Kosmos reports 12% production growth in Q2 as GTA, Jubilee drive results

Kosmos Energy (KOS) shares rose 4.3% to $3.05 after oil prices topped $103 per barrel due to Middle East supply disruptions, benefiting energy producers' margins. The stock is up 241% year-to-date and near its 52-week high. Kosmos Energy's shares are highly volatile, with significant price swings over the past year.

Kosmos Energy (KOS) held its Q2 2026 earnings call. Management said net debt fell 15% vs year-end 2025 after about $420 million of paydown via free cash flow, an equity raise, and Equatorial Guinea asset sale. Jubilee guidance is 70,000 to 80,000 bpd, with 90,000 bpd expected after J50 startup. Liquidity was $500 million and leverage targeted at 2.0x by year-end 2026.

Kosmos Energy reported an 18% year-on-year production increase in the first half, citing Jubilee ramp-up in Ghana and steady GTA delivery. The company plans a 35% OpEx per barrel reduction for 2026 via exiting high-cost Equatorial Guinea barrels and repurchasing the TEN FPSO. It aims to cut net debt 20% by year-end 2026 and expects Jubilee drilling in mid-2027.

Kosmos Energy (NYSE:KOS) discussed Q2 updates on Jubilee drilling plans, water injection performance, and Greater Tortue Ahmeyim LNG output. GTA lifted nine LNG cargoes in Q2 and kept full-year guidance for 32 to 36 cargoes. In the Gulf of Mexico, Winterfell drilling was paused after casing issues. Kosmos said it reduced debt by about $420 million in H1 and has >$500 million liquidity.

Kosmos Energy reported Q2 net production of about 71,400 boed, up 12% y/y, helped by Jubilee wells and ramp-up of the Greater Tortue Ahmeyim (GTA) LNG project. Net income was $185m, adjusted net income $68m, revenue $607m, operating cash flow ~$175m and free cash flow $89m. Jubilee oil averaged ~72,000 bpd; GTA Phase 1 averaged ~2.65 MMtpa. Full-year capex stayed at $350m and debt reduction target is ~20% in 2026.

Kosmos Energy reported Q2 2026 adjusted EPS of $0.11 on revenue of $617.04 million, beating forecasts of $0.10 and $492.98 million, helped by 12% higher production and lower absolute operating costs (about 25% YoY). Net debt fell about 50% and liquidity exceeded $500 million, but shares fell 3.72% to $2.59 premarket.