Kosmos Energy Ltd (KOS) 2015年年度报告「NYSE」.pdf

1、2015 ANNUAL REPORTF I N A N C I A L STRENGTH C A P I T A L DISCIPLINE S H A R E H O L D E R VALUEWith three major hydrocarbon discoveries in the last year,Kosmos is entering an exciting next phase in its history.Our strong balance sheet and disciplined approach to capital allocation enables us to in

2、vest through the cycle so we can continue to create value for shareholders.1Since its founding in 2003,Kosmos has successfully invested through the commodity cycle thanks to the maintenance of a strong balance sheet and disciplined allocation of capital.When Brent crude averaged above$100 per barrel

3、 and it was fashionable to drill exploration wells and grow at any cost,we used our high-margin cash flow from the Jubilee Field to consistently reduce debt and build liquidity.Our prudent approach to managing the business has meant that we entered this latest downturn with a solid financial foundat

4、ion,high-margin production,and exciting near-term prospects to drill following our success in opening the outboard petroleum system offshore Mauritania and Senegal.Our competitors arent so fortunate.Many are struggling to cope with continued market turbulence and are cutting expenditures just to sur

5、vive.In stark contrast,we enjoy robust liquidity,low leverage,and a well-hedged production profile.This favorable position combined with growing production enables Kosmos to continue executing its strategy to create value for shareholders.Our expected investment program for 2016 balances our ongoing

6、 commitment to capital discipline with the ambition and promise of our growth plan.We expect to spend approximately$650 million,representing a nearly 20 percent reduction from last year.The work program that underpins this capital level has been high-graded to the essential activities that we believ