Kosmos Energy Announces Second Quarter 2026 Results
SECOND QUARTER 2026 AND POST QUARTER END HIGHLIGHTS
- Net Production(2): ~71,400 barrels of oil equivalent per day (boepd), up ~12% versus second quarter 2025
- Revenues:
$607 million , or$86.68 per barrel of oil equivalent (boe) (excluding the impact of derivative cash settlements) - Production expense:
$179 million (or$25.61 per boe), a reduction of ~25% compared to second quarter 2025 - Capital expenditures:
$105 million - Two new Jubilee wells came online late second quarter/early third quarter with the last producer of the current campaign due online imminently and expected to increase Jubilee gross production to >90,000 barrels of oil per day (bopd)
- Greater Tortue Ahmeyim (GTA) gross production averaged ~2.65 million tonnes per annum (mtpa) for the second quarter, with nine gross LNG cargos lifted (averaging ~2.7 mtpa in the first half of the year)
- Kosmos completed the sale of its interest in the
Ceiba Field and Okume Complex inEquatorial Guinea - Generated net cash provided by operating activities of
~$175 million and~$89 million of free cash flow(1), supporting net debt reduction of >$400 million in the first half of the year - Post quarter-end, Kosmos successfully completed the farm down of the operated Tiberius project in the Gulf of America
Commenting on the Company’s second quarter 2026 performance, Chairman and Chief Executive Officer
“In Ghana, the Jubilee drilling campaign continues to deliver strong results, with production trending toward the upper end of our guidance. At GTA, nine gross LNG cargos were lifted during the quarter, underscoring the project’s reliable contribution to our annual production outlook. In the Gulf of America, we completed a highly competitive farm-down process for Tiberius, bringing in a new partner aligned with our strategy to grow value from the asset. We also completed the sale of our
“On the finance side of the business, we had an active first half of the year with the GTA bond and equity raise. This financial delivery, combined with our operational momentum, has resulted in improved credit ratings, which is important as we proactively manage our maturity schedule. In the second half of the year, we have commenced the RBL re-financing process and are making good progress towards achieving our ~20% debt reduction target for the year.”
FINANCIAL UPDATE
In April, Kosmos completed its spring reserve-based lending facility (RBL) re-determination with the borrowing base reduced to approximately
The process to re-finance the facility with our lending banks has now commenced, targeting completion by the fourth quarter.
Kosmos took advantage of higher oil prices to add further hedges for 2027. The company has 3.25 million barrels of oil hedged for the remainder of 2026 with an average floor of approximately
Net capital expenditure for the second quarter of 2026 was
The Company generated net cash provided by operating activities of approximately
OPERATIONAL UPDATE
Production
Total net production(2) in the second quarter of 2026 averaged approximately 71,400 boepd, up ~12% versus second quarter 2025. The increase was largely driven by the ramp up at GTA and new wells coming online at Jubilee. This only includes
The Company exited the quarter in a net underlift position of approximately 0.5 mmboe.
Production in
At Jubilee (38.6% working interest), oil production in the second quarter averaged approximately 72,000 bopd gross. The J76 well came online in mid-June followed by the J77 well in early July. Initial performance from these wells has been strong, in line with the high end of expectations. The J50 well, a completion of a previously drilled well, is due online in the coming days and is expected to increase Jubilee gross production to >90,000bopd. A water injection well will conclude the drilling campaign and is expected online at the end of the third quarter. The partnership is currently working to secure a rig for the 2027/28 campaign to drill up to ten wells, expected to start in mid 2027.
At TEN (20.4% working interest), oil production averaged approximately 14,700 bopd gross for the second quarter, in line with expectations.
GTA Phase 1 production averaged approximately 15,700 boepd net during the quarter, or approximately 2.65 mtpa of LNG equivalent gross, slightly lower than the first quarter primarily due to warmer seasonal temperatures as highlighted last quarter. The partnership lifted nine gross LNG cargos in the second quarter, at the upper end of guidance, bringing the total first half gross LNG cargos to 18.5. Full year guidance of 32-36 gross LNG cargos remains unchanged. One condensate cargo was lifted by Kosmos and the national oil companies of
Lowering operating costs for GTA Phase 1 remains a priority for the partnership in 2026 with net operating costs per boe on track to fall by more than 50% year-on-year with scope for further reductions in 2027 and beyond.
With Phase 1 production fully ramped up and performing well, the partnership is now focusing on future production growth through Phase 1+, which fully utilizes the existing infrastructure for sales to the domestic markets in
Gulf of America
Production in the Gulf of America averaged approximately 14,300 boepd net (~83% oil) during the second quarter, within guidance.
On the Kosmos-operated Tiberius project, Kosmos and Occidental took final investment decision (FID) in March. Following FID, Kosmos successfully completed a highly competitive farm out process in July, with Navitas becoming a 33.33% partner in the project alongside Kosmos (33.34%) and Occidental (33.33%, owner/operator of the host facility). The consideration for the farm down is a mix of upfront cash, carry for future development capital expenditure, which is expected to cover Kosmos spend on the project through 2026 into mid-2027, and future milestone payments.
At Winterfell, the partnership spud Winterfell-5 in
As previously announced, Kosmos deepened its inventory of future opportunities for its infrastructure-led exploration (ILX) strategy in the Gulf of America, entering into a strategic alliance with Shell in the Norphlet trend earlier in the year. Shell and Kosmos have aligned interests over ten blocks in the Gulf of America to explore multiple high-potential prospects, including Trailblazer, a prospect with significant potential (~200 mmboe gross). Shell plans to begin drilling Trailblazer in the first quarter of 2027. In the event of success, Trailblazer could be tied back into Shell's nearby Appomattox platform with Kosmos designated as development operator.
Production in Equatorial Guinea averaged approximately 14,500 bopd gross and 5,100 bopd net in the second quarter through
On
Full year 2026 guidance has been updated in the table below for the sale of the
(1) A Non-GAAP measure, see attached reconciliation of non-GAAP measure. Net debt excludes
(2) Production means net entitlement volumes. In
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss second quarter 2026 financial and operating results today,
About
Non-GAAP Financial Measures
EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt are supplemental non-GAAP financial measures used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines EBITDAX as Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) debt modifications and extinguishments, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. The Company defines Adjusted net income (loss) as Net income (loss) adjusted for certain items that impact the comparability of results. The Company defines free cash flow as net cash provided by operating activities less Oil and gas assets, Other property, and certain other items that may affect the comparability of results and excludes non-recurring activity such as acquisitions, divestitures and
We believe that EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool for assessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies.
This release also contains certain forward-looking non-GAAP financial measures, including free cash flow. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Consolidated Statements of Operations (In thousands, except per share amounts, unaudited) |
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| Three Months Ended | Six Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues and other income: | ||||||||||||||||
| Oil and gas revenue | $ | 607,253 | $ | 392,635 | $ | 977,981 | $ | 682,770 | ||||||||
| Gain on sale of assets | 9,421 | 600 | 9,421 | 600 | ||||||||||||
| Other income, net | 361 | 283 | 530 | 579 | ||||||||||||
| Total revenues and other income | 617,035 | 393,518 | 987,932 | 683,949 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Oil and gas production | 179,429 | 243,118 | 310,024 | 410,426 | ||||||||||||
| Exploration expenses | 3,197 | 4,069 | 22,941 | 13,738 | ||||||||||||
| General and administrative | 19,263 | 19,074 | 46,973 | 45,329 | ||||||||||||
| Depletion, depreciation and amortization | 120,501 | 151,268 | 240,374 | 271,935 | ||||||||||||
| Interest and other financing costs, net | 53,700 | 54,834 | 112,502 | 106,676 | ||||||||||||
| Derivatives, net | (51,809 | ) | (21,566 | ) | 200,187 | (14,834 | ) | |||||||||
| Other expenses, net | 10,281 | 6,481 | 13,545 | 8,470 | ||||||||||||
| Total costs and expenses | 334,562 | 457,278 | 946,546 | 841,740 | ||||||||||||
| Income (loss) before income taxes | 282,473 | (63,760 | ) | 41,386 | (157,791 | ) | ||||||||||
| Income tax expense | 97,698 | 23,980 | 82,185 | 40,555 | ||||||||||||
| Net income (loss) | $ | 184,775 | $ | (87,740 | ) | $ | (40,799 | ) | $ | (198,346 | ) | |||||
| Net income (loss) per share: | ||||||||||||||||
| Basic | $ | 0.31 | $ | (0.18 | ) | $ | (0.07 | ) | $ | (0.42 | ) | |||||
| Diluted | $ | 0.31 | $ | (0.18 | ) | $ | (0.07 | ) | $ | (0.42 | ) | |||||
| Weighted average number of shares used to compute net income (loss) per share: | ||||||||||||||||
| Basic | 593,441 | 478,068 | 550,060 | 476,881 | ||||||||||||
| Diluted | 604,713 | 478,068 | 550,060 | 476,881 | ||||||||||||
Condensed Consolidated Balance Sheets (In thousands, unaudited) |
||||||
| 2026 | 2025 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 102,137 | $ | 91,518 | ||
| Receivables, net | 113,022 | 103,472 | ||||
| Other current assets | 177,584 | 232,884 | ||||
| Total current assets | 392,743 | 427,874 | ||||
| Property and equipment, net | 3,351,526 | 3,733,784 | ||||
| Other non-current assets | 565,878 | 534,968 | ||||
| Total assets | $ | 4,310,147 | $ | 4,696,626 | ||
| Liabilities and stockholders’ equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 161,981 | $ | 202,555 | ||
| Accrued liabilities | 343,879 | 237,609 | ||||
| Current maturities of long-term debt | 145,303 | 132,143 | ||||
| Other current liabilities | 11,633 | — | ||||
| Total current liabilities | 662,796 | 572,307 | ||||
| Long-term liabilities: | ||||||
| Long-term debt, net | 2,526,872 | 2,920,616 | ||||
| Deferred tax liabilities | 177,375 | 305,924 | ||||
| Other non-current liabilities | 238,207 | 369,189 | ||||
| Total long-term liabilities | 2,942,454 | 3,595,729 | ||||
| Total stockholders’ equity | 704,897 | 528,590 | ||||
| Total liabilities and stockholders’ equity | $ | 4,310,147 | $ | 4,696,626 | ||
Condensed Consolidated Statements of Cash Flow (In thousands, unaudited) |
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| Three Months Ended | Six Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net income (loss) | $ | 184,775 | $ | (87,740 | ) | $ | (40,799 | ) | $ | (198,346 | ) | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Depletion, depreciation and amortization (including deferred financing costs) | 123,206 | 153,157 | 245,671 | 275,708 | ||||||||||||
| Deferred income taxes | 47,745 | (175 | ) | (1,268 | ) | 1,636 | ||||||||||
| Unsuccessful well costs and leasehold impairments | (582 | ) | (1,741 | ) | 13,959 | 162 | ||||||||||
| Change in fair value of derivatives | (40,684 | ) | (15,469 | ) | 262,292 | (7,883 | ) | |||||||||
| Cash settlements on derivatives, net(1) | (117,363 | ) | 5,787 | (198,684 | ) | 6,281 | ||||||||||
| Equity-based compensation | 8,114 | 7,346 | 14,064 | 15,707 | ||||||||||||
| Gain on sale of assets | (9,421 | ) | (600 | ) | (9,421 | ) | (600 | ) | ||||||||
| Debt modifications and extinguishments | 136 | — | (1,081 | ) | — | |||||||||||
| Other | (13,198 | ) | (2,909 | ) | (20,759 | ) | (8,506 | ) | ||||||||
| Changes in assets and liabilities: | ||||||||||||||||
| Net changes in working capital | (7,718 | ) | 69,512 | 17,592 | 42,121 | |||||||||||
| Net cash provided by operating activities | 175,010 | 127,168 | 281,566 | 126,280 | ||||||||||||
| Investing activities | ||||||||||||||||
| Oil and gas assets | (76,430 | ) | (82,521 | ) | (163,477 | ) | (172,766 | ) | ||||||||
| Proceeds on sale of assets | 127,034 | — | 127,034 | — | ||||||||||||
| Notes receivable and other investing activities | — | (42,743 | ) | (11,598 | ) | (86,791 | ) | |||||||||
| Net cash provided by (used in) investing activities | 50,604 | (125,264 | ) | (48,041 | ) | (259,557 | ) | |||||||||
| Financing activities: | ||||||||||||||||
| Borrowings under long-term debt | — | 100,000 | 124,167 | 200,000 | ||||||||||||
| Payments on long-term debt | (227,000 | ) | (100,000 | ) | (504,738 | ) | (100,000 | ) | ||||||||
| Net proceeds from issuance of senior notes and bonds | — | — | 350,000 | — | ||||||||||||
| Repurchase and redemption of senior notes | (200 | ) | — | (347,184 | ) | — | ||||||||||
| Net proceeds from issuance of common stock | — | — | 206,440 | — | ||||||||||||
| Payments on finance lease | (9,689 | ) | — | (14,951 | ) | — | ||||||||||
| Other financing costs | (1,041 | ) | (1 | ) | (8,772 | ) | (1 | ) | ||||||||
| Net cash provided by (used in) financing activities | (237,930 | ) | (1 | ) | (195,038 | ) | 99,999 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (12,316 | ) | 1,903 | 38,487 | (33,278 | ) | ||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 168,547 | 50,096 | 117,744 | 85,277 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 156,231 | $ | 51,999 | $ | 156,231 | $ | 51,999 | ||||||||
_____________
(1) Cash settlements on commodity hedges were
EBITDAX (In thousands, unaudited) |
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| Three Months Ended | Six months ended | Twelve Months Ended | |||||||||||||||||
| Net income (loss) | $ | 184,775 | $ | (87,740 | ) | $ | (40,799 | ) | $ | (198,346 | ) | $ | (542,239 | ) | |||||
| Exploration expenses | 3,197 | 4,069 | 22,941 | 13,738 | 232,819 | ||||||||||||||
| Depletion, depreciation and amortization | 120,501 | 151,268 | 240,374 | 271,935 | 525,213 | ||||||||||||||
| Impairment of long-lived assets | — | — | — | — | 177,563 | ||||||||||||||
| Equity-based compensation | 8,114 | 7,346 | 14,064 | 15,707 | 26,310 | ||||||||||||||
| Derivatives, net | (51,809 | ) | (21,566 | ) | 200,187 | (14,834 | ) | 161,356 | |||||||||||
| Cash settlements on commodity derivatives | (105,381 | ) | 11,414 | (135,723 | ) | 9,664 | (134,993 | ) | |||||||||||
| Other expenses, net | 10,282 | 6,481 | 13,546 | 8,470 | 18,567 | ||||||||||||||
| Gain on sale of assets | (9,421 | ) | (600 | ) | (9,421 | ) | (600 | ) | (11,021 | ) | |||||||||
| Interest and other financing costs, net | 53,700 | 54,834 | 112,502 | 106,676 | 229,256 | ||||||||||||||
| Income tax expense | 97,698 | 23,980 | 82,185 | 40,555 | 106,835 | ||||||||||||||
| EBITDAX | $ | 311,656 | $ | 149,486 | $ | 499,856 | $ | 252,965 | $ | 789,666 | |||||||||
| Pro Forma Adjustment - TEN FPSO Lease and EG Divestiture(1)(2) | 27,324 | — | 27,301 | — | 33,403 | ||||||||||||||
| Pro Forma EBITDAX | 338,980 | 149,486 | 527,157 | 252,965 | 823,069 | ||||||||||||||
_____________
(1) Adjustment to present Pro Forma EBITDAX for the impact to operational expense for the periods presented resulting from executing the TEN FPSO finance lease transaction.
(2) Adjustment to present Pro Forma EBITDAX for the impact of the oil revenues and expenses and results of operations of the sold interest in the
The following table presents our net debt as of
| 2026(1) | 2025 | |||||||
| Total long-term debt | $ | 2,719,676 | $ | 3,100,274 | ||||
| Cash and cash equivalents | 102,137 | 91,518 | ||||||
| Total restricted cash | 54,094 | 26,226 | ||||||
| Net debt | $ | 2,563,445 | $ | 2,982,530 | ||||
_____________
(1) Excludes
Adjusted Net Income (Loss) (In thousands, except per share amounts, unaudited) |
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| Three Months Ended | Six Months Ended | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income (loss) | $ | 184,775 | $ | (87,740 | ) | $ | (40,799 | ) | $ | (198,346 | ) | ||||
| Derivatives, net | (51,809 | ) | (21,566 | ) | 200,187 | (14,834 | ) | ||||||||
| Cash settlements on commodity derivatives | (105,381 | ) | 11,414 | (135,723 | ) | 9,664 | |||||||||
| Gain on sale of assets | (9,421 | ) | (600 | ) | (9,421 | ) | (600 | ) | |||||||
| Other expenses, net | 10,238 | 6,364 | 13,499 | 8,029 | |||||||||||
| Write-off of leasehold costs | — | — | 13,181 | — | |||||||||||
| Debt modifications and extinguishments | 136 | — | (1,081 | ) | — | ||||||||||
| Total selected items before tax | (156,237 | ) | (4,388 | ) | 80,642 | 2,259 | |||||||||
| Income tax (expense) benefit on adjustments(1) | 39,639 | (569 | ) | (7,287 | ) | (2,034 | ) | ||||||||
| Adjusted net income (loss) | $ | 68,177 | (92,697 | ) | 32,556 | (198,121 | ) | ||||||||
| Net income (loss) per diluted share | $ | 0.31 | $ | (0.18 | ) | $ | (0.07 | ) | $ | (0.42 | ) | ||||
| Derivatives, net | (0.09 | ) | (0.05 | ) | 0.36 | (0.03 | ) | ||||||||
| Cash settlements on commodity derivatives | (0.18 | ) | 0.02 | (0.24 | ) | 0.02 | |||||||||
| Gain on sale of assets | (0.02 | ) | — | (0.02 | ) | — | |||||||||
| Other expenses, net | 0.02 | 0.02 | 0.02 | 0.02 | |||||||||||
| Write-off of leasehold costs | — | — | 0.02 | — | |||||||||||
| Debt modifications and extinguishments | — | — | — | — | |||||||||||
| Total selected items before tax | (0.27 | ) | (0.01 | ) | 0.14 | 0.01 | |||||||||
| Income tax (expense) benefit on adjustments(1) | 0.07 | — | (0.01 | ) | (0.01 | ) | |||||||||
| Adjusted net income (loss) per diluted share | $ | 0.11 | $ | (0.19 | ) | $ | 0.06 | $ | (0.42 | ) | |||||
| Weighted average number of diluted shares | 604,713 | 478,068 | 550,060 | 476,881 | |||||||||||
_____________
(1) Income tax expense is calculated at the statutory rate in which such item(s) reside. Statutory rates for the
Free Cash Flow (In thousands, unaudited) |
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| Three Months Ended | Six Months Ended | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Reconciliation of free cash flow: | |||||||||||||||
| Net cash provided by operating activities | $ | 175,010 | $ | 127,168 | $ | 281,566 | $ | 126,280 | |||||||
| Net cash used for oil and gas assets | (76,430 | ) | (82,521 | ) | (163,477 | ) | (172,766 | ) | |||||||
| Payments on finance lease | (9,689 | ) | — | (14,951 | ) | — | |||||||||
| Free cash flow | 88,891 | 44,647 | 103,138 | (46,486 | ) | ||||||||||
Operational Summary (In thousands, except barrel and per barrel data, unaudited) |
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| Three Months Ended | Six Months Ended | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net Volume Sold | ||||||||||||||||||
| Oil (MMBbl) | 4.571 | 5.363 | 8.985 | 9.023 | ||||||||||||||
| Gas (Bcf) | 12.272 | 7.120 | 25.021 | 11.292 | ||||||||||||||
| NGL (MMBbl) | 0.389 | 0.113 | 0.492 | 0.204 | ||||||||||||||
| Total (MMBoe) | 7.005 | 6.663 | 13.647 | 11.109 | ||||||||||||||
| Total (MBoepd) | 76.982 | 73.216 | 75.399 | 61.376 | ||||||||||||||
| Revenue | ||||||||||||||||||
| Oil sales | $ | 496,291 | $ | 354,518 | $ | 793,302 | $ | 624,923 | ||||||||||
| Gas sales | 83,601 | 36,049 | 155,705 | 53,678 | ||||||||||||||
| NGL sales | 27,361 | 2,068 | 28,974 | 4,169 | ||||||||||||||
| Total oil and gas revenue | 607,253 | 392,635 | 977,981 | 682,770 | ||||||||||||||
| Cash settlements on commodity derivatives | (105,381 | ) | 11,414 | (135,723 | ) | 9,664 | ||||||||||||
| Realized revenue | $ | 501,872 | $ | 404,049 | $ | 842,258 | $ | 692,434 | ||||||||||
| Oil and Gas Production Costs | $ | 179,429 | (1 | ) | $ | 243,118 | (1 | ) | $ | 310,024 | (1 | ) | $ | 410,426 | (1 | ) | ||
| Sales per Bbl/Mcf/Boe | ||||||||||||||||||
| Average oil sales price per Bbl | $ | 108.57 | $ | 66.10 | $ | 88.29 | $ | 69.26 | ||||||||||
| Average gas sales price per Mcf | 6.81 | 5.06 | 6.22 | 4.75 | ||||||||||||||
| Average NGL sales price per Bbl | 70.34 | 18.30 | 58.89 | 20.44 | ||||||||||||||
| Average total sales price per Boe | 86.68 | 58.93 | 71.66 | 61.46 | ||||||||||||||
| Cash settlements on commodity derivatives per Boe | (15.04 | ) | 1.71 | (9.95 | ) | 0.87 | ||||||||||||
| Realized revenue per Boe | 71.64 | 60.64 | 61.72 | 62.33 | ||||||||||||||
| Oil and gas production costs per Boe | $ | 25.61 | $ | 36.49 | $ | 22.72 | $ | 36.94 | ||||||||||
| Oil and gas production costs per Boe ex. M/S(1) | $ | 20.91 | $ | 28.22 | $ | 17.62 | $ | 26.88 | ||||||||||
_____________
(1) Includes
Kosmos was underlifted by approximately 0.5 million barrels of oil equivalent (mmboe) as of
Hedging Summary As of (Unaudited) |
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| Weighted Average Price per Bbl | ||||||||||
| Index | MBbl | Floor(2) | Sold Put | Ceiling | ||||||
| 2026: | ||||||||||
| Three-way collars FY26 | Dated Brent | 1,000 | 60.00 | 50.00 | 75.51 | |||||
| Swaps FY26 | Dated Brent | 1,500 | 70.62 | — | — | |||||
| Swaps FY26 | WTI | 750 | 64.83 | — | — | |||||
| 2027: | ||||||||||
| Three-way collars 1H27 | Dated Brent | 2,000 | 70.00 | 55.00 | 85.00 | |||||
| Three-way collars FY27 | Dated Brent | 2,000 | 60.00 | 47.50 | 75.00 | |||||
| Two-way collars FY27 | Dated Brent | 2,000 | 67.50 | — | 90.00 | |||||
| Three-way collars FY27 | WTI | 1,000 | 70.00 | 55.00 | 90.00 | |||||
_____________
(1) Please see the Company’s filed 10-Q for additional disclosure on hedging material. Includes hedging position as of
(2) “Floor” represents floor price for collars and strike price for purchased puts.
Note: Excludes 0.5 MMBbls of Dated Brent sold calls with a strike price of
| 2026 Guidance (Adjusted for |
||
| 3Q 2026 | FY 2026 | |
| Production(1,2,3) | 68,000 - 72,000 boe per day | 69,000 - 74,000 boe per day |
| Opex | ||
| DD&A | ||
| G&A(~65% cash) | ||
| Exploration Expense(4) | ||
| Net Interest Expense | ||
| Tax | ||
| Capital Expenditure | ||
_____________
Note:
(1) 3Q 2026 net cargo forecast –
(2) 3Q 2026 gross cargo forecast -
(3) Gulf of America Production: 3Q 2026 forecast 13,000 - 15,000 boe per day. FY 2026: 14,000-16,000 boe per day. Oil/Gas/NGL split for 2026: ~83%/~10%/~7%.
(4) Excludes leasehold impairments and dry hole costs.
Source:
Investor Relations
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations
+1-214-445-9674
tgolembeski@kosmosenergy.com
Source: Kosmos Energy, LLC