v3.26.3
Business Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
Kosmos is engaged in a single line of business, which is the exploration, development and production of oil and gas. For the three and nine months ended September 30, 2026, the Company’s segment information is presented for four geographic reporting segments: Ghana, Equatorial Guinea, Mauritania/Senegal and the Gulf of America. The Equatorial Guinea segment reflects the results of the Ceiba Field and Okume Complex production assets located in Block G offshore Equatorial Guinea through the date of sale in June 2026. See Note 3 - Acquisitions and Divestitures for additional information. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer, who makes decisions about allocating resources and assessing performance for the entire company. To assess performance of the reporting segments, the CODM regularly reviews oil and gas revenues, oil and gas production costs, exploration expenses and capital expenditures by reporting segment in deciding how to allocate resources and in assessing performance. Capital expenditures, as defined by the Company, may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with our consolidated financial statements and notes thereto. Financial information for each area is presented below:
GhanaEquatorial Guinea(2)Mauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three Months Ended September 30, 2026
Revenues and other income:
Oil and gas revenue $245,011 $— $66,394 $98,654 $— $— $410,059 
Gain (loss) on sale of assets — (339)— — — — (339)
Other income, net 160 — — 67 163,022 (163,089)160 
Total revenues and other income 245,171 (339)66,394 98,721 163,022 (163,089)409,880 
Costs and expenses:
Oil and gas production 18,395 (103)56,054 27,410 — — 101,756 
Exploration expenses — 215 252 3,423 349 — 4,239 
General and administrative 3,017 908 2,713 2,688 38,569 (29,213)18,682 
Depletion, depreciation and amortization56,489 15 27,659 28,174 (109)— 112,228 
Interest and other financing costs, net(1)9,682 — 5,981 1,505 36,578 — 53,746 
Derivatives, net — — — — 133,876 — 133,876 
Other expenses, net 115,085 1,279 2,536 27,680 (24)(133,876)12,680 
Total costs and expenses 202,668 2,314 95,195 90,880 209,239 (163,089)437,207 
Income (loss) before income taxes42,503 (2,653)(28,801)7,841 (46,217)— (27,327)
Income tax expense (benefit)16,087 — — — (404)— 15,683 
Net income (loss)$26,416 $(2,653)$(28,801)$7,841 $(45,813)$— $(43,010)
Consolidated capital expenditures$64,198 $147 $1,761 $18,245 $625 $— $84,976 
Ghana
Equatorial Guinea(2)
Mauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Nine Months Ended September 30, 2026
Revenues and other income:
Oil and gas revenue $802,870 $69,556 $210,719 $304,895 $— $— $1,388,040 
Gain on sale of assets — 9,082 — — — — 9,082 
Other income, net 690 — — 170 454,514 (454,684)690 
Total revenues and other income 803,560 78,638 210,719 305,065 454,514 (454,684)1,397,812 
Costs and expenses:
Oil and gas production 105,850 39,994 177,222 88,714 — — 411,780 
Exploration expenses — 1,475 826 10,090 14,789 — 27,180 
General and administrative 10,183 3,376 8,133 13,378 133,768 (103,183)65,655 
Depletion, depreciation and amortization164,081 6,747 93,676 87,200 898 — 352,602 
Interest and other financing costs, net(1)32,248 (57)19,941 5,198 108,918 — 166,248 
Derivatives, net — — — — 334,063 — 334,063 
Other expenses, net 248,063 69,120 4,613 53,509 2,421 (351,501)26,225 
Total costs and expenses 560,425 120,655 304,411 258,089 594,857 (454,684)1,383,753 
Income (loss) before income taxes243,135 (42,017)(93,692)46,976 (140,343)— 14,059 
Income tax expense (benefit)
90,037 5,743 9 71 2,008 — 97,868 
Net income (loss)$153,098 $(47,760)$(93,701)$46,905 $(142,351)$— $(83,809)
Consolidated capital expenditures, net$204,303 $2,746 $7,028 $65,152 $2,278 $— $281,507 
As of September 30, 2026
Property and equipment, net$1,004,236 $13,579 $1,821,158 $468,516 $1,973 $— $3,309,462 
Total assets$3,563,345 $131,346 $6,199,248 $4,024,380 $29,961,292 $(39,616,035)$4,263,576 
______________________________________
(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.
(2)In June 2026, the Company completed the disposition of its interests in the Ceiba Field and Okume Complex production assets located in Block G offshore Equatorial Guinea. The operating results of the Equatorial Guinea segment are included in the Company's consolidated results through the date of sale in June 2026. The disposition did not qualify for discontinued operations presentation. See Note 3 - Acquisitions and Divestitures for additional information.
Ghana
Equatorial Guinea(2)Mauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three Months Ended September 30, 2025
Revenues and other income:
Oil and gas revenue $141,146 $41,777 $39,343 $88,693 $— $— $310,959 
Other income, net 269 — — 19 8,683 (8,701)270 
Total revenues and other income 141,415 41,777 39,343 88,712 8,683 (8,701)311,229 
Costs and expenses:
Oil and gas production 22,871 33,700 59,401 31,724 — — 147,696 
Exploration expenses — (211)1,944 53,134 81 — 54,948 
General and administrative 2,771 816 1,930 1,480 18,237 (12,348)12,886 
Depletion, depreciation and amortization 43,180 19,658 21,728 56,812 136 — 141,514 
Interest and other financing costs, net(1)13,723 (38)5,814 (2,187)40,607 — 57,919 
Derivatives, net — — — — (3,646)— (3,646)
Other expenses, net (2,135)6,132 421 (1,821)141 3,646 6,384 
Total costs and expenses 80,410 60,057 91,238 139,142 55,556 (8,702)417,701 
Income (loss) before income taxes61,005 (18,280)(51,895)(50,430)(46,873)1 (106,472)
Income tax expense (benefit)
22,103 (3,933)— — (343)— 17,827 
Net income (loss)$38,902 $(14,347)$(51,895)$(50,430)$(46,530)$1 $(124,299)
Consolidated capital expenditures, net$23,561 $6,099 $6,761 $30,026 $889 $— $67,336 
Ghana
Equatorial Guinea(2)Mauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Nine Months Ended September 30, 2025
Revenues and other income:
Oil and gas revenue $497,104 $140,774 $62,279 $293,572 $— $— $993,729 
Gain on sale of assets — — — 600 — — 600 
Other income, net 768 — — 728 69,352 (69,999)849 
Total revenues and other income 497,872 140,774 62,279 294,900 69,352 (69,999)995,178 
Costs and expenses:
Oil and gas production 159,539 90,635 186,643 121,305 — — 558,122 
Exploration expenses 70 1,258 5,681 60,279 1,398 — 68,686 
General and administrative 8,959 3,787 7,033 9,933 116,983 (88,480)58,215 
Depletion, depreciation and amortization 131,620 62,226 37,322 181,851 430 — 413,449 
Interest and other financing costs, net(1)38,107 (167)10,216 (6,348)122,787 — 164,595 
Derivatives, net — — — — (18,480)— (18,480)
Other expenses, net (8,022)815 1,569 1,442 570 18,480 14,854 
Total costs and expenses 330,273 158,554 248,464 368,462 223,688 (70,000)1,259,441 
Income (loss) before income taxes167,599 (17,780)(186,185)(73,562)(154,336)1 (264,263)
Income tax expense (benefit)
60,772 (3,042)— (14)666 — 58,382 
Net income (loss)$106,827 $(14,738)$(186,185)$(73,548)$(155,002)$1 $(322,645)
Consolidated capital expenditures, net$80,257 $8,657 $68,879 $79,539 $2,299 $— $239,631 
As of September 30, 2025
Property and equipment, net$946,479 $435,986 $2,092,629 $716,712 $16,729 $— $4,208,535 
Total assets$3,341,717 $2,477,126 $3,405,756 $2,714,156 $26,831,583 $(33,680,597)$5,089,741 
______________________________________
(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.
(2)In June 2026, the Company completed the disposition of its interests in the Ceiba Field and Okume Complex production assets located in Block G offshore Equatorial Guinea. The disposition did not qualify for discontinued operations presentation. See Note 3 - Acquisitions and Divestitures for additional information.
Nine Months Ended September 30,
20262025
(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets$228,002 $244,133 
Consolidated Statement of Cash Flows - Financing activities:
Payments on finance lease24,270 — 
Adjustments:
Changes in capital accruals4,291 (19,642)
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)12,867 17,314 
Capitalized interest(6,260)(12,920)
Other18,337 10,746 
Total consolidated capital expenditures, net$281,507 $239,631 
______________________________________
(1)Costs related to unsuccessful exploratory wells and leaseholds that are subsequently written off to Exploration expense are included in oil and gas assets when incurred.