Kosmos Energy Ltd.
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Range $2.4 – $3
Price Chart
About the company
Kosmos Energy Ltd. operates as an independent company primarily engaged in deep-water oil and gas exploration and production, strategically concentrating its operations along the Atlantic Margins. Its core holdings encompass productive oil assets located offshore Ghana, Equatorial Guinea, and in the U.
- CEO
- Andrew G. Inglis
- IPO
- 2011
- Employees
- 216
- HQ
- Dallas, TX, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $1.43B
- P/E
- -2.47
- Fwd P/E
- 9.81
- PEG
- 0.03
- P/S
- 0.87
- P/B
- 2.48
- EV/EBITDA
- 19.66
- Div Yield
- 0.00%
- Gross Margin
- 36.10%
- Op Margin
- 19.70%
- Net Margin
- -33.11%
- ROE
- -81.93%
- ROIC
- 8.34%
Latest fiscal year · YoY change
- Revenue
- $1.30B-22.5%
- Gross Profit
- $-191,446,000-127.8%
- Op Income
- $-270,929,000
- Net Income
- $-699,786,000-468.6%
- EPS
- $-1.47-467.5%
- OCF Growth
- -80.2%
- FCF Growth
- +29.4%
- 52W High
- $3.34
- 52W Low
- $0.84
- 50D MA
- $2.44
- 200D MA
- $2.11
- Beta
- 0.73
- RSI (14)
- 67
- Avg Volume
- 14.44M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Kosmos reported a strong second quarter with higher production, lower costs and meaningful debt reduction, while keeping full-year operating guidance intact and advancing several growth projects.· August 3, 2026
- Production was about 12% higher year over year, helped by new Jubilee wells and the GTA ramp-up.
- Absolute operating costs fell about 25% year over year in Q2, and management still expects about a 35% OpEx per barrel reduction in 2026.
- Net debt was reduced by about 15% versus year-end 2025, with more deleveraging planned through free cash flow.
- Jubilee is performing strongly, with J76 described as the best well at Jubilee in over a decade and gross production expected above 90,000 barrels per day after J50 starts.
- Tiberius was farmed down to Navitas, and the carry is expected to fund Kosmos’ 2026 CapEx and its share through the first half of 2027.
Kosmos did not give a full set of headline quarterly figures like revenue, EPS, or gross margin in the prepared remarks, but management said second-quarter production was around 12% higher year over year. Absolute operating costs were around 25% lower year over year, and the company said it remains on track to reduce OpEx per barrel by around 35% in 2026. For the first half of 2026, production was up 18% versus the same period last year, absolute operating costs were down 24%, and net debt was reduced by around 15% versus year-end 2025. For guidance, Jubilee full-year production guidance stays at 70,000 to 80,000 barrels of oil per day, GTA full-year LNG cargo guidance remains 32 to 36 gross cargos, and management said the production midpoint was moved down by around 2,500 boe per day net after the Equatorial Guinea sale. Management also said leverage is expected to fall further toward 2x by year-end, the amended RBL should close in the fourth quarter with a facility size around $1.2 billion, and the company may look to repay the 2028 notes later in the year.
Andy Inglis framed the quarter as evidence that Kosmos is delivering on four 2026 priorities: grow production, lower costs, reduce debt, and advance the growth portfolio with minimal capital input. He emphasized Jubilee’s strong drilling results, saying J76 was one of the best wells in over a decade and that new seismic should help identify more bypassed oil and deeper opportunities. His tone was constructive and upbeat, but he also highlighted operational discipline, especially around water injection at Jubilee and continued execution on GTA and Gulf of America growth projects.
Neal Shah focused on the financial payoff from the operational performance and portfolio actions. He said absolute operating costs were about 25% lower year over year in Q2, that the company had paid down approximately $420 million of debt through free cash flow, the equity raise and EG sale proceeds, and that liquidity ended the quarter at over $500 million. He also said S&P and Fitch upgraded the company to B-, the RBL process is underway with a target facility size of around $1.2 billion, and leverage is expected to move toward 2x by year-end. On Tiberius, he said the farm-down implied a gross valuation of around $250 million as of January 1, 2026, with a bit under $45 million of consideration including upfront cash, carry and milestone payments.
Analysts focused heavily on Jubilee well performance, including whether J76 points to more bypassed oil and deeper horizons, and management said it does. They also asked about the Tiberius farm-down value, where Neal Shah said the deal implied a gross valuation of around $250 million and that Logan is an additional resource opportunity beyond the main Tiberius blocks. Questions on Winterfell centered on drilling problems and recourse; management said there has been disappointment with drilling performance and extra cost, but production impact has not been material and they want the issues resolved before spending more capital. The refinancing discussion centered on the RBL and the 2028 notes, and management said the RBL process is progressing, should close in Q4, and the 2028 maturity will be the next focus after that.
The call showed multiple operating wins at once: Jubilee output is strong, GTA cargoes are tracking toward the high end of guidance, and Gulf of America production was solid despite the Winterfell setback. Management also highlighted structural cost reductions, a big debt paydown, and improved credit ratings, which together support the view that the company is de-risking its balance sheet while still funding growth. The Tiberius farm-down and Shell alliance suggest Kosmos has additional upside with limited near-term capital intensity.
Jubilee still needs high water injection availability and regular drilling to sustain current performance, and management openly said some decline should appear as the current program ends. Winterfell remains a concern because the operator hit casing issues and management said they have been disappointed by drilling performance and added costs. There is also execution risk around the RBL amendment, possible 2028 note actions, and the timing of future drilling campaigns and GTA Phase 1 growth.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 100.6%
- Shares Outstanding
- 485.27M
- Float Shares
- 487.98M
of shares held by institutions
272 13F filers
Buy/sell ratio 1.40. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for KOS, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Christopher L. JacobsHouse · NY27 | Buy | Apr 11, 22 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 56.02M | ▲ 8.56M |
| State Street Corp | 29.45M | ▲ 1.21M |
| Two Sigma Investments, LP | 25.40M | ▲ 6.72M |
| D. E. Shaw & Co., Inc. | 24.54M | ▲ 4.15M |
| Equinox Partners Investment Management LLC | 20.68M | 0 |
| Hotchkis & Wiley Capital Management LLC | 18.84M | ▼ 1.21M |
| Geode Capital Management, LLC | 17.07M | ▲ 4.35M |
| Vanguard Group Inc | 14.84M | ▲ 515.65K |
| Sixth Street Partners Management Company, L.P. | 13.77M | ▲ 13.77M |
| Charles Schwab Investment Management Inc | 13.77M | ▼ 365.78K |
| Grantham, Mayo, Van Otterloo & Co. LLC | 11.85M | ▼ 6.46M |
| Invesco Ltd. | 10.95M | ▼ 201.20K |
Held by 189 ETFs
Biggest fund positions in KOS by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 1, 26 | INGLIS ANDREW G | other | 221,171 |
| Jul 2, 26 | INGLIS ANDREW G | sell | 85,935 |
| Jul 1, 26 | Shah Nealesh D. | other | 118,329 |
| Jul 2, 26 | Shah Nealesh D. | sell | 45,980 |
| Jul 1, 26 | Marion Josh R. | other | 64,248 |
| Jul 2, 26 | Marion Josh R. | sell | 24,969 |
| Jul 1, 26 | Glass Ronald W. | other | 31,196 |
| Jul 2, 26 | Glass Ronald W. | sell | 12,128 |
| May 28, 26 | Grant John Douglas Kelso | other | 62,044 |
| May 27, 26 | Grant John Douglas Kelso | other | 735 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our KOS coverage
Recent articles, reports, and earnings notes.
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