, everyone. Welcome to Kosmos Energy first-quarter 2026 conference call. As a reminder, today's call is being recorded.

各位大家好。歡迎參加 Kosmos Energy 2026 年第一季電話會議。提醒各位，今天的電話會議將會錄音。

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

現在，讓我把電話交給投資人關係副總裁 Jamie Buckland。

Thank you, operator, and thanks to everyone for joining us today.

謝謝主持人，也感謝各位今天加入我們。

This morning, we issued our first-quarter 2026 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 Andy Inglis, Chairman and CEO; and Neal Shah, CFO.

今天早上，我們已發布 2026 年第一季財報新聞稿。該新聞稿以及配合今天電話會議的簡報投影片，可在我們網站的「投資人」頁面取得。今天與我一同在電話會議中說明資料的還有董事長兼執行長 Andy Inglis，以及財務長 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.

在今天的簡報中，我們將發表前瞻性陳述，涉及我們的估計、計畫與預期。實際結果與成果可能因本簡報及我們向英國主管機關與美國證券交易委員會（SEC）申報文件中所述因素而出現重大差異。更多細節請參閱我們的年報、證券交易所公告以及 SEC 申報文件。上述文件均可於我們網站取得。

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

接下來，我把電話交給 Andy。

Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our first-quarter 2026 results call.

謝謝，Jamie，各位早安、午安。感謝各位今天參加我們 2026 年第一季業績電話會議。

I'll start today's call by reviewing progress against the four goals for 2026 that we laid out with our full-year results in March. I'd then like to spend some time talking about the current market dynamics and how Kosmos is uniquely positioned to benefit by being priced at premium benchmarks, before focusing on each business unit and the operational progress we've made year to date. I'll then hand over to Neal to talk about the financials before I wrap up with closing remarks. We'll then open up the call for Q&A.

我將先回顧我們在 3 月公布全年業績時所提出的 2026 年四項目標之進展。接著我想花一些時間談談目前的市場動態，以及 Kosmos 如何憑藉以溢價基準定價而具備獨特優勢、可望受惠；之後再聚焦各事業單位與我們今年迄今的營運進展。然後我會把時間交給 Neal 說明財務表現，最後由我做結語。接著我們將開放問答。

Starting on slide 3. Two months ago, we released our full-year 2025 results, and I focused on four key objectives for Kosmos in 2026, which is shown on the slide. This year, we are targeting production growth from our core assets; continued progress in cost reduction, with a particular focus this year on operating costs, having made significant reductions in CapEx and overhead last year; meaningful net debt reduction; and advancement of our high-quality growth portfolio with minimal CapEx this year.

請看第 3 頁投影片。兩個月前，我們公布了 2025 年全年業績，我當時聚焦於 Kosmos 在 2026 年的四項關鍵目標，如投影片所示。今年我們的目標包括：核心資產帶動產量成長；持續推進成本降低，並在去年已大幅降低資本支出（CapEx）與管理費用後，今年特別聚焦營運成本；實質降低淨負債；以及在今年以最低 CapEx 推進我們高品質的成長投資組合。

I'm pleased to say we're making excellent progress against all these goals. Compared to the same quarter last year, production is up around 25%, and absolute operating costs are down around 22%. In addition, we reduced net debt by around 7% from year-end 2025. I'll go into more detail on each as we move through the slides.

我很高興地表示，我們在所有目標上都取得了極佳進展。與去年同期相比，產量約增加 25%，而絕對營運成本約下降 22%。此外，我們也較 2025 年底將淨負債降低約 7%。隨著投影片往下進行，我會就各項內容提供更多細節。

Starting with production on slide 4. With the ramp-up of GTA and Jubilee production, we posted record quarterly production in the first quarter, as can be seen on the top chart on the slide. This record production has come at a time when we've seen record high pricing and also record high differentials.

先從第 4 頁投影片的產量開始。隨著 GTA 與 Jubilee 產量爬坡，我們在第一季創下單季產量新高，如投影片上方圖表所示。這項創紀錄的產量，恰逢我們同時看到創紀錄的高油價以及創紀錄的價差（differentials）。

The dark blue line on the left axis of the bottom chart shows dated Brent pricing year to date. Dated Brent is the benchmark used for pricing our Ghana cargoes. In times of market tightness, dated Brent can trade at the premium to Brent futures, reflecting the strong near-term demand for the barrels in the physical market. Dated Brent hit an all-time record high in early April and has continued to trade at the premium to Brent futures.

下方圖表左軸的深藍色線，顯示今年迄今的即期布蘭特（Dated Brent）價格。即期布蘭特是我們加納貨油定價所採用的基準。在市場供應吃緊時，即期布蘭特可能以高於布蘭特期貨的溢價交易，反映實體市場對近期現貨桶數的強勁需求。即期布蘭特在 4 月初創下歷史新高，且持續以高於布蘭特期貨的溢價交易。

Also worth noting are the differentials we're seeing on those barrels. The barrels we sell typically include a differential, which is either a discount or premium to the benchmark, such as dated Brent. That discount or premium depends on factors such as crude quality, location, and regional market conditions.

同樣值得注意的是，我們在這些桶數上看到的價差（differentials）。我們銷售的原油通常包含一個相對於基準（例如即期布蘭特）的價差，可能是折價或溢價。該折價或溢價取決於原油品質、地理位置與區域市場狀況等因素。

The red line on the chart shows an illustrative differential for West African crude year to date. Through January and February, those differentials were slightly negative, but started to grow through March into April as the Middle East conflict continued. While the data on the chart is illustrative, we've seen those differentials rise to a meaningful premium through this period of market tightness.

圖表中的紅線顯示今年迄今西非原油的示意性價差。在 1 月與 2 月期間，這些價差略為負值，但隨著中東衝突持續，價差自 3 月起一路擴大並延伸至 4 月。雖然圖表數據僅為示意，但在這段市場供應吃緊期間，我們確實看到價差上升至相當可觀的溢價水準。

Turning to slide 5. This slide looks at how our barrels are priced in different geographies and the time lag we see between production and revenue. Our three core production hubs, Ghana, GTA, and the Gulf of America, are all priced off premium benchmarks. In fact, across the US E&P sector, Kosmos is one of the most exposed companies to international prices as a percentage of sales.

接著看第 5 頁投影片。本頁說明我們在不同地區的桶數如何定價，以及從生產到認列營收之間所存在的時間落差。我們三個核心生產樞紐——加納、GTA 與美洲灣（Gulf of America）——皆以溢價基準定價。事實上，在美國 E&P（勘探與生產）產業中，以銷售占比來看，Kosmos 是對國際價格曝險程度最高的公司之一。

Around 50% of our production, primarily Ghana, is priced off dated Brent, the dark blue line on this chart. Since the Middle East conflict broke out, the dated Brent premium over WTI has more than tripled. Ghana cargoes are typically priced off an average 5- or 10-day period before or after the cargo loading. Our March Jubilee target had already been hedged, so we didn't benefit from the rising prices seen in the month, but we do have a growing amount of unhedged production as we move through the year that should capture additional upside.

我們約 50% 的產量（主要來自加納）以即期布蘭特定價，即本圖中的深藍色線。自中東衝突爆發以來，即期布蘭特相對 WTI 的溢價已增加逾三倍。加納貨油通常以裝船日前後 5 天或 10 天的平均價格定價。我們 3 月 Jubilee 的目標產量已事先避險，因此未能受惠於當月上漲的價格；但隨著今年進行，我們未避險的產量占比正在增加，應可捕捉更多上行空間。

In the Gulf of America, we sell most of our barrels against Heavy Louisiana Sweet, or HLS, which generally trades at a small premium to WTI, the red line on the chart. Production in the Gulf is typically sold on a one-month trailing average, so we'll start to see the benefits of higher prices as we move into the second quarter.

在美洲灣，我們大部分桶數以路易斯安那重質甜原油（Heavy Louisiana Sweet，HLS）定價，通常相對 WTI 有小幅溢價，即圖中的紅線。美洲灣的產量通常以前一個月的平均價格銷售，因此隨著進入第二季，我們將開始看到較高價格帶來的效益。

On GTA, the gas production is priced off ICE Brent, the green line on the chart, which also generally trades at a premium to US prices. Production is priced on a three-month historical average price, so we'll start to see the full benefit of higher prices in 2Q. However, the lag effect also means we'll continue to see firmer GTA pricing beyond any future price declines.

在 GTA，天然氣產量以 ICE 布蘭特定價，即圖中的綠線，通常也相對美國價格呈現溢價。產量以過去三個月的歷史平均價格定價，因此我們將在第二季開始看到較高價格的完整效益。不過，這種落後效應也意味著，即使未來價格下跌，我們仍將在之後一段時間看到較為堅挺的 GTA 定價。

So in summary, we've seen record production, record prices and record differentials. But given the pricing structure we have in our various sales contracts, we won't see the benefit of higher prices that started in late 1Q until the second and third quarters.

總結來說，我們看到創紀錄的產量、創紀錄的價格，以及創紀錄的價差。但由於我們各項銷售合約的定價結構，第一季末開始出現的較高價格效益，將要到第二季與第三季才會反映出來。

I'd now like to talk about each of our business units in more detail. Turning to slide 6, we've looked at the progress we're making in Ghana. This is the slide we've used for the last two quarters and has been updated for recent activity.

接下來我想更詳細談談各個事業單位。請看第 6 頁投影片，我們回顧在加納所取得的進展。這是我們過去兩季使用的投影片，並已更新近期活動。

As the operator discussed in our full-year results last week, the 2025-26 drilling campaign continues to perform strongly. The J74 well came online in early 2026, followed by the J75 well at the end of the quarter. Both wells were forming in line with expectations, and gross Jubilee production for the first quarter was around 70,000 barrels of oil per day.

如同營運團隊在上週的全年業績中所提到，2025-26 年鑽井計畫持續展現強勁表現。J74 井於 2026 年初投產，隨後 J75 井在本季末投產。兩口井的表現均符合預期，第一季 Jubilee 的總產量約為每日 70,000 桶油當量。

The plots on the chart have been updated slightly since last quarter and reflect the partnership's decision to enhance efficiency by drilling a series of wells before completing them simultaneously. This means there will be a gap in new production additions during the second quarter, with 2Q production expected in the mid-70s.

圖表中的曲線相較上季略有更新，反映合資夥伴決定透過先鑽一系列井、再同步完井的方式提升效率。這表示第二季新增產量將出現一段空窗期，預期第二季產量約在每日 7 萬多桶的中段水準。

Three new producer wells are due online in relatively quick succession in June and July as previously communicated by the operator. Each of these wells has been drilled and completion operation starts shortly. Based on the logging results, these three wells should drive a material uplift in production around 20,000 barrels of oil per day gross in aggregate before some natural decline is expected in the fourth quarter as the drilling campaign concludes. Year-to-date performance and the upcoming activity set continues to support the upper end of our 70,000 to 80,000 barrel a day gross oil production guidance for Jubilee this year.

如營運商先前所溝通，三口新的生產井預計將於6月與7月以相對緊密的時程陸續投產。這三口井均已完成鑽井，完井作業即將展開。根據測井結果，這三口井合計在總量（gross）層面應可帶動產量出現顯著提升，約增加每日20,000桶原油；惟隨著鑽井活動於第四季結束，預期之後將出現一定的自然遞減。年初至今的表現以及即將展開的作業活動，持續支持我們對Jubilee今年總量（gross）每日70,000至80,000桶原油產量指引的上緣。

Looking at the bottom right of the slide, we're pleased to see the operator announce the refinancing earlier in the year, which was accompanied by a commitment to drill in '27 and '28. The partnership has been aligned on securing a rig for a program of up to 10 wells, with drilling targets to restart around mid-2027.

看投影片右下角，我們很高興看到營運商在今年稍早宣布完成再融資，並同時承諾於2027年與2028年進行鑽井。合資夥伴已就取得鑽機以執行最多10口井的計畫達成一致，鑽井目標預計於2027年年中左右重啟。

As we previously discussed, this regular drilling program is key to sustained and improved performance we've seen from Jubilee this year. Also worth noting is a valid creation from the current drilling program with well paybacks in the mid-cycle price environment of around six months and a lot shorter in the current environment.

如我們先前所討論，這項常態化鑽井計畫是維持並提升我們今年在Jubilee所見表現的關鍵。另外值得一提的是，目前鑽井計畫創造了良好的價值：在中周期油價環境下，單井回收期約為6個月，而在目前的價格環境下則更短。

Turning to slide 7. GTA has continued to perform strongly this year, with around 2.85 million tons per annum equivalent gross produced in the first quarter, in excess of the floating LNG nameplate capacity of 2.7 million tons per annum. 9.5 gross LNG cargoes were listed during the quarter in line with guidance. For the year ahead, our gross cargo guidance of 32 to 36 LNG cargoes is unchanged.

接著看投影片7。GTA今年持續強勁表現，第一季總量（gross）產出約相當於每年2.85百萬噸，超過浮式LNG裝置名目產能（nameplate capacity）每年2.7百萬噸。該季共裝運9.5船總量（gross）LNG貨，符合指引。展望未來一年，我們對全年總量（gross）裝運指引維持不變，仍為32至36船LNG貨。

One gross condensate cargo was listed in the quarter, which went to BP. The second and third condensate cargoes later in the year, including one this quarter, are expected to be assigned to Kosmos and the NOCs.

本季裝運了1船總量（gross）凝析油貨，交付給BP。今年稍晚的第二與第三船凝析油貨（其中一船在本季），預期將分配給Kosmos與各國家石油公司（NOCs）。

Due to some seasonality that we've flagged in the past, daily LNG production is expected to fall from higher winter levels as the sea and air temperatures warm up through the summer months. Volumes should then pick up again later in the year as cooler temperatures return.

由於我們過去已提示的季節性因素，隨著夏季海水與氣溫回升，日LNG產量預期將自冬季較高水準回落。之後隨著氣溫轉涼，產量應會在今年稍晚再度回升。

On costs, we remain on track to deliver our 50% reduction target for OpEx per MMBTU this year and see scope for further cost reductions in 2027.

在成本方面，我們仍按計畫在今年達成每MMBTU營運費用（OpEx）降低50%的目標，並認為在2027年仍有進一步降本空間。

On the Phase 1 expansion, which should materially enhance project returns, there has been good progress on the ground in Senegal year to date. Approximately 50% of the land is being cleared for the onshore section of the northern segment of the pipeline, with the remaining 50% expected to be done this quarter. This northern segment will connect to the 250-megawatt Gandon power station being built near Saint Louis.

就第一期擴建（Phase 1 expansion）而言，該擴建可顯著提升專案報酬；今年迄今在塞內加爾現地已取得良好進展。管線北段陸上區段的用地約已完成50%的清理，剩餘50%預計於本季完成。此北段將連接位於聖路易（Saint Louis）附近、正在興建的250兆瓦Gandon電廠。

The onshore pipelines are expected to be exported from China in May, with arrival in Senegal scheduled around the middle of the year. The West African Development Bank has been appointed the mandated leader ranger to raise approximately $270 million to finance the infrastructure. The Board of Directors of the bank approved at the end of March the first tranche of around $90 million.

陸上管線預計於5月自中國出口，並規劃於年中左右抵達塞內加爾。西非開發銀行已被任命為主辦牽頭安排行（mandated lead arranger），以籌措約2.70億美元為該基礎設施融資。該行董事會於3月底核准第一期款，金額約9,000萬美元。

Turning to slide 8. Production in our Gulf of America business unit for the first quarter was in line with expectations, with continued solid performance from our Odd Job and Kodiak fields. In April, the Winterfell-2 well was shut in, pending a future intervention, and full-year Gulf of America production is now expected towards the lower end of our guidance.

接著看投影片8。我們「美洲灣」（Gulf of America）事業單位第一季產量符合預期，Odd Job與Kodiak油田持續展現穩健表現。4月，Winterfell-2井已關井（shut in），等待未來介入作業；因此，全年美洲灣產量目前預期將落在我們指引區間的下緣。

On the growth side of the business, we were pleased to take the final investment decision on the Kosmos-operated Tiberius project alongside our 50/50 partner, Oxy. With expected development costs of around $10 a barrel and operating and transport costs of around $20 a barrel for the first phase, this is a low-cost, high-margin development.

在業務成長方面，我們很高興與50/50合作夥伴Oxy一同，對由Kosmos擔任營運商的Tiberius專案作出最終投資決策（FID）。第一期預期開發成本約每桶10美元，營運與運輸成本約每桶20美元，屬於低成本、高毛利的開發案。

The first phase will be a single-well tieback that will produce into Oxy's nearby Lucius platform. CapEx is planned largely to be spent in '27 and '28, with the first oil expected in the second half of 2028. We commenced the farm-out process to reduce our working interest to around a third.

第一期將採單井回接（tieback），並輸送至Oxy附近的Lucius平台生產。資本支出（CapEx）規劃主要在2027年與2028年投入，預計於2028年下半年見到首油。我們已啟動權益轉讓（farm-out）流程，目標將我們的作業權益（working interest）降至約三分之一。

As mentioned with our full-year results in March, we recently entered into a strategic exploration alliance with Shell in the Gulf of America and exchanged interest across multiple blocks across the Norphlet Play, which houses several material exploration prospects. We expect to build the first of these Trailblazers in the first half of 2027. Trailblazers are targeting around 200 million barrels of oil equivalent gross resource.

如同我們在3月全年業績中提到的，我們近期與Shell在美洲灣建立策略性勘探聯盟，並在Norphlet Play的多個區塊間交換權益；該區帶有數個具規模的勘探前景。我們預期於2027年上半年打造首個此類「Trailblazers」。Trailblazers的目標為總量（gross）約2億桶油當量資源。

I'll now turn to Neal to take you through the financials.

接下來我把時間交給Neal，請他帶各位看財務部分。

Thanks, Andy.

謝謝，Andy。

Turning now to slide 9, which looks at the financials for the first quarter in detail. Production year on year was around 25% higher, driven by both GTA ramp-up and new wells coming online at Jubilee, resulting in record production of 75,000 BOE per day for the quarter.

接著看投影片9，這張投影片詳細呈現第一季財務表現。產量年增約25%，主要受惠於GTA產量爬坡以及Jubilee新井投產，帶動本季創下每日75,000桶油當量（BOE）的紀錄產量。

Realized price is slightly lower year on year, reflecting the changing production mix with more gas volumes from GTA. As Andy talked about earlier in the materials, due to the lag in pricing, we don't expect to see the full benefit of higher prices until the second and third quarters of this year.

實現價格（realized price）較去年同期略低，反映產量組合改變，GTA帶來更多天然氣量。如Andy先前在簡報資料中所述，由於定價存在滯後，我們預期要到今年第二、第三季才會看到較高價格帶來的完整效益。

OpEx of just under $20 per BOE was in line with our guidance and marks a decrease year on year of 47%, reflecting the continued progress we're making this year in reducing costs, having focused on CapEx and overhead last year. Most of the other line items came in within our previous guidance ranges, except tax, which is impacted by the large mark-to-market change in derivatives.

每桶油當量營運費用（OpEx）略低於20美元，符合我們的指引，且年減47%，反映我們今年持續推進降本成效；去年我們的重點在資本支出（CapEx）與管理費用（overhead）。除稅項外，多數其他損益項目均落在先前指引區間內；稅項受到衍生性商品大幅按市價評估（mark-to-market）變動的影響。

Looking ahead to Q2, we've included the usual guidance in the appendix to the slides. Q2 production is expected to be slightly lower than 1Q, largely due to the seasonality on GTA we've talked about and lower GoA production on the back of Winterfell-2.

展望第二季，我們在投影片附錄中納入了例行指引。第二季產量預期將較第一季略低，主要因我們提到的GTA季節性因素，以及Winterfell-2影響下美洲灣（GoA）產量較低。

In Ghana, we're guiding to three to four cargoes in 2Q, which includes the 10 cargo in the quarter. This also drives higher Q2 OpEx as a result of the accrued 10 SPSO lease payments prior to the agreement to purchase the vessel. OpEx is expected to normalize in the third and fourth quarters. One Jubilee cargo is expected at the very end of the quarter, which is the reason for the three- to four-cargo range for Q2.

在迦納，我們指引第二季將有3至4船貨，其中包含本季的第10船貨。這也使第二季營運費用（OpEx）較高，原因是在同意購買該船舶之前，已先行計提第10艘SPSO的租賃付款（lease payments）。營運費用預期在第三與第四季回歸常態。預計在本季末將有1船Jubilee貨，因此第二季指引區間為3至4船。

For the full year, guidance remains unchanged. One area that we continue to monitor is tax as we incorporate higher oil prices into our actuals and will provide further updates through the year. Just a reminder that we only pay cash tax in Ghana at the moment, given net operating losses in the US and cost recovery at GTA.

就全年而言，指引維持不變。我們持續關注的一個領域是稅負，因為我們正把較高油價納入實際數據中，並將在今年內提供進一步更新。提醒一下：目前我們僅在迦納繳納現金稅（cash tax），因美國仍有淨營運虧損（NOLs），且GTA仍在成本回收（cost recovery）階段。

Turning to slide 10. We've had a busy start of the year on the financing side, completing several important objectives that set us up well for the year ahead. In January, we completed the $350 million Nordic bond and have repurchased $250 million of 2027 notes with the proceeds. We also paid down $100 million of the bank facility with the remainder of the proceeds.

接著看投影片10。在融資方面，今年開局相當忙碌；我們完成了數項重要目標，為接下來一年奠定良好基礎。1月，我們完成3.50億美元北歐債券（Nordic bond）發行，並以所得款項回購2.50億美元的2027年到期票據。我們也用剩餘款項償還了1.00億美元的銀行融資額度。

In March, we took advantage of the strong share price rally this year to raise around $200 million of equity, which was also used to accelerate our debt paydown. The company exited the quarter with around $500 million of liquidity post these transactions, with additional liquidity to be created from the EG sale and from free cash flow going forward.

在3月，我們利用今年股價強勁上漲的契機，籌集了約2億美元的股權資金，並同時用於加速償還債務。在完成這些交易後，公司於本季末的流動性約為5億美元；此外，未來還將透過出售EG資產以及後續自由現金流創造額外流動性。

On the reserve-based lending bank facility, the banks approved a covenant waiver through the mid-year, and we're already seeing leverage drop sharply on the back of the equity raise and strong operational progress. We expect this to continue as we start to see the full benefits of higher production and higher pricing coming in over the coming months. Lending banks have also approved the sale of our producing assets in Equatorial Guinea, which we expect to close around the middle of the year, with the proceeds used to further pay down the facility.

就以儲量為基礎的借貸（RBL）銀行融資額度而言，銀行已批准將財務契約豁免延長至年中；在股權募資與營運進展強勁的帶動下，我們已看到槓桿率大幅下降。隨著未來幾個月更高產量與更高價格的全面效益逐步反映，我們預期這一趨勢將持續。放款銀行亦已核准我們出售位於赤道幾內亞的在產資產；我們預計於年中左右完成交割，並將出售所得用於進一步償還該融資額度。

On hedging, we continue to be active, targeting more hedges in 2027 at higher floors and higher ceilings than our existing 2027 hedges.

在避險方面，我們仍持續積極操作，目標是在2027年建立更多避險部位，且其保底價與封頂價均高於我們現有的2027年避險。

Last week, we were pleased to see Fitch upgrade our corporate rating to B-, a positive move to reflect the progress we've been making this year with discussions ongoing with S&P as well.

上週，我們很高興看到惠譽（Fitch）將我們的公司信用評等上調至B-；這是一項正面調整，反映我們今年所取得的進展，同時我們也正與標普（S&P）持續進行討論。

Despite the higher pricing we've seen so far in 2026, our capital allocation for the year remains unchanged. We remain focused on increasing our financial resilience and utilizing our free cash flow to accelerate debt paydown and deleveraging.

儘管截至2026年目前為止我們看到價格走高，但我們今年的資本配置仍維持不變。我們仍專注於提升財務韌性，並運用自由現金流加速償債與去槓桿。

With that, I'll hand it back to Andy.

接下來我把時間交回給Andy。

Thanks, Neal.

謝謝，Neal。

Turning now to slide 11 to conclude today's presentation. As I said in my opening remarks, we have four key objectives for 2026: grow production, lower costs, reduce debt, and advance our quality growth portfolio with minimal CapEx in 2026. This slide highlights the targets we've set against those objectives.

現在請看第11頁投影片，作為今天簡報的結語。如我在開場致詞所說，我們在2026年有四項關鍵目標：提升產量、降低成本、減少負債，以及在2026年以最低資本支出（CapEx）推進我們的優質成長組合。本頁重點呈現我們針對這些目標所設定的指標。

On production, we now expect to complete the sale of EG around the middle of the year. Making that adjustment for the second half, we still feel we can achieve production growth close to that 15% target. On costs, based on year-to-date performance so far, we feel confident that we can meet and potentially exceed our 20% operating cost reduction target. So in aggregate, we're on track to deliver a reduction of around 35% in operating costs for BOE year on year.

在產量方面，我們目前預期將於年中左右完成EG的出售。就下半年進行該調整後，我們仍認為可達成接近15%目標的產量成長。在成本方面，基於今年迄今的表現，我們有信心達成、甚至可能超越20%的營運成本降幅目標。因此整體而言，我們正按計畫實現每桶油當量（BOE）營運成本年對年約35%的降幅。

On debt, with the EG sale, equity raise and higher pricing, we're doubling our debt reduction target from 10% to around 20% by year-end and have made significant progress already. And we are advancing our growth portfolio with Tiberius FID, progress on GTA expansion and the exploration alliance with Shell in the Gulf of America.

在負債方面，受EG出售、股權募資與更高價格帶動，我們將年底前的減債目標由10%加倍至約20%，且目前已取得顯著進展。同時，我們也在推進成長組合，包括Tiberius的最終投資決策（FID）、GTA擴建的進展，以及與Shell在美洲灣（Gulf of America）的勘探聯盟。

We look forward to delivering on these objectives to support long-term value creation for our investors.

我們期待達成這些目標，以支持為投資人創造長期價值。

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

謝謝。接下來我想把電話會議交給接線員，開放提問環節。接線員？

(Operator Instructions) Charles Meade, Johnson Rice.

（接線員指示）Charles Meade，Johnson Rice。

Yes. Good morning, Andy, to you and the whole team there or good afternoon as may be. I want to ask the first question on Jubilee. The OBN seismic shoot that you guys did at the end of the year last year, is that -- the results or insights from that, are those already informing this '26 drilling program? Or is that something where we're really going to see more of the benefit in the '27, '28 program?

是的。早安，Andy，也向在場整個團隊問好；或依時區可能是午安。我想先就Jubilee提第一個問題。你們去年年底進行的OBN地震資料採集（seismic shoot），其結果或洞見是否已經在指引你們2026年的鑽井計畫？還是說，我們要到2027、2028年的計畫才會看到更多效益？

Hey, Charles. No, the OBN is really going to have an impact on the '27, '28 program. So the '26 program, though, is leveraging the 4D NAS that we shot ahead of the OBN. And so we've got the product from that, and that did influence the selection of the '26 drilling program, which is going well.

嗨，Charles。不，OBN主要會對2027、2028年的計畫產生影響。不過，2026年的計畫是運用我們在OBN之前所採集的4D NAS資料。我們已取得該成果，而它確實影響了2026年鑽井計畫的選井，目前進展良好。

So I think the objective then is to build the results from the early products of the OBN and then the later products of the OBN into the '27 program, match that with the NAS. And so you're getting a continuous upgrade in the quality of the seismic and therefore the opportunity to derisk the future drilling programs.

因此，我認為目標是把OBN早期成果以及後續成果納入2027年的計畫，並與NAS相互匹配。如此一來，你會看到地震資料品質持續提升，進而有機會降低未來鑽井計畫的風險。

And as I said in my remarks, we're seeing the impact of a continuous drilling program on Jubilee in '26. Carrying that through into '27, '28 is clearly important, and these are economically good wells. In my remarks, I talked about a six-month payback in a mid-cycle price environment. Clearly, we're doing better than that. So a lot of -- as you know, there's a lot of opportunity in Jubilee and the seismic upgrade through the 4D NAS, and then the follow-on of the OBN is continuing to make a difference.

正如我在致詞中提到的，我們在2026年已看到Jubilee連續鑽井計畫所帶來的影響。將這樣的節奏延續到2027、2028年顯然很重要，而且這些井在經濟性上表現良好。我在致詞中提到，在中周期價格環境下回收期約六個月。顯然，我們目前的表現優於此。因此，如你所知，Jubilee仍有很大機會，而透過4D NAS的地震資料升級，以及後續OBN的延伸工作，正持續帶來差異。

Great. That's what I was aiming to get at. And then the follow-up on Tiberius in the Gulf of Mexico, I think you have a point in your slide that you expect a farm-out proceeds to cover any '26 CapEx. Maybe in broad strokes, it seems to me that the farm-out proceeds to you will be on the same order of magnitude as what the dry hole costs -- proportion of dry hole costs would have been. And so it doesn't look like there's a big premium that you're looking for on this farm out, but maybe you can tell me if that's the right read.

很好。這正是我想了解的。接著追問美國墨西哥灣的Tiberius，我記得你們投影片提到，預期farm-out（引入合作夥伴分攤權益）所得將可覆蓋2026年的任何資本支出（CapEx）。就大方向而言，我的理解是，你們拿到的farm-out款項規模，可能與原本需要承擔的乾井成本（dry hole costs）份額大致相當。因此看起來你們並未在這次farm-out上要求很高的溢價；但也許你可以告訴我這樣解讀是否正確。

Obviously, I don't want to disadvantage ourselves in the process that's ongoing at the moment. I think it's a great time to be doing the farm out. We clearly have a project that's underway, FID has been taken, strong alignment between ourselves and Oxy. And therefore, there's been significant interest in the opportunity. So we're obviously looking to maximize the farm-out proceeds, and we may do a little better than we'd anticipated.

顯然，我不希望在目前仍在進行的流程中讓我們處於不利位置。我認為現在是進行farm-out的好時機。我們的專案已在推進中，且已做出FID，我們與Oxy之間也有高度一致的合作關係。因此，市場對這個機會有相當大的興趣。所以我們當然希望將farm-out所得最大化，而且結果可能會比我們原先預期的更好一些。

Got it. Thank you, Andy.

了解。謝謝你，Andy。

Great. Thanks, Charles.

很好。謝謝你，Charles。

Lydia Gould, Goldman Sachs.

Lydia Gould，高盛（Goldman Sachs）。

Good afternoon, and thanks for taking my question. You targeted 20% reduction in operating costs this year. Could you expand on some of the key strategic initiatives that are in place across the portfolio to meet this target, particularly at GTA? Thanks.

午安，謝謝讓我提問。你們今年的目標是將營運成本降低20%。能否進一步說明為達成此目標，在整體資產組合中已推行的關鍵策略性措施，尤其是在GTA方面？謝謝。

Yeah. Hi, Lydia. It's a combination. And I think I want to emphasize the fact that we've used the opportunity to high-grade the portfolio and address some of our highest cost assets. And those highest cost assets were in Equatorial Guinea, where clearly we are selling the asset. And also, it was on 10 because of the lease cost on the FPSO. So both of those are making a significant difference.

好的。嗨，Lydia。這是多項因素的組合。我想強調的是，我們把握機會對資產組合進行優化（high-grade），並處理一些成本最高的資產。而這些最高成本資產位於赤道幾內亞，我們顯然正在出售該資產。另外，在10區（10）也因FPSO的租賃成本而成本偏高。因此，這兩項都帶來了顯著的改善。

Then, on top of that, there is an ongoing reduction in GTA. There is an absolute reduction in operating costs as you take out some of the additional costs that were in last year because of the start-up process, but clearly you are seeing a big impact on the BOE number or MMBTU number because of the ramp-up in production. But the combination of those sort of ongoing processes and the asset high-grading delivers that 20% reduction in absolute operating costs that we're seeing in '26 versus '25.

此外，GTA也在持續降本。隨著啟動（start-up）流程結束，我們把去年因啟動而產生的一些額外成本移除，因此營運成本出現實質下降；同時，隨著產量爬坡，你也會看到每桶油當量（BOE）或每百萬英熱單位（MMBTU）指標受到很大改善。但這些持續性的流程改善加上資產組合優化，促成了我們在2026年相較2025年所看到的營運成本絕對值下降20%。

And I think there's ongoing opportunity. We haven't stopped there. I think there's ongoing opportunity in Ghana in 2027 as you look at the ability then to sort of -- you'll have the operator then having the operations of both FPSOs. I think there's opportunity to create synergies there. And then there are different operating models in Mauritania and Senegal for GTA, which are being explored by BP. So I think this is just the start of a journey of continuing to drive costs down, and the big step in '26 comes from that underlying activity, but also the high-grading of the portfolio.

我認為仍然有持續的機會。我們並沒有就此止步。我認為，當你看到2027年在迦納的情況時，仍然存在持續的機會，因為屆時營運商將同時負責兩座FPSO的營運。我認為那裡有機會創造協同效益。此外，在茅利塔尼亞與塞內加爾，GTA採用不同的營運模式，目前正由BP進行評估探索。所以我認為，這只是持續推動降本旅程的起點；而2026年的重大一步，來自這些底層活動，同時也來自投資組合的優化（高品質化）。

Thank you.

謝謝。

Great. Thanks, Lydia.

很好。謝謝你，Lydia。

David Round, Stifel.

David Round，Stifel。

Great. Thanks, guys. A key theme in recent years has been around this cost reduction and capping CapEx, actually, specifically. I'm just interested in whether this commodity backdrop makes that harder to achieve and how you're thinking more generally about CapEx in '27 and beyond, please.

很好。謝謝，各位。近年來的一個關鍵主題一直是降低成本，實際上更具體地說，是壓住資本支出（CapEx）。我想了解的是，在目前的大宗商品背景下，這是否更難達成？以及請問你們更廣泛地如何看待2027年及之後的CapEx。

Yeah. Hi, David. Yeah, good questions.

是的。嗨，David。是的，問題問得很好。

We go through price cycles, and I think you do see some tightening. I think it's very hard to predict today what the long-term effect is on the inflationary environment. I think it's too early to say that. But I think the things that we're doing now are just not about smarter procurement, if you like. It's about underlying changes in how you do activity. And I think that means that the cost reductions that we're targeting, the ongoing cost reductions we would target in Ghana and GTA are about changing the way you do business. Therefore, the activity changes, therefore, the cost comes out.

我們會經歷價格循環，我認為你確實會看到一些收緊。我認為，要在今天預測通膨環境的長期影響非常困難。我認為現在下結論還太早。但我認為，我們現在在做的事情不只是更聰明的採購而已。而是關於你如何開展作業活動的底層變革。我認為這意味著，我們在迦納與GTA所鎖定的降本、以及持續性的降本，是透過改變做生意／營運的方式來達成。因此，作業活動改變了，成本也就隨之下降。

So I think those are enduring. I don't think they sort of are simply about the procurement cycle you are in, and clearly the high-grading of the portfolio is independent of that. So I think that opportunity remains and I don't think that the magnitude may vary a little, but the opportunity remains.

所以我認為這些是可持續的。我不認為它們只是取決於你所處的採購週期；而且很明顯，投資組合的優化（高品質化）與此無關。因此我認為機會仍然存在；我不認為會消失，幅度可能會有些變動，但機會仍在。

And then I think on CapEx, we have clearly targeted CapEx hard in both '25, '26. I think that we're focused again on ensuring that we're being very, very rigorous about the allocation of capital. I think we've been clear around the growth opportunities that we're pursuing. It is Tiberius, it is a GTA expansion, Trailblazer exploration.

至於CapEx，我們在2025年與2026年都已明確嚴格地控制CapEx。我認為我們再次聚焦於確保資本配置非常、非常嚴謹。我們也已清楚說明我們正在追求的成長機會。包括Tiberius、GTA擴建，以及Trailblazer勘探。

In a timing sense of the spend flowing through, I think Tiberius is relatively low spend in '27, the biggest spend is in really in '28. Probably if it's $100 million on Tiberius net, it's probably one-third, two-thirds in that sense. The GTA, it's probably overall for Phase 1+. There really isn't any expenditure on the facilities. You can move from 430 to 630 production through the FPSO with no spend.

就支出流入的時間點而言，我認為Tiberius在2027年的支出相對較低，最大的支出其實是在2028年。如果以Tiberius淨額1億美元來看，大概是三分之一、三分之二那樣的分配。至於GTA，大概整體是針對Phase 1+。設施方面其實不需要任何支出。你可以透過FPSO把產量從430提升到630，而不需要投入資本。

Therefore, it's about the additional wells that will sustain the portfolio beyond the end of the decade. And therefore, the spend for that will really be in '28, '29. So you take all of that, I don't think you'll see a significant -- it's early days yet, but the capital for '27 is going to be pretty tight, maybe a little higher than today for '26, maybe around 400.

因此，重點在於額外的井，來支撐投資組合在本十年末之後的延續。因此，相關支出主要會落在2028、2029年。綜合以上，我不認為你會看到顯著的——雖然現在還早，但2027年的資本支出會相當緊，可能會比2026年略高一些，或許在4億左右。

But underneath that, you've got the sustaining CapEx that we're spending today in drilling in Ghana and the Gulf that will sort of be pretty similar in '27, and then you've got a little more growth CapEx. But that allows you then though to continue to move forward these high-quality prospects.

但在這之下，你有我們目前在迦納與墨西哥灣鑽井所投入的維持性CapEx，到了2027年大致會相近；然後你會有一些更多的成長型CapEx。但這也讓你能夠持續推進這些高品質的前景／標的。

Okay. Thanks, Andy. That's very clear. Very quick follow-up then, actually, if I might. Can you just remind us if there is a specific leverage target, please?

好的。謝謝你，Andy。這非常清楚。那我再很快追問一下，如果可以的話。你能否提醒我們是否有特定的槓桿目標？

I'll pass it over to Neal.

我把問題交給Neal。

Yeah. And so David, we've always talked about getting to sort of 1.5 times in a normalized oil and price environment. And again, I think what you'll see this year is we've said we'll take off around 20% of the debt, which we started this year at $3 billion, which will get into sort of the mid-2s, and then with higher oil prices, you can continue to flex that down. And then the EBITDAX of the business jumps quite largely. So last year, we did something in the $500 million to $600 million range, which should be north of $1 billion this year in terms of where we get to. And so that leverage ratio compresses quite quickly.

好的。David，我們一直都在談，在一個正常化的油價與價格環境下，目標大約是1.5倍。另外，我認為你今年會看到的是：我們說過會把債務降低約20%；我們今年初的債務是30億美元，這會降到大約25億美元左右；而在油價較高的情況下，你可以繼續把它往下調整。同時，公司的EBITDAX會大幅跳升。所以去年我們大概在5億到6億美元區間，今年應該會超過10億美元，取決於我們達到的水準。因此槓桿比率會很快下降。

But I think, again, from a -- as Andy said, the capital has continued to stay a bit tight in '27. But that allows us to advance the projects and, at the same time, generate free cash flow to pay down the debt. So the goal is to do both at the same time and get leverage. What we'd like to see is sort of the net debt fall below $2 billion first in terms of a milestone. So we'll make a good dent in that progress this year, and again, we're seeking to sort of maximize every dollar in terms of debt paydown.

但我認為，同樣地——如Andy所說，2027年的資本支出仍會維持得比較緊。但這讓我們能推進專案，同時產生自由現金流來償還債務。所以目標是兩者同時進行並降低槓桿。我們希望看到的一個里程碑，是淨負債先降到20億美元以下。所以今年我們會在這個進展上取得相當大的成果；同時，我們也在努力把每一美元的效益最大化，用於償債。

Great. That's very clear. Thanks, guys.

很好。這非常清楚。謝謝各位。

(Operator Instructions) Bob Brackett, Bernstein Research.

（接線員指示）Bob Brackett，Bernstein Research。

Good morning. I'd like to talk a bit about Senegal and GTA. You mentioned the Phase 1+, which I expect is a 300 million cubic feet a day gas pipeline that brings ultimately molecules up to that Gandon power station. Can you talk about how to think about the unit economics? You mentioned it's reducing OpEx. How do we think about the volume? Is it your 27%? And how do we think about the price?

早安。我想談一下塞內加爾與GTA。你提到Phase 1+，我理解那是一條每日3億立方英尺的天然氣管線，最終把氣體輸送到Gandon電廠。你能談談該如何看待單位經濟性嗎？你提到它在降低營運支出（OpEx）。我們該如何看待量的分配？是你們的27%嗎？以及我們該如何看待價格？

Yeah. Bob, good questions. I think that the first thing is it's somewhere that -- the expansion of GTA, I sort of think about it being sort of 200 million rather than 300 million. You can go from today, we're pushing about 430 million standard cubic feet through the FPSO. You can get a 630 without actually spending any capital on it. If you want to go up higher than that, there is increased demand, there are incremental spend on capital to get there, relatively modest.

是的。Bob，問題很好。我認為第一點是——GTA的擴建，我比較傾向把它視為約2億，而不是3億。你可以從目前的狀態來看，我們正透過FPSO推送約4.3億標準立方英尺。你可以在不投入任何資本的情況下提升到6.3億。如果你想再往上，因為需求增加，則需要額外的資本支出才能達到，但相對不高。

But if you think about the first wave being sort of 200 million, the first piece of that domestically, piece of it will be used in Mauritania, piece of it will be used in Senegal. The first piece in Senegal will flow to the Gandon power station, as you said.

但如果你把第一波視為約2億，其中一部分會在國內使用，一部分會用於茅利塔尼亞，一部分會用於塞內加爾。如你所說，在塞內加爾的第一部分將會輸送到Gandon電廠。

Then the RGS, which is the pipeline company in Senegal, we'll continue to build that pipeline south from Saint Louis to Dakar. There's actually four phases. You can look online and see what they're doing. It ultimately allows you to build out that sort of power station infrastructure down towards Dakar. So it's going to be a phased process that will start to build through '27, '28, '29 until the end of the decade.

接著是RGS，也就是塞內加爾的管線公司，我們將持續把該管線自聖路易（Saint Louis）往南延伸至達卡（Dakar）。實際上分為四個階段。你可以上網查看他們正在做什麼。最終這將使你能在往達卡方向建置那類發電站基礎設施。因此這會是一個分期推進的流程，將從2027、2028、2029一路建到本十年末。

So actually, in terms of unit economics, the capital spend for us is very low; sort of de minimis is a way to think about it for that 200 million standard cubic feet. There is capital spend to sustain the profile at the back end of the decade, which is associated with more wells to keep you at that sort of 630 million, 650 million standard cubic feet.

所以其實，就單位經濟性而言，我們的資本支出非常低；對那每日2億標準立方英尺而言，可以把它視為幾乎可忽略不計（de minimis）。在本十年末端，為了維持產量曲線會有一些資本支出，主要與增加更多井口有關，以便把產量維持在約每日6.3億、6.5億標準立方英尺的水準。

But ultimately, it is a very low-cost expansion, and therefore, the margin that you're getting from it is high. Almost -- from an operating cost perspective, there is no FLNG lease, and therefore, your margin on those versus the export is higher.

但歸根結底，這是一個非常低成本的擴產，因此你從中取得的利潤率很高。幾乎——從營運成本角度來看，沒有FLNG租賃費，因此相較於出口，你在這些（供應）上的利潤率更高。

And again, I think the easy way to think about it, Bob, is just, again, we've said sort of Phase 1 OpEx is around sort of $5 to $6 per MMBTU; that's fixed cost essentially. The costs don't change with the expansion on the operating costs. And therefore, you get a sort of multiplying effect in terms of reducing that to sort of the sub-$4 type area. So again, I think every incremental molecule helps bring down that breakeven even faster.

再說一次，Bob，我認為最簡單的理解方式是：我們一直說第一期的營運支出（OpEx）大約是每MMBTU 5到6美元；那基本上是固定成本。擴產並不會改變營運成本端的成本。因此在把單位成本降到每MMBTU 4美元以下的區間時，會出現一種倍數效應。所以我認為，每增加一個增量分子，都能更快把損益兩平點再往下拉。

And then for the domestic gas, you're not paying the FLNG cost, which is part of that sort of $4.

而且對於國內天然氣而言，你不需要支付FLNG成本，而那是那個約4美元的一部分。

And a follow-up, please. I'm seeing mixed messages in the press around Yakaar-Teranga. Can you give us an update on what's happening there?

我再追問一下。我在媒體上看到關於Yakaar-Teranga的訊息有些互相矛盾。你能更新一下那邊目前的進展嗎？

Yeah. I don't think it's sort of mixed messages, Bob. I think that the key message out of it is around the importance of domestic gas for Senegal's growth. Relatively large population, growing population, reducing the cost of power -- electricity is a key priority for the government. And therefore, their goal is to ensure that they can advance those projects to do that in a timely way.

可以。我不認為那算是訊息混亂，Bob。我認為其中的關鍵訊息在於：國內天然氣對塞內加爾成長的重要性。人口相對龐大且仍在成長，降低電力成本——電力是政府的關鍵優先事項。因此，他們的目標是確保能及時推進這些專案以達成上述目的。

But for Kosmos, it was about saying we want to invest in GTA. We want to enable that source of domestic gas to be our focus, and therefore, we did relinquish Yakaar-Teranga. The government has picked it up, Paterson. I believe we will lead that development and it will be another source of gas for the country. But given the scale of the economic growth, I think that can be seen basically from population growth, then it needs all the gas, the country needs all the gas that it can take. Mauritania is a slightly smaller -- it's a smaller population, so their pool for domestic gas will be lower and can be fed by GTA.

但對Kosmos而言，重點在於我們想投資GTA。我們希望把促成那個國內天然氣來源作為我們的重點，因此我們確實放棄了（relinquish）Yakaar-Teranga。政府已接手了它，Paterson。我相信我們會主導該開發，並且它將成為該國另一個天然氣來源。但考量經濟成長的規模——基本上可從人口成長看出——它需要所有天然氣，這個國家需要它能取得的所有天然氣。茅利塔尼亞的人口稍微小一些——人口較少，因此其國內天然氣需求池會較低，且可由GTA供應。

So this is good for both countries. And clearly, world events today are all about how do you create security and affordability. And the extension now of both GTA and Yakaar-Teranga will enable Senegal to achieve those goals, and we're fully supportive of it.

所以這對兩個國家都是好事。而且很明顯，當今的全球事件都在談：如何創造供應安全與可負擔性。而現在GTA與Yakaar-Teranga兩者的延伸將使塞內加爾能達成這些目標，我們也完全支持。

Very clear. Thanks.

非常清楚。謝謝。

Great. Thanks, Bob.

很好。謝謝你，Bob。

Mark Wilson, Jefferies.

Mark Wilson，Jefferies。

Yeah, thank you. I'm going to ask a question for an investor to start off with. It's probably more for Neal. Just wondering about the derivative cash losses in Q1 and what we should expect in 2026, and obviously, this speaks to this maximizing of deleverage. So yeah, cash derivatives, Neal.

是的，謝謝。我先替一位投資人問一個問題。這可能比較是問Neal。想請教第一季衍生性商品的現金損失，以及我們在2026年應該預期什麼；而且很明顯，這也關乎最大化去槓桿。所以，是的，現金衍生品，Neal。

Yeah, it's clearly a large mark-to-market change. And again, we came into the year with an asset about $50 million, and then there's a $250 million mark-to-market loss, just given we got payout in January and February on those hedges, and then clearly the market moved.

是的，這顯然是一個很大的按市價評估（mark-to-market）變動。同樣地，我們在年初時是約5,000萬美元的資產部位，之後出現約2.5億美元的按市價評估損失，主要是因為我們在1月與2月就從那些避險部位收到結算款（payout），而市場也明顯出現變動。

From a cash perspective, it costs about $30 million to not a ton of cash, actually. But clearly, the implied shift in the forward curve has an impact on the derivative side. Our hedges are largely sort of focused on sort of the first half of this year, so we've talked about we have 6 million barrels left for the rest of the year, about half of that matures in Q2 and the other half over the second half of the year. And so there's a larger exposure in Q2 and then sort of less, and then that sort of steps down again in Q3 and Q4.

從現金角度來看，成本大約是3,000萬美元，實際上現金流出不算太多。但很明顯，遠期曲線的隱含移動會影響衍生品端。我們的避險大多集中在今年上半年；我們也提過，今年剩餘約600萬桶的避險量，其中約一半在第二季到期，另一半在下半年到期。因此第二季的曝險較大，之後會相對變小，到了第三、第四季又會再往下階梯式下降。

And so again, it will ultimately depend on sort of what the actual realized dated Brent price is. But we feel okay with our exposure on '26 and have really been working on adding some additional downside protection in '27. And so again, I think we're good in terms of where we are. We'll have more physical exposure from a pricing perspective, as we talked about in the call, Mark, in 2Q.

所以同樣地，最終仍取決於實際實現的dated Brent價格。但我們對2026年的曝險感覺還可以，並且一直在努力為2027年增加一些額外的下行保護。因此，我認為就我們目前的位置而言是可以的。正如我們在電話會議中提到的，Mark，第二季在定價面我們會有更多的實貨曝險。

And so there's a bigger, call it, unhedged volume that we'll be able to realize in the second quarter with more physical volume being sold versus the hedges. So again, I think Q2 is sort of shaping up quite nicely, and then the hedging exposure comes down, at least more access to the upside from the physical sale.

因此，第二季會有更大的——可以說——未避險量；相較於避險部位，我們會有更多實貨量出售並得以實現。所以我認為第二季的態勢相當不錯，之後避險曝險會下降，至少從實貨銷售端能取得更多上行空間。

Okay, thank you. And Andy, a slightly bigger picture question. I'm just wondering what contact you've had with, if at all, the new management setup at BP, given Tortu's performing so well. I'm just wondering if there's any commentary you could give there. Thank you.

好的，謝謝。Andy，我再問一個比較宏觀的問題。我想知道你是否、以及在多大程度上，與BP新的管理團隊有過接觸；考量到Tortue的表現非常好。想請問你是否能對此做些評論。謝謝。

No, things change and they don't change. For us, clearly, and for BP, ensuring that GTA runs both efficiently from a cost perspective, but equally well from a production perspective, we deliver on the cargo forecast, et cetera. So that's all going well, Mark, and I don't think there's any, we sort of see no change.

沒有，事情有變也有不變。對我們而言，當然對BP也是，確保GTA在成本面有效率地運行，同時在產量面也同樣表現良好，交付貨運（cargo）預測等等。所以目前一切都進展順利，Mark，我不認為有任何——我們基本上看不到變化。

Clearly, Meg, the new CEO has significant experience of Senegal from her experience at Woodside with Sangomar. So as it were, we bring -- it's great, somebody who has deep industry knowledge and very specific knowledge actually of that Pacific geography.

很明顯，新任CEO Meg在Woodside參與Sangomar期間，對塞內加爾有相當豐富的經驗。所以就某種意義上，我們——這很好，有一位具備深厚產業知識、而且實際上對那個太平洋地理區域也有非常具體了解的人。

So the real sort of answer is, as you'd expect, that we're focused on the on the operational side at the moment and ensuring that we deliver on the targets we've set. And actually, that's exactly what we're doing.

所以真正的答案是：如你所預期的，我們目前專注在營運面，並確保達成我們設定的目標。而且事實上，我們正是在這麼做。

Okay. Thank you. And then just one last point, just check in on the Jubilee guidance. Is there any scheduled downtime on the on the vessel in the rest of the year maintenance or anything?

好的。謝謝。最後再確認一點，關於Jubilee的指引。今年剩餘期間，船舶是否有任何排程停機（downtime），例如維修保養之類的？

I think you've asked that question before. The honest answer is no. So none in '26 and none in '27. I think that's what the operator told you last time. So no, the answer is no schedule maintenance.

我想你之前問過這個問題。坦白的答案是否定的。所以在「26 年沒有，在「27 年也沒有。我想這就是上次接線員告訴你的。所以不，答案是沒有排程性的維護。

And if I go to the essence of your question, are we coming to with our guidance? The answer is sort of yes. And why -- as we started the year, we were clear to all about forecasting yet, but of course, sort of getting close to the middle of May, you have a lot of extra information. The field started the year at -- we ended the year '25 at 57,000 barrels of oil per day. We've stabilized it. We've added two wells. It's delivered at 70,000 barrels of oil per day year to date. So very strong performance with two wells added.

如果我回到你問題的本質，我們是否正逐步接近我們的指引？答案算是肯定的。原因是——年初時，我們對外很清楚地說明，當時還在做預測；但當然，接近 5 月中旬時，你會掌握更多額外資訊。該油田年初——我們在 25 年底以每日 57,000 桶原油收官。我們已將其穩定下來。我們新增了兩口井。今年迄今已達到每日 70,000 桶原油的產量。因此在新增兩口井後，表現非常強勁。

We're now going to drill three wells. We have all of the logging information, pressure data, et cetera. So we're confident we're adding wells that will add an additional 20,000. So you build the base of 70,000, you add another 20,000, and you can see on our plot that we showed in the presentation the resulting production profile.

我們現在將再鑽三口井。我們掌握了所有測井資訊、壓力數據等等。因此我們有信心新增的井將再增加額外 20,000 桶。所以以 70,000 桶作為基礎，再加上 20,000 桶，你可以在我們簡報中展示的圖表上看到相應的產量曲線。

So I think -- to the point really, to add, is we're further down the process. We've clearly delivered strongly in the first four or five months of the year. We've got additional data from the wells that we've drilled, and we're now starting that completion process. So I think as every month goes by, we're more confident that we can deliver on the guidance that we've given with no shutdowns in '26.

所以我想——真正要補充的一點是，我們在流程上已更往前推進。我們在今年前四到五個月的表現顯然非常強勁。我們從已鑽的井獲得了更多數據，現在也開始進入完井流程。因此我認為，隨著每個月過去，我們對於能夠達成已給出的指引、且在「26 年不會停產，會更有信心。

I've made a very clear note of that. Thank you very much.

我已非常清楚地記下這點。非常感謝。

Thanks, Mark.

謝謝，Mark。

Stella Cridge, Barclays.

Stella Cridge，巴克萊。

Hi there. Good morning, good afternoon, and many thanks for all the updates today. I just wondered if I could ask you for a bit more color or comments on how you're thinking about the debt profile going forward. You've taken many actions year to date to address many different parts of the capital structure. The RBL discussions, you see they're going to commence around a bit mid-year.

你好。早安、午安，也非常感謝今天提供的所有更新。我想再請你多補充一些細節或評論，談談你們對未來債務結構（debt profile）的思考。今年迄今你們採取了許多行動，處理資本結構的不同部分。RBL 的討論看起來將在年中左右啟動。

Could you have any sense of what you think the lenders will be looking for there? Would it be sort of the visibility around Jubilee, for instance, in the supportable price environment?

你能否談談你認為放款銀行在那裡會關注什麼？例如，是否會是 Jubilee 的能見度——在可支撐的價格環境下？

Well, I'm happy to get to that, and then if you have another question, we can follow-up. But yeah, like you said, we've been quite busy. On the financing front, again, what we wanted to accomplish is pretty clear in terms of clearing out the near-term maturities and bolstering liquidity, sort of stabilize the ratings and continue to reduce the absolute amount of debt.

好的，我很樂意回答這個問題；如果你還有其他問題，我們可以再跟進。不過是的，正如你所說，我們確實相當忙。在融資方面，我們想達成的目標其實很清楚：清理短期到期債務、強化流動性、讓評級趨於穩定，並持續降低債務的絕對金額。

So again, as I say, we're well on track to deliver all of that. We've cleared the '26s and most of the '27s at this point. Liquidity is $500 million and growing. And we're on our way down on the debt paydown to get into the low-2s from a leverage standpoint by the end of the year. So again, I think all that's on track. And that leaves, sort of as you referenced, sort of the next financing objective for us to work on is the extension of the RBL.

所以如我所說，我們在交付這些目標上進展順利。截至目前，我們已清掉「26 年到期的部分，以及「27 年到期的大部分。流動性為 5 億美元，且仍在增加。而在償債降槓桿方面，我們正朝著年底把槓桿降到 2 倍出頭（low-2s）的方向前進。所以我認為這些都在軌道上。接著，如你所提到的，我們下一個融資目標就是延展 RBL。

Just to recall, this would be the sixth RBL extension that we go through or that I've been through here at Kosmos. And so again, normally just it's a seven-year facility, it doesn't amortize for three years, and then you end up extending the tenure every three years. And so I met with the banks recently. Again, they continue to be really supportive. They are looking for Jubilee performance to continue to improve, but again, I think that process is well underway, as Andy noted.

回顧一下，這將是我們進行的第六次 RBL 延展——或者說我在 Kosmos 經歷的第六次。一般而言，這是一個 7 年期的融資安排，前三年不攤還本金，之後每三年會延長一次期限。我最近也與銀行會面。他們依然非常支持。他們希望 Jubilee 的表現能持續改善，但如 Andy 所說，我認為這個過程已在順利推進中。

And otherwise, again, I think they want to see the same thing that our creditors and equity holders want to see, which is us to bring the leverage down. So as we execute the plan, again, I feel pretty good about going into that process in the middle of this year. And then that will basically kick the maturity from -- ultimate maturity from sort of the '29 to sort of the '32, '33 timeframe.

此外，我認為他們想看到的，與我們的債權人和股東想看到的是一樣的：也就是我們把槓桿降下來。因此只要我們按計畫執行，我對於在今年年中進入該流程感覺相當不錯。而這基本上會把最終到期日從大約「29 年，延後到「32、 「33 年左右的時間範圍。

Super. Thank you for that. And just the final bit I had wanted to ask about, I thought it was very interesting in the Fitch report that they were talking about potentially you're trying to get down into the kind of 800 to refinance a smaller amount in the RBL. Is that something you could comment on as well?

太好了。謝謝你的說明。最後我還想問一點：我覺得 Fitch 報告裡提到你們可能會把（RBL 的）金額降到大約 8 億，以便用較小的金額進行再融資，這點很有意思。這部分你也能評論一下嗎？

Yeah. And so we exited 1Q with about $1 billion drawn on the facility. With the EG proceeds coming in around $150 million-ish free cash flow, again, I think naturally, the RBL will reduce into that range from a drawn perspective.

可以。我們在第一季末時，該融資安排的動用額大約是 10 億美元。隨著 EG 的款項入帳，加上大約 1.5 億美元左右的自由現金流，我認為 RBL 的動用額自然會降到那個區間。

From a total facility size perspective, though, which is what will generally extend, I wouldn't expect much change. We were at sort of $1.3 billion facility size. We'll probably -- we probably don't need that much just because we're bringing down the amount of -- the absolute amount of both bonds and bank within the capital structure. So maybe it's $1.25 million-ish in terms of the facility size. I wouldn't expect the size to change dramatically, although, again, I think the bigger focus on our side is just reducing the drawn -- the actual drawn amount.

不過就總額度（facility size）的角度——通常延展的是這個——我不預期會有太大變化。我們原本的額度大約是 13 億美元。我們可能——可能不需要那麼多，因為我們正在降低資本結構中債券與銀行借款的絕對金額。所以額度或許會是大約 12.5 億美元左右。我不預期額度會大幅變動；不過我們這邊更大的重點，仍是降低實際動用額——也就是已動用的金額。

That's all clear. Thanks, guys.

都很清楚了。謝謝各位。

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. Thank you for your participation.

由於目前沒有進一步的提問，我想在此結束本次電話會議。感謝各位今天的參與。各位現在可以掛線。謝謝各位的參與。