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    Stella Cridge • Barclays

    Stella Cridge's questions to Kosmos Energy Ltd (KOS) leadership

    Stella Cridge's questions to Kosmos Energy Ltd (KOS) leadership • Q2 2025

    Question

    Stella Cridge from Barclays Capital inquired about the additional financing options being pursued for longer-dated debt maturities and asked about the company's confidence in meeting its RBL covenants.

    Answer

    SVP & CFO Neal Shah explained that while the primary plan is to use cash flow to reduce absolute debt, the company acted prudently to refinance the 2026 notes. They will continue to evaluate attractive capital sources to address 2027/2028 maturities. He expressed confidence in meeting RBL requirements, citing cash generation well above borrowing base price decks and the added liquidity from the new Gulf of Mexico facility.

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    Stella Cridge's questions to Kosmos Energy Ltd (KOS) leadership • Q1 2025

    Question

    Stella Cridge asked for key takeaways from the recent meeting with Ghana's president and for an explanation of the Q1 cash outflow from notes receivable, as well as the outlook for future cash flows from this item.

    Answer

    CEO Andrew Inglis shared that his meeting with President Mahama confirmed a shared vision to re-energize Ghana's energy sector, particularly through the upcoming Jubilee drilling program. CFO Neal Shah clarified that the Q1 outflow was related to the final stages of the GTA development loan to the national oil company (NOC), and that repayments of this loan are expected to begin in the second half of the year, turning it into a cash inflow.

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    Stella Cridge's questions to Kosmos Energy Ltd (KOS) leadership • Q3 2024

    Question

    Stella Cridge followed up on Tortue OpEx, asking for a breakdown of one-off costs and the 2025 run-rate, inquired about the FPSO leaseback refinancing, and asked for an update on discussions in Senegal regarding Yakaar-Teranga.

    Answer

    CEO Andrew Inglis clarified Q4 Tortue OpEx includes one-off pre-commissioning costs, with a normalized run-rate of ~$4/Mcf ($2 OpEx, $2 lease). CFO Neal Shah explained the FPSO refinancing is a planned permanent solution being worked on with BP. Inglis noted that while GTA progress is unaffected, discussions on Yakaar-Teranga have slowed due to the new administration and elections in Senegal.

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    Stella Cridge's questions to IHS Holding Ltd (IHS) leadership

    Stella Cridge's questions to IHS Holding Ltd (IHS) leadership • Q1 2025

    Question

    Stella Cridge asked about the specific regulatory approvals needed for the Rwanda sale, the intended use of the cash proceeds, and for an update on cash upstreaming from Nigeria year-to-date.

    Answer

    CFO Steve Howden explained that the Rwanda deal requires customary regulatory and governmental approvals. The proceeds will be used for debt reduction, targeting earlier bond maturities and high-interest facilities. He also confirmed that cash upstreaming from Nigeria is proceeding well, with $71 million upstreamed in Q1. CEO Sam Darwish added that the Nigerian market is returning to 'business as usual' due to effective government policies, making upstreaming more routine.

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    Stella Cridge's questions to IHS Holding Ltd (IHS) leadership • Q4 2024

    Question

    Stella Cridge of Barclays asked about the potential impact of regional political tensions on the company's operations in Rwanda, specifically concerning business risk, currency stability, and the ability to upstream cash.

    Answer

    CFO Steve Howden responded that while the company is actively monitoring the geopolitical situation in the region, there has been no discernible impact on its Rwandan business from an operational, financial, or foreign exchange perspective.

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