0001509991-24-000029 | 10-K | XBRL Viewer

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Fair Value Measurements - Schedule of Company's Assets and Liabilities (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liabilities:
Total derivatives not designated as hedging instruments	$ 6,765	$ 2,688
Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Total derivatives not designated as hedging instruments	0	0
Significant Other Observable Inputs (Level 2)
Liabilities:
Total derivatives not designated as hedging instruments	6,765	2,688
Significant Unobservable Inputs (Level 3)
Liabilities:
Total derivatives not designated as hedging instruments	0	0
Commodity derivatives
Assets:
Derivative asset, fair value	9,940	9,069
Liabilities:
Derivative liability, fair value	(3,103)	(7,551)
Commodity derivatives \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Derivative asset, fair value	0	0
Liabilities:
Derivative liability, fair value	0	0
Commodity derivatives \| Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset, fair value	9,940	9,069
Liabilities:
Derivative liability, fair value	(3,103)	(7,551)
Commodity derivatives \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset, fair value	0	0
Liabilities:
Derivative liability, fair value	0	0
Provisional oil sales
Assets:
Derivative asset, fair value	(72)	1,170
Provisional oil sales \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Derivative asset, fair value	0	0
Provisional oil sales \| Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset, fair value	(72)	1,170
Provisional oil sales \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset, fair value	$ 0	$ 0

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for credit losses
Changes in valuation and qualifying Accounts
Balance at the beginning of the period	$ 7,011	$ 5,189	$ 5,675
Charged to Costs and Expenses	2,842	2,509	1,019
Charged To Other Accounts	(6)	(687)	(1,505)
Deductions From Reserves	0	0	0
Balance at the end of the period	9,847	7,011	5,189
Allowance for deferred tax assets
Changes in valuation and qualifying Accounts
Balance at the beginning of the period	312,727	318,343	288,288
Charged to Costs and Expenses	20,924	(5,616)	30,055
Charged To Other Accounts	0	0	0
Deductions From Reserves	0	0	0
Balance at the end of the period	$ 333,651	$ 312,727	$ 318,343

Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Anadarko WCTP $ in Thousands	1 Months Ended
	Oct. 31, 2021 USD ($)
Fair value of assets acquired:
Proved oil and gas properties	$ 718,159
Accounts receivable and other	95,847
Total assets acquired	814,006
Fair value of liabilities assumed:
Asset retirement obligations	28,342
Accounts payable and accrued liabilities	113,704
Deferred tax liabilities	206,593
Total liabilities assumed	348,639
Cash consideration paid	455,886
Transaction related costs	9,481
Total purchase price	$ 465,367

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

2023 Transactions

In February 2023, Kosmos entered into a petroleum contract covering Block EG-01 offshore Equatorial Guinea with the Republic of Equatorial Guinea. Kosmos holds a 24% non-operated participating interest in the block. Block EG-01 currently comprises approximately 59,400 acres (240 square kilometers), with a first exploration period of three years from the effective date (March 1, 2023).

In November 2023, BP decided not to participate in the future development and exploitation of the Yakaar and Teranga discoveries. In accordance with the provisions of the Contract for Exploration and Production Sharing of Hydrocarbons for the Cayar Offshore Profond Block (the “Contract”) and the related Joint Operating Agreement (the “JOA”), BP has waived its rights in respect of the Yakaar and Teranga discoveries. As provided in the JOA, Kosmos has assumed BP’s participating interest under the Contract and the JOA and has become operator of the Cayar Offshore Profond Block, with customary government approvals having been received effective January 18, 2024. The participating interests in the Cayar Offshore Profond Block are now: Kosmos 90% and PETROSEN 10%, with PETROSEN having the right to increase its participating interest after issuance of an exploitation authorization to up to 35%.

2022 Transactions

In March 2022, Kosmos completed the acquisition of an additional 5.5% interest in Winterfell area in Green Canyon Blocks 943, 944, 987 and 988, offshore U.S. Gulf of Mexico, and an additional 1.5% interest in Green Canyon blocks 899 and 900 for $9.6 million. Additionally, in September 2022, Kosmos completed the acquisition of an additional 3.2% interest in the Winterfell area in Green Canyon Blocks 943, 944, 987 and 988 and an additional 1.4% interest in Green Canyon Blocks 899 and 900 for $6.6 million. As a result of the two transactions, our participating interests in the Green Canyon Blocks 943, 944, 987 and 988 is now 25.0% and our participating interests in the Green Canyon Blocks 899 and 900 is 37.8%.

In May 2022, Kosmos and its joint venture partners agreed with the Ministry of Mines and Hydrocarbons of Equatorial Guinea to extend the Block G petroleum contract term harmonizing the expiration of the Ceiba Field and Okume Complex production licenses (from 2029 and 2034 respectively) to 2040. As part of the extension, during the second quarter of 2022, Kosmos paid a signature bonus and agreed to undertake a work program including the drilling of three development wells on Block G in either the Ceiba Field or Okume Complex and the drilling of one exploration well in Block S offshore Equatorial Guinea.

In June 2022, Kosmos completed the acquisition of an additional 5.9% interest in the Kodiak oil field from Marubeni by exercising our preferential right to purchase for a total purchase price of approximately $29.0 million. The purchase price was based on an initial purchase price of $38.3 million reduced by certain purchase adjustments totaling approximately $9.3 million. The purchase price allocation was based on the estimated fair value of identifiable assets acquired and liabilities

assumed primarily comprised of $27.1 million of oil and gas properties, net. As a result of the transaction, our working interest increased from 29.1% to 35.0%.

In June 2022, at the conclusion of the second exploration period, Block C12 offshore Mauritania was relinquished.

In October 2022, we entered into a farm-out agreement with Panoro Energy ASA (Panoro) to farm-out a 6.0% participating interest in Block S offshore Equatorial Guinea, which reduced our participating interest in Block S to 34.0%, in exchange for cash consideration totaling approximately $1.8 million. In March 2023, the transaction was approved by the Government of Equatorial Guinea and the farm-out agreement was closed.

2021 Transactions

In October 2021, Kosmos completed the acquisition of Anadarko WCTP Company (“Anadarko WCTP”), a subsidiary of Occidental Petroleum Corporation, which owns a participating interest in the WCTP Block and DT Block offshore Ghana, including an 18.0% participating interest in the Jubilee Unit Area and an 11.1% participating interest in the TEN Fields. In consideration for the acquisition, Kosmos paid $455.9 million in cash based on an initial purchase price of $550.6 million reduced by certain purchase price adjustments totaling $94.7 million. Additionally, we incurred $9.5 million of transaction related costs, which were capitalized as part of the purchase price. Following closing of the acquisition, Kosmos’ interest in the Jubilee Unit Area increased from 24.1% to 42.1%, and Kosmos’ interest in the TEN Fields increased from 17.0% to 28.1%.

Kosmos initially funded the purchase price through the issuance of $400.0 million aggregate principal amount of floating rate senior notes due 2022 (“Bridge Notes”) and $75.0 million of borrowings under Kosmos' Facility. Kosmos then refinanced the Bridge Notes in full with the proceeds from the issuance of $400.0 million of 7.750% Senior Notes due 2027 and cash on hand. Kosmos also received $136.6 million in proceeds from a public issuance of 43.1 million shares of Kosmos’ common stock with proceeds used to repay a portion of outstanding borrowings under the Facility during the fourth quarter of 2021. The purchase price allocation was based on the estimated fair value of identifiable assets acquired and liabilities assumed.


	Purchase Price Allocation (in thousands)
Fair value of assets acquired:
Proved oil and gas properties	$	718,159
Accounts receivable and other	95,847
Total assets acquired	$	814,006

Fair value of liabilities assumed:
Asset retirement obligations	$	28,342
Accounts payable and accrued liabilities	113,704
Deferred tax liabilities	206,593
Total liabilities assumed	$	348,639

Purchase price:
Cash consideration paid	$	455,886
Transaction related costs	9,481
Total purchase price	$	465,367

As a result of the acquisition of Anadarko WCTP, $104.4 million of revenues and $10.3 million of direct operating expenses have been included in our consolidated statements of operations for the period from October 13, 2021 to December 31, 2021.

Under the DT Block Joint Operating Agreement, certain joint venture partners have pre-emption rights in the Jubilee Unit Area and the TEN Fields. In November 2021, we received notice from Tullow Oil plc (“Tullow”) that they were exercising their pre-emption rights in relation to Kosmos’ acquisition of Anadarko WCTP. After execution of definitive transaction documentation and receipt of government approvals, Kosmos concluded the pre-emption transaction with Tullow in

March 2022. Following the completion of the pre-emption process, Kosmos’ interest in the Jubilee Unit Area decreased from 42.1% to 38.6% and Kosmos’ interest in the TEN Fields decreased from 28.1% to 20.4%. Tullow paid Kosmos $118.2 million in cash consideration after post closing adjustments for the pre-emption. During the first quarter of 2022, our oil and gas properties, net balance was reduced by $175.5 million, which includes the cash proceeds and net liabilities transferred to the purchaser as a result of concluding the Tullow pre-emption transaction. The difference in the net book value of the proved property, net liabilities transferred and adjusted purchase price qualified for treatment as a recovery of cost and normal retirement under ASC 932, which resulted in no gain or loss being recognized.

In 2021, at the conclusion of the second exploration period, Block C13 offshore Mauritania was relinquished.

Accounting Policies - Summary of Oil and Gas Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 1,718,829	$ 2,259,928	$ 1,339,533
Provisional oil sales contracts	(28,349)	(275,465)	(277,705)
Oil and gas revenue	1,701,608	2,245,355	1,332,013
Equatorial Guinea
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	273,280	349,443	257,628
Ghana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,073,917	1,362,875	654,644
Gulf of Mexico
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	371,632	547,610	427,261
Oil and Gas Revenue
Disaggregation of Revenue [Line Items]
Provisional oil sales contracts	(17,221)	(14,573)	(7,520)
Oil and gas revenue	$ 1,701,608	$ 2,245,355	$ 1,332,013

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Business Segment Information - Narrative (Details)	12 Months Ended
Business Segment Information - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable geographic areas	4

Acquisitions and Divestitures - 2022 Transactions (Details) $ in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) transaction	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) well	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2023	Oct. 30, 2022	May 31, 2022
Business Acquisition [Line Items]
Proceeds on sale of assets						$ 0	$ 168,703	$ 6,354
Winterfell Green Canyon Blocks
Business Acquisition [Line Items]
Number of transactions \| transaction		2
Marubeni \| Kodiak Field
Business Acquisition [Line Items]
Participation interest (as a percent)											29.10%
Participating interest percentage acquired (as a percent)			5.90%
Participating interest percentage after acquired interest (as a percent)			35.00%		35.00%
Total purchase price			$ 29,000				$ 29,000
Initial purchase price			38,300
Business combination, purchase price adjustments			9,300
Assets acquired and liabilities assumed			$ 27,100		$ 27,100
Cayar Offshore Profond Block
Business Acquisition [Line Items]
Participation interest (as a percent)									90.00%
Green Canyon Blocks 943, 944, 987 And 988 \| Winterfell Green Canyon Blocks
Business Acquisition [Line Items]
Participating interest percentage acquired (as a percent)		3.20%		5.50%
Participating interest percentage after acquired interest (as a percent)						25.00%
Green Canyon Blocks 899 And 900 \| Winterfell Green Canyon Blocks
Business Acquisition [Line Items]
Participating interest percentage acquired (as a percent)		1.40%		1.50%
Participating interest percentage after acquired interest (as a percent)						37.80%
Green Canyon Blocks 943, 944, 987, 988, 899 And 900 \| Winterfell Green Canyon Blocks
Business Acquisition [Line Items]
Cash consideration paid		$ 6,600		$ 9,600
Block S Offshore Equatorial Guinea \| Block G Petroleum
Business Acquisition [Line Items]
Number of exploration wells \| well					1
Block S Offshore Equatorial Guinea \| Farm-out Agreement
Business Acquisition [Line Items]
Participation interest (as a percent)										34.00%
Block S Offshore Equatorial Guinea \| Farm-out Agreement \| Panoro Energy ASA
Business Acquisition [Line Items]
Participation interest (as a percent)	6.00%
Proceeds on sale of assets	$ 1,800
Block G Ceiba Field Or Okume Complex \| Block G Petroleum
Business Acquisition [Line Items]
Number of development wells \| well					3

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) allocable to common stockholders	$ 213,520	$ 226,551	$ (77,836)
Weighted average number of shares outstanding:
Basic (in shares)	459,641	455,346	416,943
Restricted stock units (in shares)	21,429	19,511	0
Diluted (in shares)	481,070	474,857	416,943
Net income (loss) per share:
Basic (in dollars per share)	$ 0.46	$ 0.50	$ (0.19)
Diluted (in dollars per share)	$ 0.44	$ 0.48	$ (0.19)
Outstanding restricted stock awards and units excluded from the computations of diluted net income per share (in shares)	0	100	19,000

Condensed Parent Company Financial Statements - Balance Sheet - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Condensed Balance Sheet Statements, Captions [Line Items]
Preference shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preference shares, authorized shares (in shares)	200,000,000	200,000,000
Preference shares, issued shares (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized shares (in shares)	2,000,000,000	2,000,000,000
Common shares, issued shares (in shares)	504,392,980	500,161,421
Treasury stock shares (in shares)	44,263,269	44,263,269
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Deferred financing costs, accumulated amortization	$ 15,583	$ 13,263
Preference shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preference shares, authorized shares (in shares)	200,000,000	200,000,000
Preference shares, issued shares (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized shares (in shares)	2,000,000,000	2,000,000,000
Common shares, issued shares (in shares)	504,392,980	500,161,421
Treasury stock shares (in shares)	44,263,269	44,263,269

Derivative Financial Instruments - Narrative (Details) - Dated Brent - Three-way Collars - Term July 2024 To December 2024 - Subsequent Event	1 Months Ended
	Jan. 31, 2024 $ / bbl MBbls
Derivative Financial Instruments
Volume (mbbls) \| MBbls	2,000.0
Sold Put (usd per bbl)	45.00
Floor (usd per bbl)	70.00
Ceiling (usd per bbl)	90.00

Additional Financial Information

12 Months Ended

Dec. 31, 2023

Additional Financial Information

Additional Financial Information

Accrued Liabilities

Accrued liabilities consisted of the following:


	December 31,
	2023		2022
	(In thousands)
Accrued liabilities:
Exploration, development and production	$	90,054	$	80,598
Revenue payable	20,506		26,087
Current asset retirement obligations	2,808		1,732
General and administrative expenses	29,766		32,069
Interest	36,410		44,740
Income taxes	111,212		127,183
Taxes other than income	1,029		1,524
Derivatives	1,372		6,440
Other	9,658		4,833
	$	302,815	$	325,206

Gain on sale of assets

During the fourth quarter of 2022, we received formal notice from Shell that an appraisal plan for one well had been submitted under the terms of Shell’s Petroleum Agreement with Namibia. As a result, we recognized a $50.0 million gain related to the proceeds of $50.0 million received in the fourth quarter of 2022 related to the 2020 farm-out agreement with Shell.

Other Expenses, net

Other expenses, net incurred during the period is comprised of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Loss on disposal of inventory	$	7,372	$	1,521	$	1,239
Gain on insurance settlements	—		(7,000)		—
(Gain) loss on asset retirement obligations liability settlements	6,034		(3,278)		6,351

Other, net	10,250		(297)		2,521
Other expenses, net	$	23,656	$	(9,054)	$	10,111

Debt - Facility (Details) $ in Thousands		12 Months Ended
Debt - Facility (Details) $ in Thousands	Apr. 19, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2024	Oct. 31, 2023 USD ($)	Oct. 19, 2023 installment	Oct. 18, 2023 installment	Sep. 30, 2023	May 31, 2022 USD ($)	Mar. 31, 2022	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 1,503	$ 192	$ 19,625
Restricted cash		$ 0	$ 0	42,971
Facility
Debt Instrument [Line Items]
Net leverage ratio		2.50	2.50								2.50
Field life cover ratio									1.30
Interest cover ratio									2.25
Debt cover ratio									3.50
Facility \| Minimum
Debt Instrument [Line Items]
Loan life cover ratio									1.10
Facility \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Loan life cover ratio					1.30
Facility Interest Or Senior Notes Plus The Corporate Revolver
Debt Instrument [Line Items]
Interval period for payment of interest		6 months
Restricted cash				42,900						$ 59,100
7.125% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		7.125%
7.125% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)														7.125%
7.750% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		7.75%
7.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)												7.75%
7.500% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		7.50%
7.500% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)													7.50%
Revolving Credit Facility \| Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 15,200
Number of repayment installments \| installment							6	7
Maximum borrowing capacity						$ 1,250,000
Undrawn availability		$ 325,000
Interval period for payment of interest		6 months
Commitment fee percentage of the then-applicable margin when commitment is available for utilization		30.00%
Commitment fee percentage of the then-applicable margin when commitment is not available for utilization		20.00%
Availability period of revolving-credit		1 month
Amount outstanding under letters of credit		$ 0
Revolving Credit Facility \| Facility \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Applicable margin	3.75%
Revolving Credit Facility \| Facility \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Applicable margin	5.00%

Derivative Financial Instruments - Oil Derivative Contracts (Details) - Dated Brent	12 Months Ended
	Dec. 31, 2023 $ / bbl MBbls
Term January 2024 To December 2024 \| Three-Way Collars
Derivative Financial Instruments
Volume (mbbls) \| MBbls	4,000
Weighted Average Price per Bbl
Net deferred premium payable/(receivable) (usd per bbl)	1.31
Sold Put (usd per bbl)	45.00
Floor (usd per bbl)	70.00
Ceiling (usd per bbl)	96.25
Term January 2024 To December 2024 \| Two-way Collars
Derivative Financial Instruments
Volume (mbbls) \| MBbls	2,000
Weighted Average Price per Bbl
Net deferred premium payable/(receivable) (usd per bbl)	0.46
Sold Put (usd per bbl)	0
Floor (usd per bbl)	70.00
Ceiling (usd per bbl)	100.00
Term January 2024 To June 2024 \| Two-way Collars
Derivative Financial Instruments
Volume (mbbls) \| MBbls	2,000
Weighted Average Price per Bbl
Net deferred premium payable/(receivable) (usd per bbl)	1.24
Sold Put (usd per bbl)	0
Floor (usd per bbl)	65.00
Ceiling (usd per bbl)	85.00

Condensed Parent Company Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 95,345	$ 183,405	$ 131,620
Prepaid expenses and other	46,235	24,722
Derivatives	8,346	7,344
Total current assets	422,713	468,721
Derivatives	1,594	1,725
Restricted cash	3,416	3,416	305
Long-term deferred tax asset	3,033	0
Total assets	4,938,134	4,579,988	4,940,651
Current liabilities:
Accounts payable	248,912	212,275
Accrued liabilities	302,815	325,206
Derivatives	3,103	6,773
Total current liabilities	554,830	574,254
Long-term debt, net	2,390,914	2,195,911
Derivatives	0	778
Other long-term liabilities	252,156	251,952
Stockholders’ equity:
Preference shares, $0.01 par value; 200,000,000 authorized shares; zero issued at December 31, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value; 2,000,000,000 authorized shares; 504,392,980 and 500,161,421 issued at December 31, 2023 and December 31, 2022, respectively	5,044	5,002
Additional paid-in capital	2,536,621	2,505,694
Accumulated deficit	(1,272,321)	(1,485,841)
Treasury stock, at cost, 44,263,269 shares at December 31, 2023 and December 31, 2022, respectively	(237,007)	(237,007)
Total stockholders’ equity	1,032,337	787,848	$ 529,237	$ 440,154
Total liabilities and stockholders’ equity	4,938,134	4,579,988
Parent Company
Current assets:
Cash and cash equivalents	275	2,286
Derivatives receivable - related party	0	413
Prepaid expenses and other	752	1,051
Total current assets	1,027	3,750
Investment in subsidiaries at equity	2,683,656	2,403,785
Deferred financing costs, net of accumulated amortization of $15,583 and $13,263 at December 31, 2023 and December 31, 2022, respectively	2,320	4,640
Restricted cash	305	305
Long-term deferred tax asset	12,050	461
Total assets	2,699,358	2,412,941
Current liabilities:
Accrued liabilities	27,650	27,500
Total current liabilities	180,341	141,826
Long-term debt, net	1,486,680	1,483,267
Stockholders’ equity:
Preference shares, $0.01 par value; 200,000,000 authorized shares; zero issued at December 31, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value; 2,000,000,000 authorized shares; 504,392,980 and 500,161,421 issued at December 31, 2023 and December 31, 2022, respectively	5,044	5,002
Additional paid-in capital	2,536,621	2,505,694
Accumulated deficit	(1,272,321)	(1,485,841)
Treasury stock, at cost, 44,263,269 shares at December 31, 2023 and December 31, 2022, respectively	(237,007)	(237,007)
Total stockholders’ equity	1,032,337	787,848
Total liabilities and stockholders’ equity	2,699,358	2,412,941
Parent Company \| Nonrelated Party
Current liabilities:
Accounts payable	12	14
Parent Company \| Related Party
Current liabilities:
Accounts payable	$ 152,679	$ 114,312

Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Joint interest billings, net	$ 35,632	$ 28,851
Oil sales	64,958	67,483
Other current receivables	20,143	23,401
Total receivables	120,733	119,735
Long-term receivables	$ 325,181	$ 235,696

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Dallas, Texas

Debt - Senior Notes (Details) - USD ($) $ in Millions	1 Months Ended
Debt - Senior Notes (Details) - USD ($) $ in Millions	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019	Dec. 31, 2023
7.125% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)				7.125%
7.125% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)			7.125%
Debt, face amount			$ 650.0
Proceeds from debt, net of issuance costs			$ 640.0
Redemption price percentage following change of control (as a percent)			101.00%
Redemption price percentage following sell of certain assets (as a percent)			100.00%
7.875% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)			7.875%
7.750% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)				7.75%
7.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	7.75%
Debt, face amount	$ 400.0
Proceeds from debt, net of issuance costs	$ 395.0
Redemption price percentage following change of control (as a percent)	101.00%
Redemption price percentage following sell of certain assets (as a percent)	100.00%
7.750% Senior Notes \| Senior Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Maximum percentage of principal amount available to be redeemed with proceeds from equity offerings (as a percent)	40.00%
Redemption price (as a percent)	107.75%
7.750% Senior Notes \| Senior Notes \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)	100.00%
7.500% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)				7.50%
7.500% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		7.50%
Debt, face amount		$ 450.0
Proceeds from debt, net of issuance costs		$ 444.4
Redemption price percentage following change of control (as a percent)		101.00%
Redemption price percentage following sell of certain assets (as a percent)		100.00%
7.500% Senior Notes \| Senior Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Maximum percentage of principal amount available to be redeemed with proceeds from equity offerings (as a percent)		40.00%
Redemption price (as a percent)		107.50%
7.500% Senior Notes \| Senior Notes \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)		100.00%
Bridge Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount	$ 400.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income (loss) before income taxes

Income (loss) before income taxes is composed of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
United States	$	(88,458)	$	73,529	$	(75,948)
Foreign	460,193		263,538		32,568
Income (loss) before income taxes	$	371,735	$	337,067	$	(43,380)

Schedule of components of the provision for income taxes attributable to the entity's income (loss) before income taxes

The components of the provision for income taxes attributable to our income (loss) before income taxes consist of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Current:
United States	$	865	$	7,174	$	282
Foreign	264,910		300,829		103,348
Total current	265,775		308,003		103,630
Deferred:
United States	551		84		1,202
Foreign	(108,111)		(197,571)		(70,376)
Total deferred	(107,560)		(197,487)		(69,174)
Income tax expense	$	158,215	$	110,516	$	34,456

Schedule of reconciliation of income tax expense and the reported effective tax rate

Our reconciliation of income tax expense (benefit) computed by applying our statutory rate and the reported effective tax rate on income or (loss) from continuing operations is as follows:


	Years Ended December 31,
	2023			2022			2021
	(In thousands)
Tax at statutory rate	$	78,064		$	70,784		$	(9,110)
Foreign income (loss) taxed at different rates	48,768			20,663			17,344


Non-deductible compensation	5,915			3,012			2,775
Non-deductible and other items	2,243			3,993			1,719
Tax shortfall (windfall) on equity-based compensation, net	(3,201)			673			6,307
Change in valuation allowance	26,426			11,391			15,421

Total tax expense (benefit)	$	158,215		$	110,516		$	34,456
Effective tax rate	43		%	33		%	79		%

______________________________________

(1)The effective tax rate during the years ended December 31, 2023, 2022 and 2021, were impacted by (gains) and losses of $(4.0) million, $21.0 million and $61.6 million, respectively, incurred in jurisdictions in which we are not subject to taxes and therefore do not generate any income tax benefits or where there are valuation allowances offsetting the corresponding deferred tax assets.

Schedule of tax effects of significant temporary differences to deferred tax assets and liabilities

The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
	(In thousands)
Deferred tax assets:
Foreign capitalized operating expenses	$	209,453	$	196,018
Foreign net operating losses	14,458		19,297
United States net operating losses	78,706		81,040
United States deferred interest expense	43,411		17,421
Equity compensation	10,867		7,916

Asset retirement obligation and other	78,024		67,083
Total deferred tax assets	434,919		388,775
Valuation allowance	(333,651)		(312,968)
Total deferred tax assets, net	101,268		75,807
Deferred tax liabilities:
Depletion, depreciation and amortization related to property and equipment	(420,066)		(512,019)
Other deferred tax liabilities	(42,087)		(32,233)
Total deferred tax liabilities	(462,153)		(544,252)
Net deferred tax liability	$	(360,885)	$	(468,445)

Income Taxes - Components of Income (Loss) and Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Income (loss) before income taxes	$ 371,735	$ 337,067	$ (43,380)
Components of the provision for income taxes attributable to income (loss) before income taxes
Current	265,775	308,003	103,630
Deferred	(107,560)	(197,487)	(69,174)
Total tax expense (benefit)	158,215	110,516	34,456
Reconciliation of income tax expense and the reported effective tax rate
Tax at statutory rate	78,064	70,784	(9,110)
Foreign income (loss) taxed at different rates	48,768	20,663	17,344
Non-deductible compensation	5,915	3,012	2,775
Non-deductible and other items	2,243	3,993	1,719
Tax shortfall (windfall) on equity-based compensation, net	(3,201)	673	6,307
Change in valuation allowance	26,426	11,391	15,421
Total tax expense (benefit)	$ 158,215	$ 110,516	$ 34,456
Effective tax rate (as a percent)	43.00%	33.00%	79.00%
Impact of (gains) losses incurred in jurisdictions in which the company is not subject to taxes on effective tax rate	$ (4,000)	$ 21,000	$ 61,600
United States
Income Taxes
Income (loss) before income taxes	(88,458)	73,529	(75,948)
Components of the provision for income taxes attributable to income (loss) before income taxes
Current	865	7,174	282
Deferred	551	84	1,202
Foreign
Income Taxes
Income (loss) before income taxes	460,193	263,538	32,568
Components of the provision for income taxes attributable to income (loss) before income taxes
Current	264,910	300,829	103,348
Deferred	$ (108,111)	$ (197,571)	$ (70,376)

Suspended Well Costs - Schedule of Suspended Well Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) project	Dec. 31, 2022 USD ($) project	Dec. 31, 2021 USD ($) project
Reconciliation of capitalized exploratory well costs on completed wells
Beginning balance	$ 145,957	$ 218,180	$ 186,289
Additions to capitalized exploratory well costs pending the determination of proved reserves	66,002	25,209	31,891
Reclassification due to determination of proved reserves	0	(34,614)	0
Capitalized exploratory well costs charged to expense	0	(62,818)	0
Ending balance	211,959	145,957	218,180
Aging of capitalized exploratory well costs and number of projects for which exploratory well costs were capitalized for more than one year
Exploratory well costs capitalized for a period of one year or less	54,274	0	20,903
Exploratory well costs capitalized for a period of one to three years	0	32,770	30,389
Exploratory well costs capitalized for a period of four to seven years	157,685	113,187	166,888
Ending balance	$ 211,959	$ 145,957	$ 218,180
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year \| project	2	2	3

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of oil derivative contracts

The following table sets forth the volumes in barrels underlying the Company’s outstanding oil derivative contracts and the weighted average prices per Bbl for those contracts as of December 31, 2023. Volumes and weighted average prices are net of any offsetting derivative contracts entered into.


				Weighted Average Price per Bbl
Term	Type of Contract	Index	MBbl	Net Deferred Premium Payable/(Receivable)	Sold Put	Floor	Ceiling
2024:
Jan - Dec	Three-way collars	Dated Brent	4,000	1.31	45.00	70.00	96.25
Jan - Jun	Two-way collars	Dated Brent	2,000	1.24	—	65.00	85.00
Jan - Dec	Two-way collars	Dated Brent	2,000	0.46	—	70.00	100.00

______________________________________

Schedule of derivative instruments by balance sheet location

The following tables disclose the Company’s derivative instruments as of December 31, 2023 and 2022 and gain/(loss) from derivatives during the years ended December 31, 2023, 2022 and 2021.


		Estimated Fair Value Asset (Liability)
		December 31,
Type of Contract	Balance Sheet Location	2023		2022
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity	Derivatives assets—current	$	8,346	$	7,344
Provisional oil sales	Receivables: Oil sales	(72)		1,170

Commodity	Derivatives assets—long-term	1,594		1,725

Derivative liabilities:
Commodity	Derivatives liabilities—current	(3,103)		(6,773)

Commodity	Derivatives liabilities—long-term	—		(778)
Total derivatives not designated as hedging instruments		$	6,765	$	2,688


		Amount of Gain/(Loss)
		Years Ended December 31,
Type of Contract	Location of Gain/(Loss)	2023		2022		2021
		(In thousands)
Derivatives not designated as hedging instruments:
Provisional oil sales	Oil and gas revenue	$	(17,221)	$	(14,573)	$	(7,520)
Commodity	Derivatives, net	(11,128)		(260,892)		(270,185)
Total derivatives not designated as hedging instruments		$	(28,349)	$	(275,465)	$	(277,705)

Acquisitions and Divestitures - 2023 Transactions (Details)	1 Months Ended
	Feb. 28, 2023	Nov. 30, 2023	Feb. 28, 2023 a	Feb. 28, 2023 km²
Block EG-01 Offshore Equatorial Guinea \| Petroleum Contract
Business Acquisition [Line Items]
Participation interest (as a percent)	24.00%
Area of block			59,400	240
First exploration period	3 years
Cayar Offshore Profond Block
Business Acquisition [Line Items]
Participation interest (as a percent)		90.00%
Cayar Offshore Profond Block \| PETROSEN
Business Acquisition [Line Items]
Participation interest (as a percent)		10.00%
Increase participation interest, (as a percent)		0.35

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ 213,520,000	$ 226,551,000	$ (77,836,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization (including deferred financing costs)	454,848,000	508,657,000	477,801,000
Deferred income taxes	(107,560,000)	(197,487,000)	(69,174,000)
Unsuccessful well costs and leasehold impairments	2,208,000	86,941,000	18,819,000
Impairment of long-lived assets	222,278,000	449,969,000	0
Change in fair value of derivatives	28,349,000	275,465,000	277,705,000
Cash settlements on derivatives, net (including $(16.4) million and $(327.9) million and $(224.4) million on commodity hedges during 2023, 2022, and 2021)	(32,426,000)	(344,468,000)	(231,767,000)
Equity-based compensation	42,693,000	34,546,000	31,651,000
Gain on sale of assets	0	(50,471,000)	(1,564,000)
Loss on extinguishment of debt	1,503,000	192,000	19,625,000
Other	5,709,000	(10,099,000)	(3,538,000)
Changes in assets and liabilities:
(Increase) decrease in receivables	(16,223,000)	68,829,000	(34,246,000)
(Increase) decrease in inventories and prepaid expenses	(45,667,000)	(704,000)	637,000
Increase (decrease) in accounts payable and accrued liabilities	(4,062,000)	82,555,000	(33,769,000)
Net cash provided by operating activities	765,170,000	1,130,476,000	374,344,000
Investing activities
Oil and gas assets	(932,603,000)	(787,297,000)	(472,631,000)
Acquisition of oil and gas properties	0	(22,078,000)	(465,367,000)
Proceeds on sale of assets	0	168,703,000	6,354,000
Notes receivable from partners	(62,247,000)	(63,183,000)	(41,733,000)
Net cash used in investing activities	(994,850,000)	(703,855,000)	(973,377,000)
Financing activities
Borrowings under long-term debt	300,000,000	0	725,000,000
Payments on long-term debt	(145,000,000)	(405,000,000)	(1,050,000,000)
Net proceeds from issuance of senior notes	0	0	839,375,000
Net proceeds from issuance of common stock	0	0	136,006,000
Dividends	(166,000)	(655,000)	(512,000)
Other financing costs	(13,214,000)	(9,041,000)	(25,704,000)
Net cash provided by (used in) financing activities	141,620,000	(414,696,000)	624,165,000
Net increase (decrease) in cash, cash equivalents and restricted cash	(88,060,000)	11,925,000	25,132,000
Cash, cash equivalents and restricted cash at beginning of period	98,761,000	186,821,000	174,896,000
Cash, cash equivalents and restricted cash at end of period	186,821,000	174,896,000	149,764,000
Cash paid for:
Interest, net of capitalized interest	74,642,000	85,791,000	91,032,000
Income taxes, net of refund received	$ 281,872,000	$ 247,889,000	$ 137,421,000

Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
Accounting Policies - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2022 USD ($)	Mar. 31, 2022
Cash, Cash Equivalents and Restricted Cash
Restricted cash	$ 0	$ 0	$ 42,971
Receivables
Allowance for doubtful accounts	9,800	7,000
Inventories
Materials and supplies inventory	143,000	125,300
Hydrocarbons inventory	9,100	8,200
Write down of materials and supplies	7,372	1,521	1,239
Revenue Recognition
Oil and gas imbalances	$ 0	$ 0
Minimum
Depletion, Depreciation and Amortization
Estimated useful lives	1 year
Maximum
Depletion, Depreciation and Amortization
Estimated useful lives	8 years
Capitalized Interest \| Minimum
Capitalized Interest
Expected construction period for capitalization of interest costs on major projects	1 year
Facility
Cash, Cash Equivalents and Restricted Cash
Net leverage ratio	2.50	2.50			2.50
Facility Interest Or Senior Notes Plus The Corporate Revolver
Cash, Cash Equivalents and Restricted Cash
Period for contractual future interest payments	6 months
Restricted cash			$ 42,900	$ 59,100
7.125% Senior Notes
Cash, Cash Equivalents and Restricted Cash
Interest rate (as a percent)	7.125%
7.750% Senior Notes
Cash, Cash Equivalents and Restricted Cash
Interest rate (as a percent)	7.75%
7.500% Senior Notes
Cash, Cash Equivalents and Restricted Cash
Interest rate (as a percent)	7.50%

Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Parent Company Financial Statements

Schedule I—Condensed Parent Company Financial Statements

Under the terms of agreements governing the indebtedness of subsidiaries of Kosmos Energy Ltd. for 2023, 2022 and 2021 (collectively “KEL,” the “Parent Company”), such subsidiaries may be restricted from making dividend payments, loans or advances to KEL. Schedule I of Article 5‑04 of Regulation S‑X requires the condensed financial information of the Parent Company to be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

The following condensed parent‑only financial statements of KEL have been prepared in accordance with Rule 12‑04, Schedule I of Regulation S‑X and included herein. The Parent Company’s 100% investment in its subsidiaries has been recorded using the equity basis of accounting in the accompanying condensed parent‑only financial statements. The condensed financial statements should be read in conjunction with the consolidated financial statements of Kosmos Energy Ltd. and subsidiaries and notes thereto.

The terms “Kosmos,” the “Company,” and similar terms refer to Kosmos Energy Ltd. and its wholly-owned subsidiaries, unless the context indicates otherwise. Certain prior period amounts have been reclassified to conform with the current year presentation. Such reclassifications had no impact on our reported net income, current assets, total assets, current liabilities, total liabilities or shareholders equity.

KOSMOS ENERGY LTD.

CONDENSED PARENT COMPANY BALANCE SHEETS

(In thousands, except share data)


	December 31,
	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	275	$	2,286

Derivatives receivable - related party	—		413
Prepaid expenses and other	752		1,051


Total current assets	1,027		3,750
Investment in subsidiaries at equity	2,683,656		2,403,785

Deferred financing costs, net of accumulated amortization of $15,583 and $13,263 at December 31, 2023 and December 31, 2022, respectively	2,320		4,640


Restricted cash	305		305
Long-term deferred tax asset	12,050		461
Total assets	$	2,699,358	$	2,412,941
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable	$	12	$	14
Accounts payable to subsidiaries	152,679		114,312
Accrued liabilities	27,650		27,500


Total current liabilities	180,341		141,826
Long-term debt, net	1,486,680		1,483,267



Shareholders’ equity:
Preference shares, $0.01 par value; 200,000,000 authorized shares; zero issued at December 31, 2023 and December 31, 2022	—		—
Common stock, $0.01 par value; 2,000,000,000 authorized shares; 504,392,980 and 500,161,421 issued at December 31, 2023 and December 31, 2022, respectively	5,044		5,002
Additional paid-in capital	2,536,621		2,505,694
Accumulated deficit	(1,272,321)		(1,485,841)
Treasury stock, at cost, 44,263,269 shares at December 31, 2023 and 2022, respectively	(237,007)		(237,007)
Total shareholders’ equity	1,032,337		787,848
Total liabilities and shareholders’ equity	$	2,699,358	$	2,412,941

CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS

(In thousands)


	Years Ended December 31,
	2023		2022		2021
Revenues and other income:
Oil and gas revenue	$	—	$	—	$	—
Other income—related party	—		75,740		20,307
Total revenues and other income	—		75,740		20,307
Costs and expenses:
General and administrative	52,279		44,180		38,810
General and administrative recoveries—related party	(6,048)		(3,772)		79
Interest and other financing costs, net	122,773		123,247		98,649
Interest and other financing costs, net—related party	—		—		(2,446)
Derivatives, net	—		75,740		20,307
Other expenses, net	131		17		(61)
Equity in (earnings) losses of subsidiaries	(370,729)		(415,546)		(57,195)
Total costs and expenses	(201,594)		(176,134)		98,143
Income (loss) before income taxes	201,594		251,874		(77,836)
Income tax expense (benefit)	(11,926)		25,323		—
Net income (loss)	$	213,520	$	226,551	$	(77,836)

CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS

(In thousands)


	Years Ended December 31,
	2023		2022		2021
Operating activities
Net income (loss)	$	213,520	$	226,551	$	(77,836)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of subsidiaries	(370,729)		(415,546)		(57,195)
Equity-based compensation	42,693		34,546		31,651
Depreciation and amortization	6,588		6,359		5,638
Deferred income taxes	(11,589)		18,034		—
Other income—related party	413		(4,353)		6,582
Change in fair value on derivatives	—		75,741		20,307
Cash settlements on derivatives	—		(70,327)		(28,363)
Loss on extinguishment of debt	—		192		4,403

Changes in assets and liabilities:
Decrease in receivables	87		306		134
(Increase) decrease in prepaid expenses and other	299		(94)		(49)
Decrease due to/from related party	37,765		33,214		218,008
Increase (decrease) in accounts payable and accrued liabilities	60		(4,159)		18,003
Net cash provided by (used in) operating activities	(80,893)		(99,536)		141,283
Investing activities
Investment in subsidiaries	90,858		104,676		(1,001,494)
Net cash provided by (used in) investing activities	90,858		104,676		(1,001,494)
Financing activities
Borrowings under long-term debt	—		—		100,000
Payments on long-term debt	—		—		(200,000)
Net proceeds from issuance of senior notes	—		—		839,375

Net proceeds from issuance of common stock	—		—		136,006

Dividends	(166)		(655)		(512)
Other financing costs	(11,810)		(8,892)		(9,131)
Net cash provided by (used in) financing activities	(11,976)		(9,547)		865,738
Net increase (decrease) in cash and cash equivalents	(2,011)		(4,407)		5,527
Cash, cash equivalents and restricted cash at beginning of period	2,591		6,998		1,471
Cash, cash equivalents and restricted cash at end of period	$	580	$	2,591	$	6,998

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash settlements on commodity hedges derivatives	$ (16.4)	$ (327.9)	$ (224.4)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preference shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preference shares, authorized shares (in shares)	200,000,000	200,000,000
Preference shares, issued shares (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized shares (in shares)	2,000,000,000	2,000,000,000
Common shares, issued shares (in shares)	504,392,980	500,161,421
Treasury stock shares (in shares)	44,263,269	44,263,269

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Decrease in deferred tax liability	$ 107,600,000	$ 242,700,000
Impairment of long-lived assets	222,278,000	449,969,000	$ 0
Deferred tax liability	77,800,000	157,600,000
Decrease from other reconciling items	$ 29,800,000
Decrease from pre-emption transaction		$ 44,600,000
Effective tax rate (as a percent)	43.00%	33.00%	79.00%
Change in valuation allowance	$ 26,426,000	$ 11,391,000	$ 15,421,000
Foreign net operating loss carryforwards	48,200,000
TEN Fields
Income Taxes
Impairment of long-lived assets	$ 222,300,000	450,000,000	$ 0
Tullow
Income Taxes
Decrease from other reconciling items		$ 40,500,000
United States
Income Taxes
Effective tax rate (as a percent)	(200.00%)	10.00%	2.00%
Change in valuation allowance	$ 12,100,000	$ (12,300,000)	$ 6,600,000
Foreign net operating loss carryforwards not expiring	$ 374,800,000
Equatorial Guinea
Income Taxes
Effective tax rate (as a percent)	35.00%	36.00%	35.00%
Foreign
Income Taxes
Effective tax rate (as a percent)	0.00%
Federal statutory income tax rate (as a percent)	0.00%
Ghana
Income Taxes
Effective tax rate (as a percent)	36.00%	35.00%	35.00%

Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Kosmos Energy Ltd. and its wholly-owned subsidiaries. They also include the Company’s share of the undivided interest in certain assets, liabilities, revenues and expenses.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. These estimates could change materially if different information or assumptions were used. We base our assumptions and estimates on historical experience and other sources that we believe to be reasonable at the time. Actual results could differ from these estimates.

Reclassifications

Certain prior period amounts have been reclassified to conform with the current year presentation. Such reclassifications had no significant impact on our reported net income (loss), current assets, total assets, current liabilities, total liabilities, shareholders’ equity or cash flows.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents includes demand deposits and funds invested in highly liquid instruments with original maturities of three months or less at the date of purchase. When our net leverage ratio exceeds 2.50x, we are required under the Facility to maintain a restricted cash balance that is sufficient to meet the payment of interest and fees for the next six-month period on the 7.125% Senior Notes, the 7.750% Senior Notes, and the 7.500% Senior Notes plus the Corporate Revolver or the Facility, whichever is greater. As of December 31, 2021, we exceeded this ratio and restricted approximately $42.9 million in cash to meet our requirements. As of March 31, 2022, our net leverage ratio was below 2.50x, therefore in May 2022, we released $59.1 million from restricted cash upon submission of the net leverage test as of March 31, 2022. As of December 31, 2023 and 2022 our net leverage ratio remained below 2.50x.

Receivables

Our receivables consist of joint interest billings, oil and gas sales, related party and other receivables. Receivables from joint interest owners are stated at amounts due, net of any allowances for doubtful accounts. As required by ASU 2016-13, "Measurement of Credit Losses on Financial Instruments", we determine our allowance based on historical experience, current conditions and reasonable and supportable forecasts by considering the length of time past due, future net revenues of the debtor’s ownership interest in oil and natural gas properties we operate, and the owner’s ability to pay its obligation, among other things.

Inventories

The Company’s materials and supplies inventory primarily consists of casing and wellheads and is stated at the lower of cost, using the weighted average cost method, or net realizable value. We recorded write downs of $7.4 million, $1.5 million and $1.2 million during the years ended December 31, 2023, 2022 and 2021 for materials and supplies inventories as Other expenses, net in the consolidated statements of operations and other in the consolidated statements of cash flows.

Hydrocarbon inventory is carried at the lower of cost, using the weighted average cost method, or net realizable value. Hydrocarbon inventory costs include expenditures and other charges incurred in bringing the inventory to its existing condition. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory costs.

Leases

We account for leases in accordance with ASC Topic 842, Leases, (“ASC 842”). We determine if an arrangement is a lease at contract inception. In the normal course of business, the Company enters into various lease agreements for real estate and equipment related to its exploration, development and production activities that are currently accounted for as operating leases. Operating leases are included in Other assets, Accrued liabilities, and Other long-term liabilities on our consolidated balance sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. We monitor for events or changes in circumstances that require a reassessment of a lease. When a reassessment results in the re-measurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in profit or loss.

Exploration and Development Costs

The Company follows the successful efforts method of accounting for its oil and gas properties. Acquisition costs for proved and unproved properties are capitalized when incurred. Costs of unproved properties are transferred to proved properties

when a determination that proved reserves have been found. Exploration costs, including geological and geophysical costs and costs of carrying unproved properties, are expensed as incurred. Exploratory drilling costs are capitalized when incurred. If exploratory wells are determined to be commercially unsuccessful or dry holes, the applicable costs are expensed and recorded in exploration expense on the consolidated statement of operations. Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Costs incurred to operate and maintain wells and equipment and to lift oil and natural gas to the surface are expensed as oil and gas production expense.

The Company evaluates unproved property periodically for impairment. The impairment assessment considers results of exploration activities, commodity price outlooks, planned future sales or expiration of all or a portion of such projects. If it is determined that future appraisal drilling or development activities are unlikely to occur, the associated capitalized costs are recorded as exploration expense in the consolidated statement of operations.

Depletion, Depreciation and Amortization

Proved properties and support equipment and facilities are depleted using the unit‑of‑production method based on estimated proved oil and natural gas reserves. Capitalized exploratory drilling costs that result in a discovery of proved reserves and development costs are depleted using the unit‑of‑production method based on estimated proved developed oil and natural gas reserves for the related field.

Depreciation and amortization of other property is computed using the straight-line method over the assets’ estimated useful lives (not to exceed the lease term for leasehold improvements), ranging from one to eight years.


			Years Depreciated
Leasehold improvements			1 to 8
Office furniture, fixtures and computer equipment			3 to 7

Amortization of deferred financing costs is computed using the straight‑line method over the life of the related debt.

Capitalized Interest

Interest costs from external borrowings are capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is depleted on the unit‑of‑production method in the same manner as the underlying assets.

Asset Retirement Obligations

The Company accounts for asset retirement obligations as required by ASC 410—Asset Retirement and Environmental Obligations. Under these standards, the fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. If a reasonable estimate of fair value cannot be made in the period the asset retirement obligation is incurred, the liability is recognized when a reasonable estimate of fair value can be made. If a tangible long‑lived asset with an existing asset retirement obligation is acquired, a liability for that obligation is recognized at the asset’s acquisition or in service date. In addition, a liability for the fair value of a conditional asset retirement obligation is recorded if the fair value of the liability can be reasonably estimated. We capitalize the asset retirement costs by increasing the carrying amount of the related long‑lived asset by the same amount as the liability. We record increases in the discounted abandonment liability resulting from the passage of time in depletion, depreciation and amortization in the consolidated statement of operations. Estimating the future restoration and removal costs requires management to make estimates and judgments because most of the removal obligations are many years in the future and the regulations in some countries that we operate often have vague descriptions of what constitutes removal. Additionally, asset removal technologies and costs are constantly changing, as are regulatory, political, environmental, safety and public relations considerations.

Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligations, a corresponding adjustment is made to the oil and gas property balance.

Acquisition Accounting

The purchase price in an acquisition (business combination or asset acquisition) is allocated to the assets acquired and liabilities assumed based on their relative fair values as of the acquisition date, which may occur many months after the deal announcement date. Therefore, while the consideration to be paid may be fixed, the fair value of the assets acquired, and liabilities assumed is subject to change during the period between the announcement date and the acquisition date. The most significant estimates in the allocation typically relate to the value assigned to future recoverable oil and natural gas reserves and unproved properties. As the allocation of the purchase price is subject to significant estimates and subjective judgments, the accuracy of this assessment is inherently uncertain.

Impairment of Long-lived Assets

Impairment of Long‑lived Assets

We review our long‑lived assets for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. ASC 360 — Property, Plant and Equipment requires an impairment loss to be recognized if the carrying amount of a long‑lived asset is not recoverable and exceeds its fair value. The carrying amount of a long‑lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment shall be based on the carrying amount of the asset at the date it is tested for recoverability, whether in use or under development. Assets to be disposed of and assets not expected to provide any future service potential to us are recorded at the lower of carrying amount or fair value. Oil and gas properties are grouped in accordance with ASC 932 — Extractive Activities-Oil and Gas. The basis for grouping is a reasonable aggregation of properties typically by field or by logical grouping of assets with significant shared infrastructure.

For long-lived assets whereby the carrying value exceeds the estimated future undiscounted cash flows, the carrying amount is reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820 — Fair Value Measurement. If applicable, we utilize prices and other relevant information generated by market transactions involving assets and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of future production, pricing estimates, capital and operating costs, market-based weighted average cost of capital, and risk adjustment factors applied to reserves. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a market-based weighted-average cost of capital.

We believe the assumptions used in our analysis to test for impairment are appropriate and result in a reasonable estimate of future cash flows and fair value. Kosmos has consistently used an average of third-party industry forecasts to determine our pricing assumptions. Where unproved reserves exist, an appropriately risk-adjusted amount of these reserves may be included in the evaluation.

Derivative Instruments and Hedging Activities

We utilize oil derivative contracts to mitigate our exposure to commodity price risk associated with our anticipated future oil production. These derivative contracts consist of collars, put options, call options and swaps. Our derivative financial instruments are recorded on the balance sheet as either assets or liabilities and are measured at fair value. We do not apply hedge accounting to our derivative contracts.

Estimates of Proved Oil and Natural Gas Reserves

Reserve quantities and the related estimates of future net cash flows affect our periodic calculations of depletion and assessment of impairment of our oil and natural gas properties. Proved oil and natural gas reserves are the estimated quantities of crude oil, natural gas and natural gas liquids that geological and engineering data demonstrate with reasonable certainty to be recoverable in future periods from known reservoirs under existing economic and operating conditions. As additional proved reserves are discovered, reserve quantities and future cash flows will be estimated by independent petroleum consultants and prepared in accordance with guidelines established by the SEC and the FASB. The accuracy of these reserve estimates is a function of:

•the engineering and geological interpretation of available data;

•estimates of the amount and timing of future operating cost, production taxes, development cost and workover cost;

•the accuracy of various mandated economic assumptions; and

•the judgments of the persons preparing the estimates.

Revenue Recognition

We recognize revenues on the volumes of hydrocarbons sold to a purchaser. The volumes sold may be more or less than the volumes to which we are entitled based on our ownership interest in the property. These differences result in a condition known in the industry as a production imbalance. A receivable or liability is recognized only to the extent that we have an imbalance on a specific property greater than the expected remaining proved reserves on such property. As of December 31, 2023 and 2022, we had no oil and gas imbalances recorded in our consolidated financial statements.

Our oil and gas revenues are recognized when hydrocarbons have been sold to a purchaser at a fixed or determinable price, title has transferred and collection is probable. Certain revenues are based on contracts with provisional pricing and quantity optionality which contain a derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from oil sales at the spot price on the date of sale. The derivative, which is not designated as a hedge, is marked to market through oil and gas revenue each period until the final settlement occurs, which generally is limited to the month of or month after the sale.

Equity-based Compensation

Equity‑based Compensation

For equity‑based compensation awards, compensation expense is recognized in the Company’s financial statements over the awards’ vesting periods based on their grant date fair value. The Company utilizes (i) the closing stock price on the date of grant to determine the fair value of service vesting restricted stock units and (ii) a Monte Carlo simulation to determine the fair value of restricted stock units with a combination of market and service vesting criteria. Forfeitures are recognized in the period in which they occur.

Income Taxes

The Company accounts for income taxes as required by ASC 740—Income Taxes. Under this method, deferred income taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. On a quarterly basis, management evaluates the need for and adequacy of valuation allowances based on the expected realizability of the deferred tax assets and adjusts the amount of such allowances, if necessary.

We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based on the technical merits of the position. Accordingly, we measure tax benefits from such positions based on the most likely outcome to be realized.

Foreign Currency Translation

The U.S. dollar is the functional currency for all of the Company’s material foreign operations. Foreign currency transaction gains and losses and adjustments resulting from translating monetary assets and liabilities denominated in foreign currencies are included in other expenses. Cash balances held in foreign currencies are not significant, and as such, the effect of exchange rate changes is not material to any reporting period.

Concentration of Credit Risk

Our revenue can be materially affected by current economic conditions and the price of oil and natural gas. However, based on the current demand for crude oil and natural gas and the fact that alternative purchasers are readily available, we believe that the loss of our marketing agents and/or any of the purchasers identified by our marketing agents would not have a long‑term material adverse effect on our financial position or results of international operations. The continued economic disruption resulting from Russia’s war in Ukraine, potential instability in the Middle East, a potential global recession, inflationary pressures and other varying macroeconomic conditions could materially impact the Company's business in future periods. Any potential disruption will depend on the duration and intensity of these events, which are highly uncertain and cannot be predicted at this time.

Recent Accounting Standards

Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740).” The amendments focus on income tax disclosures around effective tax rates and cash income taxes paid. The amendments in the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, however, we do not plan to early adopt ASU 2023-09.

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Kosmos Energy Ltd. changed our jurisdiction of incorporation from Bermuda to the State of Delaware in December 2018 as a holding company for Kosmos Energy Delaware Holdings, LLC, a Delaware limited liability company. As a holding company, Kosmos Energy Ltd.’s management operations are conducted through a wholly-owned subsidiary, Kosmos Energy, LLC. The terms “Kosmos,” the “Company,” “we,” “us,” “our,” “ours,” and similar terms refer to Kosmos Energy Ltd. and its wholly-owned subsidiaries, unless the context indicates otherwise. Kosmos is a full-cycle, deepwater, independent oil and gas exploration and production company focused along the offshore Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as world-class gas projects offshore Mauritania and Senegal. We also pursue a proven basin exploration program in Equatorial Guinea and the U.S. Gulf of Mexico. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. Kosmos is engaged in a single line of business, which is the exploration, development, and production of oil and natural gas. Substantially all of our long-lived assets and all of our product sales are related to operations in four geographic areas: Ghana, Equatorial Guinea, Mauritania/Senegal and the U.S. Gulf of Mexico.

Debt - Redemption Prices (Details) - Senior Notes	1 Months Ended
Debt - Redemption Prices (Details) - Senior Notes	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019
7.125% Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)			103.563%
7.125% Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)			101.781%
7.125% Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)			100.00%
7.500% Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)		103.75%
7.500% Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)		101.875%
7.500% Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)		100.00%
7.750% Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)	103.875%
7.750% Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)	101.938%
7.750% Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, as a percent of the of principal amount (as a percent)	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We have commitments under operating leases primarily related to office leases. Our leases have initial lease terms ranging from one year to ten years. Certain lease agreements contain provisions for future rent increases.

The components of lease cost for the years ended December 31, 2023 and 2022 is as follows:


	December 31,
	2023		2022
	(In thousands)
Operating lease cost	$	3,866	$	3,882
Variable lease cost	1,766		1,825
Short-term lease cost(1)	17,464		13,970
Total lease cost	$	23,096	$	19,677

__________________________________

(1)Includes $16.0 million and $12.5 million during the years ended December 31, 2023 and 2022, respectively, of costs associated with short-term drilling contracts.

Other information related to operating leases at December 31, 2023 and 2022, is as follows:


	December 31
	2023			2022
	(In thousands, except lease term and discount rate)
Balance sheet classifications
Other assets (right-of-use assets)	$	14,234		$	16,044
Accrued liabilities (current maturities of leases)	2,492			2,181
Other long-term liabilities (non-current maturities of leases)	15,576			18,007

Weighted average remaining lease term	5.6 years			6.5 years

Weighted average discount rate	9.8		%	9.8		%

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2023 and 2022:


	December 31,
	2023		2022
	(In thousands)
Operating cash flows for operating leases	$	7,256	$	7,170
Investing cash flows for operating leases(1)	16,029		12,449

__________________________________

(1)Represents costs associated with short-term drilling contracts.

Future minimum rental commitments under our leases at December 31, 2023, are as follows:


	Operating Leases(1)
	(In thousands)
2024	$	4,124
2025	4,195
2026	4,266
2027	4,205
2028	3,844
Thereafter	2,808
Total undiscounted lease payments	$	23,442
Less: Imputed interest	(5,374)
Total lease liabilities	$	18,068

__________________________________

(1)Does not include purchase commitments for jointly owned fields and facilities where we are not the operator and excludes commitments for exploration activities, including well commitments, in our petroleum contracts.

Condensed Parent Company Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ 213,520	$ 226,551	$ (77,836)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity-based compensation	42,693	34,546	31,651
Depreciation and amortization	454,848	508,657	477,801
Deferred income taxes	(107,560)	(197,487)	(69,174)
Change in fair value of derivatives	28,349	275,465	277,705
Cash settlements on derivatives	(32,426)	(344,468)	(231,767)
Loss on extinguishment of debt	1,503	192	19,625
Changes in assets and liabilities:
Decrease in receivables	(16,223)	68,829	(34,246)
Increase (decrease) in accounts payable and accrued liabilities	(4,062)	82,555	(33,769)
Net cash provided by operating activities	765,170	1,130,476	374,344
Investing activities
Net cash used in investing activities	(994,850)	(703,855)	(973,377)
Financing activities
Borrowings under long-term debt	300,000	0	725,000
Payments on long-term debt	(145,000)	(405,000)	(1,050,000)
Net proceeds from issuance of senior notes	0	0	839,375
Net proceeds from issuance of common stock	0	0	136,006
Dividends	(166)	(655)	(512)
Other financing costs	(13,214)	(9,041)	(25,704)
Net cash provided by (used in) financing activities	141,620	(414,696)	624,165
Net increase (decrease) in cash, cash equivalents and restricted cash	(88,060)	11,925	25,132
Cash, cash equivalents and restricted cash at end of period	186,821	174,896	149,764
Cash, cash equivalents and restricted cash at beginning of period	98,761	186,821	174,896
Parent Company
Operating activities
Net income (loss)	213,520	226,551	(77,836)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of subsidiaries	(370,729)	(415,546)	(57,195)
Equity-based compensation	42,693	34,546	31,651
Depreciation and amortization	6,588	6,359	5,638
Deferred income taxes	(11,589)	18,034	0
Other income—related party	413	(4,353)	6,582
Change in fair value of derivatives	0	75,741	20,307
Cash settlements on derivatives	0	(70,327)	(28,363)
Loss on extinguishment of debt	0	192	4,403
Changes in assets and liabilities:
Decrease in receivables	87	306	134
(Increase) decrease in prepaid expenses and other	299	(94)	(49)
Decrease due to/from related party	37,765	33,214	218,008
Increase (decrease) in accounts payable and accrued liabilities	60	(4,159)	18,003
Net cash provided by operating activities	(80,893)	(99,536)	141,283
Investing activities
Investment in subsidiaries	90,858	104,676	(1,001,494)
Net cash used in investing activities	90,858	104,676	(1,001,494)
Financing activities
Borrowings under long-term debt	0	0	100,000
Payments on long-term debt	0	0	(200,000)
Net proceeds from issuance of senior notes	0	0	839,375
Net proceeds from issuance of common stock	0	0	136,006
Dividends	(166)	(655)	(512)
Other financing costs	(11,810)	(8,892)	(9,131)
Net cash provided by (used in) financing activities	(11,976)	(9,547)	865,738
Net increase (decrease) in cash, cash equivalents and restricted cash	(2,011)	(4,407)	5,527
Cash, cash equivalents and restricted cash at end of period	2,591	6,998	1,471
Cash, cash equivalents and restricted cash at beginning of period	$ 580	$ 2,591	$ 6,998

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of cash and cash equivalents


	December 31,
	2023		2022		2021
	(In thousands)
Cash and cash equivalents	$	95,345	$	183,405	$	131,620
Restricted cash - current	—		—		42,971
Restricted cash - long-term	3,416		3,416		305
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	98,761	$	186,821	$	174,896

Schedule of estimated useful lives of other property


			Years Depreciated
Leasehold improvements			1 to 8
Office furniture, fixtures and computer equipment			3 to 7

Schedule of oil and gas revenue

Oil and gas revenue is composed of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Revenues from contracts with customers:
Equatorial Guinea	$	273,280	$	349,443	$	257,628
Ghana	1,073,917		1,362,875		654,644
U.S. Gulf of Mexico	371,632		547,610		427,261
Total revenues from contracts with customers	1,718,829		2,259,928		1,339,533
Provisional oil sales contracts	(17,221)		(14,573)		(7,520)
Oil and gas revenue	$	1,701,608	$	2,245,355	$	1,332,013

Asset Retirement Obligations - Summary of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset retirement obligations:
Beginning asset retirement obligations	$ 302,534	$ 325,459
Liabilities incurred during period	16,196	13,696
Liabilities settled during period	(13,082)	(9,277)
Revisions in estimated retirement obligations	11,527	(50,600)
Accretion expense	29,611	23,256
Ending asset retirement obligations	$ 346,786	$ 302,534

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt


	December 31,
	2023		2022
	(In thousands)
Outstanding debt principal balances:
Facility	$	925,000	$	625,000
Corporate Revolver	—		—
7.125% Senior Notes	650,000		650,000
7.750% Senior Notes	400,000		400,000
7.500% Senior Notes	450,000		450,000
GoM Term Loan	—		145,000
Total long-term debt	2,425,000		2,270,000
Unamortized deferred financing costs and discounts(1)	(34,086)		(44,089)
Total debt, net	2,390,914		2,225,911
Less: Current maturities of long-term debt	—		(30,000)
Long-term debt, net	$	2,390,914	$	2,195,911

________________________________________

(1)Includes $20.8 million and $25.2 million of unamortized deferred financing costs related to the Facility and $13.3 million and $16.7 million of unamortized deferred financing costs and discounts related to the Senior Notes as of December 31, 2023 and December 31, 2022, respectively.

Schedule of redemption price

On or after April 4, 2022, the Company may redeem all or a part of the 7.125% Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest:


Year	Percentage
On or after April 4, 2022	103.563	%
On or after April 4, 2023	101.781	%
On or after April 4, 2024	100.000	%

On or after November 1, 2023, the Company may redeem all or a part of the 7.750% Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest:


Year	Percentage
On or after November 1, 2023	103.875	%
On or after November 1, 2024	101.938	%
On or after November 1, 2025	100.000	%

On or after March 1, 2024, the Company may redeem all or a part of the 7.500% Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest:


Year	Percentage
On or after March 1, 2024	103.750	%
On or after March 1, 2025	101.875	%
On or after March 1, 2026	100.000	%

Schedule of estimated repayments of debt

At December 31, 2023, the estimated repayments of debt during the five fiscal year periods and thereafter are as follows:


	Payments Due by Year
	Total		2024		2025		2026		2027		2028		Thereafter
	(In thousands)
Principal debt repayments(1)	$	2,425,000	$	—	$	300,000	$	1,066,667	$	608,333	$	450,000	$	—

_______________________________________

(1)Includes the scheduled maturities for outstanding principal debt balances. The scheduled maturities of debt related to the Facility as of December 31, 2023 are based on our level of borrowings and our estimated future available borrowing base commitment levels in future periods. Any increases or decreases in the level of borrowings or increases or decreases in the available borrowing base would impact the scheduled maturities of debt during the next five years and thereafter.

Schedule of interest and other financing costs, net

Interest and other financing costs, net incurred during the period comprised of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Interest expense	$	207,629	$	180,046	$	146,706
Amortization—deferred financing costs	9,921		10,401		10,580
Loss on extinguishment of debt	1,503		192		19,625
Capitalized interest	(138,738)		(84,342)		(46,098)
Deferred interest	3,183		(3,318)		(3,401)
Interest income	(19,456)		(12,139)		(10,257)
Other, net	31,862		27,420		11,216
Interest and other financing costs, net	$	95,904	$	118,260	$	128,371

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Equity-based Compensation - Schedule of Awards (Details) - LTIP - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Service Vesting Restricted Stock Units
Outstanding unvested awards activity
Outstanding at the beginning of the period (in shares)	4,916	4,696	4,840
Granted (in shares)	2,809	2,820	2,905
Forfeited (in shares)	(240)	(147)	(649)
Vested (in shares)	(2,775)	(2,453)	(2,400)
Outstanding at the end of the period (in shares)	4,710	4,916	4,696
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 4.18	$ 3.88	$ 5.34
Granted (in dollars per share)	7.61	4.70	2.57
Forfeited (in dollars per share)	5.65	3.92	4.05
Vested (in dollars per share)	3.86	4.21	5.19
Outstanding at the end of the period (in dollars per share)	$ 5.77	$ 4.18	$ 3.88
Market/Service Vesting Restricted Stock Units
Outstanding unvested awards activity
Outstanding at the beginning of the period (in shares)	12,041	11,233	7,859
Granted (in shares)	3,482	3,388	6,744
Forfeited (in shares)	(203)	(389)	(1,998)
Vested (in shares)	(2,950)	(2,191)	(1,372)
Outstanding at the end of the period (in shares)	12,370	12,041	11,233
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 5.61	$ 5.28	$ 8.11
Granted (in dollars per share)	12.26	6.98	3.91
Forfeited (in dollars per share)	8.17	6.21	5.50
Vested (in dollars per share)	8.22	5.98	9.95
Outstanding at the end of the period (in dollars per share)	$ 6.59	$ 5.61	$ 5.28
Percent threshold target for grants and forfeitures	100.00%
Market/Service Vesting Restricted Stock Units \| Minimum
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 1.06
Vesting percentage of the awards granted	0.00%
Market/Service Vesting Restricted Stock Units \| Maximum
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 13.06
Vesting percentage of the awards granted	200.00%

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

In accordance with ASC 820—Fair Value Measurements, fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. We prioritize the inputs used in measuring fair value into the following fair value hierarchy:

•Level 1 — quoted prices for identical assets or liabilities in active markets.

•Level 2 — quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data by correlation or other means.

•Level 3 — unobservable inputs for the asset or liability. The fair value input hierarchy level to which an asset or liability measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety.

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022, for each fair value hierarchy level:


	Fair Value Measurements Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(In thousands)
December 31, 2023
Assets:
Commodity derivatives	$	—	$	9,940	$	—	$	9,940
Provisional oil sales	—		(72)		—		(72)

Liabilities:
Commodity derivatives	—		(3,103)		—		(3,103)

Total	$	—	$	6,765	$	—	$	6,765
December 31, 2022
Assets:
Commodity derivatives	$	—	$	9,069	$	—	$	9,069
Provisional oil sales	—		1,170		—		1,170

Liabilities:
Commodity derivatives	—		(7,551)		—		(7,551)

Total	$	—	$	2,688	$	—	$	2,688

The book values of cash and cash equivalents and restricted cash approximate fair value based on Level 1 inputs. Joint interest billings, oil sales and other receivables, and accounts payable and accrued liabilities approximate fair value due to the short‑term nature of these instruments. Our long‑term receivables, after any allowances for credit losses, and other long-term assets approximate fair value. The estimates of fair value of these items are based on Level 2 inputs.

Commodity Derivatives

Our commodity derivatives represent crude oil collars, put options and call options for notional barrels of oil at fixed Dated Brent or NYMEX WTI oil prices. The values attributable to our oil derivatives are based on (i) the contracted notional volumes, (ii) independent active futures price quotes for the respective index, (iii) a credit‑adjusted yield curve applicable to each counterparty by reference to the credit default swap (“CDS”) market and (iv) an independently sourced estimate of volatility for the respective index. The volatility estimate was provided by certain independent brokers who are active in buying and selling oil options and was corroborated by market‑quoted volatility factors. The deferred premium is included in the fair market value of the commodity derivatives. See Note 9—Derivative Financial Instruments for additional information regarding the Company’s derivative instruments.

Provisional Oil Sales

The value attributable to provisional oil sales derivative is based on (i) the sales volumes and (ii) the difference in the independent active futures price quotes for the respective index over the term of the pricing period designated in the sales contract and the spot price on the lifting date.

Debt

The following table presents the carrying values and fair values at December 31, 2023 and 2022:


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
7.125% Senior Notes	$	646,912	$	622,824	$	645,699	$	558,201
7.750% Senior Notes	396,718		374,764		395,893		335,592
7.500% Senior Notes	446,291		412,461		445,564		361,958
GoM Term Loan	—		—		145,000		145,000

Facility	925,000		925,000		625,000		625,000
Total	$	2,414,921	$	2,335,049	$	2,257,156	$	2,025,751

The carrying values of our 7.125% Senior Notes, 7.750% Senior Notes and 7.500% Senior Notes represent the principal amounts outstanding less unamortized discounts. The fair values of our 7.125% Senior Notes, 7.750% Senior Notes and 7.500% Senior Notes are based on quoted market prices, which results in a Level 1 fair value measurement. The carrying values of the GoM Term Loan and Facility approximate fair value since they are subject to short-term floating interest rates that approximate the rates available to us for those periods.

Nonrecurring Fair Value Measurements - Long-lived assets

Certain long-lived assets are reported at fair value on a non-recurring basis on the Company's consolidated balance sheet. These long-lived assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Our long-lived assets are reviewed for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

The Company calculates the estimated fair values of its long-lived assets using the income approach described in the ASC 820 — Fair Value Measurements. Significant inputs associated with the calculation of estimated discounted future net cash flows include anticipated future production, pricing estimates, capital and operating costs, market-based weighted average cost of capital, and risk adjustment factors applied to reserves. These are classified as Level 3 fair value assumptions. The Company utilizes an average of third-party industry forecasts of Dated Brent, adjusted for location and quality differentials, to determine our pricing assumptions. In order to evaluate the sensitivity of the assumptions, we analyze sensitivities to prices, production, and risk adjustment factors.

As a result of negative proved oil and natural gas reserve revisions at TEN, primarily driven by a change in the partnership’s development work scope for the TEN Fields and well performance, we reviewed our TEN long-lived assets for impairment at December 31, 2023, which resulted impairment charges of $222.3 million for the year ended December 31, 2023. The impairment charges resulted in a full impairment of the remaining book value of TEN reducing the carrying value of the TEN Fields to zero. As part of our impairment analysis, the average per barrel Dated Brent price of third-party industry

forecasts used for purposes of determining discounted future cash flows was in the low-$80s adjusted for inflation. The expected future cash flows were discounted using a rate of approximately 10 percent which the Company believes is a market-based weighted average cost of capital for industry peers determined appropriate at the time of the valuation.

As a result of a negative proved oil and natural gas reserve revision at TEN, primarily driven by well performance, we reviewed our TEN long-lived assets for impairment at December 31, 2022, which resulted in impairment charges of 450.0 million for the year ended December 31, 2022, reducing the carrying value of the TEN Fields to the estimated fair value of $235.7 million as of December 31, 2022. As part of our impairment analysis, the average per barrel Dated Brent price of third-party industry forecasts used for purposes of determining discounted future cash flows was in the low-$80s adjusted for inflation. We also took account of the delayed future investment in the field. The expected future cash flows were discounted using a rate of approximately 10 percent which the Company believes is a market-based weighted average cost of capital for industry peers determined appropriate at the time of the valuation.

No impairment of proved oil and gas properties was recognized for the year December 31, 2021 as no impairment indicators were identified.

These impairment charges are included in Impairments of long-lived assets on the consolidated statement of operations. If we experience material declines in oil pricing expectations, increases in our estimated future expenditures or a decrease in our estimated production profile, our long-lived assets could be at risk of additional impairment.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

For the Years Ended December 31, 2023, 2022 and 2021


			Additions
Description	Balance January 1,		Charged to Costs and Expenses		Charged To Other Accounts		Deductions From Reserves		Balance December 31,
2023
Allowance for credit losses	$	7,011	$	2,842	$	(6)	$	—	$	9,847
Allowance for deferred tax assets	$	312,727	$	20,924	$	—	$	—	$	333,651
2022
Allowance for credit losses	$	5,189	$	2,509	$	(687)	$	—	$	7,011
Allowance for deferred tax assets	$	318,343	$	(5,616)	$	—	$	—	$	312,727
2021
Allowance for credit losses	$	5,675	$	1,019	$	(1,505)	$	—	$	5,189
Allowance for deferred tax assets	$	288,288	$	30,055	$	—	$	—	$	318,343

Schedules other than Schedule I and Schedule II have been omitted because they are not applicable or the required information is presented in the consolidated financial statements or the notes to consolidated financial statements.

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Feb. 28, 2019 USD ($) agreement	Dec. 31, 2023 USD ($) well	Dec. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)
Commitments and contingencies
Long-term receivables		$ 325,181	$ 235,696
Greater Tortue FPSO \| BP Operator
Commitments and contingencies
Contract liability, noncurrent		200,200		$ 200,200
National Oil Companies Of Mauritania And Senegal \| Carry Advance Agreements
Commitments and contingencies
Number of agreements \| agreement	2
Share of development costs to be financed, up to	$ 300,000
Long-term receivables		259,200	196,900
Gulf of Mexico \| Bureau Of Ocean Energy Management and Other Third Parties \| Surety Bond
Commitments and contingencies
Required performance bonds		$ 194,100	$ 205,200
Equatorial Guinea
Commitments and contingencies
Number of development wells \| well		3
Number of exploration wells \| well		1

Debt - Debt Interest (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Debt Interest (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense	$ 207,629	$ 180,046	$ 146,706
Amortization—deferred financing costs	9,921	10,401	10,580
Loss on extinguishment of debt	1,503	192	19,625
Capitalized interest	(138,738)	(84,342)	(46,098)
Deferred interest	3,183	(3,318)	(3,401)
Interest income	(19,456)	(12,139)	(10,257)
Other, net	31,862	27,420	11,216
Interest and other financing costs, net	$ 95,904	$ 118,260	$ 128,371

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in litigation, regulatory examinations and administrative proceedings primarily arising in the ordinary course of our business in jurisdictions in which we do business. Although the outcome of these matters cannot be predicted with certainty, management believes none of these matters, either individually or in the aggregate, would have a material effect upon the Company’s financial position; however, an unfavorable outcome could have a material adverse effect on our results from operations for a specific interim period or year. We have a commitment to drill three development wells and one exploration well in Equatorial Guinea. We have a $200.2 million FPSO Contract Liability in Other long-term liabilities related to the deferred sale of the Greater Tortue FPSO. In February 2019, Kosmos and BP signed Carry Advance Agreements with the national oil companies of Mauritania and Senegal, which obligate us separately to finance the respective national oil companies’ share of certain development costs. Kosmos’ total share for the two agreements combined is currently estimated at approximately $300.0 million, of which $259.2 million has been incurred through December 31, 2023, excluding accrued interest. Performance Obligations As of December 31, 2023 and 2022, the Company had performance bonds and supplemental bonds totaling $194.1 million and $205.2 million, respectively, related to bonding requirements stipulated by the BOEM and other third parties for anticipated plugging and abandonment costs of certain wells and the removal of certain facilities in our U.S. Gulf of Mexico fields.

Fair Value Measurements - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019
Fair Value Measurements
Impairment of long-lived assets	$ 222,278,000	$ 449,969,000	$ 0
TEN Fields
Fair Value Measurements
Impairment of long-lived assets	222,300,000	450,000,000	$ 0
Nonrecurring
Fair Value Measurements
Proved oil and gas reserves, fair value	$ 0	$ 235,700,000
Nonrecurring \| Measurement input, discount rate \| Valuation Technique, Discounted Cash Flow
Fair Value Measurements
Long-lived assets, measurement input	0.10
7.125% Senior Notes
Fair Value Measurements
Interest rate (as a percent)	7.125%
7.125% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)						7.125%
7.750% Senior Notes
Fair Value Measurements
Interest rate (as a percent)	7.75%
7.750% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)				7.75%
7.500% Senior Notes
Fair Value Measurements
Interest rate (as a percent)	7.50%
7.500% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)					7.50%

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt


	December 31,
	2023		2022
	(In thousands)
Outstanding debt principal balances:
Facility	$	925,000	$	625,000
Corporate Revolver	—		—
7.125% Senior Notes	650,000		650,000
7.750% Senior Notes	400,000		400,000
7.500% Senior Notes	450,000		450,000
GoM Term Loan	—		145,000
Total long-term debt	2,425,000		2,270,000
Unamortized deferred financing costs and discounts(1)	(34,086)		(44,089)
Total debt, net	2,390,914		2,225,911
Less: Current maturities of long-term debt	—		(30,000)
Long-term debt, net	$	2,390,914	$	2,195,911

________________________________________

Facility

The Facility supports our oil and gas exploration, appraisal and development programs and corporate activities. The amount of funds available to be borrowed under the Facility, also known as the borrowing base amount, is determined every March and September. The borrowing base amount is based on the sum of the net present values of net cash flows and relevant capital expenditures reduced by certain percentages as well as value attributable to certain assets’ reserves and/or resources in the Jubilee and TEN Fields in Ghana and the Ceiba Field and Okume Complex in Equatorial Guinea.

In May 2021, the Company entered into an amended and restated facility agreement and certain ancillary documents. As part of this amendment to the Facility in May 2021, the Company incurred $15.2 million for loss on extinguishment of debt during the year ended December 31, 2021. On November 23, 2022, the Company amended the Facility to update the interest rate benchmark from LIBOR to term SOFR, to be effective as of April 19, 2023. On September 29, 2023, the Company amended the Facility to accede Kosmos Energy Ghana Investments and Kosmos Energy Ghana Holdings Limited to the Facility as obligors. As a result, the additional interests in Jubilee and TEN that were acquired in the October 2021 acquisition

of Anadarko WCTP are now included when calculating the borrowing base amount for the Facility, effective October 1, 2023. On October 19, 2023, the Company amended the Facility to modify the amortization schedule in order to reduce the number of repayment installments from seven to six equal installments, with the first repayment installment scheduled on October 1, 2024, subject to the outstanding borrowings, rather than March 31, 2024. There was no change to the final maturity date or final repayment date.

In October 2023, during the Fall 2023 redetermination, the Company’s lending syndicate approved a borrowing base of $1.25 billion. As of December 31, 2023, the undrawn availability under the facility was $325.0 million.

When our net leverage ratio exceeds 2.50x, we are required under the Facility to maintain a restricted cash balance that is sufficient to meet the payment of interest and fees for the next six-month period on the 7.125% Senior Notes, the 7.750% Senior Notes and the 7.500% Senior Notes plus the Corporate Revolver or the Facility, whichever is greater. As of December 31, 2021, we exceeded this ratio and restricted approximately $42.9 million in cash to meet our requirements. As of March 31, 2022, our net leverage ratio was below 2.50x, and therefore, we released $59.1 million from restricted cash in May 2022 upon submission of the net leverage test as of March 31, 2022. As of December 31, 2023 and 2022 our net leverage ratio remained below 2.50x.

Interest on the Facility is the aggregate of the applicable margin (3.75% to 5.00%, depending on the length of time that has passed from the date the Facility was entered into), plus the term SOFR reference rate administered by CME Group Benchmark Administration Limited for the relevant period published and a credit adjustment spread. Interest is payable on the last day of each interest period (and, if the interest period is longer than six months, on the dates falling at six-month intervals after the first day of the interest period). We pay commitment fees on the undrawn and unavailable portion of the total commitments, if any. Commitment fees are equal to 30% per annum of the then-applicable respective margin when a commitment is available for utilization and, equal to 20% per annum of the then-applicable respective margin when a commitment is not available for utilization. We recognize interest expense in accordance with ASC 835—Interest, which requires interest expense to be recognized using the effective interest method. We determined the effective interest rate based on the estimated level of borrowings under the Facility.

The Facility provides a revolving credit and letter of credit facility. The availability period for the revolving credit facility expires one month prior to the final maturity date. The letter of credit facility expires on the final maturity date. The available facility amount is subject to borrowing base constraints and, beginning on October 1, 2024, outstanding borrowings will be constrained by an amortization schedule. The Facility has a final maturity date of March 31, 2027. As of December 31, 2023, we had no letters of credit issued under the Facility. We have the right to cancel all the undrawn commitments under the amended and restated Facility.

If an event of default exists under the Facility, the lenders can accelerate the maturity and exercise other rights and remedies, including the enforcement of security granted pursuant to the Facility over certain assets held by our subsidiaries. We were in compliance with the financial covenants below contained in the Facility as of September 30, 2023 (the most recent assessment date), which requires the maintenance of:

•the field life cover ratio (as defined in the glossary), not less than 1.30x; and

•the loan life cover ratio (as defined in the glossary), not less than 1.10x through March 31, 2024 and 1.30x after March 31, 2024; and

•the interest cover ratio (as defined in the glossary), not less than 2.25x; and

•the debt cover ratio (as defined in the glossary), not more than 3.50x as amended.

The Facility contains customary cross default provisions.

Corporate Revolver

On March 31, 2022, we refinanced the Corporate Revolver by replacing it with a new revolving credit facility agreement with a total size of $250 million and a maturity date of December 31, 2024. The Company capitalized $6.1 million of deferred financing costs associated with entering into the new revolving credit facility in March 2022, which is being amortized over the term of the new revolving credit facility. On November 23, 2022, the Company amended the Corporate Revolver to update the interest rate benchmark from compounded SOFR to term SOFR, effective April 2023. As amended, interest on the Corporate Revolver is the aggregate of a 7.0% margin, the term SOFR reference rate administered by CME Group Benchmark Administration Limited for the relevant period published and a credit adjustment spread. Interest is payable on the last day of each interest period (and, if the interest period is longer than six months, on the dates falling at six‑month intervals after the first

day of the interest period). We pay commitment fees on the undrawn portion of the total commitments. Commitment fees for the lenders are equal to 30% per annum of the respective margin when a commitment is available for utilization.

As of December 31, 2023, the undrawn availability was $250.0 million. The Corporate Revolver is available for general corporate purposes and for oil and gas exploration, appraisal and development programs.

The Corporate Revolver expires on December 31, 2024. The available amount is not subject to borrowing base constraints. We have the right to cancel all the undrawn commitments under the Corporate Revolver. We are required to repay certain amounts due under the Corporate Revolver with sales of certain subsidiaries or sales of certain assets. If an event of default exists under the Corporate Revolver, the lenders can accelerate the maturity and exercise other rights and remedies, including the enforcement of security granted pursuant to the Corporate Revolver over certain assets held by us.

We were in compliance with the financial covenants below contained in the Corporate Revolver as of September 30, 2023 (the most recent assessment date), which requires the maintenance of:

•the interest cover ratio (as defined in the glossary), not less than 2.25x; and

•the debt cover ratio (as defined in the glossary), not more than 3.50x as amended.

The Corporate Revolver contains customary cross default provisions.

7.125% Senior Notes due 2026

In April 2019, the Company issued $650.0 million of 7.125% Senior Notes and received net proceeds of approximately $640.0 million after deducting commissions and other expenses. We used the net proceeds to redeem all of the previously issued 7.875% Senior Secured Notes due 2021, repay a portion of the outstanding indebtedness under the Corporate Revolver and pay fees and expenses related to the redemption, repayment and the issuance of the 7.125% Senior Notes.

The 7.125% Senior Notes mature on April 4, 2026. We will pay interest in arrears on the 7.125% Senior Notes each April 4 and October 4, commencing on October 4, 2019. The 7.125% Senior Notes are senior, unsecured obligations of Kosmos Energy Ltd. and rank equal in right of payment with all of its existing and future senior indebtedness (including all borrowings under the Corporate Revolver, the 7.750% Senior Notes and the 7.500% Senior Notes ) and rank effectively junior in right of payment to all of its existing and future secured indebtedness (including all borrowings under the Facility). The 7.125% Senior Notes are guaranteed on a senior, unsecured basis by certain subsidiaries owning the Company's U.S. Gulf of Mexico assets, and on a subordinated, unsecured basis by certain subsidiaries that borrow under, or guarantee, the Facility and that guarantee the Corporate Revolver, the 7.750% Senior Notes and the 7.500% Senior Notes. The 7.125% Senior Notes contain customary cross default provisions.


Year	Percentage
On or after April 4, 2022	103.563	%
On or after April 4, 2023	101.781	%
On or after April 4, 2024	100.000	%

We may also redeem the 7.125% Senior Notes in whole, but not in part, at any time if changes in tax laws impose certain withholding taxes on amounts payable on the 7.125% Senior Notes at a price equal to the principal amount of the 7.125% Senior Notes plus accrued interest and additional amounts, if any, as may be necessary so that the net amount received by each holder after any withholding or deduction on payments of the 7.125% Senior Notes will not be less than the amount such holder would have received if such taxes had not been withheld or deducted.

Upon the occurrence of a change of control triggering event as defined under the 7.125% Senior Notes indenture, the Company will be required to make an offer to repurchase the 7.125% Senior Notes at a repurchase price equal to 101% of the principal amount, plus accrued and unpaid interest to, but excluding, the date of repurchase.

If we sell assets, under certain circumstances outlined in the 7.125% Senior Notes indenture, we will be required to use the net proceeds to make an offer to purchase the 7.125% Senior Notes at an offer price in cash in an amount equal to 100% of the principal amount of the 7.125% Senior Notes, plus accrued and unpaid interest to, but excluding, the repurchase date.

The 7.125% Senior Notes indenture restricts the ability of the Company and its restricted subsidiaries to, among other things: incur or guarantee additional indebtedness, create liens, pay dividends or make distributions in respect of capital stock,

purchase or redeem capital stock, make investments or certain other restricted payments, sell assets, enter into agreements that restrict the ability of the Company’s subsidiaries to make dividends or other payments to the Company, enter into transactions with affiliates, or effect certain consolidations, mergers or amalgamations. These covenants are subject to a number of important qualifications and exceptions. Certain of these covenants will be terminated if the 7.125% Senior Notes are assigned an investment grade rating by both Standard & Poor’s Rating Services and Fitch Ratings Inc. and no default or event of default has occurred and is continuing. The 7.125% Senior Notes contain customary cross default provisions.

7.750% Senior Notes due 2027

In October 2021, the Company issued $400.0 million of 7.750% Senior Notes and received net proceeds of approximately $395.0 million after deducting fees. We used the net proceeds, together with cash on hand, to refinance the $400.0 million Bridge Notes (which were issued during the fourth quarter of 2021 in connection with the completion of the acquisition of Anadarko WCTP) and to pay expenses related to the issuance of the 7.750% Senior Notes.

The 7.750% Senior Notes mature on May 1, 2027. Interest is payable in arrears each May 1 and November 1, commencing on May 1, 2022. The 7.750% Senior Notes are senior, unsecured obligations of Kosmos Energy Ltd. and rank equal in right of payment with all of its existing and future senior indebtedness (including all borrowings under the Corporate Revolver, the 7.125% Senior Notes and the 7.500% Senior Notes) and rank effectively junior in right of payment to all of its existing and future secured indebtedness (including all borrowings under the Facility). The 7.750% Senior Notes are guaranteed on a senior, unsecured basis by certain subsidiaries owning the Company's U.S. Gulf of Mexico assets, and on a subordinated, unsecured basis by certain subsidiaries that borrow under, or guarantee, the Facility and that guarantee the Corporate Revolver, the 7.125% Senior Notes and the 7.500% Senior Notes. The 7.750% Senior Notes contain customary cross default provisions.

At any time prior to November 1, 2023, and subject to certain conditions, the Company may, on one or more occasions, redeem up to 40% of the original principal amount of the 7.750% Senior Notes with an amount not to exceed the net cash proceeds of certain equity offerings at a redemption price of 107.750% of the outstanding principal amount of the 7.750% Senior Notes, together with accrued and unpaid interest and premium, if any, to, but excluding, the date of redemption. Additionally, at any time prior to November 1, 2023 the Company may, on any one or more occasions, redeem all or a part of the 7.750% Senior Notes at a redemption price equal to 100%, plus any accrued and unpaid interest, and plus a “make-whole” premium. On or after November 1, 2023, the Company may redeem all or a part of the 7.750% Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest:


Year	Percentage
On or after November 1, 2023	103.875	%
On or after November 1, 2024	101.938	%
On or after November 1, 2025	100.000	%

We may also redeem the 7.750% Senior Notes in whole, but not in part, at any time if changes in tax laws impose certain withholding taxes on amounts payable on the 7.750% Senior Notes at a price equal to the principal amount of the 7.750% Senior Notes plus accrued interest and additional amounts, if any, as may be necessary so that the net amount received by each holder after any withholding or deduction on payments of the 7.750% Senior Notes will not be less than the amount such holder would have received if such taxes had not been withheld or deducted.

Upon the occurrence of a change of control triggering event as defined under the 7.750% Senior Notes indenture, the Company will be required to make an offer to repurchase the 7.750% Senior Notes at a repurchase price equal to 101% of the principal amount, plus accrued and unpaid interest to, but excluding, the date of repurchase.

If we sell assets, under certain circumstances outlined in the 7.750% Senior Notes indenture, we will be required to use the net proceeds to make an offer to purchase the 7.750% Senior Notes at an offer price in cash in an amount equal to 100% of the principal amount of the 7.750% Senior Notes, plus accrued and unpaid interest to, but excluding, the repurchase date.

The 7.750% Senior Notes indenture restricts the ability of the Company and its restricted subsidiaries to, among other things: incur or guarantee additional indebtedness, create liens, pay dividends or make distributions in respect of capital stock, purchase or redeem capital stock, make investments or certain other restricted payments, sell assets, enter into agreements that restrict the ability of the Company's subsidiaries to make dividends or other payments to the Company, enter into transactions with affiliates, or effect certain consolidations, mergers or amalgamations. These covenants are subject to a number of important qualifications and exceptions. Certain of these covenants will be terminated if the 7.750% Senior Notes are assigned an investment grade rating by both Standard & Poor’s Rating Services and Fitch Ratings Inc. and no default or event of default has occurred and is continuing. The 7.750% Senior Notes contain customary cross default provisions.

7.500% Senior Notes due 2028

In March 2021, the Company issued $450.0 million of 7.500% Senior Notes and received net proceeds of approximately $444.4 million after deducting fees. We used the net proceeds to repay outstanding indebtedness under the Corporate Revolver and the Facility, to pay expenses related to the issuance of the 7.500% Senior Notes and for general corporate purposes.

The 7.500% Senior Notes mature on March 1, 2028. Interest is payable in arrears each March 1 and September 1, commencing on September 1, 2021. The 7.500% Senior Notes are senior, unsecured obligations of Kosmos Energy Ltd. and rank equal in right of payment with all of its existing and future senior indebtedness (including all borrowings under the Corporate Revolver, the 7.125% Senior Notes and the 7.750% Senior Notes) and rank effectively junior in right of payment to all of its existing and future secured indebtedness (including all borrowings under the Facility). The 7.500% Senior Notes are guaranteed on a senior, unsecured basis by certain subsidiaries owning the Company's U.S. Gulf of Mexico assets, and on a subordinated, unsecured basis by certain subsidiaries that borrow under, or guarantee, the Facility and that guarantee the Corporate Revolver, and the 7.125% Senior Notes and the 7.750% Senior Notes. The 7.500% Senior Notes contain customary cross default provisions.

At any time prior to March 1, 2024, and subject to certain conditions, the Company may, on one or more occasions, redeem up to 40% of the original principal amount of the 7.500% Senior Notes with an amount not to exceed the net cash proceeds of certain equity offerings at a redemption price of 107.500% of the outstanding principal amount of the 7.500% Senior Notes, together with accrued and unpaid interest and premium, if any, to, but excluding, the date of redemption. Additionally, at any time prior to March 1, 2024 the Company may, on any one or more occasions, redeem all or a part of the 7.500% Senior Notes at a redemption price equal to 100%, plus any accrued and unpaid interest, and plus a “make-whole” premium. On or after March 1, 2024, the Company may redeem all or a part of the 7.500% Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest:


Year	Percentage
On or after March 1, 2024	103.750	%
On or after March 1, 2025	101.875	%
On or after March 1, 2026	100.000	%

We may also redeem the 7.500% Senior Notes in whole, but not in part, at any time if changes in tax laws impose certain withholding taxes on amounts payable on the 7.500% Senior Notes at a price equal to the principal amount of the 7.500% Senior Notes plus accrued interest and additional amounts, if any, as may be necessary so that the net amount received by each holder after any withholding or deduction on payments of the 7.500% Senior Notes will not be less than the amount such holder would have received if such taxes had not been withheld or deducted.

Upon the occurrence of a change of control triggering event as defined under the 7.500% Senior Notes indenture, the Company will be required to make an offer to repurchase the 7.500% Senior Notes at a repurchase price equal to 101% of the principal amount, plus accrued and unpaid interest to, but excluding, the date of repurchase.

If we sell assets, under certain circumstances outlined in the 7.500% Senior Notes indenture, we will be required to use the net proceeds to make an offer to purchase the 7.500% Senior Notes at an offer price in cash in an amount equal to 100% of the principal amount of the 7.500% Senior Notes, plus accrued and unpaid interest to, but excluding, the repurchase date.

The 7.500% Senior Notes indenture restricts the ability of the Company and its restricted subsidiaries to, among other things: incur or guarantee additional indebtedness, create liens, pay dividends or make distributions in respect of capital stock, purchase or redeem capital stock, make investments or certain other restricted payments, sell assets, enter into agreements that restrict the ability of the Company’s subsidiaries to make dividends or other payments to the Company, enter into transactions with affiliates, or effect certain consolidations, mergers or amalgamations. These covenants are subject to a number of important qualifications and exceptions. Certain of these covenants will be terminated if the 7.500% Senior Notes are assigned an investment grade rating by both Standard & Poor’s Rating Services and Fitch Ratings Inc. and no default or event of default has occurred and is continuing. The 7.500% Senior Notes contain customary cross default provisions.

GoM Term Loan

In September 2020, the Company entered into a five-year $200 million senior secured term-loan credit agreement secured against the Company's U.S. Gulf of Mexico assets with net proceeds received of $197.7 million after deducting fees and other expenses. On September 15, 2023, the Company repaid the remaining outstanding principal amount of $137.5 million plus accrued interest using cash on hand, constituting payment in full. The GoM Term Loan was subsequently terminated pursuant to, and subject to the terms of, the GoM Term Loan.

At December 31, 2023, the estimated repayments of debt during the five fiscal year periods and thereafter are as follows:


	Payments Due by Year
	Total		2024		2025		2026		2027		2028		Thereafter
	(In thousands)
Principal debt repayments(1)	$	2,425,000	$	—	$	300,000	$	1,066,667	$	608,333	$	450,000	$	—

_______________________________________

Interest and other financing costs, net

Interest and other financing costs, net incurred during the period comprised of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Interest expense	$	207,629	$	180,046	$	146,706
Amortization—deferred financing costs	9,921		10,401		10,580
Loss on extinguishment of debt	1,503		192		19,625
Capitalized interest	(138,738)		(84,342)		(46,098)
Deferred interest	3,183		(3,318)		(3,401)
Interest income	(19,456)		(12,139)		(10,257)
Other, net	31,862		27,420		11,216
Interest and other financing costs, net	$	95,904	$	118,260	$	128,371

Capitalized interest for the years ended December 31, 2023, 2022 and 2021 was $138.7 million, $84.3 million and $46.1 million, respectively, primarily relates to spend on the Greater Tortue Ahmeyim Phase 1 project. After first gas production on the Greater Tortue Ahmeyim Phase 1 project, which is targeted in the third quarter of 2024, we will no longer capitalize interest on the project.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Business Segment Information - Financial Information (Details) - USD ($)		1 Months Ended			12 Months Ended
	Oct. 13, 2021	Jun. 30, 2022	Mar. 31, 2022	Oct. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Oil and gas revenue					$ 1,701,608,000	$ 2,245,355,000	$ 1,332,013,000
Gain on sale of assets					0	50,471,000	1,564,000
Other income, net					(73,000)	3,949,000	262,000
Total revenues and other income					1,701,535,000	2,299,775,000	1,333,839,000
Oil and gas production					390,097,000	403,056,000	346,006,000
Facilities insurance modifications, net					0	6,243,000	(1,586,000)
Exploration expenses					42,278,000	134,230,000	65,382,000
General and administrative					99,532,000	100,856,000	91,529,000
Depletion, depreciation and amortization					444,927,000	498,256,000	467,221,000
Impairment of long-lived assets					222,278,000	449,969,000	0
Interest and other financing costs, net					95,904,000	118,260,000	128,371,000
Derivatives, net					11,128,000	260,892,000	270,185,000
Other expenses, net					23,656,000	(9,054,000)	10,111,000
Total costs and expenses					1,329,800,000	1,962,708,000	1,377,219,000
Income (loss) before income taxes					371,735,000	337,067,000	(43,380,000)
Income tax expense (benefit)					158,215,000	110,516,000	34,456,000
Net income (loss)					213,520,000	226,551,000	(77,836,000)
Consolidated capital expenditures					849,999,000	611,588,000	924,214,000
Property and equipment, net					4,160,229,000	3,842,647,000	4,183,987,000
Total assets					4,938,134,000	4,579,988,000	4,940,651,000
Proceeds on sale of assets					0	168,703,000	6,354,000
Anadarko WCTP
Segment Reporting Information [Line Items]
Total purchase price				$ 465,367,000
Tullow \| Jubilee Unit Area And Ten Fields
Segment Reporting Information [Line Items]
Proceeds on sale of assets			$ 118,200,000			118,200,000
Marubeni \| Kodiak Field
Segment Reporting Information [Line Items]
Total purchase price		$ 29,000,000				29,000,000
Corporate & Other
Segment Reporting Information [Line Items]
Oil and gas revenue					0	0	0
Gain on sale of assets						50,000,000	1,564,000
Other income, net					157,770,000	386,002,000	395,073,000
Total revenues and other income					157,770,000	436,002,000	396,637,000
Oil and gas production					0	0	0
Facilities insurance modifications, net						0	0
Exploration expenses					5,757,000	6,576,000	6,286,000
General and administrative					199,283,000	180,594,000	172,869,000
Depletion, depreciation and amortization					1,780,000	1,614,000	1,649,000
Impairment of long-lived assets					0	0
Interest and other financing costs, net					155,319,000	114,598,000	109,493,000
Derivatives, net					11,128,000	260,892,000	270,185,000
Other expenses, net					5,110,000	496,000	4,010,000
Total costs and expenses					378,377,000	564,770,000	564,492,000
Income (loss) before income taxes					(220,607,000)	(128,768,000)	(167,855,000)
Income tax expense (benefit)					(13,798,000)	10,621,000	6,217,000
Net income (loss)					(206,809,000)	(139,389,000)	(174,072,000)
Consolidated capital expenditures					9,662,000	(41,986,000)	3,791,000
Property and equipment, net					18,041,000	16,847,000	17,821,000
Total assets					21,599,662,000	19,554,236,000	17,108,138,000
Eliminations
Segment Reporting Information [Line Items]
Oil and gas revenue					0	0	0
Gain on sale of assets						0	0
Other income, net					(160,777,000)	(388,236,000)	(396,096,000)
Total revenues and other income					(160,777,000)	(388,236,000)	(396,096,000)
Oil and gas production					0	0	0
Facilities insurance modifications, net						0	0
Exploration expenses					0	0	0
General and administrative					(149,649,000)	(127,343,000)	(124,128,000)
Depletion, depreciation and amortization					0	0	0
Impairment of long-lived assets					0
Interest and other financing costs, net					0	0	(1,784,000)
Derivatives, net					0	0	0
Other expenses, net					(11,128,000)	(260,893,000)	(270,185,000)
Total costs and expenses					(160,777,000)	(388,236,000)	(396,097,000)
Income (loss) before income taxes					0	0	1,000
Income tax expense (benefit)					0	0	0
Net income (loss)					0	0	1,000
Consolidated capital expenditures					0	0	0
Property and equipment, net					0	0	0
Total assets					(28,462,797,000)	(25,046,118,000)	(20,809,367,000)
Ghana \| Anadarko WCTP
Segment Reporting Information [Line Items]
Total purchase price	$ 465,400,000
Ghana \| Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue					1,062,482,000	1,350,962,000	644,232,000
Gain on sale of assets						0	0
Other income, net					(403,000)	428,000	6,000
Total revenues and other income					1,062,079,000	1,351,390,000	644,238,000
Oil and gas production					175,265,000	206,486,000	151,079,000
Facilities insurance modifications, net						6,243,000	(1,586,000)
Exploration expenses					872,000	14,987,000	1,527,000
General and administrative					12,913,000	15,310,000	12,179,000
Depletion, depreciation and amortization					240,998,000	289,058,000	240,901,000
Impairment of long-lived assets					222,278,000	450,357,000
Interest and other financing costs, net					56,988,000	64,620,000	51,279,000
Derivatives, net					0	0	0
Other expenses, net					7,963,000	233,785,000	206,466,000
Total costs and expenses					717,277,000	1,280,846,000	661,845,000
Income (loss) before income taxes					344,802,000	70,544,000	(17,607,000)
Income tax expense (benefit)					122,704,000	28,091,000	(4,290,000)
Net income (loss)					222,098,000	42,453,000	(13,317,000)
Consolidated capital expenditures					276,849,000	98,540,000	575,472,000
Property and equipment, net					1,036,651,000	1,202,937,000	1,885,116,000
Total assets					3,252,235,000	2,886,242,000	3,125,835,000
Equatorial Guinea \| Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue					267,494,000	346,783,000	260,520,000
Gain on sale of assets						0	0
Other income, net					10,000	3,350,000	0
Total revenues and other income					267,504,000	350,133,000	260,520,000
Oil and gas production					114,411,000	90,602,000	93,032,000
Facilities insurance modifications, net						0	0
Exploration expenses					7,915,000	7,378,000	5,700,000
General and administrative					5,555,000	6,703,000	4,343,000
Depletion, depreciation and amortization					51,750,000	53,765,000	56,468,000
Impairment of long-lived assets					0	0
Interest and other financing costs, net					(2,942,000)	(2,494,000)	(1,661,000)
Derivatives, net					0	0	0
Other expenses, net					3,208,000	8,397,000	41,891,000
Total costs and expenses					179,897,000	164,351,000	199,773,000
Income (loss) before income taxes					87,607,000	185,782,000	60,747,000
Income tax expense (benefit)					35,666,000	72,814,000	37,487,000
Net income (loss)					51,941,000	112,968,000	23,260,000
Consolidated capital expenditures					74,573,000	36,036,000	77,364,000
Property and equipment, net					424,030,000	396,737,000	460,975,000
Total assets					1,918,131,000	1,463,211,000	911,159,000
Mauritania / Senegal \| Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue					0	0	0
Gain on sale of assets						0	0
Other income, net					0	0	0
Total revenues and other income					0	0	0
Oil and gas production					0	0	0
Facilities insurance modifications, net						0	0
Exploration expenses					15,784,000	82,526,000	10,639,000
General and administrative					9,354,000	9,798,000	8,601,000
Depletion, depreciation and amortization					917,000	412,000	61,000
Impairment of long-lived assets					0	0
Interest and other financing costs, net					(119,697,000)	(69,644,000)	(44,831,000)
Derivatives, net					0	0	0
Other expenses, net					7,997,000	(1,178,000)	(2,189,000)
Total costs and expenses					(85,645,000)	21,914,000	(27,719,000)
Income (loss) before income taxes					85,645,000	(21,914,000)	27,719,000
Income tax expense (benefit)					0	0	0
Net income (loss)					85,645,000	(21,914,000)	27,719,000
Consolidated capital expenditures					276,484,000	407,982,000	170,690,000
Property and equipment, net					1,788,214,000	1,396,884,000	918,683,000
Total assets					2,642,098,000	2,026,776,000	1,346,622,000
U.S. Gulf of Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue					371,632,000	547,610,000	427,261,000
Gain on sale of assets						471,000	0
Other income, net					3,327,000	2,405,000	1,279,000
Total revenues and other income					374,959,000	550,486,000	428,540,000
Oil and gas production					100,421,000	105,968,000	101,895,000
Facilities insurance modifications, net						0	0
Exploration expenses					11,950,000	22,763,000	41,230,000
General and administrative					22,076,000	15,794,000	17,665,000
Depletion, depreciation and amortization					149,482,000	153,407,000	168,142,000
Impairment of long-lived assets					0	(388,000)
Interest and other financing costs, net					6,236,000	11,180,000	15,875,000
Derivatives, net					0	0	0
Other expenses, net					10,506,000	10,339,000	30,118,000
Total costs and expenses					300,671,000	319,063,000	374,925,000
Income (loss) before income taxes					74,288,000	231,423,000	53,615,000
Income tax expense (benefit)					13,643,000	(1,010,000)	(4,958,000)
Net income (loss)					60,645,000	232,433,000	58,573,000
Consolidated capital expenditures					212,431,000	111,016,000	96,897,000
Property and equipment, net					893,293,000	829,242,000	901,392,000
Total assets					$ 3,988,805,000	$ 3,695,641,000	$ 3,258,264,000

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of reconciliation between net income (loss) and the amounts used to compute basic and diluted net income (loss) per share and the weighted average shares outstanding used to compute basic and diluted net income (loss) per share

Basic net income (loss) per share is computed as (i) net income (loss), (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. The Company’s diluted net income (loss) per share is computed as (i) basic net income (loss), (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding.


	Years Ended
	December 31,
	2023		2022		2021
	(In thousands, except per share data)
Numerator:
Net income (loss) allocable to common stockholders	$	213,520	$	226,551	$	(77,836)




Denominator:
Weighted average number of shares outstanding:
Basic	459,641		455,346		416,943
Restricted stock units(1)	21,429		19,511		—
Diluted	481,070		474,857		416,943
Net income (loss) per share:
Basic	$	0.46	$	0.50	$	(0.19)
Diluted	$	0.44	$	0.48	$	(0.19)

______________________________________

(1)Our restricted stock units are not considered to be participating securities and, therefore, are excluded from the basic net income (loss) per share calculation.

(2)For the years ended December 31, 2023, 2022 and 2021, we excluded 0.0, 0.1 million and 19.0 million outstanding restricted stock units, respectively, from the computations of diluted net income per share because the effect would have been anti‑dilutive.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock, Common
Balance (in shares) at Dec. 31, 2020		449,718
Balance at Dec. 31, 2020	$ 440,154	$ 4,497	$ 2,307,220	$ (1,634,556)	$ (237,007)
Increase (Decrease) in Shareholders' Equity
Public offering of common stock (in shares)		43,125
Public offering of common stock	136,006	$ 432	135,574
Dividends	227		227
Equity-based compensation	31,786		31,786
Restricted stock units (in shares)		3,309
Restricted stock units	0	$ 33	(33)
Tax withholdings on restricted stock units	(1,100)		(1,100)
Net income (loss)	(77,836)			(77,836)
Balance (in shares) at Dec. 31, 2021		496,152
Balance at Dec. 31, 2021	529,237	$ 4,962	2,473,674	(1,712,392)	(237,007)
Increase (Decrease) in Shareholders' Equity
Dividends	(39)		(39)
Equity-based compensation	34,852		34,852
Restricted stock units (in shares)		4,009
Restricted stock units	0	$ 40	(40)
Tax withholdings on restricted stock units	(2,753)		(2,753)
Net income (loss)	226,551			226,551
Balance (in shares) at Dec. 31, 2022		500,161
Balance at Dec. 31, 2022	787,848	$ 5,002	2,505,694	(1,485,841)	(237,007)
Increase (Decrease) in Shareholders' Equity
Dividends	(1)		(1)
Equity-based compensation	42,780		42,780
Restricted stock units (in shares)		4,232
Restricted stock units	0	$ 42	(42)
Tax withholdings on restricted stock units	(11,810)		(11,810)
Net income (loss)	213,520			213,520
Balance (in shares) at Dec. 31, 2023		504,393
Balance at Dec. 31, 2023	$ 1,032,337	$ 5,044	$ 2,536,621	$ (1,272,321)	$ (237,007)

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and other income:
Oil and gas revenue	$ 1,701,608,000	$ 2,245,355,000	$ 1,332,013,000
Gain on sale of assets	0	50,471,000	1,564,000
Other income, net	(73,000)	3,949,000	262,000
Total revenues and other income	1,701,535,000	2,299,775,000	1,333,839,000
Costs and expenses:
Oil and gas production	390,097,000	403,056,000	346,006,000
Facilities insurance modifications, net	0	6,243,000	(1,586,000)
Exploration expenses	42,278,000	134,230,000	65,382,000
General and administrative	99,532,000	100,856,000	91,529,000
Depletion, depreciation and amortization	444,927,000	498,256,000	467,221,000
Impairment of long-lived assets	222,278,000	449,969,000	0
Interest and other financing costs, net	95,904,000	118,260,000	128,371,000
Derivatives, net	11,128,000	260,892,000	270,185,000
Other expenses, net	23,656,000	(9,054,000)	10,111,000
Total costs and expenses	1,329,800,000	1,962,708,000	1,377,219,000
Income (loss) before income taxes	371,735,000	337,067,000	(43,380,000)
Income tax expense	158,215,000	110,516,000	34,456,000
Net income (loss)	$ 213,520,000	$ 226,551,000	$ (77,836,000)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.46	$ 0.50	$ (0.19)
Diluted (in dollars per share)	$ 0.44	$ 0.48	$ (0.19)
Weighted average number of shares used to compute net income (loss) per share:
Basic (in shares)	459,641	455,346	416,943
Diluted (in shares)	481,070	474,857	416,943

Receivables - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Receivables - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2021
Joint interest billings
Long-term receivables			$ 325,181	$ 235,696
BP Operator
Joint interest billings
Long-term receivables					$ 200,200
Settlement of payment obligation of capital expenditures	$ 67,800	$ 132,400
National Oil Companies Of Mauritania And Senegal \| Carry Advance Agreements
Joint interest billings
Long-term receivables			259,200	196,900
Accrued interest on balance due			37,300	21,500
Interest income, long-term notes receivable		$ 7,100	15,900	10,100
Greater Tortue FPSO \| BP Operator
Joint interest billings
Contract liability, noncurrent			200,200		$ 200,200
TEN Discoveries \| Ghana National Petroleum Corporation
Joint interest billings
Long-term receivables			$ 28,700	$ 17,300
TEN Discoveries \| Ghana National Petroleum Corporation
Joint interest billings
Paying interest			5.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 95,345	$ 183,405
Receivables	120,733	119,735
Inventories	152,054	133,515
Prepaid expenses and other	46,235	24,722
Derivatives	8,346	7,344
Total current assets	422,713	468,721
Property and equipment, net	4,160,229	3,842,647
Other assets:
Restricted cash	3,416	3,416
Long-term receivables	325,181	235,696
Deferred tax assets	3,033	0
Derivatives	1,594	1,725
Other	21,968	27,783
Total assets	4,938,134	4,579,988
Current liabilities:
Accounts payable	248,912	212,275
Accrued liabilities	302,815	325,206
Current maturities of long-term debt	0	30,000
Derivatives	3,103	6,773
Total current liabilities	554,830	574,254
Long-term liabilities:
Long-term debt, net	2,390,914	2,195,911
Derivatives	0	778
Asset retirement obligations	343,979	300,800
Deferred tax liabilities	363,918	468,445
Other long-term liabilities	252,156	251,952
Total long-term liabilities	3,350,967	3,217,886
Stockholders’ equity:
Preference shares, $0.01 par value; 200,000,000 authorized shares; zero issued at December 31, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value; 2,000,000,000 authorized shares; 504,392,980 and 500,161,421 issued at December 31, 2023 and December 31, 2022, respectively	5,044	5,002
Additional paid-in capital	2,536,621	2,505,694
Accumulated deficit	(1,272,321)	(1,485,841)
Treasury stock, at cost, 44,263,269 shares at December 31, 2023 and December 31, 2022, respectively	(237,007)	(237,007)
Total stockholders’ equity	1,032,337	787,848
Total liabilities and stockholders’ equity	$ 4,938,134	$ 4,579,988

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment is stated at cost and consisted of the following:


	December 31,
	2023		2022
	(In thousands)
Oil and gas properties:
Proved properties	$	7,600,252	$	6,953,435
Unproved properties	423,050		341,334
Total oil and gas properties	8,023,302		7,294,769
Accumulated depletion	(3,868,946)		(3,457,332)
Oil and gas properties, net	4,154,356		3,837,437

Other property	65,095		60,730
Accumulated depreciation	(59,222)		(55,520)
Other property, net	5,873		5,210

Property and equipment, net	$	4,160,229	$	3,842,647

We recorded depletion expense of $411.6 million, $471.4 million and $442.3 million and depreciation expense of $3.7 million, $3.6 million and $3.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. In connection with fair value assessments for oil and gas proved properties, we recorded asset impairments of $222.3 million and 450.0 million related to the TEN Fields in Ghana during the years ended December 31, 2023 and 2022, respectively in our consolidated statement of operations. No asset impairment was recorded for the year ended December 31, 2021. During the year ended December 31, 2023, additions to our unproved properties primarily related to the Winterfell development project and the drilling of the Tiberius infrastructure-led exploration prospect. Additions to our proved properties for the year ended December 31, 2023 primarily related to continued infill development in the Jubilee Field in Ghana including the successful startup of the Jubilee Southeast project with the installation of a new subsea production manifold, the Odd Job Field subsea pump installation in the U.S. Gulf of Mexico and continued progress on the development of the Greater Tortue Ahmeyim project in Mauritania/Senegal.

During the year ended December 31, 2022, our oil and gas properties, net balance was reduced by $175.5 million as a result of concluding the Tullow pre-emption transaction in March 2022, $64.2 million as a result of the write-off of previously capitalized costs related to the BirAllah and Orca discoveries incurred under the C8 license to exploration expense, offset by additions of $53.1 million related to the acquisition of an additional working interest in the Kodiak oil field, the extension of the Block G licenses in Equatorial Guinea, and the acquisitions of additional participating interests in the Winterfell area. See Note 3 — Acquisitions and Divestitures and Note 6 — Suspended Well Costs.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

We provide for income taxes based on the laws and rates in effect in the countries in which our operations are conducted. The relationship between our pre‑tax income or loss from continuing operations and our income tax expense or benefit varies from period to period as a result of various factors which include changes in total pre‑tax income or loss, the jurisdictions in which our income (loss) is earned and the tax laws in those jurisdictions.

During the year ended December 31, 2023, our net deferred tax liability decreased by approximately $107.6 million primarily as a result of a $222.3 million impairment related to the TEN Field, which resulted in a reduction in our deferred tax liability of $77.8 million, with the remaining $29.8 million decrease in our deferred tax liability primarily related to the timing of the reversal of temporary differences. During the year ended December 31, 2022, our net deferred tax liability decreased by approximately $242.7 million, primarily as a result of a $450.0 million impairment related to the TEN Field, which resulted in a reduction in our deferred tax liability of approximately $157.6 million, and a $44.6 million of the decrease related to closing the Tullow pre-emption transaction in March 2022 (See Note 3 - Acquisitions and Divestitures), and the remaining $40.5 million decrease in our deferred tax liability primarily related to the timing of the reversal of temporary differences.

Income (loss) before income taxes is composed of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
United States	$	(88,458)	$	73,529	$	(75,948)
Foreign	460,193		263,538		32,568
Income (loss) before income taxes	$	371,735	$	337,067	$	(43,380)

The components of the provision for income taxes attributable to our income (loss) before income taxes consist of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Current:
United States	$	865	$	7,174	$	282
Foreign	264,910		300,829		103,348
Total current	265,775		308,003		103,630
Deferred:
United States	551		84		1,202
Foreign	(108,111)		(197,571)		(70,376)
Total deferred	(107,560)		(197,487)		(69,174)
Income tax expense	$	158,215	$	110,516	$	34,456

Our reconciliation of income tax expense (benefit) computed by applying our statutory rate and the reported effective tax rate on income or (loss) from continuing operations is as follows:


	Years Ended December 31,
	2023			2022			2021
	(In thousands)
Tax at statutory rate	$	78,064		$	70,784		$	(9,110)
Foreign income (loss) taxed at different rates	48,768			20,663			17,344


Non-deductible compensation	5,915			3,012			2,775
Non-deductible and other items	2,243			3,993			1,719
Tax shortfall (windfall) on equity-based compensation, net	(3,201)			673			6,307
Change in valuation allowance	26,426			11,391			15,421

Total tax expense (benefit)	$	158,215		$	110,516		$	34,456
Effective tax rate	43		%	33		%	79		%

______________________________________

The effective tax rate for the United States is approximately (2%), 10% and 2% for the years ended December 31, 2023, 2022 and 2021, respectively. The effective tax rate in the United States is impacted by the effect of non-deductible expenditures and equity-based compensation tax shortfalls and tax windfalls equal to the difference between the income tax benefit recognized for financial statement reporting purposes compared to the income tax benefit realized for tax return purposes. For the years ended December 31, 2023, 2022 and 2021, our effective tax rate in the United States is impacted by changes in valuation allowances on a portion of our deferred tax assets totaling $12.1 million, $(12.3) million and $6.6 million, respectively.

The effective tax rate for Ghana is approximately 36%, 35% and 35% for the years ended December 31, 2023, 2022 and 2021, respectively. The effective tax rate in Ghana is impacted by non-deductible expenditures.

The effective tax rate for Equatorial Guinea is approximately 35%, 36% and 35% for the years ended December 31, 2023, 2022 and 2021, respectively, and is impacted by non-deductible expenditures.

Our operations in other foreign jurisdictions have a 0% effective tax rate because they reside in countries with a 0% statutory rate or we have incurred losses in those countries and have full valuation allowances against the corresponding net deferred tax assets.

Deferred tax assets and liabilities, which are computed on the estimated income tax effect of temporary differences between financial and tax bases in assets and liabilities, are determined using the tax rates expected to be in effect when taxes are actually paid or recovered. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
	(In thousands)
Deferred tax assets:
Foreign capitalized operating expenses	$	209,453	$	196,018
Foreign net operating losses	14,458		19,297
United States net operating losses	78,706		81,040
United States deferred interest expense	43,411		17,421
Equity compensation	10,867		7,916

Asset retirement obligation and other	78,024		67,083
Total deferred tax assets	434,919		388,775
Valuation allowance	(333,651)		(312,968)
Total deferred tax assets, net	101,268		75,807
Deferred tax liabilities:
Depletion, depreciation and amortization related to property and equipment	(420,066)		(512,019)
Other deferred tax liabilities	(42,087)		(32,233)
Total deferred tax liabilities	(462,153)		(544,252)
Net deferred tax liability	$	(360,885)	$	(468,445)

The Company has foreign net operating loss carryforwards of $48.2 million, that will not expire. Additionally, the Company has $374.8 million of United States net operating loss that will not expire. All of these losses currently have offsetting valuation allowances.

The Company is open to tax examinations in the United States for federal income tax return years 2020 through 2022, in Ghana for income tax return years 2019 through 2022, and in Equatorial Guinea for income tax return years 2019 through 2022.

As of December 31, 2023, the Company had no material uncertain tax positions. The Company’s policy is to recognize potential interest and penalties related to income tax matters in income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Debt - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Scheduled maturities of debt during the five year period and thereafter
Total	$ 2,425,000	$ 2,270,000
2024	0
2025	300,000
2026	1,066,667
2027	608,333
2028	450,000
Thereafter	$ 0

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35167
Entity Registrant Name	Kosmos Energy Ltd.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0686001
Entity Address, Address Line One	8176 Park Lane
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75231
City Area Code	214
Local Phone Number	445 9600
Title of 12(b) Security	Common Stock $0.01 par value
Trading Symbol	KOS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,698,047,415
Entity Common Stock, Shares Outstanding		471,502,543
Documents Incorporated by Reference	Part III, Items 10‑14, is incorporated by reference from the Proxy Statement for the Annual Meeting of Shareholders which will be filed with the Securities and Exchange Commission not later than 120 days subsequent to December 31, 2023. Certain exhibits previously filed with the Securities and Exchange Commission are incorporated by reference into Part IV of this report.
Entity Central Index Key	0001509991
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Debt - Corporate Revolver (Details) - Revolving Credit Facility - Corporate Revolver $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2023	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Undrawn availability	$ 250.0		$ 250.0
Debt issuance costs	$ 6.1
Interval period for payment of interest	6 months
Commitment fee (as a percent)	30.00%
Interest cover ratio		2.25
Debt cover ratio		3.50
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Applicable margin	7.00%

Debt - Interest and other financing costs, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Capitalized interest	$ 138,738	$ 84,342	$ 46,098
Greater Tortue Ahmeyim
Capitalized Contract Cost [Line Items]
Capitalized interest	$ 138,700	$ 84,300	$ 46,100

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Business Segment Information

Financial information for each area is presented below:


	Ghana		Equatorial Guinea		Mauritania / Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(in thousands)
Years ended December 31, 2023
Revenues and other income:
Oil and gas revenue	$	1,062,482	$	267,494	$	—	$	371,632	$	—	$	—	$	1,701,608

Other income, net	(403)		10		—		3,327		157,770		(160,777)		(73)
Total revenues and other income	1,062,079		267,504		—		374,959		157,770		(160,777)		1,701,535
Costs and expenses:
Oil and gas production	175,265		114,411		—		100,421		—		—		390,097

Exploration expenses	872		7,915		15,784		11,950		5,757		—		42,278
General and administrative	12,913		5,555		9,354		22,076		199,283		(149,649)		99,532
Depletion, depreciation and amortization	240,998		51,750		917		149,482		1,780		—		444,927
Impairment of long-lived assets	222,278		—		—		—		—		—		222,278
Interest and other financing costs, net(1)	56,988		(2,942)		(119,697)		6,236		155,319		—		95,904
Derivatives, net	—		—		—		—		11,128		—		11,128
Other expenses, net	7,963		3,208		7,997		10,506		5,110		(11,128)		23,656
Total costs and expenses	717,277		179,897		(85,645)		300,671		378,377		(160,777)		1,329,800
Income (loss) before income taxes	344,802		87,607		85,645		74,288		(220,607)		—		371,735
Income tax expense	122,704		35,666		—		13,643		(13,798)		—		158,215
Net income (loss)	$	222,098	$	51,941	$	85,645	$	60,645	$	(206,809)	$	—	$	213,520

Consolidated capital expenditures	$	276,849	$	74,573	$	276,484	$	212,431	$	9,662	$	—	$	849,999

As of December 31, 2023
Property and equipment, net	$	1,036,651	$	424,030	$	1,788,214	$	893,293	$	18,041	$	—	$	4,160,229
Total assets	$	3,252,235	$	1,918,131	$	2,642,098	$	3,988,805	$	21,599,662	$	(28,462,797)	$	4,938,134

______________________________________

(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.


	Ghana (2)		Equatorial Guinea		Mauritania / Senegal		U.S. Gulf of Mexico (3)		Corporate & Other		Eliminations		Total
	(in thousands)
Year ended December 31, 2022
Revenues and other income:
Oil and gas revenue	$	1,350,962	$	346,783	$	—	$	547,610	$	—	$	—	$	2,245,355
Gain on sale of assets	—		—		—		471		50,000		—		50,471
Other income, net	428		3,350		—		2,405		386,002		(388,236)		3,949
Total revenues and other income	1,351,390		350,133		—		550,486		436,002		(388,236)		2,299,775
Costs and expenses:
Oil and gas production	206,486		90,602		—		105,968		—		—		403,056
Facilities insurance modifications, net	6,243		—		—		—		—		—		6,243
Exploration expenses	14,987		7,378		82,526		22,763		6,576		—		134,230
General and administrative	15,310		6,703		9,798		15,794		180,594		(127,343)		100,856
Depletion, depreciation and amortization	289,058		53,765		412		153,407		1,614		—		498,256
Impairment of long-lived assets	450,357		—		—		(388)		—				449,969
Interest and other financing costs, net(1)	64,620		(2,494)		(69,644)		11,180		114,598		—		118,260
Derivatives, net	—		—		—		—		260,892		—		260,892
Other expenses, net	233,785		8,397		(1,178)		10,339		496		(260,893)		(9,054)
Total costs and expenses	1,280,846		164,351		21,914		319,063		564,770		(388,236)		1,962,708
Income (loss) before income taxes	70,544		185,782		(21,914)		231,423		(128,768)		—		337,067
Income tax expense (benefit)	28,091		72,814		—		(1,010)		10,621		—		110,516
Net income (loss)	$	42,453	$	112,968	$	(21,914)	$	232,433	$	(139,389)	$	—	$	226,551

Consolidated capital expenditures	$	98,540	$	36,036	$	407,982	$	111,016	$	(41,986)	$	—	$	611,588

As of December 31, 2022
Property and equipment, net	$	1,202,937	$	396,737	$	1,396,884	$	829,242	$	16,847	$	—	$	3,842,647
Total assets	$	2,886,242	$	1,463,211	$	2,026,776	$	3,695,641	$	19,554,236	$	(25,046,118)	$	4,579,988

______________________________________

(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.

(2)Includes activity related to the interest pre-empted by Tullow prior to the March 17, 2022 closing date of the Tullow pre-emption transaction. Additionally, cash consideration of $118.2 million is included as a reduction in Consolidated capital expenditures for the year ended December 31, 2022.

(3)Includes activity related to our acquisition of an additional interest in the Kodiak oil field commencing June 9, 2022, the acquisition date. Additionally, cash consideration paid of $29.0 million is included in the Consolidated capital expenditures for the year ended December 31, 2022.


	Ghana (2)		Equatorial Guinea		Mauritania / Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(in thousands)
Year ended December 31, 2021
Revenues and other income:
Oil and gas revenue	$	644,232	$	260,520	$	—	$	427,261	$	—	$	—	$	1,332,013
Gain on sale of assets	—		—		—		—		1,564		—		1,564
Other income, net	6		—		—		1,279		395,073		(396,096)		262
Total revenues and other income	644,238		260,520		—		428,540		396,637		(396,096)		1,333,839
Costs and expenses:
Oil and gas production	151,079		93,032		—		101,895		—		—		346,006
Facilities insurance modifications, net	(1,586)		—		—		—		—		—		(1,586)
Exploration expenses	1,527		5,700		10,639		41,230		6,286		—		65,382
General and administrative	12,179		4,343		8,601		17,665		172,869		(124,128)		91,529
Depletion, depreciation and amortization	240,901		56,468		61		168,142		1,649		—		467,221

Interest and other financing costs, net(1)	51,279		(1,661)		(44,831)		15,875		109,493		(1,784)		128,371
Derivatives, net	—		—		—		—		270,185		—		270,185
Other expenses, net	206,466		41,891		(2,189)		30,118		4,010		(270,185)		10,111
Total costs and expenses	661,845		199,773		(27,719)		374,925		564,492		(396,097)		1,377,219
Income (loss) before income taxes	(17,607)		60,747		27,719		53,615		(167,855)		1		(43,380)
Income tax expense (benefit)	(4,290)		37,487		—		(4,958)		6,217		—		34,456
Net income (loss)	$	(13,317)	$	23,260	$	27,719	$	58,573	$	(174,072)	$	1	$	(77,836)

Consolidated capital expenditures	$	575,472	$	77,364	$	170,690	$	96,897	$	3,791	$	—	$	924,214

As of December 31, 2021
Property and equipment, net	$	1,885,116	$	460,975	$	918,683	$	901,392	$	17,821	$	—	$	4,183,987
Total assets	$	3,125,835	$	911,159	$	1,346,622	$	3,258,264	$	17,108,138	$	(20,809,367)	$	4,940,651

______________________________________

(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.

(2)Includes activity related to our acquisition of additional interests in Ghana commencing October 13, 2021, the acquisition date. Additionally, the acquisition purchase price of $465.4 million is included in Consolidated capital expenditures.


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets	$	932,603	$	787,297	$	472,631
Acquisition of oil and gas properties	—		22,078		465,367
Proceeds on sale of assets	—		(168,703)		(6,354)
Adjustments:
Changes in capital accruals	6,732		396		(18,534)
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)	40,070		47,289		46,563
Capitalized interest	(138,738)		(84,343)		(46,098)
Other	9,332		7,574		10,639
Total consolidated capital expenditures	$	849,999	$	611,588	$	924,214

______________________________________

(1)Unsuccessful well costs are included in oil and gas assets when incurred.

Equity-based Compensation - Narrative (Details) - LTIP - USD ($) $ / shares in Units, shares in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-based Compensation
Additional shares authorized (in shares)		17.0
Number of shares authorized (in shares)			78.5
Number of shares remaining available for grant (in shares)			18.6
Minimum
Equity-based Compensation
Vesting period			3 years
Restricted stock units
Equity-based Compensation
Compensation expense not yet recognized			$ 27,800,000
Weighted average period over which compensation expense is to be recognized			1 year 9 months 18 days
Restricted stock units \| Subsequent Event
Equity-based Compensation
Compensation expense not yet recognized	$ 41,400,000
Weighted average period over which compensation expense is to be recognized	3 years
Market/Service Vesting Restricted Stock Units
Equity-based Compensation
Granted (in dollars per share)			$ 12.26	$ 6.98	$ 3.91
Market/Service Vesting Restricted Stock Units \| Subsequent Event
Equity-based Compensation
Granted (in shares)	3.0
Market/Service Vesting Restricted Stock Units \| Minimum
Equity-based Compensation
Vesting percentage of the awards granted			0.00%
Granted (in dollars per share)			$ 1.06
Expected volatility			50.00%
Risk-free interest rate			0.20%
Expected quarterly dividends (in dollars per share)			$ 0.000
Market/Service Vesting Restricted Stock Units \| Maximum
Equity-based Compensation
Vesting percentage of the awards granted			200.00%
Granted (in dollars per share)			$ 13.06
Expected volatility			105.00%
Risk-free interest rate			3.70%
Expected quarterly dividends (in dollars per share)			$ 0.050
Service Vesting Restricted Stock Units
Equity-based Compensation
Granted (in dollars per share)			$ 7.61	$ 4.70	$ 2.57
Service Vesting Restricted Stock Units \| Subsequent Event
Equity-based Compensation
Granted (in shares)	2.4

Additional Financial Information - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) well	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) well	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Gain on sale of assets		$ 0	$ 50,471	$ 1,564
Proceeds on sale of assets		$ 0	$ 168,703	$ 6,354
Farm Down Agreement \| Blocks Offshore Sao Tome and Principe Suriname and Namibia
Schedule of Equity Method Investments [Line Items]
Number of wells with appraisal plan \| well	1		1
Gain on sale of assets	$ 50,000
Proceeds on sale of assets	$ 50,000

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The purchase price allocation was based on the estimated fair value of identifiable assets acquired and liabilities assumed.


	Purchase Price Allocation (in thousands)
Fair value of assets acquired:
Proved oil and gas properties	$	718,159
Accounts receivable and other	95,847
Total assets acquired	$	814,006

Fair value of liabilities assumed:
Asset retirement obligations	$	28,342
Accounts payable and accrued liabilities	113,704
Deferred tax liabilities	206,593
Total liabilities assumed	$	348,639

Purchase price:
Cash consideration paid	$	455,886
Transaction related costs	9,481
Total purchase price	$	465,367

Equity-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Restricted Stock Units

The following table reflects the outstanding restricted stock units as of December 31, 2023:


	Service Vesting Restricted Stock Units	Weighted- Average Grant-Date Fair Value		Market / Service Vesting Restricted Stock Units	Weighted-Average Grant-Date Fair Value
	(In thousands)			(In thousands)
Outstanding at December 31, 2020:	4,840	$	5.34	7,859	$	8.11
Granted(1)	2,905	2.57		6,744	3.91
Forfeited(1)	(649)	4.05		(1,998)	5.50
Vested	(2,400)	5.19		(1,372)	9.95
Outstanding at December 31, 2021:	4,696	3.88		11,233	5.28
Granted(1)	2,820	4.70		3,388	6.98
Forfeited(1)	(147)	3.92		(389)	6.21
Vested	(2,453)	4.21		(2,191)	5.98
Outstanding at December 31, 2022:	4,916	4.18		12,041	5.61
Granted(1)	2,809	7.61		3,482	12.26
Forfeited(1)	(240)	5.65		(203)	8.17
Vested	(2,775)	3.86		(2,950)	8.22
Outstanding at December 31, 2023:	4,710	5.77		12,370	6.59

__________________________________

(1)The restricted stock units with a combination of market and service vesting criteria may vest between 0% and 200% of the originally granted units depending upon market performance conditions. Awards vesting over or under target shares of 100% results in additional shares granted or forfeited, respectively, in the period the market vesting criteria is determined.

Schedule of Share-based Payment Arrangement, Activity

The following table summarizes certain information related to our share-based payments:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Share-based compensation expense	$	42,693	$	34,546	$	31,651
Total tax benefit	7,482		5,933		5,786
Net tax shortfall (windfall)	(3,201)		673		6,307
Fair value of awards vested	45,098		22,205		9,435

Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 95,345	$ 183,405	$ 131,620
Restricted cash - current	0	0	42,971
Restricted cash - long-term	3,416	3,416	305
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 98,761	$ 186,821	$ 174,896	$ 149,764

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of components of lease cost

The components of lease cost for the years ended December 31, 2023 and 2022 is as follows:


	December 31,
	2023		2022
	(In thousands)
Operating lease cost	$	3,866	$	3,882
Variable lease cost	1,766		1,825
Short-term lease cost(1)	17,464		13,970
Total lease cost	$	23,096	$	19,677

__________________________________

(1)Includes $16.0 million and $12.5 million during the years ended December 31, 2023 and 2022, respectively, of costs associated with short-term drilling contracts.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2023 and 2022:


	December 31,
	2023		2022
	(In thousands)
Operating cash flows for operating leases	$	7,256	$	7,170
Investing cash flows for operating leases(1)	16,029		12,449

__________________________________

(1)Represents costs associated with short-term drilling contracts.

Schedule of other information leases

Other information related to operating leases at December 31, 2023 and 2022, is as follows:


	December 31
	2023			2022
	(In thousands, except lease term and discount rate)
Balance sheet classifications
Other assets (right-of-use assets)	$	14,234		$	16,044
Accrued liabilities (current maturities of leases)	2,492			2,181
Other long-term liabilities (non-current maturities of leases)	15,576			18,007

Weighted average remaining lease term	5.6 years			6.5 years

Weighted average discount rate	9.8		%	9.8		%

Schedule of future minimum rental commitments

Future minimum rental commitments under our leases at December 31, 2023, are as follows:


	Operating Leases(1)
	(In thousands)
2024	$	4,124
2025	4,195
2026	4,266
2027	4,205
2028	3,844
Thereafter	2,808
Total undiscounted lease payments	$	23,442
Less: Imputed interest	(5,374)
Total lease liabilities	$	18,068

__________________________________

Accounting Policies - Useful Lives (Details)	Dec. 31, 2023
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	8 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	8 years
Office furniture, fixtures and computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Office furniture, fixtures and computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 3,866	$ 3,882
Variable lease cost	1,766	1,825
Short-term lease cost	17,464	13,970
Total lease cost	$ 23,096	$ 19,677
Balance sheet classifications
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets	Other Assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Other assets (right-of-use assets)	$ 14,234	$ 16,044
Accrued liabilities (current maturities of leases)	2,492	2,181
Other long-term liabilities (non-current maturities of leases)	$ 15,576	$ 18,007
Weighted average remaining lease term	5 years 7 months 6 days	6 years 6 months
Weighted average discount rate	9.80%	9.80%
Operating cash flows for operating leases	$ 7,256	$ 7,170
Investing cash flows for operating leases	16,029	12,449
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	4,124
2025	4,195
2026	4,266
2027	4,205
2028	3,844
Thereafter	2,808
Total undiscounted lease payments	23,442
Less: Imputed interest	(5,374)
Total lease liabilities	18,068
Short-Term Drilling Contracts
Lease, Cost [Abstract]
Short-term lease cost	$ 16,000	$ 12,500
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, initial term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, initial term	10 years

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

We use financial derivative contracts to manage exposures to commodity price and interest rate fluctuations. We do not hold or issue derivative financial instruments for trading purposes.

We manage market and counterparty credit risk in accordance with our policies and guidelines. In accordance with these policies and guidelines, our management determines the appropriate timing and extent of derivative transactions. We have included an estimate of non-performance risk in the fair value measurement of our derivative contracts as required by ASC 820—Fair Value Measurements and Disclosures.

Oil Derivative Contracts


				Weighted Average Price per Bbl
Term	Type of Contract	Index	MBbl	Net Deferred Premium Payable/(Receivable)	Sold Put	Floor	Ceiling
2024:
Jan - Dec	Three-way collars	Dated Brent	4,000	1.31	45.00	70.00	96.25
Jan - Jun	Two-way collars	Dated Brent	2,000	1.24	—	65.00	85.00
Jan - Dec	Two-way collars	Dated Brent	2,000	0.46	—	70.00	100.00

______________________________________

In January 2024, we entered into Dated Brent three-way collar contracts for 2.0 MMBbl from July 2024 through December 2024 with a sold put price of $45.00 per barrel, a floor price of $70.00 per barrel and a ceiling price of $90.00 per barrel.

See Note 10—Fair Value Measurements for additional information regarding the Company’s derivative instruments.

The following tables disclose the Company’s derivative instruments as of December 31, 2023 and 2022 and gain/(loss) from derivatives during the years ended December 31, 2023, 2022 and 2021.


		Estimated Fair Value Asset (Liability)
		December 31,
Type of Contract	Balance Sheet Location	2023		2022
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity	Derivatives assets—current	$	8,346	$	7,344
Provisional oil sales	Receivables: Oil sales	(72)		1,170

Commodity	Derivatives assets—long-term	1,594		1,725

Derivative liabilities:
Commodity	Derivatives liabilities—current	(3,103)		(6,773)

Commodity	Derivatives liabilities—long-term	—		(778)
Total derivatives not designated as hedging instruments		$	6,765	$	2,688


		Amount of Gain/(Loss)
		Years Ended December 31,
Type of Contract	Location of Gain/(Loss)	2023		2022		2021
		(In thousands)
Derivatives not designated as hedging instruments:
Provisional oil sales	Oil and gas revenue	$	(17,221)	$	(14,573)	$	(7,520)
Commodity	Derivatives, net	(11,128)		(260,892)		(270,185)
Total derivatives not designated as hedging instruments		$	(28,349)	$	(275,465)	$	(277,705)

Offsetting of Derivative Assets and Derivative Liabilities

Our derivative instruments which are subject to master netting arrangements with our counterparties only have the right of offset when there is an event of default. As of December 31, 2023 and 2022, there was not an event of default and, therefore, the associated gross asset or gross liability amounts related to these arrangements are presented on the consolidated balance sheets.

Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Receivables

Receivables consisted of the following:


	December 31,
	2023	2022
	(In thousands)
Joint interest billings, net	35,632	28,851
Oil sales	64,958	67,483
Other current receivables	20,143	23,401
Total receivables	120,733	119,735

Long-term receivables	325,181	235,696

Property and Equipment (Details) - USD ($)	3 Months Ended	12 Months Ended
Property and Equipment (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Oil and gas properties:
Proved properties		$ 7,600,252,000	$ 6,953,435,000
Unproved properties		423,050,000	341,334,000
Total oil and gas properties		8,023,302,000	7,294,769,000
Accumulated depletion		(3,868,946,000)	(3,457,332,000)
Oil and gas properties, net		4,154,356,000	3,837,437,000
Other property		65,095,000	60,730,000
Accumulated depreciation		(59,222,000)	(55,520,000)
Other property, net		5,873,000	5,210,000
Property and equipment, net		4,160,229,000	3,842,647,000	$ 4,183,987,000
Depletion expense		411,600,000	471,400,000	442,300,000
Depreciation expense		3,700,000	3,600,000	3,900,000
Impairment of long-lived assets		222,278,000	449,969,000	0
Capitalized exploratory well costs charged to expense		0	62,818,000	0
TEN Fields
Oil and gas properties:
Impairment of long-lived assets		$ 222,300,000	450,000,000	$ 0
Kodiak Field, Block G Equatorial Guinea And Winterfell
Oil and gas properties:
Oil and gas property, net addition from acquisition and licenses extension			53,100,000
Jubilee Unit Area And Ten Fields \| Tullow
Oil and gas properties:
Reduction from divestiture	$ 175,500,000		175,500,000
BirAllah and Orca Discoveries
Oil and gas properties:
Capitalized exploratory well costs charged to expense			$ 64,200,000

Equity-based Compensation - Schedule of Share-based Payment Arrangement, Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-based Compensation
Net tax shortfall (windfall)	$ (3,201)	$ 673	$ 6,307
LTIP
Equity-based Compensation
Share-based compensation expense	42,693	34,546	31,651
Total tax benefit	7,482	5,933	5,786
Net tax shortfall (windfall)	(3,201)	673	6,307
Fair value of awards vested	$ 45,098	$ 22,205	$ 9,435

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Suspended Well Costs

12 Months Ended

Dec. 31, 2023

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Suspended Well Costs

The Company capitalizes exploratory well costs as unproved properties within oil and gas properties until a determination is made that the well has either found proved reserves or is impaired. If proved reserves are found, the capitalized exploratory well costs are reclassified to proved properties. Well costs are charged to exploration expense if the exploratory well is determined to be impaired.

The following table reflects the Company’s capitalized exploratory well costs on drilled wells as of and during the years ended December 31, 2023, 2022 and 2021.


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Beginning balance	$	145,957	$	218,180	$	186,289
Additions to capitalized exploratory well costs pending the determination of proved reserves	66,002		25,209		31,891
Reclassification due to determination of proved reserves(1)	—		(34,614)		—
Capitalized exploratory well costs charged to expense(2)	—		(62,818)		—
Ending balance	$	211,959	$	145,957	$	218,180

______________________________________

(1)Activity for the year ended December 31, 2022 represents the reclassification of exploratory well costs associated with the Winterfell discovery in Green Canyon Block 944 in the U.S. Gulf of Mexico.

(2)Represents the impairment of exploratory well costs associated with the BirAllah and Orca Discoveries as a result of the expiration of the exploration period of Block C8 in June 2022.

The following table provides aging of capitalized exploratory well costs based on the date drilling was completed and the number of projects for which exploratory well costs have been capitalized for more than one year since the completion of drilling:


	Years Ended December 31,
	2023		2022		2021
	(In thousands, except well counts)
Exploratory well costs capitalized for a period of one year or less	$	54,274	$	—	$	20,903
Exploratory well costs capitalized for a period of one to three years	—		32,770		30,389
Exploratory well costs capitalized for a period of four to seven years	157,685		113,187		166,888
Ending balance	$	211,959	$	145,957	$	218,180
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year	2		2		3

As of December 31, 2023, the projects with exploratory well costs capitalized for more than one year since the completion of drilling are related to the Yakaar and Teranga discoveries in the Cayar Offshore Profond block offshore Senegal and the Asam discovery in Block S offshore Equatorial Guinea.

Yakaar and Teranga Discoveries — In May 2016, we drilled the Teranga-1 exploration well in the Cayar Offshore Profond Block offshore Senegal, which encountered hydrocarbon pay. In June 2017, we drilled the Yakaar-1 exploration well in the Cayar Offshore Profond Block offshore Senegal, which encountered hydrocarbon pay. In November 2017, an integrated Yakaar-Teranga appraisal plan was submitted to the Government of Senegal. In September 2019, we drilled the Yakaar-2 appraisal well which encountered hydrocarbon pay. The Yakaar-2 well was drilled approximately nine kilometers from the Yakaar-1 exploration well. In July 2021, the current phase of the Cayar Block exploration license was extended up to an additional three years to 2024. The Yakaar and Teranga discoveries are being analyzed as a joint development. During 2023, we continued progressing appraisal studies and maturing concept design. Following additional evaluation and further concept design development, a decision regarding commerciality is expected to be made.

Asam Discovery - In October 2019, we drilled the S-5 exploration well offshore Equatorial Guinea, which encountered hydrocarbon pay. The discovery was subsequently named Asam. In July 2020, an appraisal work program was approved by the Government of Equatorial Guinea. The well is located within tieback range of the Ceiba FPSO and the appraisal work program is currently ongoing to integrate all available data into models to establish the scale of the discovered resource and evaluate the optimum development solution. During the fourth quarter of 2022, we received approval from the Government of Equatorial Guinea to enter the second sub-period phase of the Block S exploration license with a scheduled expiration in December 2024. Additionally, in December 2022 the Asam Field appraisal report was submitted to the Government of Equatorial Guinea. During 2023, studies and concept design continued to progress. Following additional evaluation, a decision regarding commerciality will be made.

Derivative Financial Instruments - Location of Gain (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative instruments, Location of Gain/(Loss)
Derivative, not designated as hedge, gain (loss)	$ (28,349)	$ (275,465)	$ (277,705)
Commodity derivatives \| Oil and gas revenue
Derivative instruments, Location of Gain/(Loss)
Derivative, not designated as hedge, gain (loss)	(17,221)	(14,573)	(7,520)
Commodity derivatives \| Derivatives, net
Derivative instruments, Location of Gain/(Loss)
Derivative, not designated as hedge, gain (loss)	$ (11,128)	$ (260,892)	$ (270,185)

Business Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

Kosmos is engaged in a single line of business, which is the exploration, development and production of oil and gas. At December 31, 2023, the Company had operations in four geographic reporting segments: Ghana, Equatorial Guinea, Mauritania/Senegal and the U.S. Gulf of Mexico. To assess performance of the reporting segments, the Chief Operating Decision Maker reviews capital expenditures. Capital expenditures, as defined by the Company, may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with our consolidated financial statements and notes thereto. Financial information for each area is presented below:


	Ghana		Equatorial Guinea		Mauritania / Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(in thousands)
Years ended December 31, 2023
Revenues and other income:
Oil and gas revenue	$	1,062,482	$	267,494	$	—	$	371,632	$	—	$	—	$	1,701,608

Other income, net	(403)		10		—		3,327		157,770		(160,777)		(73)
Total revenues and other income	1,062,079		267,504		—		374,959		157,770		(160,777)		1,701,535
Costs and expenses:
Oil and gas production	175,265		114,411		—		100,421		—		—		390,097

Exploration expenses	872		7,915		15,784		11,950		5,757		—		42,278
General and administrative	12,913		5,555		9,354		22,076		199,283		(149,649)		99,532
Depletion, depreciation and amortization	240,998		51,750		917		149,482		1,780		—		444,927
Impairment of long-lived assets	222,278		—		—		—		—		—		222,278
Interest and other financing costs, net(1)	56,988		(2,942)		(119,697)		6,236		155,319		—		95,904
Derivatives, net	—		—		—		—		11,128		—		11,128
Other expenses, net	7,963		3,208		7,997		10,506		5,110		(11,128)		23,656
Total costs and expenses	717,277		179,897		(85,645)		300,671		378,377		(160,777)		1,329,800
Income (loss) before income taxes	344,802		87,607		85,645		74,288		(220,607)		—		371,735
Income tax expense	122,704		35,666		—		13,643		(13,798)		—		158,215
Net income (loss)	$	222,098	$	51,941	$	85,645	$	60,645	$	(206,809)	$	—	$	213,520

Consolidated capital expenditures	$	276,849	$	74,573	$	276,484	$	212,431	$	9,662	$	—	$	849,999

As of December 31, 2023
Property and equipment, net	$	1,036,651	$	424,030	$	1,788,214	$	893,293	$	18,041	$	—	$	4,160,229
Total assets	$	3,252,235	$	1,918,131	$	2,642,098	$	3,988,805	$	21,599,662	$	(28,462,797)	$	4,938,134

______________________________________

(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.


	Ghana (2)		Equatorial Guinea		Mauritania / Senegal		U.S. Gulf of Mexico (3)		Corporate & Other		Eliminations		Total
	(in thousands)
Year ended December 31, 2022
Revenues and other income:
Oil and gas revenue	$	1,350,962	$	346,783	$	—	$	547,610	$	—	$	—	$	2,245,355
Gain on sale of assets	—		—		—		471		50,000		—		50,471
Other income, net	428		3,350		—		2,405		386,002		(388,236)		3,949
Total revenues and other income	1,351,390		350,133		—		550,486		436,002		(388,236)		2,299,775
Costs and expenses:
Oil and gas production	206,486		90,602		—		105,968		—		—		403,056
Facilities insurance modifications, net	6,243		—		—		—		—		—		6,243
Exploration expenses	14,987		7,378		82,526		22,763		6,576		—		134,230
General and administrative	15,310		6,703		9,798		15,794		180,594		(127,343)		100,856
Depletion, depreciation and amortization	289,058		53,765		412		153,407		1,614		—		498,256
Impairment of long-lived assets	450,357		—		—		(388)		—				449,969
Interest and other financing costs, net(1)	64,620		(2,494)		(69,644)		11,180		114,598		—		118,260
Derivatives, net	—		—		—		—		260,892		—		260,892
Other expenses, net	233,785		8,397		(1,178)		10,339		496		(260,893)		(9,054)
Total costs and expenses	1,280,846		164,351		21,914		319,063		564,770		(388,236)		1,962,708
Income (loss) before income taxes	70,544		185,782		(21,914)		231,423		(128,768)		—		337,067
Income tax expense (benefit)	28,091		72,814		—		(1,010)		10,621		—		110,516
Net income (loss)	$	42,453	$	112,968	$	(21,914)	$	232,433	$	(139,389)	$	—	$	226,551

Consolidated capital expenditures	$	98,540	$	36,036	$	407,982	$	111,016	$	(41,986)	$	—	$	611,588

As of December 31, 2022
Property and equipment, net	$	1,202,937	$	396,737	$	1,396,884	$	829,242	$	16,847	$	—	$	3,842,647
Total assets	$	2,886,242	$	1,463,211	$	2,026,776	$	3,695,641	$	19,554,236	$	(25,046,118)	$	4,579,988

______________________________________

(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.


	Ghana (2)		Equatorial Guinea		Mauritania / Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(in thousands)
Year ended December 31, 2021
Revenues and other income:
Oil and gas revenue	$	644,232	$	260,520	$	—	$	427,261	$	—	$	—	$	1,332,013
Gain on sale of assets	—		—		—		—		1,564		—		1,564
Other income, net	6		—		—		1,279		395,073		(396,096)		262
Total revenues and other income	644,238		260,520		—		428,540		396,637		(396,096)		1,333,839
Costs and expenses:
Oil and gas production	151,079		93,032		—		101,895		—		—		346,006
Facilities insurance modifications, net	(1,586)		—		—		—		—		—		(1,586)
Exploration expenses	1,527		5,700		10,639		41,230		6,286		—		65,382
General and administrative	12,179		4,343		8,601		17,665		172,869		(124,128)		91,529
Depletion, depreciation and amortization	240,901		56,468		61		168,142		1,649		—		467,221

Interest and other financing costs, net(1)	51,279		(1,661)		(44,831)		15,875		109,493		(1,784)		128,371
Derivatives, net	—		—		—		—		270,185		—		270,185
Other expenses, net	206,466		41,891		(2,189)		30,118		4,010		(270,185)		10,111
Total costs and expenses	661,845		199,773		(27,719)		374,925		564,492		(396,097)		1,377,219
Income (loss) before income taxes	(17,607)		60,747		27,719		53,615		(167,855)		1		(43,380)
Income tax expense (benefit)	(4,290)		37,487		—		(4,958)		6,217		—		34,456
Net income (loss)	$	(13,317)	$	23,260	$	27,719	$	58,573	$	(174,072)	$	1	$	(77,836)

Consolidated capital expenditures	$	575,472	$	77,364	$	170,690	$	96,897	$	3,791	$	—	$	924,214

As of December 31, 2021
Property and equipment, net	$	1,885,116	$	460,975	$	918,683	$	901,392	$	17,821	$	—	$	4,183,987
Total assets	$	3,125,835	$	911,159	$	1,346,622	$	3,258,264	$	17,108,138	$	(20,809,367)	$	4,940,651

______________________________________

(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets	$	932,603	$	787,297	$	472,631
Acquisition of oil and gas properties	—		22,078		465,367
Proceeds on sale of assets	—		(168,703)		(6,354)
Adjustments:
Changes in capital accruals	6,732		396		(18,534)
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)	40,070		47,289		46,563
Capitalized interest	(138,738)		(84,343)		(46,098)
Other	9,332		7,574		10,639
Total consolidated capital expenditures	$	849,999	$	611,588	$	924,214

______________________________________

(1)Unsuccessful well costs are included in oil and gas assets when incurred.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Suspended Well Costs - Narrative (Details) - Yakaar and Teranga Discoveries - km	1 Months Ended
	Jul. 31, 2021	Sep. 30, 2019
Capitalized Contract Cost [Line Items]
Distance from Yakaar-2 well to Yakaar-1 exploration well		9
Additional term from exploration license extension	3 years

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of company's assets and liabilities that are measured at fair value on a recurring basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022, for each fair value hierarchy level:


	Fair Value Measurements Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(In thousands)
December 31, 2023
Assets:
Commodity derivatives	$	—	$	9,940	$	—	$	9,940
Provisional oil sales	—		(72)		—		(72)

Liabilities:
Commodity derivatives	—		(3,103)		—		(3,103)

Total	$	—	$	6,765	$	—	$	6,765
December 31, 2022
Assets:
Commodity derivatives	$	—	$	9,069	$	—	$	9,069
Provisional oil sales	—		1,170		—		1,170

Liabilities:
Commodity derivatives	—		(7,551)		—		(7,551)

Total	$	—	$	2,688	$	—	$	2,688

Schedule of carrying values and fair values of financial instruments that are not carried at fair value

The following table presents the carrying values and fair values at December 31, 2023 and 2022:


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
7.125% Senior Notes	$	646,912	$	622,824	$	645,699	$	558,201
7.750% Senior Notes	396,718		374,764		395,893		335,592
7.500% Senior Notes	446,291		412,461		445,564		361,958
GoM Term Loan	—		—		145,000		145,000

Facility	925,000		925,000		625,000		625,000
Total	$	2,414,921	$	2,335,049	$	2,257,156	$	2,025,751

Condensed Parent Company Financial Statements - Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and other income:
Oil and gas revenue	$ 1,701,608	$ 2,245,355	$ 1,332,013
Total revenues and other income	1,701,535	2,299,775	1,333,839
Costs and expenses:
General and administrative	99,532	100,856	91,529
Interest and other financing costs, net	95,904	118,260	128,371
Derivatives, net	11,128	260,892	270,185
Other expenses, net	23,656	(9,054)	10,111
Total costs and expenses	1,329,800	1,962,708	1,377,219
Income (loss) before income taxes	371,735	337,067	(43,380)
Income tax expense (benefit)	158,215	110,516	34,456
Net income (loss)	213,520	226,551	(77,836)
Parent Company
Revenues and other income:
Oil and gas revenue	0	0	0
Total revenues and other income	0	75,740	20,307
Costs and expenses:
Interest and other financing costs, net	122,773	123,247	98,649
Interest and other financing costs, net—related party	0	0	(2,446)
Derivatives, net	0	75,740	20,307
Other expenses, net	131	17	(61)
Equity in (earnings) losses of subsidiaries	(370,729)	(415,546)	(57,195)
Total costs and expenses	(201,594)	(176,134)	98,143
Income (loss) before income taxes	201,594	251,874	(77,836)
Income tax expense (benefit)	(11,926)	25,323	0
Net income (loss)	213,520	226,551	(77,836)
Parent Company \| Related Party
Revenues and other income:
Other income—related party	0	75,740	20,307
Costs and expenses:
General and administrative	(6,048)	(3,772)	79
Parent Company \| Nonrelated Party
Costs and expenses:
General and administrative	$ 52,279	$ 44,180	$ 38,810

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable geographic areas	4

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Schedule of changes in asset retirement obligations

The following table summarizes the changes in the Company’s asset retirement obligations:


	December 31,
	2023		2022
	(In thousands)
Asset retirement obligations:
Beginning asset retirement obligations	$	302,534	$	325,459
Liabilities incurred during period	16,196		13,696
Liabilities settled during period	(13,082)		(9,277)
Revisions in estimated retirement obligations	11,527		(50,600)
Accretion expense	29,611		23,256
Ending asset retirement obligations	$	346,786	$	302,534

Fair Value Measurements - Schedule of Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019
Carrying Value
Fair Value Measurements
Long-term debt	$ 2,414,921	$ 2,257,156
Fair Value
Fair Value Measurements
Long-term debt	$ 2,335,049	2,025,751
7.125% Senior Notes
Fair Value Measurements
Interest rate (as a percent)	7.125%
7.125% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)					7.125%
7.125% Senior Notes \| Senior Notes \| Carrying Value
Fair Value Measurements
Long-term debt	$ 646,912	645,699
7.125% Senior Notes \| Senior Notes \| Fair Value
Fair Value Measurements
Long-term debt	$ 622,824	558,201
7.750% Senior Notes
Fair Value Measurements
Interest rate (as a percent)	7.75%
7.750% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)			7.75%
7.750% Senior Notes \| Senior Notes \| Carrying Value
Fair Value Measurements
Long-term debt	$ 396,718	395,893
7.750% Senior Notes \| Senior Notes \| Fair Value
Fair Value Measurements
Long-term debt	$ 374,764	335,592
7.500% Senior Notes
Fair Value Measurements
Interest rate (as a percent)	7.50%
7.500% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)				7.50%
7.500% Senior Notes \| Senior Notes \| Carrying Value
Fair Value Measurements
Long-term debt	$ 446,291	445,564
7.500% Senior Notes \| Senior Notes \| Fair Value
Fair Value Measurements
Long-term debt	412,461	361,958
GoM Term Loan \| Secured Debt \| Carrying Value
Fair Value Measurements
Long-term debt	0	145,000
GoM Term Loan \| Secured Debt \| Fair Value
Fair Value Measurements
Long-term debt	0	145,000
Facility \| Revolving Credit Facility \| Carrying Value
Fair Value Measurements
Long-term debt	925,000	625,000
Facility \| Revolving Credit Facility \| Fair Value
Fair Value Measurements
Long-term debt	$ 925,000	$ 625,000

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Foreign capitalized operating expenses	$ 209,453	$ 196,018
Foreign net operating losses	14,458	19,297
United States net operating losses	78,706	81,040
United States deferred interest expense	43,411	17,421
Equity compensation	10,867	7,916
Asset retirement obligation and other	78,024	67,083
Total deferred tax assets	434,919	388,775
Valuation allowance	(333,651)	(312,968)
Total deferred tax assets, net	101,268	75,807
Deferred tax liabilities:
Depletion, depreciation and amortization related to property and equipment	(420,066)	(512,019)
Other deferred tax liabilities	(42,087)	(32,233)
Total deferred tax liabilities	(462,153)	(544,252)
Net deferred tax liability	$ (360,885)	$ (468,445)

Debt - GoM Term Loan (Details) - USD ($) $ in Thousands		1 Months Ended
Debt - GoM Term Loan (Details) - USD ($) $ in Thousands	Sep. 15, 2023	Sep. 30, 2020	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Current maturities of long-term debt			$ 0	$ 30,000
Outstanding debt principal			2,425,000	2,270,000
GoM Term Loan \| Secured Debt
Debt Instrument [Line Items]
Debt term (in years)		5 years
Debt, face amount		$ 200,000
Proceeds from debt, net of issuance costs		$ 197,700
Repayments of debt	$ 137,500
Outstanding debt principal			$ 0	$ 145,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Receivables

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Receivables

Receivables consisted of the following:


	December 31,
	2023	2022
	(In thousands)
Joint interest billings, net	35,632	28,851
Oil sales	64,958	67,483
Other current receivables	20,143	23,401
Total receivables	120,733	119,735

Long-term receivables	325,181	235,696

The Company’s joint interest billings consist of receivables from partners with interests in common oil and gas properties operated by the Company for shared costs. Joint interest billings are classified as current and long-term receivables based on when collection is expected to occur.

Long-term receivables

In February 2019, Kosmos and BP signed Carry Advance Agreements with the national oil companies of Mauritania and Senegal obligating us to finance a portion of the respective national oil companies’ share of certain development costs incurred through first gas production for Greater Tortue Ahmeyim Phase 1. The amount financed by Kosmos is to be repaid with interest through the national oil companies’ share of future revenues. As of December 31, 2023 and 2022, the principal balance due from the national oil companies was $259.2 million and $196.9 million, respectively, which is classified as Long-term receivables in our consolidated balance sheets. As of December 31, 2023 and 2022, accrued interest on the balance due from the national oil companies was $37.3 million and $21.5 million, respectively, which is classified as Long-term receivables in our consolidated balance sheets. Interest income on the long-term notes receivable was $15.9 million, $10.1 million and $7.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In August 2021, BP, as the operator of the Greater Tortue project (“BP Operator”), with the consent of the Greater Tortue Unit participants and the respective States, agreed to sell the Greater Tortue FPSO (which is currently under construction by Technip Energies) to an affiliate of BP (“BP Buyer”). The Greater Tortue FPSO will be leased back to BP Operator under a long-term lease agreement, for exclusive use in the Greater Tortue project. BP Operator will continue to manage and supervise the construction contract with Technip Energies. Delivery of the Greater Tortue FPSO to BP Buyer will occur after construction is complete and the Greater Tortue FPSO has been commissioned, with the lease to BP Operator becoming effective on the same date, currently targeted to be in the third quarter of 2024.

As a result of the above transactions entered into by BP Operator, Kosmos recognized a Long-term receivable of $200.2 million from BP Operator for our share of the consideration paid from BP Buyer to and held by BP Operator as well as a $200.2 million FPSO Contract Liability in Other long-term liabilities related to the deferred sale of the Greater Tortue FPSO. As of December 31, 2022, this Long-term receivable has been non-cash settled against obligations payable to BP Operator, which included $132.4 million and $67.8 million of non-cash capital expenditures during the fourth quarter of 2021 and the first quarter of 2022, respectively. These non-cash impacts are excluded from the statement of cash flows.

In Ghana, the foreign contractor group funded GNPC’s 5% share of TEN development costs. The foreign contractor group is being reimbursed for such costs plus interest out of a portion of GNPC’s TEN production revenues. As of December 31, 2023 and 2022, the long-term portions of joint interest billing receivables due from GNPC for the TEN Fields’ development costs were $28.7 million and $17.3 million.

Additional Financial Information - Other Expenses, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Additional Financial Information
Loss on disposal of inventory	$ 7,372	$ 1,521	$ 1,239
Gain on insurance settlements	0	(7,000)	0
(Gain) loss on asset retirement obligations liability settlements	6,034	(3,278)	6,351
Other, net	10,250	(297)	2,521
Other expenses, net	$ 23,656	$ (9,054)	$ 10,111

Equity-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity-based Compensation

Equity‑based Compensation

Restricted Stock Awards and Restricted Stock Units

Our Long-Term Incentive Plan (“LTIP”) provides for the granting of incentive awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units, among other award types. In June 2023, the Company’s stockholders approved the Amended and Restated Kosmos Energy Ltd. LTIP, which authorized an additional 17.0 million shares of common stock available for issuance under the LTIP. The LTIP as amended provides for the issuance of 78.5 million shares pursuant to awards under the LTIP. As of December 31, 2023, the Company had approximately 18.6 million shares that remain available for issuance under the LTIP.

The Company granted restricted stock units with service vesting criteria and with a combination of market and service vesting criteria under the LTIP. Substantially, all of these awards vest over a three year period. Upon vesting, restricted stock units become issued and outstanding stock.

The following table reflects the outstanding restricted stock units as of December 31, 2023:


	Service Vesting Restricted Stock Units	Weighted- Average Grant-Date Fair Value		Market / Service Vesting Restricted Stock Units	Weighted-Average Grant-Date Fair Value
	(In thousands)			(In thousands)
Outstanding at December 31, 2020:	4,840	$	5.34	7,859	$	8.11
Granted(1)	2,905	2.57		6,744	3.91
Forfeited(1)	(649)	4.05		(1,998)	5.50
Vested	(2,400)	5.19		(1,372)	9.95
Outstanding at December 31, 2021:	4,696	3.88		11,233	5.28
Granted(1)	2,820	4.70		3,388	6.98
Forfeited(1)	(147)	3.92		(389)	6.21
Vested	(2,453)	4.21		(2,191)	5.98
Outstanding at December 31, 2022:	4,916	4.18		12,041	5.61
Granted(1)	2,809	7.61		3,482	12.26
Forfeited(1)	(240)	5.65		(203)	8.17
Vested	(2,775)	3.86		(2,950)	8.22
Outstanding at December 31, 2023:	4,710	5.77		12,370	6.59

__________________________________

As of December 31, 2023, total equity‑based compensation to be recognized on unvested restricted stock units is $27.8 million over a weighted average period of 1.8 years.

For restricted stock units with a combination of market and service vesting criteria, the number of common shares to be issued is determined by comparing the Company’s total shareholder return with the total shareholder return of a predetermined group of peer companies over the performance period and can vest in up to 200% of the awards granted. The grant date fair value ranged from $1.06 to $13.06 per award. The Monte Carlo simulation model utilizes multiple input variables that determined the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The expected volatility utilized in the model was estimated using our historical volatility and the historical volatilities of our peer companies and ranged from 50.0% to 105.0%. The risk‑free interest rate was based on the U.S. treasury rate for a term commensurate with the expected life of the grant ranged from 0.2% to 3.7%. The expected quarterly dividends ranged from $0.000 to $0.050 commensurate with our current dividend experience.

In January 2024, we granted 2.4 million service vesting restricted stock units and 3.0 million market and service vesting restricted stock units to our employees under our long-term incentive plan. We expect to recognize approximately $41.4 million of non-cash compensation expense related to these grants over the next three years.

We record equity-based compensation expense in General and administrative expenses in our consolidated statement of operations equal to the grant date fair value of share‑based payments over the vesting periods of the LTIP awards. The following table summarizes certain information related to our share-based payments:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Share-based compensation expense	$	42,693	$	34,546	$	31,651
Total tax benefit	7,482		5,933		5,786
Net tax shortfall (windfall)	(3,201)		673		6,307
Fair value of awards vested	45,098		22,205		9,435

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

In the calculation of basic net income per share, participating securities are allocated earnings based on actual dividend distributions received plus a proportionate share of undistributed net income, if any. We calculate basic net income per share under the two‑class method. Diluted net income (loss) per share is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented. The computation of diluted net income (loss) per share reflects the potential dilution that could occur if all outstanding awards under our LTIP were converted into shares of common stock or resulted in the issuance of shares of common stock that would then share in the earnings of the Company. During periods in which the Company realizes a loss from continuing operations securities would not be dilutive to net loss per share and conversion into shares of common stock is assumed not to occur.


	Years Ended
	December 31,
	2023		2022		2021
	(In thousands, except per share data)
Numerator:
Net income (loss) allocable to common stockholders	$	213,520	$	226,551	$	(77,836)




Denominator:
Weighted average number of shares outstanding:
Basic	459,641		455,346		416,943
Restricted stock units(1)	21,429		19,511		—
Diluted	481,070		474,857		416,943
Net income (loss) per share:
Basic	$	0.46	$	0.50	$	(0.19)
Diluted	$	0.44	$	0.48	$	(0.19)

______________________________________

(1)Our restricted stock units are not considered to be participating securities and, therefore, are excluded from the basic net income (loss) per share calculation.

Business Segment Information - Consolidated Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Oil and gas assets	$ 932,603	$ 787,297	$ 472,631
Acquisition of oil and gas properties	0	22,078	465,367
Proceeds on sale of assets	0	(168,703)	(6,354)
Changes in capital accruals	6,732	396	(18,534)
Exploration expense, excluding unsuccessful well costs and leasehold impairments	40,070	47,289	46,563
Capitalized interest	(138,738)	(84,343)	(46,098)
Other	$ 9,332	$ 7,574	$ 10,639

Derivative Financial Instruments - Derivative Instruments and Gain/(Loss) from Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative instruments, Balance Sheet Location
Derivatives assets—current	$ 8,346	$ 7,344
Derivatives assets—long-term	1,594	1,725
Derivatives liabilities—current	(3,103)	(6,773)
Derivatives liabilities—long-term	0	(778)
Not designated as hedging instruments
Derivative instruments, Balance Sheet Location
Total derivatives not designated as hedging instruments	6,765	2,688
Commodity derivatives \| Not designated as hedging instruments
Derivative instruments, Balance Sheet Location
Derivatives assets—current	8,346	7,344
Derivatives assets—long-term	1,594	1,725
Derivatives liabilities—current	(3,103)	(6,773)
Derivatives liabilities—long-term	0	(778)
Provisional oil sales \| Not designated as hedging instruments
Derivative instruments, Balance Sheet Location
Derivatives assets—current	$ (72)	$ 1,170

Asset Retirement Obligations - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Reduction to asset retirement obligations	$ 13,082	$ 9,277
Revisions in estimated retirement obligations	11,527	(50,600)
Tullow
Business Acquisition [Line Items]
Reduction to asset retirement obligations		$ 10,000
Equatorial Guinea
Business Acquisition [Line Items]
Revisions in estimated retirement obligations	$ 66,200

Additional Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Additional Financial Information

Schedule of accrued liabilities

Accrued liabilities consisted of the following:


	December 31,
	2023		2022
	(In thousands)
Accrued liabilities:
Exploration, development and production	$	90,054	$	80,598
Revenue payable	20,506		26,087
Current asset retirement obligations	2,808		1,732
General and administrative expenses	29,766		32,069
Interest	36,410		44,740
Income taxes	111,212		127,183
Taxes other than income	1,029		1,524
Derivatives	1,372		6,440
Other	9,658		4,833
	$	302,815	$	325,206

Schedule of other expenses, net incurred

Other expenses, net incurred during the period is comprised of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Loss on disposal of inventory	$	7,372	$	1,521	$	1,239
Gain on insurance settlements	—		(7,000)		—
(Gain) loss on asset retirement obligations liability settlements	6,034		(3,278)		6,351

Other, net	10,250		(297)		2,521
Other expenses, net	$	23,656	$	(9,054)	$	10,111

Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Accounting Policies

Principles of Consolidation

Use of Estimates

Reclassifications

Cash, Cash Equivalents and Restricted Cash


	December 31,
	2023		2022		2021
	(In thousands)
Cash and cash equivalents	$	95,345	$	183,405	$	131,620
Restricted cash - current	—		—		42,971
Restricted cash - long-term	3,416		3,416		305
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	98,761	$	186,821	$	174,896

Receivables

Inventories

Inventories consisted of $143.0 million and $125.3 million of materials and supplies and $9.1 million and $8.2 million of hydrocarbons as of December 31, 2023 and 2022, respectively. The Company’s materials and supplies inventory primarily consists of casing and wellheads and is stated at the lower of cost, using the weighted average cost method, or net realizable value. We recorded write downs of $7.4 million, $1.5 million and $1.2 million during the years ended December 31, 2023, 2022 and 2021 for materials and supplies inventories as Other expenses, net in the consolidated statements of operations and other in the consolidated statements of cash flows.

Leases

Exploration and Development Costs

Depletion, Depreciation and Amortization


			Years Depreciated
Leasehold improvements			1 to 8
Office furniture, fixtures and computer equipment			3 to 7

Amortization of deferred financing costs is computed using the straight‑line method over the life of the related debt.

Capitalized Interest

Asset Retirement Obligations

Acquisition Accounting

Impairment of Long‑lived Assets

Derivative Instruments and Hedging Activities

Estimates of Proved Oil and Natural Gas Reserves

•the engineering and geological interpretation of available data;

•estimates of the amount and timing of future operating cost, production taxes, development cost and workover cost;

•the accuracy of various mandated economic assumptions; and

•the judgments of the persons preparing the estimates.

Revenue Recognition

Oil and gas revenue is composed of the following:


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Revenues from contracts with customers:
Equatorial Guinea	$	273,280	$	349,443	$	257,628
Ghana	1,073,917		1,362,875		654,644
U.S. Gulf of Mexico	371,632		547,610		427,261
Total revenues from contracts with customers	1,718,829		2,259,928		1,339,533
Provisional oil sales contracts	(17,221)		(14,573)		(7,520)
Oil and gas revenue	$	1,701,608	$	2,245,355	$	1,332,013

Equity‑based Compensation

Income Taxes

Foreign Currency Translation

Concentration of Credit Risk

Recent Accounting Standards

Not Yet Adopted

Acquisitions and Divestitures - 2021 Transactions (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2022	Oct. 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Proceeds on sale of assets					$ 0	$ 168,703	$ 6,354
Public Issuance
Business Acquisition [Line Items]
Proceeds from issuance		$ 136,600
Number of shares issued (in shares)		43.1
Bridge Notes \| Senior Notes
Business Acquisition [Line Items]
Debt, face amount		$ 400,000
Facility \| Revolving Credit Facility
Business Acquisition [Line Items]
Borrowings under long-term debt		75,000
7.750% Senior Notes
Business Acquisition [Line Items]
Interest rate (as a percent)					7.75%
7.750% Senior Notes \| Senior Notes
Business Acquisition [Line Items]
Debt, face amount		$ 400,000
Interest rate (as a percent)		7.75%
Anadarko WCTP
Business Acquisition [Line Items]
Cash consideration paid		$ 455,886
Transaction related costs		$ 9,481
Revenue of acquiree since acquisition date				$ 104,400
Operating expenses of acquiree since acquisition date				$ 10,300
Jubilee Unit Area
Business Acquisition [Line Items]
Participating interest percentage (as a percent)									24.10%
Jubilee Unit Area \| Anadarko WCTP
Business Acquisition [Line Items]
Participating interest percentage acquired (as a percent)		18.00%
Participating interest percentage after acquired interest (as a percent)		42.10%						42.10%
TEN Fields
Business Acquisition [Line Items]
Participating interest percentage (as a percent)									17.00%
TEN Fields \| Anadarko WCTP
Business Acquisition [Line Items]
Participating interest percentage acquired (as a percent)		11.10%
Participating interest percentage after acquired interest (as a percent)		28.10%						28.10%
Jubilee Unit Area And Ten Fields \| Anadarko WCTP
Business Acquisition [Line Items]
Cash consideration paid		$ 455,900
Initial purchase price		550,600
Business combination, purchase price adjustments		94,700
Transaction related costs		$ 9,500
Jubilee Unit Area And Ten Fields \| Tullow
Business Acquisition [Line Items]
Proceeds on sale of assets	$ 118,200					118,200
Reduction from divestiture			$ 175,500			$ 175,500
Deepwater Tano Block Joint Operating Agreement \| Jubilee Unit Area
Business Acquisition [Line Items]
Participating interest percentage after pre-emption (as a percent)	38.60%		38.60%
Deepwater Tano Block Joint Operating Agreement \| TEN Fields
Business Acquisition [Line Items]
Participating interest percentage after pre-emption (as a percent)	20.40%		20.40%

Suspended Well Costs (Tables)

12 Months Ended

Dec. 31, 2023

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Schedule of capitalized exploratory well costs

The following table reflects the Company’s capitalized exploratory well costs on drilled wells as of and during the years ended December 31, 2023, 2022 and 2021.


	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Beginning balance	$	145,957	$	218,180	$	186,289
Additions to capitalized exploratory well costs pending the determination of proved reserves	66,002		25,209		31,891
Reclassification due to determination of proved reserves(1)	—		(34,614)		—
Capitalized exploratory well costs charged to expense(2)	—		(62,818)		—
Ending balance	$	211,959	$	145,957	$	218,180

______________________________________

(2)Represents the impairment of exploratory well costs associated with the BirAllah and Orca Discoveries as a result of the expiration of the exploration period of Block C8 in June 2022.

Schedule of aging of capitalized exploratory well costs and number of projects for which exploratory well costs were capitalized for more than one year


	Years Ended December 31,
	2023		2022		2021
	(In thousands, except well counts)
Exploratory well costs capitalized for a period of one year or less	$	54,274	$	—	$	20,903
Exploratory well costs capitalized for a period of one to three years	—		32,770		30,389
Exploratory well costs capitalized for a period of four to seven years	157,685		113,187		166,888
Ending balance	$	211,959	$	145,957	$	218,180
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year	2		2		3

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019
Debt Instrument [Line Items]
Outstanding debt principal	$ 2,425,000	$ 2,270,000
Unamortized deferred financing costs and discounts	(34,086)	(44,089)
Total debt, net	2,390,914	2,225,911
Less: Current maturities of long-term debt	0	(30,000)
Long-term debt, net	2,390,914	2,195,911
Senior Notes
Debt Instrument [Line Items]
Unamortized deferred financing costs and discounts	(13,300)	16,700
Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt principal	925,000	625,000
Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized deferred financing costs and discounts	(20,800)	25,200
Corporate Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt principal	$ 0	0
7.125% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	7.125%
7.125% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)					7.125%
Outstanding debt principal	$ 650,000	650,000
7.750% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	7.75%
7.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)			7.75%
Outstanding debt principal	$ 400,000	400,000
7.500% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	7.50%
7.500% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)				7.50%
Outstanding debt principal	$ 450,000	450,000
GoM Term Loan \| Secured Debt
Debt Instrument [Line Items]
Outstanding debt principal	$ 0	$ 145,000

Additional Financial Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued liabilities:
Exploration, development and production	$ 90,054	$ 80,598
Revenue payable	20,506	26,087
Current asset retirement obligations	2,808	1,732
General and administrative expenses	29,766	32,069
Interest	36,410	44,740
Income taxes	111,212	127,183
Taxes other than income	1,029	1,524
Derivatives	1,372	6,440
Other	9,658	4,833
Accrued liabilities	$ 302,815	$ 325,206

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The following table summarizes the changes in the Company’s asset retirement obligations:


	December 31,
	2023		2022
	(In thousands)
Asset retirement obligations:
Beginning asset retirement obligations	$	302,534	$	325,459
Liabilities incurred during period	16,196		13,696
Liabilities settled during period	(13,082)		(9,277)
Revisions in estimated retirement obligations	11,527		(50,600)
Accretion expense	29,611		23,256
Ending asset retirement obligations	$	346,786	$	302,534

The asset retirement obligations reflect the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with our oil and gas properties. The Company utilizes current cost experience to estimate the expected cash outflows for retirement obligations. The Company estimates the ultimate productive life of the properties, a risk-adjusted discount rate, and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligation, a corresponding adjustment is made to the oil and gas property balance. The revisions in estimated retirement obligations during 2023 and 2022 are related to changes in the estimated timing, scopes of work and costs. During the year ended December 31, 2022, our asset retirement obligations were reduced by approximately $10.0 million as a result of concluding the Tullow pre-emption transaction in March 2022 and approximately $66.2 million as a result of the extension of the Block G licenses in Equatorial Guinea in May 2022.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment is stated at cost and consisted of the following:


	December 31,
	2023		2022
	(In thousands)
Oil and gas properties:
Proved properties	$	7,600,252	$	6,953,435
Unproved properties	423,050		341,334
Total oil and gas properties	8,023,302		7,294,769
Accumulated depletion	(3,868,946)		(3,457,332)
Oil and gas properties, net	4,154,356		3,837,437

Other property	65,095		60,730
Accumulated depreciation	(59,222)		(55,520)
Other property, net	5,873		5,210

Property and equipment, net	$	4,160,229	$	3,842,647