v3.26.1
Property and Equipment
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
 
Property and equipment is stated at cost and consisted of the following:
 
 March 31,
2026		December 31,
2025
 (In thousands)
Oil and gas properties:  
Proved properties(1)
$7,665,886 $8,301,679 
Unproved properties 212,030 210,161 
Total oil and gas properties 7,877,916 8,511,840 
Accumulated depletion (4,512,941)(4,780,826)
Oil and gas properties, net
3,364,975 3,731,014 
Other property 68,299 68,255 
Accumulated depreciation (65,785)(65,485)
Other property, net 2,514 2,770 
Property and equipment, net $3,367,489 $3,733,784 
(1)    As of March 31, 2026, proved properties includes $85.4 million of the TEN FPSO finance lease, see Note 7 - Leases.
 
We recorded depletion expense of $111.6 million and $111.3 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, the decrease in oil and gas properties is primarily due to oil and gas properties in the Ceiba and Okume Complex production assets located in Block G offshore Equatorial Guinea that are classified as held for sale. See Note 3 - Acquisitions and Divestitures. Additions to our proved properties during the three months ended March 31, 2026 primarily related to infill development costs in the Jubilee Field in Ghana. Additionally, in February 2026, Tullow Oil plc, as Operator of the TEN partnership, executed the final Sale and Purchase Agreement enabling the partnership to acquire the TEN FPSO from MODEC, Inc. at the end of its current lease in 2027 for a gross purchase price of $205.0 million. As a result, Kosmos recognized non-cash proved property additions of $85.4 million for our proportionate share of the finance lease asset with a corresponding finance lease liability in accrued liabilities. These non-cash impacts are excluded from the statement of cash flows.