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Kosmos Energy (KOS) investor relations material
Kosmos Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
GTA FLNG project achieved Commercial Operations Date in Q2 2025, with 6.5 gross LNG cargoes lifted year-to-date and nameplate capacity targeted for Q4 2025.
Net production reached ~63,500 boepd in Q2 2025, with further growth expected from GTA ramp-up and new wells at Jubilee and Winterfell.
Jubilee field drilling resumed, with the first new producer well online and performing as expected; further wells planned to restore and grow production.
CapEx guidance for 2025 reduced to $350M, reflecting disciplined investment and project timing.
Balance sheet resilience prioritized through debt refinancing, new term loan agreement, and increased hedging for 2026 production.
Financial highlights
Q2 2025 revenues were $393 million, down from $451 million in Q2 2024, mainly due to lower realized prices.
Net loss of $88 million in Q2 2025 compared to net income of $60 million in Q2 2024.
CapEx for 1H 2025 was $170M, with Q2 CapEx at $86M; full-year guidance set at $350M.
OpEx per BOE (excluding GTA) was $28.22 in Q2 2025, up from $25.0 in Q1 2025; overhead savings of $25M targeted by year-end.
Free cash flow was $45 million in Q2 2025, compared to negative $15 million in Q2 2024.
Outlook and guidance
Full-year 2025 production guidance revised to 65,000–70,000 boepd, reflecting slower GTA ramp-up and lower Jubilee output.
FY25 opex expected at $22–$24/boe, excluding GTA costs; GTA opex expected at $225–$245M net.
Targeting 20 gross LNG cargoes from GTA in 2025, with production to reach nameplate capacity in Q4.
Aiming to hedge 50% of 2026 oil production by year-end; 5M barrels hedged for 2025, 7M for 2026.
Facility borrowing base reaffirmed at $1.35B in March 2025; $1.0B drawn and $350M undrawn as of June 30, 2025.
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