Free Cash Flow ExpansionThe recent start-up of Tortue provides better visibility on the long-awaited free cash flow expansion, which is key to Kosmos Energy's debt reduction targets and paves the way for cash returns to shareholders.
Free Cash Flow YieldKOS is trading at a depressed multiple typically seen at the top of the cycle, implying high free cash flow yield to shareholders.
Production GrowthKosmos Energy's 2025 production is forecasted to be modestly above consensus, with growth driven primarily by the Tortue and Winterfell projects.