3rd Quarter Results
Q3 net loss of $43m but adjusted net income of $35m; production up 6%, debt reduced over $500m, RBL facility extended.
vs expectations: in line
| 9 months to 30 Sep 2026 | Now | Year before | Change |
|---|---|---|---|
| Net income | (£62.3m) | (£245.6m) | |
| Cash from operations | £331.4m | £75.2m | +340.9% |
| Cash | £78.4m | – |
Figures as reported, converted to £ where needed – see all financials.
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DALLAS - November 2, 2026-- Kosmos Energy Ltd. ("Kosmos" or the "Company") (NYSE/LSE: KOS) announced today its financial and operating results for the third quarter of 2026. For the quarter, the Company generated a net loss of $43 million, or $0.07 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net income(1) of $35 million, or $0.06 per diluted share for the third quarter of 2026.
THIRD QUARTER 2026 AND POST QUARTER END HIGHLIGHTS
- Net Production(2): ~69,200 barrels of oil equivalent per day (boepd), up ~6% versus third quarter 2025 (~17% excluding Equatorial Guinea)
- Revenues: $410 million, or $71.39 per barrel of oil equivalent (boe) (excluding the impact of derivative cash settlements)
- Production expense: $102 million (or $17.72 per boe), a reduction in absolute production expenses of ~31% compared to third quarter 2025
- Capital expenditures: $85 million
- Jubilee 2025/26 drilling campaign completed with seven wells successfully drilled during the program
- Completed the Tiberius farm-down, securing a mix of upfront cash consideration, carry for future capital expenditure and future milestone payments
- Reduced net debt(1) by over $500 million through the end of the third quarter and are on track to achieve our 20% debt reduction target in 2026
- Successfully completed the $1.2 billion reserve-based lending (RBL) facility amendment and extension, further addressing near-term maturities
Commenting on the Company's third quarter 2026 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: "Kosmos continued to make meaningful progress during the third quarter against the four objectives we established at the beginning of the year: increase production, lower costs, reduce debt and advance our quality growth opportunities. Through a combination of strong operational execution, reduced costs, disciplined capital allocation and proactive financing, we continue to strengthen our business.
In Ghana, the 2025/26 Jubilee drilling campaign successfully delivered seven wells and demonstrated the continued quality of the infill opportunities of this midlife asset. At GTA, production continues to be strong with solid reservoir performance. Across the portfolio, we remain focused on maximizing value from our existing assets while investing selectively in growth opportunities with attractive returns.
Financially, 2026 continues to represent a year of significant progress for Kosmos. Since the beginning of the year, we have materially improved liquidity, reduced debt, extended maturities, lowered leverage and strengthened the overall credit profile of the company. With the RBL re-financing complete, we have further increased our financial resilience and will now look to address our 2028 bond maturities.
Looking ahead, our focus remains clear and we expect to make continued progress against our four strategic priorities, entering 2027 in a much stronger position with multiple catalysts across the portfolio to create additional value."
FINANCIAL UPDATE
The Company generated net cash provided by operating activities of approximately $164 million and free cash flow(1) of approximately $90 million in the third quarter. Kosmos has now delivered three consecutive quarters of positive free cash flow with year-to-date free cash flow of $193 million, reflecting continued operational performance, higher realized pricing and disciplined capital spending. Kosmos exited the third quarter of 2026 with approximately $2.47 billion of net debt(1) and approximately $570 million of liquidity.
In October, Kosmos completed the amendment and extension of the RBL with a facility size and total commitments of $1.2 billion. The final maturity has been extended to April 2033. Following the significant reduction in debt year-to-date and $750 million currently drawn on the facility, there are no planned amortization payments until 2031.
With strong operational performance for the year and continued debt reduction, we are on track to achieve our ~20% net debt reduction target for 2026 with year-end net debt expected to be below $2.4 billion and leverage expected to fall towards 2.0x.
Net capital expenditure for the third quarter of 2026 was $85 million, in line with guidance. Full year 2026 capital expenditure guidance of approximately $350 million is unchanged.
Kosmos has continued to take advantage of higher oil prices to add further hedges for 2027. The Company has 8 million barrels of oil hedged for 2027 with an average floor of approximately $68/barrel and an average ceiling of approximately $84/barrel.
OPERATIONAL UPDATE
Production
Total net production(2) in the third quarter of 2026 averaged approximately 69,200 boepd, in line with guidance. Sales for the third quarter of 2026 were approximately 62,400 boepd.
The Company exited the quarter in a net underlift position of approximately 1.1 mmboe.
Ghana
Production in Ghana averaged approximately 40,500 boepd net in the third quarter of 2026, which included gas production of approximately 6,800 boepd. 2.75 Jubilee cargo liftings took place in the third quarter, in line with guidance.
At Jubilee (38.6% working interest), oil production in the third quarter averaged approximately 84,500 bopd gross, approximately 17% higher than the second quarter. During the quarter, Kosmos and its partners completed the 2025/26 drilling campaign, which delivered seven successful infill wells. The final well in the program, a water injector, was drilled and completed during the third quarter. With the drilling activity in 2026 now concluded, the Company continues to work closely with the operator to drive operational excellence to mitigate decline ahead of the 2027/28 drilling campaign, including improved water injection performance, adding gas lift to the west side of the field, production system optimization and high FPSO uptime. Importantly, in September, the partnership secured the Noble Faye Kozack rig for the 2027/28 drilling program of up to 10 wells, which is expected to start in mid-2027.
At TEN (20.4% working interest), oil production averaged approximately 14,600 bopd gross for the third quarter, in line with expectations. Preparations continue for the ownership and operational transition of the FPSO to the partnership, scheduled for the first quarter of 2027, which is expected to drive a further reduction in operating costs for TEN production thereafter.
Mauritania and Senegal
Greater Tortue Ahmeyim ("GTA") continued to demonstrate stable operations during the third quarter, delivering cargos slightly ahead of guidance, while maintaining strong reservoir performance.
GTA production averaged approximately 14,600 boepd net during the quarter, or approximately 2.44 mtpa of LNG equivalent gross, reflecting warmer seasonal temperatures as previously guided. The partnership lifted 8.5 gross LNG cargos in the third quarter, slightly above guidance, bringing the total number of gross LNG cargos for the nine months ended September 30 to 27. Full year gross LNG cargo liftings are expected to be at the upper end of the 32-36 guidance range. The third gross condensate cargo of the year was lifted by Kosmos and the national oil companies of Mauritania and Senegal at the beginning of the fourth quarter, with timing slightly impacted by weather.
Work continues to advance domestic gas initiatives and Phase 1+ development planning, with several positive engagements with our host governments and partners in recent weeks regarding the future development of the resource.
In Senegal, Réseau Gazier du Sénégal, the operator of the gas pipeline, reported that the first phase of the onshore pipeline (the "Northern Segment") to connect the GTA hub to the 230 megawatt Gandon power plant is over 25% complete as of October 2026.
Gulf of America
Production in the Gulf of America averaged approximately 14,100 boepd net (~83% oil) during the third quarter, in line with guidance, reflecting continued strong performance from the Company's operated assets, partially offset by host facility downtime.
In the fourth quarter, Gulf of America production is expected to be impacted by planned Delta House platform maintenance (Odd Job host facility), a workover on the Kodiak-1 well and downtime associated with Hurricane Isaias, and has been reflected in the Company's fourth quarter guidance.
On the Kosmos-operated Tiberius project, Kosmos successfully completed a highly competitive farm out process in July, with Navitas becoming a 33.33% partner in the project alongside Kosmos (33.34%) and Occidental (33.33%, as well as an owner and operator of the host facility, Lucius). The consideration for the farm down was a mix of upfront cash, carry for future development capital expenditure, and future milestone payments, preserving significant future upside and reducing near-term capital requirements. The carry is expected to cover Kosmos' spend on the project through 2026 and the first half of 2027.
Kosmos continues to mature several high-return growth opportunities, including Trailblazer, while maintaining a disciplined approach to capital allocation. Trailblazer (~200 mmboe gross resource) is the first exploration well to be drilled through the exploration alliance with Shell announced earlier in the year. Drilling is expected to commence in the first half of 2027. In the event of success, Trailblazer could be tied back into Shell's nearby Appomattox platform with Kosmos designated as development operator.
- A Non-GAAP measure, see attached reconciliation of non-GAAP measure. Net debt excludes $63.9 million TEN FPSO finance lease liability. For purposes of the debt cover ratio calculation under the RBL Facility, the finance lease liability is included in net debt.
- Production means net entitlement volumes. In Ghana and Mauritania and Senegal this means those volumes net to Kosmos' working interest or participating interest and net of royalty or production sharing contract effect. In the Gulf of America, this means those volumes net to Kosmos' working interest and net of royalty.
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss third quarter 2026 financial and operating results today, November 2, 2026, at 10:00 a.m. Central time (11:00 a.m. Eastern time). The live webcast of the event can be accessed on the Investors page of Kosmos' website at http://investors.kosmosenergy.com/investor-events. The dial-in telephone number for the call is +1-800-715-9871. Callers in the United Kingdom should call 0800 260 6466. Callers outside the United States should dial +1-646-307-1963. A replay of the webcast will be available on the Investors page of Kosmos' website for approximately 90 days following the event.
Non-GAAP Financial Measures
###
Kosmos Energy Ltd.
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Revenues and other income: | ||||
| Oil and gas revenue | $ 410,059 | $ 310,959 | $ 1,388,040 | $ 993,729 |
| Gain (loss) on sale of assets | (339) | - | 9,082 | 600 |
| Other income, net | 160 | 270 | 690 | 849 |
| Total revenues and other income | 409,880 | 311,229 | 1,397,812 | 995,178 |
| Costs and expenses: | ||||
| Oil and gas production | 101,756 | 147,696 | 411,780 | 558,122 |
| Exploration expenses | 4,239 | 54,948 | 27,180 | 68,686 |
| General and administrative | 18,682 | 12,886 | 65,655 | 58,215 |
| Depletion, depreciation and amortization | 112,228 | 141,514 | 352,602 | 413,449 |
| Interest and other financing costs, net | 53,746 | 57,919 | 166,248 | 164,595 |
| Derivatives, net | 133,876 | (3,646) | 334,063 | (18,480) |
| Other expenses, net | 12,680 | 6,384 | 26,225 | 14,854 |
| Total costs and expenses | 437,207 | 417,701 | 1,383,753 | 1,259,441 |
| Income (loss) before income taxes | (27,327) | (106,472) | 14,059 | (264,263) |
| Income tax expense | 15,683 | 17,827 | 97,868 | 58,382 |
| Net loss | $ (43,010) | $ (124,299) | $ (83,809) | $ (322,645) |
| Net loss per share: | ||||
| Basic | $ (0.07) | $ (0.26) | $ (0.15) | $ (0.68) |
| Diluted | $ (0.07) | $ (0.26) | $ (0.15) | $ (0.68) |
Weighted average number of shares used to compute net loss per share:
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Basic | 595,470 | 478,254 | 565,363 | 477,344 |
| Diluted | 595,470 | 478,254 | 565,363 | 477,344 |
Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
| September 30, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 103,749 | $ 91,518 |
| Receivables, net | 96,853 | 103,472 |
| Other current assets | 180,755 | 232,884 |
| Total current assets | 381,357 | 427,874 |
| Property and equipment, net | 3,309,462 | 3,733,784 |
| Other non-current assets | 572,757 | 534,968 |
| Total assets | $ 4,263,576 | $ 4,696,626 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $ 141,816 | $ 202,555 |
| Accrued liabilities | 376,130 | 237,609 |
| Current maturities of long-term debt | 95,303 | 132,143 |
| Other current liabilities | 97,263 | - |
| Total current liabilities | 710,512 | 572,307 |
| Long-term liabilities: | ||
| Long-term debt, net | 2,492,138 | 2,920,616 |
| Deferred tax liabilities | 143,340 | 305,924 |
| Other non-current liabilities | 248,404 | 369,189 |
| Total long-term liabilities | 2,883,882 | 3,595,729 |
| Total stockholders' equity | 669,182 | 528,590 |
| Total liabilities and stockholders' equity | $ 4,263,576 | $ 4,696,626 |
Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Operating activities: | ||||
| Net loss | $ (43,010) | $ (124,299) | $ (83,809) | $ (322,645) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Depletion, depreciation and amortization (including deferred financing costs) | 114,910 | 143,403 | 360,581 | 419,111 |
| Deferred income taxes | (34,019) | (950) | (35,287) | 686 |
| Unsuccessful well costs and leasehold impairments | 354 | 51,211 | 14,313 | 51,373 |
| Change in fair value of derivatives | 107,014 | (2,792) | 369,306 | (10,675) |
| Cash settlements on derivatives, net(1) | (12,071) | (3,480) | (210,755) | 2,801 |
| Equity-based compensation | 4,347 | 5,302 | 18,411 | 21,009 |
| (Gain) loss on sale of assets | 339 | - | (9,082) | (600) |
| Debt modifications and extinguishments | 65 | - | (1,016) | - |
| Other | (4,046) | (2,986) | (24,805) | (11,492) |
| Changes in assets and liabilities: | ||||
| Net changes in working capital | 30,101 | (92,977) | 47,693 | (50,856) |
| Net cash provided by (used in) operating activities | 163,984 | (27,568) | 445,550 | 98,712 |
| Investing activities | ||||
| Oil and gas assets | (64,525) | (71,367) | (228,002) | (244,133) |
| Proceeds on sale of assets | - | - | 127,034 | - |
| Notes receivable and other investing activities | - | - | (11,598) | (86,791) |
| Net cash used in investing activities | (64,525) | (71,367) | (112,566) | (330,924) |
| Financing activities: | ||||
| Borrowings under long-term debt | 27,000 | 175,000 | 151,167 | 375,000 |
| Payments on long-term debt | (65,110) | (50,000) | (569,848) | (150,000) |
| Net proceeds from issuance of senior notes and bonds | - | - | 350,000 | - |
| Repurchase and redemption of senior notes | (50,000) | - | (397,184) | - |
| Net proceeds from issuance of common stock | - | - | 206,440 | - |
| Payments on finance lease | (9,319) | - | (24,270) | - |
| Other financing costs | (64) | - | (8,836) | (1) |
| Net cash provided by (used in) financing activities | (97,493) | 125,000 | (292,531) | 224,999 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 1,966 | 26,065 | 40,453 | (7,213) |
| Cash, cash equivalents and restricted cash at beginning of period | 156,231 | 51,999 | 117,744 | 85,277 |
| Cash, cash equivalents and restricted cash at end of period | $ 158,197 | $ 78,064 | $ 158,197 | $ 78,064 |
- Cash settlements on commodity hedges were $(39.8) million and $(2.3) million for the three months ended September 30, 2026 and 2025, respectively, and $(175.5) million and $7.3 million for the nine months ended September 30, 2026 and 2025, respectively.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
| Three Months Ended | Nine months ended | Twelve Months Ended | |||
|---|---|---|---|---|---|
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | September 30, 2026 | |
| Net loss | $ (43,010) | $ (124,299) | $ (83,809) | $ (322,645) | $ (460,950) |
| Exploration expenses | 4,239 | 54,948 | 27,180 | 68,686 | 182,110 |
| Depletion, depreciation and amortization | 112,228 | 141,514 | 352,602 | 413,449 | 495,927 |
| Impairment of long-lived assets | - | - | - | - | 177,563 |
| Equity-based compensation | 4,347 | 5,302 | 18,411 | 21,009 | 25,355 |
| Derivatives, net | 133,876 | (3,646) | 334,063 | (18,480) | 298,878 |
| Cash settlements on commodity derivatives | (39,790) | (2,324) | (175,513) | 7,340 | (172,459) |
| Other expenses, net | 12,680 | 6,384 | 26,225 | 14,854 | 24,862 |
| (Gain) loss on sale of assets | 339 | - | (9,082) | (600) | (10,682) |
| Interest and other financing costs, net | 53,746 | 57,919 | 166,248 | 164,595 | 225,083 |
| Income tax expense | 15,683 | 17,827 | 97,868 | 58,382 | 104,691 |
| EBITDAX | $ 254,338 | $ 153,625 | $ 754,193 | $ 406,590 | $ 890,378 |
| Pro Forma Adjustment - TEN FPSO Lease and EG Divestiture(1) | 28,964 | 27,324 | 41,286 | ||
| Pro Forma EBITDAX | 283,302 | 781,517 | 931,664 |
- Adjustment to present Pro Forma EBITDAX for the impact of the TEN FPSO finance lease transaction on oil and gas production expense for the periods presented and for the impact of the oil revenues and expenses and results of operations associated with the interest in the Ceiba Field and Okume Complex production assets located in Block G offshore Equatorial Guinea sold to Panoro Energy ASA for the respective period. The sale closed on June 16, 2026.
The following table presents our net debt as of September 30, 2026 and December 31, 2025:
| September 30, | December 31, | |
|---|---|---|
| 2026(1) | 2025 | |
| Total long-term debt | $ 2,631,566 | $ 3,100,274 |
| Cash and cash equivalents | 103,749 | 91,518 |
| Total restricted cash | 54,448 | 26,226 |
| Net debt | $ 2,473,369 | $ 2,982,530 |
- Excludes $63.9 million TEN FPSO finance lease liability.
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Net loss | $ (43,010) | $ (124,299) | $ (83,809) | $ (322,645) |
| Derivatives, net | 133,876 | (3,646) | 334,063 | (18,480) |
| Cash settlements on commodity derivatives | (39,790) | (2,324) | (175,513) | 7,340 |
| (Gain) loss on sale of assets | 339 | - | (9,082) | (600) |
| Other expenses, net | 12,619 | 6,358 | 26,119 | 14,386 |
| Write-off of leasehold costs | - | - | 13,181 | - |
| Impairment of suspended well costs | - | 51,060 | - | 51,060 |
| Debt modifications and extinguishments | 65 | - | (1,016) | - |
| Total selected items before tax | 107,109 | 51,448 | 187,752 | 53,706 |
| Income tax (expense) benefit on adjustments(1) | (29,106) | 575 | (36,394) | (1,459) |
| Adjusted net income (loss) | $ 34,993 | (72,276) | 67,549 | (270,398) |
| Net loss per diluted share | $ (0.07) | $ (0.26) | $ (0.15) | $ (0.68) |
| Derivatives, net | 0.22 | (0.01) | 0.59 | (0.04) |
| Cash settlements on commodity derivatives | (0.07) | - | (0.31) | 0.02 |
| (Gain) loss on sale of assets | - | - | (0.02) | - |
| Other expenses, net | 0.03 | 0.01 | 0.05 | 0.03 |
| Write-off of leasehold costs | - | - | 0.02 | - |
| Impairment of suspended well costs | - | 0.11 | - | 0.10 |
| Total selected items before tax | 0.18 | 0.11 | 0.33 | 0.11 |
| Income tax (expense) benefit on adjustments(1) | (0.05) | - | (0.06) | - |
| Adjusted net income (loss) per diluted share | $ 0.06 | $ (0.15) | $ 0.12 | $ (0.57) |
| Weighted average number of diluted shares | 595,470 | 478,254 | 565,363 | 477,344 |
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Reconciliation of free cash flow: | ||||
| Net cash provided by (used in) operating activities | $ 163,984 | $ (27,568) | $ 445,550 | $ 98,712 |
| Net cash used for oil and gas assets | (64,525) | (71,367) | (228,002) | (244,133) |
| Payments on finance lease | (9,319) | - | (24,270) | - |
| Free cash flow | 90,140 | (98,935) | 193,278 | (145,421) |
Kosmos Energy Ltd.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Net Volume Sold | ||||
| Oil (MMBbl) | 3.691 | 3.799 | 12.675 | 12.822 |
| Gas (Bcf) | 11.749 | 9.712 | 36.770 | 21.004 |
| NGL (MMBbl) | 0.095 | 0.097 | 0.587 | 0.301 |
| Total (MMBoe) | 5.744 | 5.515 | 19.390 | 16.624 |
| Total (MBoepd) | 62.437 | 59.942 | 71.027 | 60.893 |
| Revenue | ||||
| Oil sales | $ 326,899 | $ 255,661 | $ 1,120,201 | $ 880,584 |
| Gas sales | 81,377 | 53,761 | 237,082 | 107,439 |
| NGL sales | 1,783 | 1,537 | 30,757 | 5,706 |
| Total oil and gas revenue | 410,059 | 310,959 | 1,388,040 | 993,729 |
| Cash settlements on commodity derivatives | (39,790) | (2,324) | (175,513) | 7,340 |
| Realized revenue | $ 370,269 | $ 308,635 | $ 1,212,527 | $ 1,001,069 |
| Oil and Gas Production Costs(1) | $ 101,756 | $ 147,696 | $ 411,780 | $ 558,122 |
| Sales per Bbl/Mcf/Boe | ||||
| Average oil sales price per Bbl | $ 88.57 | $ 67.30 | $ 88.38 | $ 68.68 |
| Average gas sales price per Mcf | 6.93 | 5.54 | 6.45 | 5.12 |
| Average NGL sales price per Bbl | 18.77 | 15.85 | 52.40 | 18.96 |
| Average total sales price per Boe | 71.39 | 56.39 | 71.58 | 59.78 |
| Cash settlements on commodity derivatives per Boe | (6.93) | (0.42) | (9.05) | 0.44 |
| Realized revenue per Boe | 64.46 | 55.97 | 62.53 | 60.22 |
| Oil and gas production costs per Boe | $ 17.72 | $ 26.78 | $ 21.24 | $ 33.57 |
| Oil and gas production costs per Boe ex. M/S (1) | $ 10.08 | $ 19.51 | $ 15.38 | $ 24.67 |
(1) Includes $56.1 million and $59.4 million for the three months ended September 30, 2026 and 2025, respectively, and $177.2 million and $186.6 million for the nine months ended September 30, 2026 and 2025, respectively of oil and gas production costs related to the LNG production at the GTA Phase 1 project in Mauritania and Senegal. GTA Phase 1 project LNG sales volumes for the three months ended September 30, 2026 and 2025 were 1.208 MMBoe and 0.989 MMBoe, respectively, and for the nine months ended September 30, 2026 and 2025 were 4.138 MMBoe and 1.563 MMBoe, respectively. First LNG was achieved in February 2025 and the first LNG cargo was successfully completed in April 2025.
Kosmos was underlifted by approximately 1.1 million barrels of oil equivalent (mmboe) as of September 30, 2026.
Kosmos Energy Ltd.
Hedging Summary
As of September 30, 2026(1)
(Unaudited)
Weighted Average Price per Bbl
| Index | MBbl | Floor(2) | Sold Put | Ceiling | |
|---|---|---|---|---|---|
| 2026: | |||||
| Three-way collars FY26 | Dated Brent | 500 | 60.00 | 50.00 | 75.51 |
| Swaps FY26 | Dated Brent | 750 | 70.62 | - | - |
| Swaps FY26 | WTI | 375 | 64.83 | - | - |
| 2027: | |||||
| Three-way collars 1H27 | Dated Brent | 2,000 | 70.00 | 55.00 | 85.00 |
| Three-way collars FY27 | Dated Brent | 2,000 | 60.00 | 47.50 | 75.00 |
| Two-way collars FY27 | Dated Brent | 3,000 | 68.33 | - | 93.33 |
| Three-way collars FY27 | WTI | 1,000 | 70.00 | 55.00 | 90.00 |
- Please see the Company's filed 10-Q for additional disclosure on hedging material. Includes hedging position as of September 30, 2026 and hedges put in place through filing date.
- "Floor" represents floor price for collars and strike price for purchased puts.
Note: Excludes 0.3 MMBbls of Dated Brent sold calls with a strike price of $100.00 per Bbl and 0.5 MMBbls of Dated Brent sold puts with a strike price of $55.00 per Bbl in 2026. Excludes 0.4 MMBbls of WTI sold puts with a strike price of $50.00 per Bbl in 2026.
Fourth Quarter 2026 Guidance
4Q 2026
| Production(1,2,3) | 60,000 - 64,000 boe per day |
| Opex | $18.00 - $20.00 per boe |
| DD&A | $17.50 - $19.50 per boe |
| G&A(~61% cash) | $10-$15 million |
| Exploration Expense(4) | ~$5 million |
| Net Interest Expense | $50 - $55 million |
| Tax | $11.00 - $15.00 per boe |
| Capital Expenditure | $50 - $75 million |
Note: Ghana / Mauritania & Senegal revenue calculated by number of cargos. Guidance excludes Equatorial Guinea from June 17, 2026 following the sale of the assets.
- 4Q 2026 net cargo forecast - Ghana: 3 cargos. Average cargo sizes 950,000 barrels of oil.
- 4Q 2026 gross LNG cargo forecast - Mauritania & Senegal: 8-9 cargos. Average cargo size ~170,000 m3 with Kosmos NRI of ~24%. Kosmos expects 0.4 net condensate cargos in 4Q 2026
- Gulf of America Production: 4Q 2026 forecast 10,000 - 11,500 boe per day. Oil/Gas/NGL split for 2026: ~83%/~10%/~7%.
- Excludes leasehold impairments and dry hole costs.
Source: Kosmos Energy Ltd.
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