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