Kosmos Energy Ltd. (KOS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.6B

Revenue growth

6.4%

Net income, last twelve months

-$542.2M

Earnings per share

-$1.20

Operating margin

-28.3%

Net margin

-34.2%

Return on equity

-76.9%

Market value

$1.6B

Dividend yield

1.6%

Cash

$102.1M

Debt

$2.7B

Debt to equity

3.79

Shares outstanding

595.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 3 August 2026.

• Quarterly net income of $185 million. Net income was $185 million, or $0.31 per diluted share, against a net loss of $88 million in the second quarter of 2025.
• Net production up about 12%. Growth came from the GTA ramp-up and new Jubilee wells. Equatorial Guinea volumes count only to the June 16 closing, which reduced quarterly production by about 1,000 boepd.
• Adjusted net income of $68 million. Adjusted net income excludes derivative results, a gain on sale and other items, and came to $0.11 per diluted share.
• Net debt down over $400 million. Net debt reduction in the first half of 2026 was above $400 million, which management attributed to operating cash flow and the equity and bond raises.
• Jubilee near top of guidance. Jubilee gross oil output averaged about 72,000 bopd, with Ghana net production near 36,300 boepd including about 7,000 boepd of gas.
• GTA output below first quarter. GTA Phase 1 net output was about 15,700 boepd, or 2.65 mtpa LNG equivalent gross, with nine gross cargos lifted in the quarter.
• Gulf of America output within guidance. Net production was about 14,300 boepd, roughly 83% oil, and within guidance for the quarter.
• TEN output in line with expectations. TEN oil production averaged about 14,700 bopd gross, in line with expectations for the quarter.
• Equatorial Guinea interest sold. The sale to Panoro Energy closed on June 16. Final cash of about $127 million repaid RBL borrowings, and contingent payments of up to about $40 million remain subject to thresholds.
• Revenue and oil price higher. Revenue was $607 million, or $86.68 per boe before derivative cash settlements. Average oil price was $108.57 per barrel, against $66.10 a year earlier.
• Production expense down about a quarter. Production expense was $179 million, or $25.61 per boe, down about 25% from the second quarter of 2025.
• Unit cost excluding GTA LNG costs. Production cost per boe excluding the GTA Phase 1 LNG costs was $20.91, against $28.22 a year earlier.
• 2026 hedges set at about $66 floor. Remaining 2026 oil hedges total 3.25 million barrels, with an average floor of about $66 per barrel.
• 2027 hedges added at higher prices. Kosmos added hedges for 2027 while oil prices were higher. The 7.0 million barrels carry a floor of about $67 and a ceiling of about $84 per barrel.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 189 held.

Every filing

The newest filings with the SEC of 389 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

309 funds held it at 30 Jun 2026: 162 added and 64 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Shell plc (SHEL): revenue $266.9B, market value $299.0B
• TotalEnergies SE (TTE): revenue $201.2B, market value $205.1B
• Petróleo Brasileiro S.A. (Petrobras) (PBR): revenue $89.2B, market value $142.0B
• Canadian Natural Resources Limited (CNQ): revenue $27.8B, market value $114.1B
• Eni S.p.A. (E): revenue $92.9B, market value $88.3B
• EOG Resources Inc. (EOG): revenue $27.0B, market value $84.4B
• Occidental Petroleum Corp. (OXY): revenue –, market value $62.8B
• Diamondback Energy, Inc. (FANG): revenue $17.1B, market value $57.9B
• Devon Energy Corp. (DVN): revenue $19.7B, market value $56.4B
• Woodside Energy Group Ltd. (WDS): revenue $13.0B, market value $43.5B

What the company does

Kosmos Energy is a deepwater exploration and production company that describes itself as full-cycle. It produces oil and gas offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. The company was founded in 2003 to find oil and gas in under-explored or overlooked parts of West Africa, and it discovered the Jubilee Field offshore Ghana in 2007. Its common stock trades on the NYSE and the LSE under the ticker KOS. It had 216 employees at 31 December 2025 and estimated net proved reserves of 249 MMBoe.

Where it produces

Ghana accounted for 47% of 2025 sales volumes in barrels of oil equivalent. Jubilee made up 42% and TEN 5%. The Gulf of America contributed 29%, Mauritania and Senegal 13%, and Equatorial Guinea 11%.

In Ghana, Kosmos holds 38.6% of the Jubilee Unit and 20.4% of the TEN Fields. Tullow is the operator of both. The Jubilee Field lies about 60 kilometers offshore in water depths of approximately 1,000 to 1,800 meters and is developed around an FPSO. The WCTP and DT licenses that cover Jubilee and TEN were extended to 2040.

In Equatorial Guinea, Kosmos holds 40.4% of the Ceiba Field and Okume Complex, operated by Trident. On 24 February 2026 it agreed to sell all of this interest to a subsidiary of Panoro Energy ASA. The company says it expects to close around the middle of 2026, and the filing reports the business as if the sale had not yet closed.

In the Gulf of America, Kosmos holds interests in producing fields including Odd Job, Tornado, Kodiak and Winterfell, and operates the Tiberius appraisal with a 50.0% interest. Occidental Petroleum Corporation holds the other 50%.

Greater Tortue Ahmeyim

Greater Tortue Ahmeyim, called GTA, straddles the border between Mauritania and Senegal about 120 kilometers offshore. Kosmos holds 26.8% in Mauritania and 26.7% in Senegal. BP is the operator. Phase 1 takes gas from a deepwater subsea system to an FPSO and then by pipeline to a Gimi FLNG vessel sited behind a nearshore hub on the maritime border. The FLNG facility has a nameplate capacity of approximately 2.7 million tons per annum. First LNG came in February 2025, and the vessel reached a peak rate of approximately 3.0 million tonnes per annum in December 2025. The company has three productive gas wells there, 0.80 net.

How it sells what it produces

In Ghana and Equatorial Guinea it lifts its share of oil and sells it through marketing agents, and it approves the terms of each sale. Ghana's associated gas goes by pipeline onshore and is sold to the Government of Ghana. An amended gas sales agreement runs through 2040. Dated Brent is the benchmark for its international oil sales.

In the Gulf of America, oil goes to a single buyer under a multi-year term deal. HLS crude is the benchmark for most of those sales. Gas is sold under long-term contracts, and liquids are sold through gas processing plants.

LNG from GTA is sold free on board to BP Gas Marketing under the Tortue Phase 1 sale and purchase agreement. The annual contract quantity is 127,951,000 MMBtu, about 2.45 million tonnes per annum. The price is set as a percentage of a crude oil benchmark. The initial term runs through the end of 2033, and the sellers can extend it by ten years. Condensate cargoes are sold on the spot market.

Reserves and wells

Proved reserves are 120 MMBbl of oil, condensate and NGLs and 770 Bcf of natural gas. Of the total, 138 MMBoe is proved developed and 111 MMBoe is proved undeveloped. The independent engineering firm Ryder Scott Company, L.P. prepares the estimates. At year end the company held interests in 164 productive wells gross, or 59.60 net.

Strategy

The company says its strategy rests on three objectives: getting more from producing assets, moving discovered resources toward production, and adding lower cost resources through acquisitions and infrastructure-led exploration in proven basins. In the Gulf of America it develops discoveries by subsea tie-back to existing host facilities that have spare capacity. Winterfell reached first production around three years after discovery. Kosmos also hedges a portion of expected sales volumes on a one to two year rolling basis. At 31 January 2026 it had hedges covering approximately 7.6 million barrels of 2026 oil production and approximately 2.0 million barrels for 2027.

Competition and people

Kosmos competes with independent operators and major oil companies for licenses and leases. The filing says many of them have substantially larger financial and technical resources. The company also competes for drilling rigs, equipment and crews.

Of its 216 employees, 175 are based in the United States and 41 in foreign offices. The company reports 100% local employees across its host country offices. Its management team members average over 27 years of industry experience.

*From Kosmos Energy's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1509991/000150999126000017/kos-20251231.htm)*

From the company's 10-K.