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2017 Corporate Responsibility Report

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2017 Corporate Responsibility Report EMBRACING INNOVATION KOSMOS ENERGY 2017 CORPORATE RESPONSIBILITY REPORT 2 Letter to Stakeholders 19 Project Lifecycle and 36 Morocco Operations Map 4 Company Overview/ 38 São Tomé and Príncipe Financial Highlights 20 Côte d’Ivoire 42 Senegal 5 Business Principles 22 Equatorial Guinea in Action 46 Suriname - Responsibilities to Stakeholders 24 Ghana - Ethical Conduct 50 Western Sahara - Our Workplaces 29 Special Feature - Kosmos and the Environment Kosmos Innovation Center 54 IPIECA/API/IOGP - Kosmos in Society Content Index - Commercial Responsibilities 32 Mauritania 57 2017 Performance Data ABOUT KOSMOS ENERGY Kosmos is a well-capitalized, pure play deepwater oil and gas company with growing production, a pipeline of development opportunities and a balanced exploration portfolio along the Atlantic Margins. Our assets include growing production offshore Ghana and Equatorial Guinea, a competitively positioned Tortue gas project in Mauritania and Senegal and a sustainable exploration program balanced between proven basins (Equatorial Guinea), emerging basins (Mauritania, Senegal and Suriname) and frontier basins (Côte d’Ivoire and São Tomé and Príncipe). As an ethical and transparent company, Kosmos is committed to doing things the right way. Our Business Principles articulate the company’s commitment to transparency, ethics, human rights, safety, and the environment. Kosmos Energy is listed on the New York Stock Exchange and London Stock Exchange, traded under the ticker symbol KOS. For additional information, visit our website www.kosmosenergy.com. Whether it’s through incremental improvement or fundamentally challenging conventional wisdom, Kosmos Energy embraces creativity and maintains an open, responsive, and entrepreneurial spirit. For host countries, our relentless pursuit of innovation focuses on being a long-term partner that aims to help them build a brighter future. We seek to work with our host nations to create healthy and diverse economies. 2 FELLOW STAKEHOLDERS, At Kosmos Energy, we are tourism. We work from a shared agenda with our partners in government and the wider restless to improve. community. In order to continue to grow and reach our In Ghana, the KIC targets innovation in potential as a company, we continuously seek agriculture, the country’s most important new ideas and innovative solutions that will sector and largest employer. Kosmos runs improve our business and how we engage the KIC program itself using local employees with our host countries. Whether it’s through and experts. The result is a distinctive focus incremental improvement or fundamentally on commercial solutions informed by local challenging conventional wisdom, Kosmos knowledge. embraces creativity and maintains an open, Since its inception in 2016, the Kosmos responsive and entrepreneurial spirit. Innovation Center in Ghana has: The success of this approach can be seen • Trained and mentored 270 young quite clearly in our “below ground” technical entrepreneurs work. Our geologists and geophysicists have opened basins in Ghana, Mauritania and • Helped form and fund 8 start-up businesses Senegal – places where it took new ideas to who have gone on to access $850,000 in find commercial hydrocarbons when others additional capital had failed. It can also be seen in the way our • Accelerated the growth of 9 existing engineers devised the innovative nearshore small businesses concept we are using to develop the Tortue • Stimulated the national dialogue on the gas resource and accelerate the delivery of importance of agriculture, and economic benefits to Mauritania and Senegal. • Enhanced the sector’s appeal to In our “above ground” engagement, our pursuit young people. of better ways of working centers on being a long-term partner that is aiming to help host countries build a brighter future. We know our The KIC has proved future success is fully connected to theirs. As so successful in a result, we seek to work with our host nations Ghana that we have to create healthy and diverse economies. plans to adapt the This differentiated approach is demonstrated model and expand its through the success of the Kosmos Innovation footprint into some Center (KIC) in Ghana, which is our way of of our other host countries. investing in the country’s future beyond Kosmos has been a oil and gas. formal supporter of the LEADING ON United Nations Global TRANSPARENCY KOSMOS INNOVATION CENTER Compact since 2013. The KIC invests in young entrepreneurs and The UN Global Compact Our embrace of is a voluntary initiative small businesses who have big ideas and innovation has also for businesses that are want to see their country grow. By marrying helped to shape committed to aligning our approach to entrepreneurship, innovation, and technology, their operations and transparency. Over we are empowering people to turn their strategies with universal the years, we have ideas into viable, self-sustaining businesses. principles in the areas The KIC offers a customized mix of business of human rights, labor, set a standard for training, mentorship, and seed funding. A environment, and anti- transparent behavior sector focus is chosen based on a country’s corruption, and take by publishing our actions that advance needs, and challenges are looked at through host government societal goals. a business lens. The goal of the KIC is to drive contracts, along with innovation where it is needed most — whether our payments to in agriculture or healthcare, education or governments. 3 Although this practice separates us from challenge of making some oil and gas companies, we continue sure development to see demand from stakeholders who want proceeds in a to better understand how the oil and gas sustainable manner industry works. The transparency challenge that benefits local includes not just providing access to data, people. In Mauritania but also improving understanding of it, and and Senegal, Kosmos ensuring stakeholders have the knowledge and its partner are needed to use it constructively, and hold working hard to governments and industry to account. In maximize the use response, we have stepped up our efforts of local companies to engage civil society and the media, and suppliers in the hosting workshops across our portfolio of construction of the countries – in Ghana, Mauritania, Morocco, ANDREW (ANDY) G. INGLIS project’s nearshore Chairman and Senegal, and Suriname. This has proved Chief Executive Officer infrastructure. effective in promoting transparency, building relationships, and deepening trust. Staying True to Our Business Principles As we enter more countries and work with EMBRACING INNOVATION new partners, we will need to manage our With new production assets in our portfolio, above ground activities with the same level of several new countries of operation, and an diligence. Our Business Principles remain an active exploration program underway, we important touchstone. will need to channel our innovative and entrepreneurial spirit to meet both new and FOCUSED ON THE FUTURE familiar challenges: We achieved a great deal in 2017, but there is Continuous Improvement in Safety much more for us to do. Every member of the Kosmos team recognizes that we can never be In 2017, we met our safety target with a total satisfied. We must always strive to find new and recordable injury rate of 0.64 and marked our better ways of working that deliver benefits to fifth straight year without a lost time incident. our host communities. We are proud of this record and will continue to stay focused on protecting our people and contractors while driving toward an incident and injury free workplace. Protecting the Environment Andrew G. Inglis We have been successful at working with local and international stakeholders to conduct our Chairman and Chief Executive Officer seismic operations in a manner that protects marine life, most recently whales and sea turtles offshore São Tomé and Príncipe. As we acquire more seismic data in new areas, and mature prospects for potential drilling, we will need to ensure that we continue working collaboratively to safeguard marine biodiversity. Delivering Economic Benefit We believe that hydrocarbon development can be an engine of economic opportunity. With the Tortue LNG gas project moving toward a final investment decision, the partnership faces the 4 COMPANY OVERVIEW FINANCIAL HIGHLIGHTS Year Ended (in thousands, except volume data) 2017 2016 2015 Revenues and other income $636,836 $385,355 $471,556 Net income (loss) (222,792) (283,780) (69,836) Net cash provided by operating activities 236,617 52,077 440,779 EBITDAX 540,117 405,300 500,064 Capital expenditures 57,432 644,510 777,204 Total Assets 3,192,603 3,341,465 3,203,050 Total long-term debt 1,282,797 1,321,874 860,878 Total shareholders’ equity 897,112 1,081,199 1,325,513 Production (thousand barrels of oil per day) 29.6 19.21 23.4 Sales volumes (million barrels)2 11.2 6.8 8.5 Total proved reserves (million barrels of oil equivalent) 3 110 77 76 Crude oil (million barrels) 3 100 74 74 Natural gas (billion cubic feet) 3 61 15 14 1 1.3 million barrels of lost production due to mechanical issues with the Jubilee FPSO turret bearing were paid to the company under its Loss of Production Insurance policy in 2016. 2 Includes our share of sales volumes from our Equatorial Guinea equity method investment. 3 Includes our share of reserves from our Equatorial Guinea equity method investment. 0 50 100 150 200 250 300 TOTAL EMPLOYEES EMPLOYEE DISTRIBUTION 282 United States: 70% 2017 199 Ghana: 15% Mauritania: 6% 267 São Tomé and Príncipe: 3% Senegal: 3% 2016 192 Morocco: 2% Total Employees Suriname: 1% U.S. Employees 5 THE KOSMOS Kosmos Energy was founded with the goal of creating value for all of our stakeholders: investors, ENERGY employees, and the governments and citizens of BUSINESS our host countries. We recognize that creating steady, long-term returns can only be achieved by PRINCIPLES advancing the societies in which we work.
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