Kosmos Energy reported a third-quarter net loss of $43 million, or 7 cents per diluted share, while adjusted net income was $35 million, or 6 cents per share. The oil and gas producer also highlighted higher production, lower operating costs and progress on debt reduction, alongside completion of its Jubilee drilling campaign and an extension of its $1.2 billion reserve-based lending facility.
Key details
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Production increased: Net output averaged about 69,200 barrels of oil equivalent per day, up roughly 6% from the third quarter of 2025. Excluding Equatorial Guinea, production was up about 17%.
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Revenue and costs: Revenue was $410 million. Revenue per barrel of oil equivalent was $71.39, excluding the effect of cash settlements on derivatives. Production expenses totaled $102 million, or $17.72 per barrel of oil equivalent; the total was about 31% lower than a year earlier.
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Capital spending: Kosmos spent $85 million on capital expenditures during the quarter.
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Jubilee drilling completed: The company finished its 2025–26 drilling campaign at Ghana’s Jubilee field, successfully drilling seven wells. Kosmos said the campaign demonstrated the quality of the field’s infill opportunities. At the separate GTA project, production remained strong, with solid reservoir performance.
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Debt reduction and refinancing: Kosmos said it had reduced net debt by more than $500 million through the end of the third quarter and remained on track to meet its 2026 target of a 20% reduction. It also completed an amendment and extension of its $1.2 billion reserve-based lending facility, which it said further addresses near-term maturities.
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Tiberius farm-down: Kosmos completed a farm-down of Tiberius, securing a combination of upfront cash, funding support for future capital expenditures and future milestone payments. The announcement did not provide amounts for those components.
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Management’s priorities: Chief Executive Andrew Inglis said the company was focused on increasing production, lowering costs, reducing debt and advancing growth opportunities. He described the approach as maximizing value from existing assets while investing selectively in projects with attractive returns.
What the results show
Kosmos reported a quarterly loss on a reported basis but positive adjusted earnings; the announcement did not specify the adjustments behind the difference. The operational and financing updates point to progress on the company’s stated priorities: production rose, production expenses fell, and the company reported lower net debt while extending a major lending facility.