Kosmos Energy Ltd. (NYSE:KOS) Q1 2023 Earnings Conference Call May 9, 2023 11:00 AM ET

Company Participants

Jamie Buckland - Vice President of Investor Relations

Andrew Inglis - Chairman and Chief Executive Officer

Neal Shah - Senior Vice President and Chief Financial Officer

Conference Call Participants

Nicolette Slusser - Goldman Sachs Group, Inc.

Alex Smith - Investec

Matthew Smith - Bank of America Merrill Lynch

Charles Meade - Johnson Rice & Company

Ashley Kelty - Panmure Gordon & Co.

Mark Wilson - Jefferies LLC

Operator

Good day, everyone. Welcome to Kosmos Energy's First Quarter 2023 Conference Call. Just 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 first quarter results call. I'm going to run through the progress we've made during the quarter before handing over to Neal to take you through the financials. We'll then open up the call for questions.

Starting on Slide 3. It's been just over two months since our fourth quarter earnings call, which brings us closer to the anticipated mid-year free cash flow inflection point we talked about at our year-end results. Over that period, we made steady progress on advancing our strategic agenda. 1Q was another quarter of solid delivery.

On production, we averaged approximately 59,000 barrels of oil equivalent per day net during the quarter in line with guidance. We expect production to rise in the third and fourth quarters as new wells come online primarily at Jubilee. Our development project, which we expect to collectively increase the company's production by around 50% from now to 2024, continue to make good progress. On Jubilee Southeast, we are targeting first oil next month. On Tortue Phase 1, we are targeting first gas at the end of the fourth quarter. And on Winterfell, we are targeting first oil at the end of the first quarter next year.