The next dialogue and evaluation ought to be learn along with our consolidated monetary statements and notes thereto contained herein and our annual monetary statements for the 12 months endedDecember 31, 2021 , included in our annual report on Type 10-Ok together with the part Administration's Dialogue and Evaluation of economic situation and Outcomes of Operations contained in such annual report. Any phrases used however not outlined within the following dialogue have the identical that means given to them within the annual report. Our dialogue and evaluation consists of forward-looking statements that contain dangers and uncertainties and ought to be learn along with "Danger Elements" underneath Merchandise 1A of this report and within the annual report, together with "Ahead-Trying Info" on the finish of this part for details about the dangers and uncertainties that might trigger our precise outcomes to be materially totally different than our forward-looking statements.
Aperçu
We're a full-cycle, deepwater, unbiased oil and gasoline exploration and manufacturing firm centered alongside the Atlantic Margins. Our key property embrace manufacturing offshoreGhana ,Equatorial Guinea and theU.S. Gulf of Mexico , as properly as a world-class gasoline improvement offshoreMauritania andSenegal . We additionally pursue a confirmed basin exploration program inEquatorial Guinea ,Ghana and theU.S. Gulf of Mexico . The continued COVID-19 pandemic that emerged in the beginning of 2020 resulted in journey restrictions, together with border closures, journey bans, social distancing restrictions and workplace closures being ordered within the numerous nations through which we function, impacting a few of our enterprise operations. These restrictions, along with logistical challenges, have had an affect on the availability chain, ensuing within the delay of varied operational tasks. Globally, the impacts of COVID-19,Russia's invasion ofUkraine , a possible recession, and different various macroeconomic circumstances has impacted provide and demand for oil and gasoline, which additionally resulted in vital variability in oil and gasoline costs. The Firm's revenues, earnings, money flows, capital investments, debt capability and, in the end, future fee of progress are extremely depending on these commodity costs.
DEVELOPPEMENTS récents
Entreprise
Below the phrases of our 2020 farm-out settlement with Shell, potential contingent consideration is payable by Shell relying on the outcomes of the primary 4 exploration wells Shell drills within the bought property, excludingSouth Africa . Upon approval of the related working committee of an appraisal plan for submission to the related governmental authority for any of these first 4 exploration wells, Shell will probably be required to pay Kosmos$50.0 million of consideration for every discovery for which an appraisal plan is accepted by the related working committee, capped within the combination at a most of$100.0 million whole. There have been two oil discoveries introduced inNamibia throughout the first half of 2022. Below the phrases of Shell's Petroleum Settlement withNamibia , if Shell decides to appraise one or each of the discoveries, an appraisal plan is required to be submitted inside 150 days from completion of checks on a discovery properly.
In the course of the third quarter of 2022,Ghana manufacturing averaged roughly 111,100 Bopd gross (36,900 Bopd web). Jubilee manufacturing averaged roughly 88,900 Bopd gross (32,600 Bopd web) and TEN manufacturing averaged roughly 22,200 Bopd gross (4,300 Bopd web). Within the third quarter of 2022, the multi-year improvement drilling program continued to progress with the completion of 1 producer properly at TEN which was introduced on-line within the third quarter of 2022. InJuly 2022 , the partnership drilled the primary of the 2 riser base wells at TEN to initially outline the extent of the Ntomme reservoir supporting theTEN Enhancement Challenge . The properly was drilled to check two separate reservoir aims and encountered higher reservoir high quality and thickness than anticipated however was water bearing. InOctober 2022 , a second properly focusing on a distinct fairway was drilled. The properly encountered roughly 5 meters of web oil pay with poorer than anticipated reservoir high quality and has been plugged and deserted. The partnership will proceed to judge the total outcomes of the 2 wells to high-grade and optimize the long run drilling plans for TEN. InOctober 2022 , the rig moved again to Jubilee to begin drilling operations on Jubilee Southeast. InJuly 2022 , the Jubilee companions accomplished the transition of the operations & upkeep (O&M) companies for the Jubilee FPSO from exterior supplier MODEC, Inc. to Tullow. 31
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Following the closing of the acquisition ofAnadarko WCTP Firm ("Anadarko WCTP") within the fourth quarter of 2021, Kosmos' curiosity within the Jubilee Unit Space and the TEN fields offshoreGhana had been 42.1% and 28.1%, respectively. Below the DT Block Joint Working Settlement, sure three way partnership companions have pre-emption rights within the Jubilee Unit Space and the TEN fields. InNovember 2021 , we acquired discover from Tullow Oil plc ("Tullow") and PetroSA that they intend to train their pre-emption rights in relation to Kosmos' acquisition of Anadarko WCTP. After execution of definitive transaction documentation and receipt of governmental approvals, Kosmos concluded the pre-emption transaction with Tullow inMarch 2022 . Following the completion of the pre-emption by Tullow, Kosmos' curiosity within the Jubilee Unit Space decreased from 42.1% to 38.6% and Kosmos' curiosity within the TEN fields decreased from 28.1% to twenty.4%. The web 2022 manufacturing affect of the Tullow pre-emption train for Kosmos was a discount of roughly 4,000 barrels of oil per day, based mostly on theMarch 17, 2022 deadline, and is anticipated to end in one much lessGhana cargo lifting this 12 months and a discount in 2022 capital expenditure of roughly$30.0 million . For PetroSA, the pre-emption course of is ongoing and stays topic to execution of definitive agreements and required authorities approvals. Following completion of the pre-emption for PetroSA, Kosmos' final pursuits within the Jubilee Unit Space and TEN fields could be diminished to 38.3% and 19.8%, respectively.
Fabrication de la
InMarch 2022 , the Firm commenced operations to plug again and side-track the authentic Kodiak #3 infill properly situated inMississippi Canyon . The Kodiak-3ST properly was introduced on-line in earlySeptember 2022 , with insurance coverage proceeds anticipated to cowl a considerable portion of the prices incurred to return the Kodiak #3 properly to manufacturing. Nicely outcomes and preliminary manufacturing had been in line with expectations, nonetheless properly productiveness declined by way of the top of the third quarter of 2022. Workover plans are being developed for remediation. InJanuary 2021 , we introduced the Winterfell exploration properly encountered roughly 26 meters (85 ft) of web oil pay in two intervals. Winterfell was designed to check a sub-salt Higher Miocene prospect situated inInexperienced Canyon Block 944. InJanuary 2022 , theWinterfell-2 appraisal properly inInexperienced Canyon Block 943 was drilled to judge the adjoining fault block to the northwest of the unique Winterfell discovery and was designed to check two horizons that had been oil bearing within the Winterfell-1 properly, with an exploration tail right into a deeper horizon. The properly found roughly 40 meters (120 ft) of web oil pay within the first and second horizons with higher oil saturation and porosity than pre-drill expectations. The exploration tail found an extra oil-bearing horizon in a deeper reservoir which can also be potential within the blocks instantly to the north. In the course of the third quarter of 2022, the Area Growth Plan for the Winterfell subject was accepted by all companions and a rig has been secured by Beacon, the operator of the Winterfell subject, to undertake the event drilling, together with the sidetrack and completion of the Winterfell-1 properly, completion of theWinterfell-2 properly and drilling and completion of the Winterfell-3 properly in an adjoining fault block to the southeast of the Winterfell-1 discovery properly as a part of the Area Growth Plan. Host facility manufacturing dealing with settlement and midstream export settlement are anticipated to be accomplished throughout the subsequent a number of months. InMarch 2022 , Kosmos accomplished the acquisition of an extra 5.5% curiosity within the Winterfell space in InexperiencedCanyon Blocks 943, 944, 987 and 988 and an further 1.5% curiosity inInexperienced Canyon blocks 899 and 900 for$9.6 million . Moreover, inSeptember 2022 , Kosmos accomplished the acquisition of an further 3.2% curiosity within the Winterfell space in InexperiencedCanyon Blocks 943, 944, 987 and 988 and an extra 1.4% curiosity inInexperienced Canyon blocks 899 and 900 for$6.6 million . On account of the 2 transactions, our collaborating pursuits within the InexperiencedCanyon Blocks 943, 944, 987, and 988 is now 25.0% and our collaborating pursuits within the InexperiencedCanyon Blocks 899 and 900 is now 37.8%. InJune 2022 , we executed, as operator of the Odd Job subject, a contract for$131.6 million (gross) withSubsea 7 (US) LLC andOneSubsea LLC to manufacture and set up a subsea pump within the Odd Job subject. The mission commenced inJuly 2022 with an anticipated on-line date across the center of 2024. Kosmos' working curiosity within the Odd Job subject is roughly 54.9%. InAugust 2022 , the operator of the Helix Producer I (the "HP-I") manufacturing vessel disconnected the HP-I for a scheduled dry-dock inspection required by theU.S. Coast Guard . Because of this, manufacturing from the Twister subject was shut-in roughly 45 days whereas the vessel underwent its scheduled dry-dock. InSeptember 2022 , the HP-1 was efficiently introduced again on-line and manufacturing from the Twister subject re-commenced. Manufacturing from the Twister subject was additionally impacted in lateSeptember 2022 and earlyOctober 2022 by loop currents within theGulf of Mexico . 32
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InSeptember 2022 , the operator of the Delta Home floating manufacturing facility shut in manufacturing because the export pipeline underwent scheduled upkeep. As a end result, manufacturing from the Odd Job, Marmalard, SOB II and Almost Headless Nick fields had been shut-in roughly 27 days. In lateOctober 2022 , the Delta Home manufacturing facility noticed roughly two weeks of further unplanned downtime on account of a problem with the gasoline compressors.
Fabrication en
Dans
InOctober 2022 , we entered right into a farm-out settlement with Panoro Power ASA (Panoro) to farm-out a 6.0% collaborating curiosity in Block S offshoreEquatorial Guinea , leading to our collaborating curiosity in Block S decreasing to 34.0%. The transaction is anticipated to shut across the finish of the 12 months.
InJune 2022 , the exploration interval of Block C8 offshoreMauritania expired. InOctober 2022 , the partnership and the federal government ofMauritania executed a brand new Manufacturing Sharing Contract ("PSC") overlaying the BirAllah and Orca discoveries. The brand new PSC, which has been accepted by the federal government ofMauritania and can turn out to be efficient upon being revealed inMauritania's Official Gazette , gives as much as thirty months to submit a improvement plan overlaying the BirAllah and/or Orca discoveries with the phrases of the brand new PSC considerably much like the former PSC for Block C8 with further provisions for enhanced back-in rights for theAuthorities of Mauritania , native content material, SMH's capability constructing and an environmental fund. Kosmos' collaborating curiosity within the new PSC will probably be 28.0% and full election by SMH of their back-in rights would scale back Kosmos' collaborating curiosity to roughly 22.1%.
Unité du Grand Tortue Ahmeyim
Part 1 of the Better Tortue mission continues to make good progress in 2022 with first gasoline for the mission focused within the third quarter of 2023. The following milestones had been achieved as of the top of the third quarter of 2022 and submit quarter-end:
• FLNG : en bonne voie pour la navigation au premier semestre 2023, alors que les activités de building et d’achèvement mécanique se poursuivent et que les travaux de mise en service ont commencé
•FPSO: InSeptember 2022 , Hurricane Muifa handed by way of the COSCO shipyard in Qidong inChina inflicting the mooring traces of the Better Tortue FPSO to turn out to be compromised. Because of this, the Better Tortue FPSO drifted roughly 200 meters off the quayside. The Better Tortue FPSO has been returned to the quayside of the COSCO shipyard inChina and inspections performed so far have not recognized any vital injury. The ahead plan is to finish all inspections and incorporate any findings into mechanical completion actions together with commissioning work previous to sailaway, which is anticipated round year-end.
• Terminal Hub : en grande partie terminé avec la plate-forme d’habitation installée et les activités de mise en service ont commencé
•Subsea: shallow water gasoline export pipeline from the FPSO to the hub terminal has been put in and deepwater pipelay vessel is within the area conducting remaining testing previous to mobilization which is anticipated within the coming weeks to put the deepwater pipeline and in-field flowlines
• Forage : forage réussi des quatre puits avec une capacité de manufacturing prévue nettement supérieure à celle requise au premier gaz
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Résultats d’exploitation
All of our outcomes, as offered within the desk beneath, symbolize operations from Jubilee and TEN fields inGhana , theU.S. Gulf of Mexico andEquatorial Guinea . Sure working outcomes and statistics for the three and 9 months endedSeptember 30, 2022 and 2021 are included within the following tables: Three Months Ended September 30, 9 Months Ended September 30, 2022 2021 2022 2021 (In 1000's, besides per quantity information) Gross sales volumes: Oil (MBbl) 4,458 2,719 16,028 11,349 Fuel (MMcf) 859 1,078 3,115 3,624 NGL (MBbl) 84 111 330 365 Complete (MBoe) 4,685 3,010 16,877 12,318 Complete (Boepd) 50,926 32,714 61,821 45,121 Revenues: Oil gross sales$ 444,491 $ 190,599 $ 1,699,167 $ 737,381 Fuel gross sales 8,595 4,508 23,802 12,727 NGL gross sales 2,970 3,829 12,470 9,347 Complete oil and gasoline income$ 456,056 $ 198,936
Common oil gross sales value per Bbl$ 99.71 $ 70.10 $ 106.01 $ 64.97 Common gasoline gross sales value per Mcf 10.01 4.18 7.64 3.51 Common NGL gross sales value per Bbl 35.36 34.50 37.79 25.61 Common whole gross sales value per Boe 97.34 66.10 102.83 61.65
Frais:
Manufacturing pétrolière et gazière, hors reconditionnements
$ 268,154 $ 201,975 Oil and gasoline manufacturing, workovers 3,561 3,134 9,110 9,896
Coûts totaux de manufacturing de pétrole et de gaz
Épuisement, dépréciation et amortissement
Common price per Boe: Oil and gasoline manufacturing, excluding workovers$ 12.55 $ 15.68 $ 15.89 $ 16.40 Oil and gasoline manufacturing, workovers 0.76 1.04 0.54 0.80 Complete oil and gasoline manufacturing prices 13.31 16.72 16.43 17.20 Depletion, depreciation and amortization 22.69 21.57 22.93 23.76 Complete$ 36.00 $ 38.29 $ 39.36 $ 40.96 34
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The next desk exhibits the variety of wells within the means of being drilled or in energetic completion phases, and the variety of wells suspended or ready on completion as ofSeptember 30, 2022 : Actively Drilling or Wells Suspended or Finishing Ready on Completion Exploration Growth Exploration Growth Gross Web Gross Web Gross Web Gross WebGhana Jubilee Unit - - - - - - 7 2.70 TEN(1) 1 0.20 - - - - 7 1.43 Equatorial Guinea Block S - - - - 1 0.40 - - Okume - - - - - - 1 0.43 U.S. Gulf of Mexico Winterfell - - - - 2 0.50 - - Mauritania / Senegal Better Tortue Ahmeyim Unit - - 1 0.27 - - 3 0.80 Senegal Cayar Profond - - - - 3 0.90 - - Complete 1 0.20 1 0.27 6 1.80 18 5.36
(1) Comprend le puits NT-11 qui est considéré comme un puits de sortie d’un level de vue comptable, mais qui est en cours de forage dans le cadre du plan de développement TEN.
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The dialogue of the outcomes of operations and the period-to-period comparisons offered beneath analyze our historic outcomes. The next dialogue could not be indicative of future outcomes. Three months endedSeptember 30, 2022 in comparison with three months endedSeptember 30, 2021 Three Months Ended September 30, Enhance 2022 2021 (Lower) (In 1000's) Revenues and different revenue: Oil and gasoline income$ 456,056 $ 198,936 $ 257,120 Acquire on sale of property - 1,538 (1,538) Different revenue, web 48 66 (18) Complete revenues and different revenue 456,104 200,540
255 564
Prices and bills: Oil and gasoline manufacturing 62,372 50,316
12 056
Modifications d’assurance des installations, nettes 494 1 554
(1,060) Exploration bills 17,215 23,982 (6,767) Basic and administrative 24,007 22,459 1,548
Épuisement, dépréciation et amortissement 106 313 64 914
41 399
Intérêts et autres frais de financement, nets 29 796 26 873
2,923 Derivatives, web (113,842) 38,224 (152,066) Different bills, web (218) 194 (412) Complete prices and bills 126,137 228,516 (102,379) Revenue (loss) earlier than revenue taxes 329,967 (27,976) 357,943 Revenue tax expense 107,713 621 107,092 Web revenue (loss)$ 222,254 $ (28,597) $ 250,851 Oil and gasoline income. Oil and gasoline income elevated by$257.1 million throughout the three months endedSeptember 30, 2022 , as in comparison with the three months endedSeptember 30, 2021 primarily because of larger manufacturing charges at Jubilee and our acquisition of further pursuits inGhana throughout the fourth quarter of 2021 which drove elevated gross sales volumes inGhana in addition to larger common oil costs. We offered 4,685 MBoe at a median realized value per barrel equal of$97.34 throughout the three months endedSeptember 30, 2022 and three,010 MBoe at a median realized value per barrel equal of$66.10 throughout the three months endedSeptember 30, 2021 . Oil and gasoline manufacturing. Oil and gasoline manufacturing prices elevated by$12.1 million throughout the three months endedSeptember 30, 2022 , as in comparison with the three months endedSeptember 30, 2021 primarily because of elevated gross sales volumes inGhana , partially offset by decrease manufacturing prices per barrel pushed by subject manufacturing combine in ourGhana enterprise unit. Exploration bills. Exploration bills decreased by$6.8 million throughout the three months endedSeptember 30, 2022 , as in comparison with the three months endedSeptember 30, 2021 primarily as results of roughly$9.3 million of exploration bills for the three months endedSeptember 30, 2022 associated to the 2 deserted Ntomme step out wells, in comparison with roughly$7.0 million associated to the exit of an exploration lease inMauritania and the Zora exploration properly which didn't discover hydrocarbons and was plugged and deserted inAugust 2021 with$12.6 million of properly prices charged to exploration expense for the three months endedSeptember 30, 2021 . Depletion, depreciation and amortization. Depletion, depreciation and amortization elevated$41.4 million throughout the three months endedSeptember 30, 2022 , as in contrast with the three months endedSeptember 30, 2021 primarily as a results of larger gross sales volumes throughout the quarter. 36
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Curiosity and different financing prices, web. Curiosity and different financing prices, web elevated$2.9 million throughout the three months endedSeptember 30, 2022 , as in contrast with the three months endedSeptember 30, 2021 primarily because of elevated curiosity expense on the 7.750% Senior Notes issued inOctober 2021 and assure charges on the Tortue FPSO transaction, offset by elevated capitalized curiosity associated to the Better Tortue Ahmeyim mission. Derivatives, web. In the course of the three months endedSeptember 30, 2022 and 2021, we recorded a acquire of$113.8 million and a lack of$38.2 million , respectively, on our excellent hedge positions. The quantities recorded had been a results of adjustments within the ahead oil value curve throughout the respective durations. Revenue tax expense (profit). For the three months endedSeptember 30, 2022 and 2021, our general efficient tax charges had been impacted by the distinction in our 21%U.S. revenue tax reporting fee and the 35% statutory tax charges relevant to our Ghanaian and Equatorial Guinean operations, jurisdictions which have a 0% statutory tax fee or the place we now have incurred losses and have recorded valuation allowances towards the corresponding deferred tax property, and different non-deductible bills, primarily within theU.S. 9 months endedSeptember 30, 2022 in comparison with 9 months endedSeptember 30, 2021 9 Months Ended September 30, Enhance 2022 2021 (Lower) (In 1000's) Revenues and different revenue: Oil and gasoline income$ 1,735,439 $ 759,455 $ 975,984 Acquire on sale of property 471 1,564 (1,093) Different revenue, web 143 210 (67) Complete revenues and different revenue 1,736,053 761,229
974 824
Prices and bills: Oil and gasoline manufacturing 277,264 211,871
65 393
Amenities insurance coverage modifications, web 7,246 3,495 3,751 Exploration bills 118,656 41,452 77,204 Basic and administrative 74,424 66,628 7,796
Épuisement, dépréciation et amortissement 386 961 292 616
94 345
Intérêts et autres frais de financement, nets 92 317 90 727
1,590 Derivatives, web 243,534 252,606 (9,072) Different bills, web (1,320) 1,003 (2,323) Complete prices and bills 1,199,082 960,398 238,684 Revenue (loss) earlier than revenue taxes 536,971 (199,169) 736,140 Revenue tax expense 196,144 (22,617) 218,761 Web revenue (loss)$ 340,827 $ (176,552) $ 517,379 Oil and gasoline income. Oil and gasoline income elevated by$976.0 million throughout the 9 months endedSeptember 30, 2022 , as in comparison with the 9 months endedSeptember 30, 2021 primarily because of larger manufacturing charges at Jubilee and our acquisition of further pursuits inGhana throughout the fourth quarter of 2021 which drove elevated gross sales volumes inGhana in addition to larger common oil costs. We offered 16,877 MBoe at a median realized value per barrel equal of$102.83 throughout the 9 months endedSeptember 30, 2022 and 12,318 MBoe at a median realized value per barrel equal of$61.65 throughout the 9 months endedSeptember 30, 2021 . Oil and gasoline manufacturing. Oil and gasoline manufacturing prices elevated by$65.4 million throughout the 9 months endedSeptember 30, 2022 , as in comparison with the 9 months endedSeptember 30, 2021 primarily because of elevated gross sales volumes inGhana and by subject manufacturing combine in ourGhana enterprise unit. Exploration bills. Exploration bills elevated by$77.2 million throughout the 9 months endedSeptember 30, 2022 , as in comparison with the 9 months endedSeptember 30, 2021 primarily a results of the$64.2 million of beforehand capitalized prices associated to the BirAllah and Orca discoveries incurred underneath the Block C8 license offshoreMauritania that had been 37
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written off to exploration expense with the expiration of the exploration interval of Block C8, roughly$10.9 million associated to the 2 deserted Ntomme step out wells, and roughly$15.0 million associated to the exit of leases in theU.S. Gulf of Mexico andMauritania enterprise items, in comparison with the Zora exploration properly, which didn't discover hydrocarbons and was plugged and deserted inAugust 2021 with$14.1 million of properly prices charged to exploration expense for the 9 months endedSeptember 30, 2021 . Basic and administrative. Basic and administrative prices elevated by$7.8 million throughout the 9 months endedSeptember 30, 2022 , as in contrast with the 9 months endedSeptember 30, 2021 primarily because of elevated compensation and advantages, journey prices {and professional} charges for the 9 months endedSeptember 30, 2022 . Depletion, depreciation and amortization. Depletion, depreciation and amortization elevated$94.3 million throughout the 9 months endedSeptember 30, 2022 , as in contrast with the 9 months endedSeptember 30, 2021 primarily as a results of larger gross sales volumes within the present 12 months. Curiosity and different financing prices, web. Curiosity and different financing prices, web elevated$1.6 million throughout the 9 months endedSeptember 30, 2022 , as in comparison with the 9 months endedSeptember 30, 2021 , primarily because of elevated curiosity expense on the 7.750% Senior Notes and the 7.500% Senior Notes issued throughout 2021 and assure charges on the Better Tortue FPSO transaction, offset by$15.2 million for loss on extinguishment of debt throughout the second quarter of 2021 associated to the Facility modification and elevated capitalized curiosity associated to the Better Tortue Ahmeyim mission. Derivatives, web. In the course of the 9 months endedSeptember 30, 2022 and 2021, we recorded a lack of$243.5 million and a lack of$252.6 million , respectively, on our excellent hedge positions. The adjustments recorded had been a results of adjustments within the ahead curve of oil costs throughout the respective durations. Revenue tax expense (profit). For the 9 months endedSeptember 30, 2022 and 2021, our general efficient tax charges had been impacted by the distinction in our 21%U.S. revenue tax reporting fee and the 35% statutory tax charges relevant to our Ghanaian and Equatorial Guinean operations, jurisdictions which have a 0% statutory tax fee or the place we now have incurred losses and have recorded valuation allowances towards the corresponding deferred tax property, and different non-deductible bills, primarily within theU.S.
Liquidités et ressources en capital
We're actively engaged in an ongoing means of anticipating and assembly our
funding necessities associated to our technique as a full-cycle exploration and
manufacturing firm. We now have traditionally met our funding necessities by way of
money flows generated from our working actions and obtained further
funding from issuances of fairness and debt, in addition to accomplice carries.
Oil costs are traditionally unstable and will negatively affect our potential to
generate ample working money flows to satisfy our funding necessities. This
volatility may end in broad fluctuations in future oil costs, which may
affect our potential to adjust to our monetary covenants. To partially mitigate
this value volatility, we keep an energetic hedging program and assessment our
capital spending program regularly. Our funding choices are based mostly
on longer-term commodity costs based mostly on the character of our tasks and
improvement plans. Present commodity costs, mixed with our hedging program
and our present liquidity place help our remaining capital program for
2022.
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Sources et utilisations des espèces
The next desk presents the sources and makes use of of our money and money equivalents and restricted money for the 9 months endedSeptember 30, 2022 and 2021: 9 Months EndedSeptember 30, 2022 2021 (In 1000's)
Sources de trésorerie, équivalents de trésorerie et trésorerie affectée : trésorerie nette provenant des activités d’exploitation
$ 863,236 $
143 841
Web proceeds from issuance of senior notes -
444 375
Borrowings underneath long-term debt - 250,000
Proceeds on sale of property 118,703 5,327
981,939 843,543
Utilisations de la trésorerie, des équivalents de trésorerie et de la trésorerie affectée : Actifs pétroliers et gaziers
543,349
377 850
Acquisition of oil and gasoline properties 21,205
–
Notes receivable from companions 28,188 41,712
Funds on long-term debt 322,500 400,000
Buy of treasury inventory 2,753 1,100
Dividends 655 512
Deferred financing prices 6,288 17,291
924,938 838,465
Augmentation de la trésorerie, des équivalents de trésorerie et de la trésorerie affectée
Web money supplied by working actions. Web money supplied by working actions for the 9 months endedSeptember 30, 2022 was$863.2 million in contrast with web money supplied by working actions for the 9 months endedSeptember 30, 2021 of$143.8 million . The rise in money supplied by working actions within the 9 months endedSeptember 30, 2022 when put next to the identical interval in 2021 is primarily a results of elevated gross sales volumes and larger oil costs. 39
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Desk des matières
The next desk presents our web debt and liquidity as ofSeptember 30, 2022 : September 30, 2022 (In 1000's) Money and money equivalents$ 231,565 Restricted money 332 7.125% Senior Notes 650,000 7.750% Senior Notes 400,000 7.500% Senior Notes 450,000 Borrowings underneath the Facility 700,000 Borrowings underneath the GoM Time period Mortgage 152,500 Web debt$ 2,120,603 Availability underneath the Facility$ 550,000 Availability underneath the Company Revolver$ 250,000
Emprunts disponibles plus trésorerie et équivalents de trésorerie
Dépenses en capital et investissements
Nous prévoyons engager des dépenses en immobilisations lorsque nous :
• forer des puits intercalaires supplémentaires et exécuter des activités d’exploitation et de manufacturing dans
• exécuter des efforts d’exploration et d’évaluation axés sur les infrastructures
• exécuter des activités d’évaluation et de développement dans
We now have relied on a lot of assumptions in budgeting for our future actions. These embrace the variety of wells we plan to drill, our collaborating, paying and carried pursuits in our prospects together with disproportionate cost quantities, the prices concerned in growing or collaborating within the improvement of a prospect, the timing of thirdoccasion tasks, the supply of appropriate tools and certified personnel and our money flows from operations. We additionally consider potential company and asset acquisition alternatives to help and increase our asset portfolio which can affect our funds assumptions. These assumptions are inherently topic to vital enterprise, political, financial, regulatory, well being, environmental and aggressive uncertainties, contingencies and dangers, all of that are tough to foretell and plenty of of that are past our management. We might have to lift further funds extra shortly if market circumstances deteriorate, or a number of of our assumptions proves to be incorrect, or if we select to increase our acquisition, exploration, appraisal, improvement efforts or some other exercise extra quickly than we presently anticipate. We could resolve to lift further funds earlier than we want them if the circumstances for elevating capital are favorable. We could search to promote property, fairness or debt securities or receive further financial institution credit score services. The sale of fairness securities may end in dilution to our shareholders. The incurrence of further indebtedness may end in elevated fastened obligations and extra covenants that might limit our operations. 2022 Capital Program
Nous estimons que nous dépenserons environ
•Roughly$225 million associated to upkeep actions throughout ourGhana ,Equatorial Guinea andU.S. Gulf of Mexico property, together with infill improvement drilling and integrity spend •Roughly$125 million associated to progress actions throughout ourGhana ,Equatorial Guinea andU.S. Gulf of Mexico property, primarily pre-investment for infrastructure required to help manufacturing progress in 2023 and past 40
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•Approximativement
•Roughly$25 million associated to progressing the appraisal plans of our better gasoline useful resource inMauritania andSenegal , together with Part 2 of Better Tortue Ahmeyim, BirAllah and Yakaar-Teranga.
À travers
The last word quantity of capital we'll spend could fluctuate materially based mostly on market circumstances and the success of our exploitation and drilling outcomes amongst different elements. Our future monetary situation and liquidity will probably be impacted by, amongst different elements, our stage of manufacturing of oil and the costs we obtain from the sale of oil, our potential to successfully hedge future manufacturing volumes, the success of our multi-faceted infrastructure-led exploration and appraisal drilling packages, the variety of commercially viable oil and pure gasoline discoveries made and the portions of oil and pure gasoline found, the pace with which we will carry such discoveries to manufacturing, our companions' alignment with respect to capital plans, and the precise price of exploitation, exploration, appraisal and improvement of our oil and pure gasoline property, and protection of any claims underneath our insurance coverage insurance policies.
Sources importantes de capitaux
Facilité
The Facility helps our oil and gasoline exploration, appraisal and improvement packages and company actions with a borrowing base calculation that consists of worth associated to the Jubilee, TEN, Ceiba and Okume fields, nonetheless, the further pursuits in Jubilee and TEN acquired within theOctober 2021 acquisition of Anadarko WCTP will not be included within the borrowing base calculation. In the course of the 9 months endedSeptember 30, 2022 , the Firm made principal repayments totaling$300.0 million on the Facility together with$100.0 million with the proceeds from the Tullow pre-emption transaction. See Word 3 - Acquisitions and Divestitures. InOctober 2022 , throughout the Fall 2022 redetermination, the Firm's lending syndicate accepted a borrowing base of roughly$1.24 billion . As ofSeptember 30, 2022 , borrowings underneath the Facility totaled$700.0 million and the undrawn availability underneath the power was$550.0 million . The Facility gives a revolving credit score and letter of credit score facility. The availability interval for the revolving credit score facility expires one month previous to the ultimate maturity date. The letter of credit score facility expires on the ultimate maturity date. The out there facility quantity is topic to borrowing base constraints and, starting onMarch 31, 2024 , excellent borrowings will probably be constrained by an amortization schedule. The Facility has a remaining maturity date ofMarch 31, 2027 . As ofSeptember 30, 2022 , we had no letters of credit score issued underneath the Facility. We now have the best to cancel all of the undrawn commitments underneath the amended and restated Facility. The quantity of funds out there to be borrowed underneath the Facility, often known as the borrowing base quantity, is set each March and September. The borrowing base quantity relies on the sum of the web current values of web money flows and related capital expenditures diminished by sure percentages in addition to worth attributable to sure property' reserves and/or assets inGhana andEquatorial Guinea , nonetheless, excludes the extra pursuits in Jubilee and TEN acquired within the acquisition of Anadarko WCTP. If an occasion of default exists underneath the Facility, the lenders can speed up the maturity and train different rights and cures, together with the enforcement of safety granted pursuant to the Facility over sure asset. We had been in compliance with the monetary covenants contained within the Facility as ofSeptember 30, 2022 (the latest evaluation date). The Facility incorporates customary cross default provisions.
Revolver d’entreprise
OnMarch 31, 2022 , we refinanced the Company Revolver by changing it with a new revolving credit score facility settlement ensuing within the following adjustments to the phrases:
• La taille totale du Company Revolver est réduite de
• La date d’échéance est prolongée de
•Borrowings underneath the Company Revolver now bear curiosity at a fee equal to the secured in a single day financing fee administered by theFederal Reserve Financial institution of New York plus a credit score adjustment unfold plus a 7.0% margin plus obligatory prices, if relevant. 41
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•Addition of a unfavorable pledge covenant over the collaborating pursuits held by the Firm's wholly-owned subsidiary, Kosmos Power Ghana Investments, within the WCTP and DT blocks offshoreGhana . •Because the Company Revolver is meant to proceed to largely stay undrawn, the Firm is required to make use of the proceeds from any capital markets and mortgage transactions to first repay any drawn excellent steadiness underneath the Company Revolver and the Firm is topic to a money sweep of a minimum of 50% of the Firm's Extra Money (as outlined within the Company Revolver) to pay excellent balances as ofMarch 31 orSeptember 30 in any calendar 12 months. The Company Revolver is on the market for common company functions and for oil and gasoline exploration, appraisal and improvement packages. The Firm expects the diminished Company Revolver dimension to offset a rise within the margin, ensuing in barely decrease curiosity bills going ahead. As ofSeptember 30, 2022 , there have been no excellent borrowings underneath the Company Revolver and the undrawn availability was$250.0 million . The out there quantity shouldn't be topic to borrowing base constraints. We now have the proper to cancel all of the undrawn commitments underneath the Company Revolver. We're required to repay sure quantities due underneath the Company Revolver with gross sales of sure subsidiaries or gross sales of sure property. If an occasion of default exists underneath the Company Revolver, the lenders can speed up the maturity and train different rights and cures, together with the enforcement of safety granted pursuant to the Company Revolver over sure property held by us.
Nous respections les covenants financiers contenus dans le Company Revolver au
TheU.S. and plenty of international economies proceed to expertise uncertainty pushed by various macroeconomic circumstances. Though a few of these economies have proven indicators of enchancment, macroeconomic restoration stays uneven. Uncertainty within the macroeconomic atmosphere and related world financial circumstances have resulted in excessive volatility in credit score, fairness, and international forex markets, together with the European sovereign debt markets and volatility in numerous different markets. If any of the monetary establishments inside our Facility or Company Revolver are unable to carry out on their commitments, our liquidity could possibly be impacted. We actively monitor all the monetary establishments collaborating in our Facility and Company Revolver. Not one of the monetary establishments have indicated to us that they could be unable to carry out on their commitments. In addition, we periodically assessment our banking and financing relationships, contemplating the soundness of the establishments and different features of the relationships. Primarily based on our monitoring actions, we at present imagine our banks will be capable to carry out on their commitments.
Billets de premier rang
We now have three sequence of senior notes excellent, which we collectively referred to because the "Senior Notes." Our 7.125% Senior Notes mature onApril 4, 2026 , and curiosity is payable on the 7.125% Senior Notes everyApril 4 andOctober 4 . Our 7.500% Senior Notes mature onMarch 1, 2028 , and curiosity is payable on the 7.500% Senior Notes everyMarch 1 andSeptember 1 . Our 7.750% Senior Notes mature onCould 1, 2027 , and curiosity is payable on the 7.750% Senior Notes everyCould 1 andNovember 1 . The Senior Notes are senior, unsecured obligations ofKosmos Power Ltd. and rank equally in proper of cost with all of its present and future senior indebtedness (together with all borrowings underneath the Company Revolver) and rank successfully junior in proper of cost to all of its present and future secured indebtedness (together with all borrowings underneath the Facility and the GoM Time period Mortgage). The Senior Notes are collectively and severally assured on a senior, unsecured foundation by sure subsidiaries proudly owning the Firm'sU.S. Gulf of Mexico property and the pursuits acquired within the Anadarko WCTP Acquisition, and on a subordinated, unsecured foundation by entities that borrow underneath, or assure, our Facility. GoM Time period Mortgage InSeptember 2020 , the Firm entered right into a five-year$200.0 million senior secured term-loan credit score settlement secured towards the Firm'sU.S. Gulf of Mexico property with web proceeds acquired of$197.7 million after deducting charges and different bills. The GoM Time period Mortgage additionally consists of an accordion function offering for incremental commitments of as much as$100.0 million topic to sure circumstances. As ofSeptember 30, 2022 , borrowings underneath the GoM Time period Mortgage totaled$152.5 million . As ofSeptember 30, 2022 ,$30.0 million of the full$152.5 million excellent underneath the GoM Time period Mortgage have been categorised inside Present maturities of long-term debt on our consolidated steadiness sheet.
Le prêt à terme du GoM contient des clauses affirmatives et négatives habituelles, y compris des clauses qui affectent notre capacité à contracter des dettes supplémentaires, à créer des privilèges, à fusionner, à céder des actifs et à effectuer des distributions, des dividendes, des investissements ou
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capital expenditures, amongst different issues. The GoM Time period Mortgage is assured on a senior, secured foundation by sure subsidiaries proudly owning the Firm'sU.S. Gulf of Mexico property. The GoM Time period Mortgage consists of sure representations and warranties, indemnities and occasions of default that, topic to sure materiality thresholds and style durations, come up because of a cost default, failure to adjust to covenants, materials inaccuracy of illustration or guarantee, and sure chapter or insolvency proceedings. If there's an occasion of default, all or any portion of the excellent indebtedness could also be instantly due and payable and different rights could also be exercised together with towards the collateral.
Obligations contractuelles
The next desk summarizes by interval the funds due for our estimated contractual obligations as ofSeptember 30, 2022 and the weighted common rates of interest anticipated to be paid on the Facility, Company Revolver and GoM Time period Mortgage given present contractual phrases and market circumstances, and the instrument's estimated truthful worth. Weighted-average rates of interest are based mostly on implied ahead charges within the yield curve on the reporting date. This desk does not embrace amortization of deferred financing prices. Asset (Legal responsibility) Honest Worth at Years Ending December 31, September 30, 2022(2) 2023 2024 2025 2026 Thereafter Complete(3) 2022 (In 1000's, besides percentages)
Mounted fee debt: 7.125% Senior Notes $ - $ - $ - $ -$ 650,000 $ -$ 650,000 $ 534,034 7.750% Senior Notes - - - - - 400,000$ 400,000 $ 320,992 7.500% Senior Notes - - - - - 450,000 450,000 352,598 Variable fee debt: Weighted common rate of interest 7.76 % 8.45 % 8.39 % 8.06 % 8.29 % 8.53 % Facility(1) $ - $ - $ -$ 169,011 $ 352,418 $ 178,571 $ 700,000 $ 700,000 GoM Time period Mortgage 7,500 30,000 30,000 85,000 - - 152,500 152,500
Complete des remboursements de la dette principale(1)
$ 2,352,500 Curiosity & dedication price funds on long-term debt 35,318 193,773 188,803 168,369 117,837 69,931 774,031 Working leases(4) 989 4,003 4,074 4,145 4,216 10,825 28,252 Buy obligations(5) 2,880 68,198 34,976 - - - 106,054
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(1)The quantities included within the desk symbolize principal maturities solely. The scheduled maturities of debt associated to the Facility are based mostly on the extent of borrowings and the out there borrowing base as ofSeptember 30, 2022 . Any will increase or decreases within the stage of borrowings or will increase or decreases in the out there borrowing base would affect the scheduled maturities of debt throughout the subsequent 5 years and thereafter.
(2)Représente la période
(3)Doesn't embrace our share of operator's buy commitments for collectively owned fields and services the place we aren't the operator and excludes commitments for exploration actions, together with properly commitments and seismic obligations, in our petroleum contracts. The Firm's liabilities for asset retirement obligations related to the dismantlement, abandonment and restoration prices of oil and gasoline properties will not be included. See Word 14 - Further Monetary Info for extra data concerning these liabilities.
(4) Concerne principalement les baux company et bureaux à l’étranger.
(5)Represents gross contractual obligations to execute deliberate future capital tasks. Different joint house owners within the properties operated by Kosmos will probably be billed for his or her working curiosity share of such prices.
Nous nous sommes engagés à forer trois puits de développement et un puits d’exploration dans
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Politiques comptables critiques
We think about accounting insurance policies associated to our income recognition, exploration and improvement prices, receivables, revenue taxes, by-product devices and hedging actions, estimates of proved oil and pure gasoline reserves, asset retirement obligations, leases and impairment of long-lived property as crucial accounting insurance policies. The insurance policies embrace vital estimates made by administration utilizing data out there on the time the estimates are made. Nonetheless, these estimates may change materially if totally different data or assumptions had been used. Apart from gadgets mentioned in Word 2 - Accounting Insurance policies, there have been no adjustments to our crucial accounting insurance policies which are summarized in "Merchandise 7. Administration's Dialogue and Evaluation of Monetary Situation and Outcomes of Operations" part in our annual report on Type 10-Ok, for the 12 months endedDecember 31, 2021 .
Mise en garde concernant les déclarations prospectives
This quarterly report on Type 10-Q incorporates estimates and forward-looking statements, principally in "Administration's Dialogue and Evaluation of Monetary Situation and Outcomes of Operations." Our estimates and forward-looking statements are primarily based mostly on our present expectations and estimates of future occasions and tendencies, which have an effect on or could have an effect on our companies and operations. Though we imagine that these estimates and forward-looking statements are based mostly upon cheap assumptions, they're topic to a number of dangers and uncertainties and are made in gentle of data at present out there to us. Many necessary elements, along with the elements described in our quarterly report on Type 10-Q and our annual report on Type 10-Ok, could adversely have an effect on our outcomes as indicated in forward-looking statements. It's best to learn this quarterly report on Type 10-Q, the annual report on Type 10-Ok and the paperwork that we now have filed with theSecurities and Alternate Fee utterly and with the understanding that our precise future outcomes could also be materially totally different from what we count on. Our estimates and forward-looking statements could be influenced by the next elements, amongst others: •the affect of the COVID-19 pandemic on the Firm and the general enterprise atmosphere; •the affect ofRussia's invasion ofUkraine and the consequences it has on the oil and gasoline trade as an entire, together with elevated volatility with respect to grease, pure gasoline and NGL costs and working and capital expenditures; •our potential to seek out, purchase or acquire entry to different discoveries and prospects and to efficiently develop and produce from our present discoveries and prospects; •uncertainties inherent in making estimates of our oil and pure gasoline information; •the profitable implementation of our and our block companions' prospect discovery and improvement and drilling plans; •projected and focused capital expenditures and different prices, commitments and revenues; •termination of or intervention in concessions, rights or authorizations granted to us by the governments of the nations through which we function (or their respective nationwide oil corporations) or some other federal, state or native governments or authorities; •our dependence on our key administration personnel and our potential to draw and retain certified technical personnel; •the flexibility to acquire financing and to adjust to the phrases underneath which such financing could also be out there; •the volatility of oil, pure gasoline and NGL costs, in addition to our potential to implement hedges addressing such volatility on commercially cheap phrases; •the supply, price, perform and reliability of growing applicable infrastructure round and transportation to our discoveries and prospects; •the supply and value of drilling rigs, manufacturing tools, provides, personnel and oilfield companies; •different aggressive pressures; •potential liabilities inherent in oil and pure gasoline operations, together with drilling and manufacturing dangers and different operational and environmental dangers and hazards; •present and future authorities regulation of the oil and gasoline trade or regulation of the funding in or potential to do enterprise with sure nations or regimes; •price of compliance with legal guidelines and laws; •adjustments in, or new, environmental, well being and security or local weather change or GHG legal guidelines, laws and government orders, or the implementation, or interpretation, of these legal guidelines, laws and government orders; •opposed results of sovereign boundary disputes within the jurisdictions through which we function; •environmental liabilities; •geological, geophysical and different technical and operations issues, together with drilling and oil and gasoline manufacturing and processing; •army operations, civil unrest, outbreaks of illness, terrorist acts, wars or embargoes; •the associated fee and availability of ample insurance coverage protection and whether or not such protection is sufficient to sufficiently mitigate potential losses and whether or not our insurers adjust to their obligations underneath our protection agreements; 44
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•our vulnerability to extreme climate occasions, together with, however not restricted to, tropical storms and hurricanes within theGulf of Mexico ; •our potential to satisfy our obligations underneath the agreements governing our indebtedness; •the supply and value of financing and refinancing our indebtedness; •the quantity of collateral required to be posted every so often in our hedging transactions, letters of credit score, efficiency bonds and different secured debt; •the results of any authorized proceedings, arbitrations, or investigations we could also be topic to or concerned in; •our success in threat administration actions, together with the usage of by-product monetary devices to hedge commodity and rate of interest dangers; and •different threat elements mentioned within the "Merchandise 1A. Danger Elements" part of our quarterly stories on Type 10-Q and our annual report on Type 10-Ok. The phrases "imagine," "could," "will," "purpose," "estimate," "proceed," "anticipate," "intend," "count on," "plan" and comparable phrases are meant to establish estimates and forward-looking statements. Estimates and forward-looking statements communicate solely as of the date they had been made, and, besides to the extent required by legislation, we undertake no obligation to replace or to assessment any estimate and/or forward-looking assertion due to new data, future occasions or different elements. Estimates and forward-looking statements contain dangers and uncertainties and will not be ensures of future efficiency. On account of the dangers and uncertainties described above, the estimates and forward-looking statements mentioned on this quarterly report on Type 10-Q won't happen, and our future outcomes and our efficiency could differ materially from these expressed in these forward-looking statements on account of, together with, however not restricted to, the elements talked about above. Due to these uncertainties, you shouldn't place undue reliance on these forward-looking statements.
Rubrique 3. Informations qualitatives et quantitatives sur le risque de marché
The first goal of the next data is to supply forward-looking quantitative and qualitative details about our potential publicity to market dangers. The time period "market dangers" because it pertains to our at present anticipated transactions refers back to the threat of loss arising from adjustments in commodity costs and rates of interest. These disclosures will not be meant to be exact indicators of anticipated future losses, however reasonably indicators of fairly potential losses. This forward-looking data gives indicators of how we view and handle ongoing market threat exposures. We enter into market-risk delicate devices for functions apart from to take a position. We handle market and counterparty credit score threat in accordance with our insurance policies. In accordance with these insurance policies and pointers, our administration determines the applicable timing and extent of by-product transactions. See "Merchandise 8. Monetary Statements and Supplementary Information - Word 2 - Accounting Insurance policies, Word 9 - By-product Monetary Devices and Word 10- Honest Worth Measurements" part of our annual report on Type 10-Ok for an outline of the accounting procedures we comply with relative to our by-product monetary devices.
Le tableau suivant réconcilie les changements survenus dans les justes valeurs de nos contrats dérivés ouverts au cours des neuf mois terminés
By-product Contracts Belongings (Liabilities)
Commodities
(In 1000's)
Honest worth of contracts excellent as of December 31, 2021 $ (66,315)
Modifications in contract truthful worth (257,112)
Contract maturities 304,328
Honest worth of contracts excellent as of September 30, 2022 $ (19,099)
Commodity Value Danger
The Firm's revenues, earnings, money flows, capital investments and,
in the end, future fee of progress are extremely depending on the costs we obtain
for our crude oil, which have traditionally been very unstable. Considerably all
of our oil gross sales are listed towards Dated Brent, and Heavy Louisiana Candy. Oil
costs within the first 9 months of 2022 ranged between $78.99 and $137.64 per
Bbl for Dated Brent, with Heavy Louisiana Candy experiencing comparable volatility
throughout the first 9 months of 2022.
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Devices dérivés sur matières premières
We enter into numerous oil by-product contracts to mitigate our publicity to commodity value threat related to anticipated future oil manufacturing. These contracts at present include collars, put choices and name choices. With regard to our obligations underneath our numerous commodity by-product devices, if our manufacturing doesn't exceed our present hedged positions, our publicity to our commodity by-product devices would enhance. As well as, a discount in our potential to entry credit score may cut back our potential to implement by-product contracts on commercially cheap phrases.
Sensibilité au prix des matières premières
The next desk gives details about our oil by-product monetary devices that had been delicate to adjustments in oil costs as ofSeptember 30, 2022 . Volumes and weighted common costs are web of any offsetting derivatives entered into. Weighted Common Value per Bbl Asset Web Deferred (Legal responsibility) Premium Honest Worth at Payable/ BoughtSeptember 30 , Time period Sort of Contract Index MBbl (Receivable) Put Flooring Ceiling 2022(2) (In 1000's) 2022: Oct - Dec Three-way collars Dated Brent 1,125$ 0.64 $ 43.33 $ 56.67 $ 76.91 $ (12,025) Oct - Dec Three-way collars NYMEX WTI 250 1.45 50.00 65.00 85.00 (809) Oct - Dec Two-way collars Dated Brent 1,500 1.22 - 62.50 83.33 (10,850) Oct - Dec Bought calls(1) Dated Brent 395 - - - 60.00 (9,707) 2023: Jan - Dec Three-way collars Dated Brent 4,000 1.21 48.75 70.00 106.38 758 Jan - Dec Two-way collars Dated Brent 2,000 2.50 - 75.00 125.00 13,534
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(1) Représente les contrats d’choices d’achat vendus à des contreparties pour améliorer d’autres positions sur dérivés
(2) Les justes valeurs sont basées sur les prix moyens à terme du pétrole
InOctober 2022 , we entered into Dated Brent three-way collar contracts for 1.0 MMBbl fromJanuary 2023 by way ofDecember 2023 with a offered put value of$50.00 per barrel, a ground value of$75.00 per barrel and a ceiling value of$110.00 per barrel. As well as, we entered into Dated Brent two-way collar contracts for two.0 MMBbl fromJanuary 2023 by way ofDecember 2023 with a ground value of$70.00 per barrel and a ceiling value of$110.00 per barrel. AtSeptember 30, 2022 , our open commodity by-product devices had been in a web legal responsibility place of$19.1 million . As ofSeptember 30, 2022 , a hypothetical 10% value enhance within the commodity futures value curves would lower future pre-tax earnings by roughly$43.0 million . Equally, a hypothetical 10% value lower would enhance future pre-tax earnings by roughly$39.0 million .
Sensibilité aux taux d’intérêt
Modifications in market rates of interest have an effect on the quantity of curiosity we pay on sure of our borrowings. Excellent borrowings underneath the Facility and GoM Time period Mortgage, which as ofSeptember 30, 2022 whole$0.9 billion and have a weighted common rate of interest of 6.8%, are topic to variable rates of interest which expose us to the danger of earnings or money move loss on account of potential will increase in market rates of interest. If the floating market fee elevated 10% at this stage of floating fee debt, we'd pay an estimated further$3.1 million curiosity expense per 12 months. The dedication charges on the undrawn availability underneath the Facility and the Company Revolver will not be topic to adjustments in curiosity charges. All of our different long-term indebtedness is fastened fee and doesn't expose us to the danger of money move loss on account of adjustments in market rates of interest. Moreover, a change available in the market rates of interest may affect curiosity prices related to future debt issuances or any future borrowings.
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