Form 8-K

8-K — Kosmos Energy Ltd.

Accession: 0001509991-26-000023

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001509991

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — kos-20260505.htm (Primary)

EX-99.1 (kos_ex99x1-q1x2026.htm)

GRAPHIC — KOS LOGO (kos_logoa.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: kos-20260505.htm · Sequence: 1

kos-20260505

false000150999100015099912026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

May 5, 2026

KOSMOS ENERGY LTD.

(Exact Name of Registrant as Specified in its Charter)

Delaware 001-35167 98-0686001

(State or other jurisdiction

of incorporation)

(Commission

File Number) (I.R.S. Employer

Identification No.)

8176 Park Lane

Dallas, Texas 75231

(Address of Principal Executive Offices)

(Zip Code)

Title of each class Trading Symbol Name of each exchange on which registered:

Common Stock $0.01 par value KOS New York Stock Exchange

London Stock Exchange

Registrant’s telephone number, including area code: +1 214 445 9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, Kosmos Energy Ltd. (the “Company”) issued a news release announcing results for the fiscal quarter ended March 31, 2026. A copy of the news release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Form 8-K and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section.

Item 7.01 Regulation FD Disclosure.

On May 5, 2026, the Company issued a news release announcing results for the fiscal quarter ended March 31, 2026. A copy of the news release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.

The following exhibit is furnished as part of this current report on Form 8-K:

99.1

News Release dated May 5, 2026 announcing results for the fiscal quarter ended March 31, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 5, 2026

KOSMOS ENERGY LTD.

By: /s/ NEAL D. SHAH

Neal D. Shah

Senior Vice President and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit No. Description

99.1

News Release dated May 5, 2026 announcing results for the fiscal quarter ended March 31, 2026.

EX-99.1

Filename: kos_ex99x1-q1x2026.htm · Sequence: 2

Document

Exhibit 99.1

NEWS RELEASE

KOSMOS ENERGY ANNOUNCES FIRST QUARTER 2026 RESULTS

Delivers Record Quarterly Production

DALLAS - May 5, 2026-- Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE/LSE: KOS) announced today its financial and operating results for the first quarter of 2026. For the quarter, the Company generated a net loss of $226 million, or $0.45 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss(1) of $36 million, or $0.07 per diluted share for the first quarter of 2026.

FIRST QUARTER 2026 AND POST QUARTER END HIGHLIGHTS

•Net Production(2): ~74,800 barrels of oil equivalent per day (boepd), up ~25% versus first quarter 2025

•Revenues: $371 million, or $55.81 per boe (excluding the impact of derivative cash settlements)

•Production expense: $131 million (or $19.66 per boe), down ~22% versus first quarter 2025 (~$167 million)

•Capital expenditures: $91 million

•Greater Tortue Ahmeyim (GTA) gross production averaged ~2.85 million tonnes per annum (mtpa) for the first quarter, in excess of the floating LNG nameplate capacity (2.7 mtpa)

•Kosmos successfully completed a $350 million senior secured bond offering in the Nordic market

•Kosmos successfully completed an equity raise of approximately $200 million with the proceeds used to accelerate debt paydown

•Kosmos announced the sale of its interest in the Ceiba Field and Okume Complex in Equatorial Guinea, for up to ~$220 million

•The TEN partnership finalized the acquisition of the TEN FPSO, which is expected to result in a material reduction in operating expenses

•Kosmos took final investment decision for the operated Tiberius project in the Gulf of America

Commenting on the Company’s first quarter 2026 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: “Earlier this year, we set four goals for 2026: increase production from our core assets; lower costs; reduce debt; and advance our high‑quality growth portfolio with minimal capital. We are delivering strongly on all four of these goals.

“In the first quarter, Kosmos achieved record daily and quarterly production, driven by GTA fully ramped up and new wells at Jubilee. Operating costs were ~22% lower year-on-year and we reduced net debt(1) by ~7% versus year‑end 2025. With this ongoing momentum, we have raised our full‑year debt reduction target from 10% to ~20%.

“We continue to maintain our capital discipline while we progress our quality growth options. We took final investment decision on the Tiberius development, entered into a strategic exploration alliance with Shell in the Gulf of America, and are moving forward on GTA Phase 1+ expansion.

“With oil prices higher, our goals are unchanged. We will direct excess free cash flow toward accelerated debt reduction and further strengthening the balance sheet. Our exposure to premium international oil markets positions Kosmos to capture value from current market dislocations and reinforces our confidence in the path ahead.”

FINANCIAL UPDATE

In January 2026, Kosmos successfully completed a $350 million senior secured bond offering in the Nordic market with proceeds used to repurchase ~$250 million of the Company's 2027 senior unsecured notes and to repay $100 million of borrowings under the reserve-based lending facility (RBL).

In March, Kosmos successfully raised approximately $200 million of equity with the proceeds used to accelerate debt repayment.

In April, Kosmos completed its spring RBL re-determination with the borrowing base reduced to approximately $1.25 billion. Post the sale of the Company's production assets in Equatorial Guinea, expected around midyear 2026, the borrowing base will reduce to approximately $1.2 billion,

Kosmos has growing exposure to higher near-term oil prices, with realizations and free cash flow expected to rise in the second quarter, taking account of the lag effect between sales and benchmark prices. In the second quarter so far, we have seen record pricing and record differentials for production priced off premium international benchmarks such as Dated Brent in Ghana.

Kosmos has taken advantage of a higher forward price curve to add further hedges for 2027. The company has 5.7 million barrels of oil hedged for the remainder of 2026 with an average floor of approximately $66/barrel and a further 4.0 million barrels hedged in 2027 with a floor of approximately $65/barrel.

Net capital expenditure for the first quarter of 2026 was $91 million, in line with guidance. Full year 2026 capital expenditure guidance of $350 million is unchanged.

The Company generated net cash provided by operating activities of approximately $107 million and free cash flow(1) of approximately $14 million. Kosmos exited the first quarter of 2026 with approximately $2.8 billion of net debt(1) and liquidity of approximately $488 million.

OPERATIONAL UPDATE

Production

Total net production(2) in the first quarter of 2026 averaged approximately 74,800 boepd, a record quarterly high for Kosmos, up ~25% versus first quarter 2025. The increase was largely driven by the ramp up at GTA and new wells coming online at Jubilee. Sales for the first quarter 2026 were approximately 73,800 boepd.

The Company exited the quarter in a net underlift position of approximately 1.3 mmboe.

Mauritania and Senegal

GTA Phase 1 production averaged approximately 17,000 boepd net during the quarter, or 2.85 mtpa of LNG equivalent gross as the project continued to produce above the floating LNG vessel's nameplate capacity (2.7 mtpa), benefiting from cooler seasonal temperatures. The partnership lifted 9.5 gross LNG cargos in the first quarter, in line with guidance. Full year guidance of 32-36 gross LNG cargos remains unchanged. One condensate cargo was lifted by BP in the first quarter. The second and third condensate cargos in 2026 are expected to be lifted by Kosmos and the national oil companies of Mauritania and Senegal.

Lowering operating costs for GTA Phase 1 remains a priority for the partnership in 2026 with net operating costs per boe on track to fall by more than 50% year-on-year with scope for further reductions in 2027 and beyond.

With Phase 1 production fully ramped up and performing well, the partnership is now focusing on future production growth through Phase 1+, which fully utilizes the existing infrastructure for sales to the domestic markets in Senegal and Mauritania. Heads of terms for domestic gas sales are expected in 2026. In addition, Senegal has begun construction of an onshore power plant near Saint Louis and is expected to commence construction of the gas pipeline network around the midyear, which will transport gas from the GTA hub terminal to shore for domestic power generation.

Ghana

Production in Ghana averaged approximately 35,400 boepd net in the first quarter of 2026, which included gas production of approximately 6,900 boepd. Kosmos lifted three cargos from Ghana during the quarter, in line with guidance.

At Jubilee (38.6% working interest), oil production in the first quarter averaged approximately 70,000 bopd gross. The J74 well came online in early 2026 followed by the J75 well at the end of the quarter. Both wells are performing in line with expectations.

The next well in the campaign (J76) has been drilled and the completion is about to commence. Two additional producer wells (J77 and J50) have also been drilled and will be completed shortly after J76. As the operator recently communicated, all three producer wells are expected online in June and July and Kosmos expects an aggregate contribution from these wells of around 20,000 bopd gross. A water injection well will conclude the drilling campaign and is expected online at the end of the third quarter.

At TEN (20.4% working interest), oil production averaged approximately 14,900 bopd gross for the first quarter, in line with expectations. In February 2026, the TEN partnership finalized a sale and purchase agreement to acquire the TEN FPSO at the end of its current lease. Signing the agreement is expected to significantly reduce TEN operating costs and positively impact leverage in 2026 and beyond.

Also in February, the Ghanaian parliament formally ratified the license extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements, which cover the Jubilee and TEN fields, following government approval of the extensions in December. The licenses now extend to 2040. With an extended license period, the partnership is aligned on securing a rig for the 2027/2028 drilling campaign, which is expected to include up to ten wells and start in mid-2027.

Gulf of America

Production in the Gulf of America averaged approximately 16,800 boepd net (~84% oil) during the first quarter, in line with guidance, with strong performance from the Kosmos-operated Odd Job and Kodiak fields. Early in the second quarter, the Winterfell-2 well was shut in pending future intervention.

On Tiberius, in the outboard Wilcox play, Kosmos (operator, 50% working interest) took final investment decision with our partner Occidental (50% working interest) in March. The project targets first oil in the second half of 2028, with long-lead items already secured and most of the capital expected in 2027 and 2028. A farm down to reduce Kosmos’ working interest to ~33% has now commenced and is expected to close later this year.

As previously announced, Kosmos deepened its inventory of future opportunities for its infrastructure-led exploration (ILX) strategy in the Gulf of America, entering into a strategic alliance with Shell in February in the Norphlet trend. Shell and Kosmos now have alignment over ten blocks in the Gulf of America to explore multiple high-potential prospects, including Trailblazer, a prospect with significant potential (~200 mmboe gross). In the event of success, it could be tied back into Shell's nearby Appomattox platform. Drilling of Trailblazer is planned for the first half of 2027 with Kosmos designated as development operator.

Equatorial Guinea

Production in Equatorial Guinea averaged approximately 16,000 bopd gross and 5,600 bopd net in the first quarter. Kosmos lifted 0.4 cargos from Equatorial Guinea during the quarter in line with guidance.

In February, Kosmos announced that it entered into an agreement to sell its 40.375% non-operating working interest in the Ceiba Field and Okume Complex production assets to Panoro Energy for up to $220 million. Proceeds will be used to reduce borrowings outstanding under the RBL. The transaction has been approved by the Government of Equatorial Guinea and is expected to close around midyear 2026, subject to customary CEMAC approval.

(1) A Non-GAAP measure, see attached reconciliation of non-GAAP measure. Net debt excludes $80.1 million TEN FPSO finance lease liability. For purposes of the debt cover ratio calculation under the RBL Facility, the finance lease liability is included in net debt.

(2) Production means net entitlement volumes. In Ghana, Equatorial Guinea, and Mauritania and Senegal this means those volumes net to Kosmos' working interest or participating interest and net of royalty or production sharing contract effect. In the Gulf of America, this means those volumes net to Kosmos' working interest and net of royalty.

Conference Call and Webcast Information

Kosmos will host a conference call and webcast to discuss first quarter 2026 financial and operating results today, May 5, 2026, at 10:00 a.m. Central time (11:00 a.m. Eastern time). The live webcast of the event can be accessed on the Investors page of Kosmos’ website at http://investors.kosmosenergy.com/investor-events. The dial-in telephone number for the call is +1-800-715-9871. Callers in the United Kingdom should call 0800 260 6466. Callers outside the United States should dial +1-646-307-1963. A replay of the webcast will be available on the Investors page of Kosmos’ website for approximately 90 days following the event.

About Kosmos Energy

Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world’s growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit www.kosmosenergy.com.

Non-GAAP Financial Measures

EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt are supplemental non-GAAP financial measures used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines EBITDAX as Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) debt modifications and extinguishments, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. The Company defines Adjusted net income (loss) as Net income (loss) adjusted for certain items that impact the comparability of results. The Company defines free cash flow as net cash provided by operating activities less Oil and gas assets, Other property, and certain other items that may affect the comparability of results and excludes non-recurring activity such as acquisitions, divestitures and National Oil Company ("NOC") financing. NOC financing refers to the amounts funded by Kosmos under the Carry Advance Agreements that the Company has in place with the national oil companies of each of Mauritania and Senegal related to the financing of the respective national oil companies’ share of certain development costs at Greater Tortue Ahmeyim. The Company defines net debt as total long-term debt less cash and cash equivalents and total restricted cash.

We believe that EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool for assessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies.

This release also contains certain forward-looking non-GAAP financial measures, including free cash flow. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or

anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

###

Kosmos Energy Ltd.

Consolidated Statements of Operations

(In thousands, except per share amounts, unaudited)

Three Months Ended

March 31,

2026 2025

Revenues and other income:

Oil and gas revenue $ 370,728 $ 290,135

Other income, net 169 296

Total revenues and other income 370,897 290,431

Costs and expenses:

Oil and gas production 130,595 167,308

Exploration expenses 19,744 9,669

General and administrative 27,710 26,255

Depletion, depreciation and amortization 119,873 120,667

Interest and other financing costs, net 58,802 51,842

Derivatives, net 251,996 6,732

Other expenses, net 3,264 1,989

Total costs and expenses 611,984 384,462

Loss before income taxes (241,087) (94,031)

Income tax expense (benefit) (15,513) 16,575

Net loss $ (225,574) $ (110,606)

Net loss per share:

Basic $ (0.45) $ (0.23)

Diluted $ (0.45) $ (0.23)

Weighted average number of shares used to compute net loss per share:

Basic 506,198 475,681

Diluted 506,198 475,681

Kosmos Energy Ltd.

Condensed Consolidated Balance Sheets

(In thousands, unaudited)

March 31, December 31,

2026 2025

Assets

Current assets:

Cash and cash equivalents $ 129,957 $ 91,518

Receivables, net 110,510 103,472

Assets held for sale 18,707 —

Other current assets 194,268 232,884

Total current assets 453,442 427,874

Property and equipment, net 3,367,489 3,733,784

Non-current assets held for sale 408,895 —

Other non-current assets 553,616 534,968

Total assets $ 4,783,442 $ 4,696,626

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable $ 194,969 $ 202,555

Accrued liabilities 332,078 237,609

Current maturities of long-term debt 30,220 132,143

Liabilities held for sale 43,544 —

Other current liabilities 156,243 —

Total current liabilities 757,054 572,307

Long-term liabilities:

Long-term debt, net 2,866,043 2,920,616

Deferred tax liabilities 134,750 305,924

Long-term liabilities held for sale 260,601 —

Other non-current liabilities 249,885 369,189

Total long-term liabilities 3,511,279 3,595,729

Total stockholders’ equity 515,109 528,590

Total liabilities and stockholders’ equity $ 4,783,442 $ 4,696,626

Kosmos Energy Ltd.

Condensed Consolidated Statements of Cash Flow

(In thousands, unaudited)

Three Months Ended

March 31,

2026 2025

Operating activities:

Net loss $ (225,574) $ (110,606)

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depletion, depreciation and amortization (including deferred financing costs) 122,465 122,551

Deferred income taxes (49,013) 1,811

Unsuccessful well costs and leasehold impairments 14,541 1,903

Change in fair value of derivatives 302,976 7,586

Cash settlements on derivatives, net(1) (81,321) 494

Equity-based compensation 5,950 8,361

Debt modifications and extinguishments (1,217) —

Other (7,561) (5,597)

Changes in assets and liabilities:

Net changes in working capital 25,310 (27,391)

Net cash provided by (used in) operating activities 106,556 (888)

Investing activities

Oil and gas assets (87,047) (90,245)

Notes receivable and other investing activities (11,598) (44,048)

Net cash used in investing activities (98,645) (134,293)

Financing activities:

Borrowings under long-term debt 124,167 100,000

Payments on long-term debt (277,738) —

Net proceeds from issuance of senior notes and bonds 350,000 —

Repurchase and redemption of senior notes (346,984) —

Net proceeds from issuance of common stock 206,440 —

Payments on finance lease (5,262) —

Other financing costs

(7,731) —

Net cash provided by financing activities 42,892 100,000

Net increase (decrease) in cash, cash equivalents and restricted cash 50,803 (35,181)

Cash, cash equivalents and restricted cash at beginning of period 117,744 85,277

Cash, cash equivalents and restricted cash at end of period(2) $ 168,547 $ 50,096

(1)Cash settlements on commodity hedges were $(30.3) million and $(1.8) million for the three months ended March 31, 2026 and 2025, respectively.

(2)Includes cash reported within current assets held for sale on the Consolidated Balance Sheets relating to the Ceiba and Okume Complex located in Block G offshore Equatorial Guinea cash held for sale.

Kosmos Energy Ltd.

EBITDAX

(In thousands, unaudited)

Three Months Ended Twelve Months Ended

March 31, 2026 March 31, 2025 March 31, 2026

Net loss $ (225,574) $ (110,606) $ (814,754)

Exploration expenses 19,744 9,669 233,691

Depletion, depreciation and amortization 119,873 120,667 555,980

Impairment of long-lived assets — — 177,563

Equity-based compensation 5,950 8,361 25,542

Derivatives, net 251,996 6,732 191,599

Cash settlements on commodity derivatives (30,341) (1,751) (18,197)

Other expenses, net(1) 3,263 1,989 14,766

Gain on sale of assets — — (2,200)

Interest and other financing costs, net 58,802 51,842 230,390

Income tax expense (benefit) (15,513) 16,575 33,117

EBITDAX $ 188,200 $ 103,478 $ 627,497

Pro Forma Adjustment - TEN FPSO Lease(1) — — 47,421

Pro Forma EBITDAX

188,200 103,478 674,918

EBITDAX - M|S (5,784) (57,932) (77,333)

Pro Forma EBITDAX - Base Business $ 193,984 $ 161,410 $ 752,251

(1) Adjustment to present Pro Forma EBITDAX for the impact to operational expense for the periods presented resulting from executing the TEN FPSO finance lease transaction.

The following table presents our net debt as of March 31, 2026 and December 31, 2025:

March 31, December 31,

2026 2025

Total long-term debt $ 2,946,876 $ 3,100,274

Cash and cash equivalents 129,957 91,518

Cash included in assets held for sale 7,960 —

Total restricted cash 30,630 26,226

Net debt(1)

$ 2,778,329 $ 2,982,530

(1) Excludes $80.1 million TEN FPSO finance lease liability.

Kosmos Energy Ltd.

Adjusted Net Income (Loss)

(In thousands, except per share amounts, unaudited)

Three Months Ended

March 31,

2026 2025

Net loss $ (225,574) $ (110,606)

Derivatives, net 251,996 6,732

Cash settlements on commodity derivatives (30,341) (1,751)

Other, net(2) 3,259 1,664

Write-off of leasehold costs 13,181 —

Debt modifications and extinguishments (1,217) —

Total selected items before tax 236,878 6,645

Income tax (expense) benefit on adjustments(1) (46,926) (1,465)

Adjusted net income (loss) $ (35,622) (105,426)

Net loss per diluted share $ (0.45) $ (0.23)

Derivatives, net 0.50 0.01

Cash settlements on commodity derivatives (0.06) —

Write-off of leasehold costs 0.03 —

Total selected items before tax 0.47 0.01

Income tax (expense) benefit on adjustments(1) (0.09) —

Adjusted net income (loss) per diluted share $ (0.07) $ (0.22)

Weighted average number of diluted shares 506,198 475,681

(1)Income tax expense is calculated at the statutory rate in which such item(s) reside. Statutory rates for the U.S., Equatorial Guinea and Ghana are 21%, 25% and 35%, respectively.

Kosmos Energy Ltd.

Free Cash Flow

(In thousands, unaudited)

Three Months Ended

March 31,

2026 2025

Reconciliation of free cash flow:

Net cash provided by (used in) operating activities

$ 106,556 $ (888)

Net cash used for oil and gas assets

(87,047) (90,245)

Payments on finance lease (5,262) —

Free cash flow

14,247 (91,133)

Net cash provided by (used in) operating activities - M|S

(4,400) 14,971

Net cash used for oil and gas assets - M|S

(1,714) (49,943)

Base business free cash flow

$ 20,361 $ (56,161)

Kosmos Energy Ltd.

Operational Summary

(In thousands, except barrel and per barrel data, unaudited)

Three Months Ended

March 31,

2026 2025

Net Volume Sold

Oil (MMBbl) 4.414 3.659

Gas (MMcf) 12.749 (1) 4.172 (1)

NGL (MMBbl) 0.104 0.091

Total (MMBoe) 6.643 4.445

Total (MBoepd)

73.809 49.393

Revenue

Oil sales $ 297,011 $ 270,405

Gas sales 72,104 17,629

NGL sales 1,613 2,101

Total oil and gas revenue 370,728 290,135

Cash settlements on commodity derivatives (30,341) (1,751)

Realized revenue $ 340,387 $ 288,384

Oil and Gas Production Costs $ 130,595 (1) $ 167,308 (1)

Sales per Bbl/Mcf/Boe

Average oil sales price per Bbl $ 67.29 $ 73.90

Average gas sales price per Mcf 5.66 4.23

Average NGL sales price per Bbl 15.51 23.09

Average total sales price per Boe 55.81 65.27

Cash settlements on commodity derivatives per Boe (4.57) (0.39)

Realized revenue per Boe 51.24 64.87

Oil and gas production costs per Boe $ 19.66 $ 37.64

Oil and gas production costs per Boe ex. M/S (1)

$ 14.24 $ 24.99

(1)Includes $55.3 million and $58.1 million for the three months ended March 31, 2026 and 2025, respectively, of oil and gas production costs related to the LNG production at the GTA Phase 1 project in Mauritania and Senegal. GTA Phase 1 project LNG sales volumes for the three months ended March 31, 2026 and 2025 were 1.357 MMboe and 0.1 MMboe, respectively. First LNG was achieved in February 2025 and the first LNG cargo was successfully completed in April 2025.

Kosmos was underlifted by approximately 1.3 million barrels of oil equivalent (mmboe) as of March 31, 2026.

Kosmos Energy Ltd.

Hedging Summary

As of March 31, 2026(1)

(Unaudited)

Weighted Average Price per Bbl

Index

MBbl

Floor(2)

Sold Put

Ceiling

2026:

Two-way collars 1H26

Dated Brent

500 $ 60.00 — $ 74.75

Three-way collars FY26

Dated Brent

1,500 60.00 50.00 75.51

Swaps 1H26

Dated Brent

500 72.90 — —

Swaps FY26

Dated Brent

2,250 70.62 — —

Swaps FY26

WTI

1,000 64.83 — —

2027:

Three-way collars 1H27

Dated Brent

2,000 70.00 55.00 85.00

Three-way collars FY27

Dated Brent

2,000 60.00 47.50 75.00

(1)Please see the Company’s filed 10-K for additional disclosure on hedging material. Includes hedging position as of March 31, 2026 and hedges put in place through filing date.

(2)“Floor” represents floor price for collars and strike price for purchased puts.

Note: Excludes 0.6 MMBbls of Dated Brent sold calls with a strike price of $100.00 per Bbl, 0.7 MMBbls of Dated Brent sold calls with a strike price of $80.00 per Bbl and 1.5 MMBbls of Dated Brent sold puts with a strike price of $55.00 in 2026. Excludes 1.0 MMBbls of WTI sold puts with a strike price of $50.00 in 2026.

2026 Guidance

2Q 2026

FY 2026

Production(1,2,3)

70,000 - 74,000 boe per day

70,000 - 78,000 boe per day

Opex

$25.00 - $28.00 per boe

$20.00 - $22.00 per boe

DD&A

$15.50 - $17.50 per boe

$18.00 - $20.00 per boe

G&A(~65% cash)

$20-$25 million

~$75 million

Exploration Expense(4)

~$5 million

$10 - $30 million

Net Interest Expense

$55 - $65 million

$230 - $250 million

Tax

$10.00 - $13.00 per boe

$5.00 - $7.00 per boe

Capital Expenditure

$100 - $125 million

~$350 million

Note: Ghana / Equatorial Guinea / Mauritania & Senegal revenue calculated by number of cargos. All guidance includes Equatorial Guinea assets. Revised guidance to be issued post the closing of transaction. Guidance includes Equatorial Guinea contribution of approximately 6,000 boepd of production, operating costs of $45-55/barrel and ~$15 million of capital expenditures.

(1)2Q 2026 net cargo forecast – Ghana: 3-4 cargos / Equatorial Guinea: 0.4 cargo. FY 2026 Ghana: 12-13 cargos / Equatorial Guinea 2-3 cargos. Average cargo sizes 950,000 barrels of oil.

(2)2Q 2026 gross cargo forecast - Mauritania & Senegal: 8-9 cargos. FY 2026: 32-36 cargos. Average cargo size ~170,000 m3 with Kosmos NRI of ~24%. Kosmos expects 0.3 net condensate cargos in 2Q26

(3)Gulf of America Production: 2Q 2026 forecast 14,000 - 16,000 boe per day. FY 2026: 15,000-17,000 boe per day. Oil/Gas/NGL split for 2026: ~83%/~11%/~6%.

(4)Excludes leasehold impairments and dry hole costs.

Source: Kosmos Energy Ltd.

Investor Relations

Jamie Buckland

+44 (0) 203 954 2831

jbuckland@kosmosenergy.com

Media Relations

Thomas Golembeski

+1-214-445-9674

tgolembeski@kosmosenergy.com

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