Kosmos Energy (KOS) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2026, with production up 18% year-over-year and significant cost reductions, driven by core assets Jubilee and GTA.

• Returned to profitability with Q2 2026 net income of $185 million, reversing prior year losses, and maintained robust performance at core assets.

• Completed sale of Equatorial Guinea assets and farm-down of Tiberius project, focusing capital on higher-return assets and supporting net debt reduction.

• Advanced all 2026 objectives: production growth, cost and debt reduction, and growth portfolio progress with minimal CapEx.

• Maintained diversified production across Ghana, Mauritania/Senegal, and Gulf of America, with significant development progress at Jubilee and Tiberius.

Financial highlights

• Q2 2026 net production rose to 71,400 boepd, up 12% year-over-year, driven by new Jubilee wells and GTA ramp-up.

• Q2 2026 revenue increased to $617 million from $394 million in Q2 2025; net income was $185 million.

• Average realized oil price per barrel increased to $108.57 in Q2 2026 from $66.10 in Q2 2025.

• Operating costs per boe fell to $25.61 from $36.49 year-over-year; absolute operating costs down 25% in Q2.

• Net debt reduced to $2.56 billion as of June 30, 2026, from $2.98 billion at year-end 2025; over $500 million in liquidity at quarter-end.

Outlook and guidance

• Full-year 2026 production guidance: 69,000–74,000 boepd; opex $19–$21/boe; DD&A $16–$18/boe; capex $350 million.

• Jubilee full-year production guidance unchanged at 70,000–80,000 bpd, trending toward upper end.

• GTA full-year guidance of 32–36 LNG cargoes maintained; 18.5 lifted in H1.

• Net debt reduction target increased to over 20% for 2026, with further leverage reduction expected by year-end.

• Guidance reflects Equatorial Guinea asset sale; Ghana expected to deliver 12–13 cargos, GTA 32–36 LNG cargos.