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Kosmos Energy (KOS) investor relations material
Kosmos Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Net production averaged ~65,500 boepd in Q3 2025, up 3% sequentially, with record highs driven by Jubilee and GTA ramp-up; further growth expected through 2026.
Q3 2025 saw a net loss of $124.3 million, compared to net income of $45.0 million in Q3 2024, with significant exploration expense from Winterfell-4 abandonment.
Costs declined significantly, with operating costs down ~39% quarter-over-quarter and overhead reductions on track.
Balance sheet resilience improved by refinancing debt, extending maturities, and increasing hedging, including a $250 million Shell term loan and $150 million note redemption.
GTA project fully operational, with 6.8 gross LNG cargos lifted in Q3 and first condensate cargo providing a new revenue stream.
Financial highlights
Q3 2025 revenues were $311 million, or $56.39 per boe, with realized prices down from prior year; production expense was $148 million ($19.51/boe ex-GTA), down 39% from Q2.
CapEx for Q3 was $67 million, with full-year CapEx expected below $350 million, over 60% lower year-over-year.
Net cash provided by operating activities for the nine months ended September 30, 2025 was $98.7 million, down from $502.5 million in the prior year period.
Net debt as of September 30, 2025 was $2.95 billion, with ~$540 million liquidity and undrawn facility availability of $225 million.
EBITDAX for Q3 was $153.6 million.
Outlook and guidance
FY 2025 production guidance is ~65,000 boepd, with Q4 2025 expected at 66,000–72,000 boepd; further increases expected in 2026.
FY 2025 CapEx expected below $350 million, with real savings from drilling efficiencies and lower contract rates.
Opex guidance (ex-GTA) is ~$22/boe for FY 2025, with unit costs at GTA expected to fall by over 50% in 2026.
Targeting 2.7 mtpa FLNG nameplate at GTA by year-end, with potential to nearly double LNG cargoes in 2026.
Management expects to remain in compliance with amended debt covenants but notes risk if mitigation plans are not successful.
How will remaining 2026 notes be fully repaid?
GTA cost reduction and Phase 1+ progress?
Key drivers for 2026 production growth?
GTA Phase 1+ domestic gas strategy and CapEx?
Year-end leverage covenant mitigation plans?
OBN seismic impact on Jubilee future drilling?
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Next Kosmos Energy earnings date
Q4 202523 Feb, 2026
Next Kosmos Energy earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
Kosmos Energy Ltd., a deep-water independent oil and gas exploration and production company, operates along the Atlantic Margins. Kosmos Energy Ltd's primary assets include production offshore Ghana, Equatorial Guinea, and the U.S. Gulf of Mexico, as well as a gas development offshore Mauritania and Senegal. It also has a portfolio of exploration assets in the Atlantic Margins, Europe, West Africa, Africa Deepwater, Caribbean Basin Deepwater and Suriname Deepwater.
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