Key Highlights

  • Losses totaled $43.0 million for the quarter, which equals $0.07 for each share, the year-earlier loss was $124.3 million, or $0.26.
  • Oil and gas Revenue increased by $99.1 million, arriving at $410.1 million, and the realized price per Barrel of Oil Equivalent moved up to $71.39 from $56.39.
  • Derivative contracts produced a $133.9 million loss, against a $3.6 million gain in the prior-year quarter.
  • Per-barrel production cost stood at $17.72, down from $26.78, while aggregate production spending came to $101.8 million, versus $147.7 million earlier.
  • Net Debt was $2.47 billion as of Sep 30, 2026, lower than the $2.98 billion recorded at the end of 2025.

Hedging-Linked Charges Cap a Stronger Revenue Quarter

Kosmos Energy (NYSE:KOS) reported third-quarter 2026 figures for the period closing Sep 30, 2026, on a call held Nov 3, 2026. The company lost $43.0 million, which equates to $0.07 a share, a large improvement from the $124.3 million, or $0.26 a share, Deficit in the same 2025 period. Revenue from oil and gas rose 31.9% (calculated), reaching $410.1 million.

Kosmos is a deepwater producer with Assets off Ghana, Mauritania, Senegal and the Gulf of America. Production ran at 62,437 BOE per day against 59,942, notwithstanding the sale of its Equatorial Guinea assets in June 2026.

The filing links the derivative loss to forward oil price movements, and the same line showed a $3.6 million gain in the prior year.

Lower Per-Barrel Costs as Jubilee Output Grows

Total oil and gas production expenses went down by $45.9 million, landing at $101.8 million. Exploration spending was $4.2 million, compared with $54.9 million, and that earlier figure included $51.1 million tied to a well that was plugged and abandoned. Depletion, Depreciation and amortization charges eased from $141.5 million to $112.2 million.

Jubilee in Ghana produced a gross 84,500 barrels of oil daily on average, roughly 17% more than the previous quarter, as fresh wells started flowing. On the Greater Tortue Ahmeyim LNG side, 8.5 gross cargoes were loaded, and Leadership expects to finish near the top of the band between 32 and 36 cargoes.

Average oil sales prices rose to $88.57 a barrel from $67.30.

Operating Cash Flow Reaches $445.6 Million as Net Debt Falls

Operating cash flow across the first nine months totaled $445.6 million, against $98.7 million in the year-earlier span. Management noted that EBITDAX almost doubled to nearly $800 million and projects free cash flow near $300 million for 2026.

Net debt came down to $2.47 billion, versus $2.98 billion on Dec 31, 2025, a 17.1% decrease (calculated), after the company reduced its debt by $50 million on 2027 notes, $15 million on a term loan, and $25 million on its reserve-based lending line during the quarter. Leadership remains on pace for a 20% cut in net debt this year.

That facility's Maturity moved in October 2026 to April 2033 from December 2029, and capacity dropped to $1.2 billion. Cash plus available borrowings stood at $566.8 million at the quarter's close.

Fourth-Quarter Dip and a Year-End 2027 Net Debt Target

Lower net output is anticipated in the fourth quarter, driven by Gulf of America maintenance, a workover on one well, weather-related downtime, and Jubilee's natural decline. About $20 million of financing expense tied to the Facility extension is also expected. A Ghana program of as many as ten wells begins in mid-2027, while the Trailblazer exploration well is due during the first half of 2027. The goal is roughly $2 billion of net debt when 2027 closes, measured at strip prices.