Highlights

  • Kosmos Energy produced about 69,200 barrels of oil equivalent per day in Q3 2026, in line with guidance.
  • The company generated US$90.1 million of free cash flow, its third consecutive quarter of positive free cash flow.
  • Net Debt fell to about US$2.47 billion at 30 September 2026, down from roughly US$2.98 billion at 2025 year end.
  • Kosmos amended its US$1.2 billion reserve-based lending facility, extending final Maturity to April 2033 with no amortization before 2031.

Kosmos Energy Ltd. (NYSE:KOS) has pushed out a major part of its debt maturity schedule, completing an amendment and extension of its reserve-based lending Facility in October 2026 and reporting the move alongside third-quarter results on 2 November 2026. Total commitments stand at US$1.2 billion, with final maturity extended to April 2033, about US$750 million drawn and no amortization payments planned until 2031.

The deep-water oil and gas producer said its next focus is the bonds maturing in 2028.

Production Rises as Ghana Infill Wells Deliver

Net production averaged about 69,200 barrels of oil equivalent per day in Q3 2026, up about 6% year over year and about 17% excluding Equatorial Guinea, which was sold in June 2026. Ghana contributed about 40,500 boepd, with gross Jubilee oil output of about 84,500 barrels a day, roughly 17% above Q2, after a campaign that delivered seven infill wells.

The Greater Tortue Ahmeyim LNG project in Mauritania and Senegal lifted 8.5 gross cargoes, bringing the nine-month total to 27, while Gulf of America output averaged about 14,100 boepd, roughly 83% oil.

Narrower Loss and Lower Operating Costs

Oil and gas Revenue rose to US$410.1 million from US$311.0 million, with a realized price of US$71.39 per Barrel of Oil Equivalent before hedging. Cash hedge settlements cost US$39.8 million. Kosmos reported a net loss of US$43.0 million, or US$0.07 per diluted share, compared with a loss of US$124.3 million a year earlier, and adjusted Net Income of US$35.0 million, or US$0.06 per share.

Production expense fell about 31% to US$101.8 million, or US$17.72 per barrel of oil equivalent. EBITDAX increased to US$254.3 million, and operating Cash Flow was US$164.0 million. Liquidity stood at about US$570 million.

Debt Target, Fourth-Quarter Guidance and Growth Projects

Kosmos is targeting a debt reduction of about 20% in 2026 and expects year-end net debt below US$2.4 billion, with Leverage approaching 2.0 times. Net debt has already fallen by more than US$500 million this year. Chairman and Chief Executive Andrew Inglis said the company expects to enter 2027 in a stronger position.

For Q4 2026, management guided production of 60,000 to 64,000 boepd, reflecting Gulf of America maintenance, a Kodiak-1 workover and hurricane impacts, with Capital spending of US$50 million to US$75 million and full-year capex unchanged at about US$350 million. It expects GTA liftings at the upper end of the 32 to 36 cargo range. A rig has been secured for up to 10 Jubilee wells starting in mid-2027, and drilling at the Trailblazer prospect under the Shell exploration alliance is expected to begin in the first half of 2027. Shares closed at US$2.85 on 30 October 2026, up 6.34% on the day, giving a market Capitalization of about US$1.7 billion.