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    David Round • Stifel Financial Corp

    David Round's questions to Diversified Energy Company PLC (DEC) leadership

    David Round's questions to Diversified Energy Company PLC (DEC) leadership • H1 2025

    Question

    David Round of Stifel Financial Corp asked for clarification on the $70 million in asset optimization proceeds, which exceeded initial expectations, and requested an update on the well retirement program's third-party activity compared to the previous year.

    Answer

    CFO Brad Gray attributed the higher-than-expected proceeds to better per-acreage realizations and additional interest from developers in the Western Anadarko Basin. CEO Rusty Hutson added that while more sales are likely, specific guidance is not being provided. On well retirements, Gray stated that third-party activity, while not as robust as in 2023 due to federal funding changes, remains consistent, with the company on pace to plug nearly 400 wells this year.

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    David Round's questions to Kosmos Energy Ltd (KOS) leadership

    David Round's questions to Kosmos Energy Ltd (KOS) leadership • Q1 2025

    Question

    David Round asked about the timeline for testing the Greater Tortue Ahmeyim (GTA) project's nameplate capacity and what is needed to confirm sustainable higher rates. He also inquired about the company's current and future breakeven points.

    Answer

    CEO Andrew Inglis stated that testing of the FLNG vessel's capacity will continue through the second quarter, with individual trains showing performance about 10% above nameplate capacity. Regarding breakevens, he noted the company is free cash flow positive at current prices and targets a breakeven of around $50 per barrel Brent in 2026, supported by cost controls and production growth from high-return Jubilee wells, which have a project breakeven of approximately $30 per barrel.

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    David Round's questions to Kosmos Energy Ltd (KOS) leadership • Q4 2024

    Question

    David Round of Stifel followed up on the Jubilee guidance, asking how much of the optimistic view was based on recent voidage replacement results and when the underlying issues might be considered fully resolved. He also asked for thoughts on the terminated M&A discussions with Tullow Oil.

    Answer

    Chairman and CEO Andrew Inglis stated the Jubilee guidance is based on a clear plan to address known issues, primarily power generation reliability, and that the year has started positively. Regarding M&A, Inglis confirmed that Kosmos is not planning to revisit discussions with Tullow, noting the talks were very preliminary and the company would not use its 'depressed' equity for a transaction.

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