Kosmos Energy Q1 Net Loss $226M; Production Up 25%; Debt Reduced
Kosmos Energy Ltd. announced a net loss of $226 million, or $0.45 per diluted share, for the first quarter of 2026, with an adjusted net loss of $36 million. The company achieved record net production of approximately 74,800 boepd, a 25% increase year-over-year, and reduced net debt by 7% from year-end 2025, raising its full-year debt reduction target to 20%. Key financial activities included a $350 million bond offering and a $200 million equity raise, alongside the announcement of the sale of its Equatorial Guinea assets for up to $220 million. Operationally, Kosmos took a final investment decision for the Tiberius project and the TEN partnership finalized the acquisition of the TEN FPSO, expected to reduce operating expenses.
Key Highlights
- Reported a net loss of $226 million, or $0.45 per diluted share.
- Adjusted net loss was $36 million, or $0.07 per diluted share.
- Net production averaged ~74,800 boepd, up ~25% versus Q1 2025.
- Revenues reached $371 million, with production expense down ~22% to $131 million.
- Reduced net debt by ~7% from year-end 2025, raising full-year target to ~20%.
- Completed a $350 million bond offering and a $200 million equity raise for debt paydown.
- Announced sale of Equatorial Guinea assets for up to ~$220 million.
- Took final investment decision for the Tiberius project in the Gulf of America.