olivLaw · US equity research
Kosmos Energy Ltd. KOS
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
Kosmos Energy is a deepwater exploration and production company with assets offshore Ghana, Mauritania, Senegal and the Gulf of America, listed on the NYSE and LSE. In 2026 it is rebalancing its balance sheet through the sale of its Equatorial Guinea assets, a partial farm-down of Tiberius and a refinancing of its RBL facility, while production grows from Ghana and the GTA project.
At the close of 30 Oct 2026, Kosmos Energy Ltd. (KOS) stock was 2.85 USD (+6.34% on the day), with market capitalisation 1.7 bn USD, dividend yield 0.00%, beta 0.81, 52-week range 0.87–3.27 USD. Latest reported quarter (Q2 2026): revenue of 607.3 m USD (+54.7% YoY), net income of 184.8 m USD, diluted EPS 0.31 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.3
- strong (55–70)
- Bollinger (20, 2)
- 2.54 – 2.90
- in the upper half of the band · %B 0.86 · band width 13.0%
- SMA 50 / 200
- 2.76 / 2.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.2% | −0.9% | +13.1 pp | — |
| 3 months | +5.9% | +1.2% | +4.7 pp | — |
| 6 months | −10.9% | +4.8% | −15.8 pp | — |
| Year to date | +213.2% | +10.7% | +202.5 pp | — |
| 1 year | +83.9% | +11.1% | +72.8 pp | +48.1% |
| 3 years | −60.6% | +80.7% | −141.4 pp | +16.6% |
| 5 years | −20.8% | +64.6% | −85.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 407.8 m | 397.6 m | 290.1 m | 392.6 m | 311.0 m | 294.6 m | 370.7 m | 607.3 m |
| Depreciation & amortisation | 122.9 m ≈ | 146.9 m | 122.6 m | 153.2 m ≈ | 143.4 m ≈ | 145.5 m | 122.5 m | 123.2 m ≈ |
| Pre-tax income | 106.6 m | -33.8 m | -94.0 m | -63.8 m | -106.5 m | -370.3 m | -241.1 m | 282.5 m |
| Income tax | 61.6 m | -27.3 m | 16.6 m | 24.0 m | 17.8 m | 6.8 m | -15.5 m | 97.7 m |
| Net income | 45.0 m | -6.6 m | -110.6 m | -87.7 m | -124.3 m | -377.1 m | -225.6 m | 184.8 m |
| Diluted EPS | 0.09 | -0.01 ≈ | -0.23 | -0.18 | -0.26 | -0.79 ≈ | -0.45 | 0.31 |
| Operating cash flow | 6.3 m ≈ | 175.7 m | -888.0 k | 127.2 m ≈ | -27.6 m ≈ | 35.3 m | 106.6 m | 175.0 m ≈ |
| Dividends paid | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 886.7 m | 1.5 bn | 804.0 m | 1.3 bn | 2.2 bn | 1.7 bn | 1.7 bn | 1.3 bn |
| Revenue YoY | +53.4% | +69.1% | −46.4% | +65.7% | +68.6% | −24.2% | −1.5% | −23.1% |
| Net income | -94.0 m | -55.8 m | -411.6 m | -77.8 m | 226.6 m | 213.5 m | 189.9 m | -699.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −5.8% | −11.1% | −468.6% |
| Diluted EPS | -0.23 | -0.14 | -1.02 | -0.19 | 0.48 | 0.44 | 0.40 | -1.47 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −8.3% | −9.1% | −467.5% |
| net % | -10.6% | -3.7% | -51.2% | -5.8% | 10.1% | 12.5% | 11.3% | -54.3% |
| Free cash flow | -124.9 m | 187.4 m | -77.8 m | -549.9 m | 518.9 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 91.5 m USD
- Financial debt
- 3.1 bn USD
- Net debt
- 3.0 bn USD
- Equity
- 528.6 m USD
- Total assets
- 4.7 bn USD
- Debt / equity
- 5.78x
- Current ratio
- 0.75x
- ROE
- -80.9%
- ROA
- -14.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 804.0 m | 1.3 bn | 2.2 bn | 1.7 bn | 1.7 bn | 1.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 495.2 m | 477.8 m | 508.7 m | 454.8 m | 465.5 m | 564.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -416.8 m | -43.4 m | 337.1 m | 371.7 m | 349.8 m | -634.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -5.2 m | 34.5 m | 110.5 m | 158.2 m | 160.0 m | 65.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -411.6 m | -77.8 m | 226.6 m | 213.5 m | 189.9 m | -699.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -1.02 | -0.19 | 0.48 | 0.44 | 0.40 | -1.47 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 405.2 m | 416.9 m | 474.9 m | 481.1 m | 476.7 m | 477.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividend per share | 0.05 | — | — | — | — | — | SEC (XBRL)· 23 Feb 2021verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 149.0 m | 131.6 m | 183.4 m | 95.3 m | 85.0 m | 91.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 44.5 m | 134.0 m | 67.5 m | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Inventories | 129.0 m | 165.2 m | 133.5 m | 152.1 m | 170.9 m | 172.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 400.3 m | 542.0 m | 468.7 m | 422.7 m | 446.1 m | 427.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 3.3 bn | 4.2 bn | 3.8 bn | 4.2 bn | 4.4 bn | 3.7 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 3.9 bn | 4.9 bn | 4.6 bn | 4.9 bn | 5.3 bn | 4.7 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 221.4 m | 184.4 m | 212.3 m | 248.9 m | 350.0 m | 202.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 7.5 m | 30.0 m | 30.0 m | 0 | 0 | 132.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 2.1 bn | 2.6 bn | 2.2 bn | 2.4 bn | 2.7 bn | 2.9 bn | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 460.2 m | 531.0 m | 574.3 m | 554.8 m | 594.9 m | 572.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 440.2 m † | 529.2 m † | 787.8 m † | 1.0 bn † | 1.2 bn † | 528.6 m † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 196.1 m | 374.3 m | 1.1 bn | 765.2 m | 678.2 m | 134.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 274.0 m | 924.2 m | 611.6 m | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Free cash flow | -77.8 m ≈ | -549.9 m ≈ | 518.9 m ≈ | — | — | — | SEC (XBRL)· 28 Feb 2023derived |
| Investing cash flow | -345.6 m | -973.4 m | -703.9 m | -994.9 m | -966.1 m | -401.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 69.9 m | 624.2 m | -414.7 m | 141.6 m | 274.3 m | 299.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | 19.3 m | 512.0 k | 655.0 k | 166.0 k | 0 | 0 | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.59 – 0.80 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.59 – 0.80 (Mid 0.68)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -34.2% | 8 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -16.9% | 0 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Kosmos Energy Ltd. (KOS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth -23.1%; net margin -34.2%; ROE -63.0%.
The estimated value range is 0.59–0.80 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.68 USD, the price of 2.85 USD leaves a potential of -76.1% (value / price − 1) and a margin of safety of -318.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -34.2%
- Revenue CAGR 3Y: -16.9%
- Current ratio: 0.6x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SHELShell plc | 618.4 bn | 34.7 | 10.1% | 6.7% | −6.1% | +45% / +67% |
| EOGEog Resources, Inc. | 86.8 bn | 12.9 | 22.5% | 25.4% | −4.5% | +56% / +31% |
| OXYOccidental Petroleum Corporation | 64.0 bn | 9.6 | 18.9% | 33.7% | −1.9% | +55% / +4% |
| FANGDiamondback Energy, Inc. | 59.4 bn | 41.3 | 3.8% | 8.6% | +35.8% | +48% / +32% |
| DVNDevon Energy Corp | 57.4 bn | 12.4 | 11.5% | 16.7% | +7.8% | +61% / +12% |
| EQTEqt Corporation | 34.6 bn | 13.1 | 10.9% | 28.4% | +63.9% | +3% / +31% |
| PRPermian Resources Corporation | 21.8 bn | 17.3 | 11.5% | 21.5% | +1.3% | +107% / +79% |
| EXEExpand Energy Corporation | 20.9 bn | 7.8 | 14.6% | 19.8% | +186.3% | −12% / +5% |
| OVVOvintiv Inc. | 20.0 bn | 20.6 | 8.4% | 9.4% | −2.7% | +94% / +51% |
| APAApa Corporation | 18.5 bn | 11.2 | 25.9% | — | unavailable | +133% / +33% |
| ARAntero Resources Corporation | 12.9 bn | 9.4 | 17.6% | 21.7% | +22.0% | +36% / +43% |
| SMSm Energy Co | 9.6 bn | 8.0 | 16.1% | 18.2% | +17.2% | +93% / +0% |
| CHRDChord Energy Corporation | 8.6 bn | 10.6 | 10.3% | 13.4% | −7.1% | +73% / −5% |
| MURMurphy Oil Corporation | 6.3 bn | 21.8 | 5.6% | 9.8% | −10.2% | +55% / −2% |
| CRCCalifornia Resources Corp | 4.9 bn | — | -3.6% | -3.8% | +14.7% | +18% / +5% |
| CRGYCrescent Energy Co | 4.7 bn | 85.7 | 1.1% | 1.3% | +22.1% | +68% / +17% |
| CRKComstock Resources, Inc. | 4.3 bn | 8.3 | 21.1% | 23.3% | +77.0% | −21% / +17% |
| HESMHess Midstream LP | 4.2 bn | 11.2 | — | 23.2% | +8.4% | −4% / +9% |
| PARRPar Pacific Holdings, Inc. | 3.8 bn | 4.4 | 54.7% | 9.9% | −6.4% | +91% / +132% |
| NOGNorthern Oil And Gas, Inc. | 3.0 bn | — | -22.1% | -25.4% | +11.2% | +28% / −26% |
| GPORGulfport Energy Corp | 2.9 bn | 6.7 | 27.7% | 32.3% | +48.5% | −10% / +35% |
| PHXE-PPhoenix Energy One, LLC | 2.5 bn | 328.9 | 49.7% | 0.7% | +144.4% | +25% / unavailable |
| KOSKosmos Energy Ltd. | 1.7 bn | — | -63.0% | -34.2% | −23.1% | +84% / −61% |
| REPXRiley Exploration Permian, Inc. | 1.2 bn | 9.6 | 19.9% | 24.5% | −4.4% | +105% / +68% |
| TBNTamboran Resources Corporation | 1.1 bn | — | -4.8% | — | unavailable | +26% / unavailable |
1- and 3-year price returns: for KOS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kosmos Energy is a deepwater exploration and production company with assets offshore Ghana, Mauritania, Senegal and the Gulf of America, listed on the NYSE and LSE. In 2026 it is rebalancing its balance sheet through the sale of its Equatorial Guinea assets, a partial farm-down of Tiberius and a refinancing of its RBL facility, while production grows from Ghana and the GTA project 123.
SWOT
Strengths
- Diversified offshore portfolio with production in Ghana, Mauritania, Senegal and the Gulf of America, and a solid record of discoveries in West Africa 1.
- Net production growth in the second quarter of 2026 and lower production costs support cash flow 3.
- Experienced management team with long track record in large upstream projects, which could support execution of the strategy 1.
Weaknesses
Opportunities
- Phase 1+ at GTA could use existing infrastructure for domestic sales in Senegal and Mauritania 3.
- If the Trailblazer prospect succeeds, it could be tied back to nearby Shell infrastructure with Kosmos as development operator 3.
- A drilling campaign of up to ten wells at Jubilee could extend Ghana production after 2027 3.
Risks
- Limited proved reserveshigh
The company has limited proved reserves, and discoveries may prove not to be commercial, which could affect long-term revenue 1.
- Debt and refinancinghigh
Refinancing the RBL facility and existing bonds could depend on market conditions and credit ratings, potentially limiting financial flexibility 23.
- Oil and LNG priceshigh
Declines in oil or LNG prices could materially reduce revenue and asset values, with a risk of write-downs 1.
- Offshore technical issuesmedium
The Winterfell incidents show that deepwater operations are exposed to technical interruptions and remediation costs 12.
- Dependence on host governmentsmedium
Disputes with host governments and delayed approvals could affect licences and project timing in Africa 1.
Investment thesis
What would need to be true (bull case)
- Rising production in Ghana and GTA, together with lower costs, could support cash flow and debt reduction in line with company targets 23.
- Selling the Equatorial Guinea assets and farming down Tiberius could concentrate capital on higher-return projects 23.
- If oil prices remain high, the 2027 hedges could provide protection while keeping upside exposure 3.
What would break the thesis
- Net debt above 2 billion dollars and the need to refinance could limit the ability to invest in exploration 23.
- Limited proved reserves and discoveries not yet confirmed as commercial could make long-term growth more uncertain 1.
- If oil prices fall, revenue and cash flow could be affected, and hedges might cover only part of the exposure 13.
What to watch
- Completion of the RBL refinancingQ4 2026
- Jubilee drilling campaign and the target of over 90,000 bopd grossQ3 2026
- Restoration of Winterfell production after casing incidents2026
- Trailblazer drilling in the Gulf of America, operated by ShellQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kosmos Energy is a deepwater exploration and production company founded in 2003, focused on West Africa and the Gulf of America, with major discoveries including Jubilee (2007) and Greater Tortue Ahmeyim (2015) 1. Its strategy has three objectives: maximize the value of producing assets, convert discovered resources into production and cash flow, and add new resources through acquisitions and infrastructure-led exploration 1. The company says it maintains financial discipline with a strong balance sheet and ample liquidity and uses derivatives to limit oil price exposure 1.
In the first half of 2026 Kosmos sold its Ceiba and Okume interests in Equatorial Guinea, farmed down part of Tiberius to Navitas and Occidental while keeping 33.34%, and started its RBL refinancing, targeting completion in the fourth quarter 23. The company reported that net debt fell by more than 400 million dollars in the first half of the year 3. Ghana remains the largest production source, and expansion after the Equatorial Guinea sale relies on Jubilee and GTA 23.
Revenue is dominated by Ghanaian oil, but gas and LNG from GTA are growing their share, with gas sales of 170.5 million dollars in fiscal 2025 12. Net production in the second quarter of 2026 rose about 12% year on year, showing that new Jubilee wells and GTA ramp-up are already contributing 3.
Segments
Ghana (Jubilee and TEN)
Ghana is the largest segment, with gross production of about 105,700 boepd in the second quarter of 2026, mostly from Jubilee 2. A new development drilling campaign at Jubilee is under way, and the field is expected to exceed 90,000 bopd gross 3.
Market context
Oil prices rose sharply in 2026, with the average realized oil price reaching 108.57 dollars per barrel in the second quarter, compared with 66.10 dollars a year earlier 2. The company added 2027 hedges with an average floor of about 67 dollars per barrel, which partly limits exposure to price declines 3.
The West African LNG market depends on long-term contracts and on developing domestic markets in Senegal and Mauritania, where gas power plants are being built 3. Production cost per boe fell below 26 dollars in the second quarter of 2026, which makes low-cost producers more resilient to volatility 3.
Trends
- Higher oil pricestailwind
Higher oil prices raised realized revenue and allowed hedges for 2027 to be added, which could protect cash flow if prices fall 23.
- Shift toward gas and LNGmixed
Development of GTA and Phase 1+ increases the share of gas in the portfolio, which could diversify revenue but adds marketing risk and reliance on long-term contracts 13.
- Debt and refinancing pressureheadwind
Net debt remains high, and refinancing the RBL facility and bond maturities could depend on capital market conditions 23.
- Regulation and ESG pressureheadwind
Tighter regulation in the Gulf of America and ESG pressure on oil exploration could raise costs and delay offshore projects 1.
Competitive position
The company says the oil and gas industry is intensely competitive and that many rivals have far greater resources, making it sensitive to competition for licences and partners 1. In the Gulf of America Kosmos works with Shell and Occidental, and competition for infrastructure access and capital could influence project pace 3.
In the West African LNG market GTA competes with other offshore gas projects for sales contracts, and competitiveness depends on production cost and delivery reliability 23.
- ShellSHEL
Strategic partner in Gulf of America exploration and the Trailblazer prospect, while also a competitor for licences and resources in the area.
- Occidental PetroleumOXY
Partner and operator of the Lucius host facility in the Gulf of America, holding a one-third share in Tiberius.
- Panoro Energy
Buyer of the Ceiba and Okume interests in Equatorial Guinea, a smaller player in African offshore production.
- Navitas
Partner that took a one-third stake in the Tiberius project, bringing capital into Gulf of America development.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Satelitul rusesc Kosmos 2612, manevră riscantă în apropierea unui satelit comercial, posibil furnizor de informații pentru UcrainaCursDeGuvernare.ro · 20 Oct 2026 · RO
- Russia’s KOSMOS military satellite stalks Finnish spy satellite, in what could see the first strike in a Ukraine star wars — a preview of war in space (Ukraine Battlefield update, day 1,698)EUobserver · 19 Oct 2026 · EN
SEC filings
- Current report21 Sept 2026Regulation FD disclosure
- Current report08 Sept 2026Regulation FD disclosure
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Jun 2026Acquisition or disposition of assets · Financial statements and exhibits
- Current report28 May 2026Shareholder vote
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement16 Apr 2026
- Current report12 Mar 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Kosmos Energy Ltd. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Kosmos Energy Ltd. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Kosmos Energy Ltd. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.