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 net debt reduced by over $400 million in H1 2026, supported by asset sales and project farm-downs.

• Revenues reached $617 million in Q2 2026, with net income of $185 million, reversing a prior-year loss.

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

• Maintained diversified production across Ghana, Mauritania/Senegal, and Gulf of America, advancing key projects like Jubilee, GTA, and Tiberius.

• Maintained focus on production growth, cost reduction, debt reduction, and advancing the growth portfolio with minimal CapEx.

Financial highlights

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

• Q2 2026 revenue rose 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 dropped 25% YoY.

• Paid down approximately $420 million of debt in H1 2026; ended Q2 with over $500 million in liquidity.

Outlook and guidance

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

• FY2026 capital expenditure guidance unchanged at $350 million.

• GTA guidance unchanged at 32–36 LNG cargoes for 2026; Ghana expected to deliver 12–13 cargos.

• Net debt reduction target increased to over 20% for 2026, with expectations to achieve or exceed this.

• Guidance excludes Equatorial Guinea from June 17, 2026, following asset sale.