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Kosmos Energy Announces Crude Oil Prepayment Agreement with Trafigura for up to $200m

June 29, 2020 / Business Wire

Kosmos Energy (“Kosmos” or the “Company”) announced today that it has entered into a crude oil prepayment agreement (“Prepayment Agreement”) with Trafigura Trading LLC (“Trafigura”).

The Prepayment Agreement provides up to $200 million of crude oil sales primarily related to a portion of the Company's 2022 and 2023 Gulf of Mexico production, with $150 million committed by Trafigura. Kosmos expects to execute $50 million of advance crude oil sales in June 2020. Later this year, following the completion of the Prepayment Agreement conditions subsequent, an additional $100-150 million of advance crude oil sales is expected, subject to finalizing additional commitments for $50 million.

“At the start of the market downturn, Kosmos took decisive action to reduce costs, restructure hedges, and preserve liquidity. With this Prepayment Agreement, we have secured up to $200 million in additional liquidity to ...