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S&P flips Kosmos view to positive
S&P said it revised its outlook for Kosmos Energy Ltd. to positive from negative and affirmed the B issuer and B+ unsecured notes ratings.
Kosmos is acquiring Occidental Petroleum Corp.'s offshore Ghana assets for $550 million, which will nearly double Kosmos' working interest in the Jubilee and TEN to about 42% and 28%, respectively. “In addition, we believe our higher price assumptions for West Texas Intermediate (WTI) and Brent crude oil for the remainder of 2021 and 2022 will lead to a material improvement in the company's free cash flow,” the agency said in a press release.
The outlook reflects the increased likelihood of an upgrade Kosmos if it improves its liquidity to support its capital program, including phase 1 of the Tortue gas project in Mauritania/Senegal, S&P said.
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