Kosmos Energy Ltd.

Good day, everyone. Welcome to Cosmos Energy first quarter 2036 conference call. As a reminder, today's call is being recorded at this time. Let me turn the call over to Jamie Buckman, Vice President of Impressor Relations.

Thank you, Operator, and thanks to everyone for joining us today. This morning, we issued our first quarter 2026 earnings release. This release and the slide presentation to accompany today's call are available on the investors page of our website. Joining me on the call today to go through the materials are Andy Ingalls, Chairman and CEO, and Neil Shah, CFO. During today's presentation, we will make forward-looking statements that refer to our estimates, plans, and expectations. Actual results and outcomes could differ materially due to factors we note in this presentation, in and out UK and SEC filings. Please refer to our annual report, Stock Exchange Announcement, and SEC filings for more details. These documents are available on our website. And at this time, I will turn the call over to Andy.

Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our first quarter of 2026 results call. I'll start today's call by reviewing progress against the four goals for 2026 that we laid out with our full year results in March. I'd then like to spend some time talking about the current market dynamics and how Cosmos is uniquely positioned to benefit by being priced off premium benchmarks before focusing on each business unit and the operational progress we've made year to date. I'll then hand over to Neil to talk about the financials before I wrap up with closing remarks. We'll then open up the call for Q&A. Starting on slide three, Two months ago, we released our full year 2025 results, and I focused on four key objectives for Cosmos in 2026, which is shown on the slide. This year, we are targeting production growth from our core assets, continued progress in cost reduction, with a particular focus this year on operating costs, having made significant reductions in capex and overhead last year. Meaningful net debt reduction, and advancement of our high-quality growth portfolio with minimal capex this year. I'm pleased to say we're making excellent progress against all these goals. Compared to the same quarter last year, production is up around 25%, and absolute operating costs are down around 22%. In addition, we've reduced net debt by around 7% from year-end 2025. I'll go into more detail on each as we move through the slides. Starting with production on slide four. With the ramp-up of GTA and Jubilee production, we posted record quarterly production in the first quarter, as can be seen on the top chart on the slide. This record production has come at a time when we've seen record high pricing and also record high differentials. The dark blue line on the left axis of the bottom chart shows dated Brent pricing year-to-date. Dated Brent is the benchmark used for pricing our Ghana cargoes. In times of market tightness, dated Brent can trade as a premium to Brent futures, referencing the strong near-term demand for the barrels in the physical market. David Brent hit an all-time record high in early April and has continued to trade at the premium to Brent futures. Also worth noting are the differentials we're seeing on those barrels. The barrels we sell typically include a differential, which is either a discount or premium to the benchmark, such as David Brent. That discount or premium depends on factors such as crude quality, location, and regional market conditions. The red line on the chart shows an illustrative differential for West African crude year-to-date. Through January and February, those differentials were slightly negative, but started to grow through March into April as the Middle East conflict continued. While the data on the chart is illustrative, we've seen those differentials rise to a meaningful premium through this period of market kindness. Then is slide five. This slide looks at how our barrels are priced in different geographies and the time lag we see between production and revenue. Our three core production hubs, Ghana, GTA, and the Gulf of America, are all priced off premium benchmarks. In fact, across the U.S. E&P sector, Cosmos is one of the most exposed companies to international prices as a percentage of sales. Around 50% of our production, primarily Ghana, is priced off dated Brent, the dark blue line on the chart. Since the Middle East conflict broke out, the dated Brent premium over WTI has more than tripled. Ghana cargoes are typically priced off an average five or ten day period before or after the cargo loading. Our March Jubilee cargo had already been hedged, so we didn't benefit from the rising prices seen in the month, but we do have a growing amount of unhedged production as we move through the year that should capture additional upside. In the Gulf of America, we sell most of our barrels against heavy Louisiana sweet, or HLS, which generally trades at a small premium to WTI, the red line on the chart. Production in the Gulf is typically sold on a one-month trailing average, so we'll start to see the benefits of higher prices as we move into the second quarter. On GTA, the gas production is priced up ice Brent, the green line on the chart, which also generally trades at a premium to US prices. Production is priced on a three-month historical average price, so we'll start to see the full benefit of higher prices in 2Q. However, the lag effect also means we'll continue to see firmer GTA pricing beyond any future price declines. So in summary, we've seen record production, record prices, and record differentials, but given the pricing structure we have in our various sales contracts, we won't see the benefit of higher prices that started in late 1Q until the second and third quarters. I'm now allowed to talk about each of our business units in more detail. To any supply fix, we select for the progress we're making in Ghana. This is the slide we've used for the last two quarters and has been updated for recent activity. As the operator discussed in our full year results last week, the 2025-26 drilling campaign continues to perform strongly. The J74 well came online in early 2026, followed by the J75 well at the end of the quarter. Both wells were forming in line with expectations and gross tube leak production for the first quarter was around 70,000 barrels of oil per day. The plots on the chart have been updated slightly since last quarter and reflect the partnership's decision to enhance efficiency by drilling a series of wells before completing them simultaneously. This means there will be a gap in new production additions during the second quarter, with too few production expected in the mid-70s. Three new producer wells are due online in relatively quick succession in June and July, as previously communicated by the operator. Each of these wells has been drilled and completion operations start shortly. Based on the logging results, these three wells should drive a material uplift in production around 20,000 barrels of oil per day gross in aggregate, before some natural decline is expected in the fourth quarter of the drilling campaign concludes. Year-to-date performance for the upcoming activity set continues to support the upper end of our 70,000 to 80,000 barrel-a-day gross oil production guidance for Jubilee this year. Looking at the bottom right of the slide, we're pleased to see the operator announced their refinancing earlier in the year, which was accompanied by a commitment to drill in 27 and 28. The partnership is aligned on securing a rig for a program load to 10 wells, with drilling targets of restock around mid-2027. As we previously discussed, this regular drilling program is key to sustain the improved performance we've seen from Jubilee this year. Also worth noting is the value creation from the current drilling program with well paybacks in the mid-cycle price environment of around six months and a lot shorter in the current environment. Turning to slide seven. GTA has continued to perform strongly this year, with around 2.85 million tonnes per annum equivalent gross produced in the first quarter, in excess of the floating LNG nameplate capacity of 2.7 million tonnes per annum. 9.5 gross LNG cargoes were listed during the quarter, in line with guidance. For the year ahead, our gross cargo guidance of 32 to 36 LNG cargoes is unchanged. One gross condensate cargo was listed in the quarter which went to BP. The second and third condensate cargoes later in the year, including one this quarter, are expected to be assigned to Cosmos and the NFCs. Due to some seasonality that we find in the past, daily LNG production is expected to fall from higher winter levels as the sea and air temperatures warm up through the summer months. Volume should then pick up again later in the year as cooler temperatures return. On costs, we remain on track to deliver our 50% reduction target for OPEX per MMBTU this year and fee scope for further cost reductions in 2027. On the Phase 1 expansion, which should materially enhance project returns, there's been good progress on the ground in Senegal year to date. Approximately 50% of the land is being cleared for the onshore section of the northern segment of the pipeline, with the remaining 50% expected to be done this quarter. This northern segment will connect to the 250 megawatt Gandong power station being built near San Luis. The onshore pipelines are expected to be exported from China in May, with arrival in Senegal scheduled around the middle of the year. The West African Development Bank has been appointed the mandated leader ranger to raise approximately $270 million to finance the infrastructure. The board of directors of the bank approved at the end of March the first tranche of around $90 million. Turning to slide 8. Production in our Gulf of America business unit for the first quarter was in line with expectations, with continued solid performance from our odd job in Kodiak Fields. In April, the winter fell too well with shut-in pending a future intervention, and folio Gulf of America production is now expected towards the lower end of our guidance. On the gross side of the business, we were pleased to take the final investment decision on the Cosmos Operator Tiberius project alongside our 50-50 partner, Oxy. With expected development costs of around $10 a barrel and operating and transport costs of around $20 a barrel for the first phase, this is a low-cost, high-margin development. The first phase will be a single-well tie-back that will produce into Oxy's nearby Lucius platform. CAL FACTS is planned largely to be spent in 27 and 28, with first-all expense in the second half of 2028. We commence the farmland process to reduce our working interest to around a third. As mentioned with our full year results in March, we recently entered into a strategic exploration alliance with Shell in the Gulf of America, an exchange interest that costs multiple blocks across the North with play, which houses several material exploration prospects. We expect to build the first of these trailblazers in the first half of 2027. Trailblazers target around 200 million barrels of oil equivalent gross resource. I'll now turn to Neil to take you through the financials.