Highlights

  • Kosmos posts Q3 2025 net loss of USD 124 million as GTA ramps up.
  • Production averages 65,500 boepd, supported by Jubilee and GTA contributions.
  • Capital expenditure guidance lowered below USD 350 million for full-year 2025.

Kosmos Energy Ltd. (LSE:KOS) reported a net loss of USD 124 million, or USD 0.26 per diluted share, for the third quarter of 2025. On an adjusted basis, the company recorded a net loss of USD 72 million, or USD 0.15 per diluted share.

Revenue for the quarter totaled USD 311 million, or USD 56.39 per barrel of oil equivalent (boe), excluding derivative cash settlements. Production expenses were USD 148 million, or USD 19.51 per boe, excluding USD 59.4 million related to the Greater Tortue Ahmeyim (GTA) LNG project. Capital expenditure stood at USD 67 million.

Kosmos entered into a senior secured term loan facility with Shell for up to USD 250 million, completing the first USD 150 million tranche after quarter-end to partially redeem 2026 unsecured notes. The company also maintained a borrowing base above its USD 1.35 billion reserve-based lending (RBL) facility size following its semi-annual review.

CEO Statement

Chairman and Chief Executive Officer Andrew G. Inglis commented:

"We set out this year with three clear priorities: Increase production, reduce costs and enhance the resilience of the balance sheet. During the period, we have continued to make good progress against each of these priorities."

He added that Kosmos remains focused on long-term value creation through increasing production, reducing costs, and maximizing cash flow to accelerate debt repayment and lower leverage.

Operational Update

Mauritania and Senegal:
The GTA Phase 1 project continued ramping up, averaging about 11,400 boepd net in the quarter, with 6.8 gross LNG cargos lifted. Post quarter-end, 2.7 additional cargos and the first condensate cargo were lifted. Operating costs for GTA Phase 1 declined by around USD 10 million quarter-on-quarter.

Ghana:
Production averaged 31,300 boepd net, with two cargos lifted. The Jubilee field (38.6% interest) averaged 62,500 bopd gross, boosted by a new producer well contributing about 10,000 bopd. A second well is expected online around year-end.

Gulf of America:
Production averaged 16,600 boepd net (~84% oil). The Winterfell-4 well was abandoned due to completion challenges, leading to a USD 51.1 million write-off. Development planning for the Tiberius project with Oxy and a tie-back opportunity at Gettysburg with Shell continue to progress.

Equatorial Guinea:
Gross production averaged 17,700 bopd, impacted by subsea pump failures at Ceiba, with repairs underway and additional pumps expected online by early 2026.

Liquidity and Outlook

Kosmos exited the quarter with approximately USD 2.9 billion in net debt and USD 540 million in liquidity, comprising USD 64 million in cash and USD 475 million in available credit facilities. The company expects full-year 2025 capital expenditure below USD 350 million and remains on track to achieve a USD 25 million overhead reduction by year-end.