Kosmos Energy hits record production as strategic divestitures and acquisitions reshape portfolio

Kosmos Energy (NYSE:KOS) reported a milestone first quarter for 2026, reaching record net production of approximately 74,800 barrels of oil equivalent per day (boepd).

The production surge was headlined by the Greater Tortue Ahmeyim (GTA) project, which is currently operating above its nameplate capacity.

The company recorded quarterly revenues of $371 million.

On a financial basis, Kosmos reported a GAAP net loss of $226 million, or $0.45 per share.

When adjusted for one-time items and non-cash charges, the adjusted net loss stood at $36 million, or $0.07 per share.

The company’s capital expenditures for the period were $91 million, as it continues to advance key projects in the U.S. Gulf of Mexico and offshore West Africa.

Meanwhile, the first quarter was characterized by aggressive balance sheet management and portfolio optimization.

Kosmos announced the sale of its interests in Equatorial Guinea for up to $220 million, a move aimed at streamlining its footprint to focus on higher-margin core assets.

Simultaneously, the company strengthened its position in Ghana by acquiring the FPSO Prof. John Evans Atta Mills for the TEN field, a move expected to lower long-term operating costs and enhance field control.

To support these strategic shifts and maintain liquidity, Kosmos successfully executed a $350 million bond offering and an approximately $200 million equity raise.

As of March 31, 2026, the company’s net debt was approximately $2.8 billion, with total liquidity standing at $488 million.