Kosmos Energy Ltd. (NYSE:KOS) Q2 2023 Earnings Conference Call August 7, 2023 11:00 AM ET

Corporate Participants

Jamie Buckland - Vice President of Investor Relations

Andrew Inglis - Chairman and Chief Executive Officer

Neal Shah - Chief Financial Officer

Conference Call Participants

Charles Meade - Johnson Rice

James Hosie - Barclays

Neil Mehta - Goldman Sachs

Subash Chandra - Benchmark

Mark Wilson - Jefferies

Operator

Good day, everyone. Welcome to Kosmos Energy's Second Quarter 2023 Conference Call. As a reminder, today's call is being recorded.

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

Jamie Buckland

Thank you, operator, and thanks to everyone for joining us today. This morning we issued our first quarter 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 material, are Andy Inglis, Chairman and CEO; and Neal Shah, CFO.

During today's presentation, we will make forward-looking statements that refer to our estimates, plans, and expectations. Actual results and outcomes could differ materially due to factors we note in this presentation and in our 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.

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

Andrew Inglis

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

Starting on Slide 3. Last year, we set out our strategy to develop our world-class asset base with a goal to grow production by around 50% from our 2022 baseline. I'm pleased to say in the last few weeks, we've taken the first step to achieve that growth target with the startup of the Jubilee South East project in Ghana. This material stamp-up in Ghana production is contributing around half of our stated growth target. With additional growth expected to come from the Tortue LNG project in Mauritania and Senegal and the Winterfell project in the Gulf of Mexico.

I'll talk about all these developments in more detail shortly. As we continue to deliver these growth projects, we expect development CapEx to fall, resulting in a lower capital program over the coming year. With production rising towards our growth target and CapEx are expected to fall. We're nearing the free cash flow inflection point where we expect to generate significant free cash flow, particularly at current commodity prices.