Kosmos Energy Ltd KOS
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/25/2013

Operator: Good day, everyone. Welcome to Kosmos Energy's Fourth Quarter and Full Year-End 2012 Earnings Conference Call. Just a reminder, today's call is being recorded.

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

Brad Whitmarsh - IR: Thanks operator and thanks to all of you for joining us today. This morning, we issued our year-end earnings release, which is accessible on the Investor's page of the website. Later this morning, we anticipate filing our 2012 10-K with the SEC.

Joining me on the call for our comments this morning are Brian Maxted, CEO; Greg Dunlevy, Executive Vice President and CFO; and Darrell McKenna, our Chief Operating Officer. Following brief comments, we will have a question-and-answer session. Consistent with prior calls, I'd ask the participants to keep your questions to one primary and one follow-up. This will help ensure that we get to all who are on the call today. If they are questions that we are unable to get to within one hour time frame, please feel free to call me later.

Before we get started, I'd like to mention that this conference call includes certain forward-looking statements based our current expectations. The risks associated with forward-looking statements have been outlined in the earnings release and in our SEC filings. We may also refer to certain non-GAAP financial measures in our discussion. We believe such measures are important in looking at the Company's historical and future performance and these are commonly referred to metrics in the industry. These measures are provided in addition to and should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP and included in our SEC filings.

At this time, I'd like to turn the call over to Brian.

Brian F. Maxted - CEO: Thanks Brad. In today's call I want to touch briefly on 2012 and then focus on the present in 2013 and our strong future. Greg will follow with a financial discussion before handing over to Darrell for an operations update.

Looking back, 2012 was a strong year for our Company and we entered in our best position ever, operationally, financially, as well as organizationally. As a result, we have an attractive long-term platform for growth. We are building and maturing a world-class exploration portfolio, that provides transformation outside opportunities.

Our position offshore Ghana is only the initial success for Kosmos, representing the foundation from which we will grow our business. In 2012, we've significantly matured and de-risked these assets, growing production and cash flows to record levels, progressing our next (store department) further into the face of our earlier discoveries as well.

At Jubilee, the early part of the year was focused on overcoming productivity problems, which we resolved successfully, and did so at much lower cost than earlier planned. We're also began implementing in the Phase 1A development program, and as we looked at the year with the Jubilee production at approximately 110,000 barrels of oil per day, a record levels for the field and up 70% from the beginning of the year.

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