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    Mark Wilson • Jefferies

    Mark Wilson's questions to Kosmos Energy Ltd (KOS) leadership

    Mark Wilson's questions to Kosmos Energy Ltd (KOS) leadership • Q2 2025

    Question

    Mark Wilson of Jefferies asked if securing a gas sales agreement is the most critical next step for the GTA Phase one plus expansion. He also questioned whether Kosmos should become the operator of the Jubilee field, given its demonstrated expertise with new seismic data.

    Answer

    Chairman & CEO Andrew Inglis confirmed that clarity on a gas sales agreement is a necessary step before an FID on GTA Phase one plus, but he views it as an addressable issue rather than a barrier. On the topic of Jubilee operatorship, Inglis emphasized the strong, collaborative partnership with Tullow Oil, stating that Kosmos is effectively contributing its subsurface expertise without needing a formal change in operatorship.

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    Mark Wilson's questions to Kosmos Energy Ltd (KOS) leadership • Q1 2025

    Question

    Mark Wilson asked for more detail on the better-than-expected subsurface performance at Tortue and inquired about the physical and financial mechanics of the domestic gas obligation, including its connection to NOC loan paybacks.

    Answer

    CEO Andrew Inglis explained that initial flowback data from development wells indicated greater connected reservoir volume than previously mapped, which could reduce future drilling needs. He clarified that the national oil companies are responsible for building the domestic gas pipeline infrastructure, meaning Kosmos has no capital liability. If the domestic gas is not taken, more gas is available for Kosmos to sell as LNG.

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    Mark Wilson's questions to Kosmos Energy Ltd (KOS) leadership • Q4 2024

    Question

    Mark Wilson from Jefferies asked for the expected timeline to reach the 1.5x leverage target and the company's capital allocation priorities thereafter. He also inquired how long the Tortue reservoir could produce at planned rates before requiring additional wells.

    Answer

    CFO Neal Shah projected reaching the 1.5x leverage target towards the second half of 2026, at which point the company will reassess the balance between further debt paydown and shareholder returns. Chairman and CEO Andrew Inglis added that new wells at Tortue are 'several years away' as current well capacity significantly exceeds requirements, and future drilling would not be a significant draw on capital.

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    Mark Wilson's questions to Kosmos Energy Ltd (KOS) leadership • Q3 2024

    Question

    Mark Wilson sought clarification on U.S. Gulf of Mexico production levels, the 2025 outlook with new Winterfell wells, the company's leverage target for initiating shareholder returns, and the final steps for the Tortue FPSO startup.

    Answer

    CEO Andrew Inglis confirmed current U.S. GoM production is ~20,000 boe/d *without* the curtailed Winterfell wells and will be slightly higher in 2025. CFO Neal Shah reiterated the leverage target of <1.5x before considering shareholder returns. Inglis added that the Tortue FPSO is very close to handover from Technip to BP operations, a final step before first gas.

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    Mark Wilson's questions to TechnipFMC PLC (FTI) leadership

    Mark Wilson's questions to TechnipFMC PLC (FTI) leadership • Q1 2025

    Question

    Mark Wilson asked about the competitive landscape for TechnipFMC's iEPCI and Subsea 2.0 offerings, particularly in Brazil where Petrobras uses its own standards, and the potential for broader adoption there.

    Answer

    CEO Douglas Pferdehirt acknowledged Petrobras's use of its own standard but noted FTI remains optimistic about future Subsea 2.0 adoption. He stressed that other major operators in Brazil, such as Shell and Equinor, are already adopting FTI's iEPCI and Subsea 2.0 model for their projects, proving its value in the region. He stated that outside of a few specific regional standards, Subsea 2.0 has broadly proliferated the market.

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    Mark Wilson's questions to TechnipFMC PLC (FTI) leadership • Q4 2024

    Question

    Mark Wilson of Jefferies asked about the drivers behind the increasing size of large project awards (over $1 billion) and sought confirmation of TechnipFMC's claimed one-year cycle time advantage over competitors.

    Answer

    CEO Douglas Pferdehirt explained that larger project sizes are a result of clients returning to higher-quality offshore reservoirs and choosing TechnipFMC for its proven ability to deliver with schedule security. He emphatically confirmed the one-year cycle time advantage is still valid and stated the company is relentlessly focused on shortening it further.

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