Kosmos Energy Ltd., a deep-water independent oil and gas exploration and production company, focuses along the Atlantic Margins. The company's primary assets include production offshore Ghana, Equatorial Guinea, and the U.S. Gulf of Mexico, as well as a gas development offshore Mauritania and Senegal. It also maintains a proven basin exploration program. The company was founded in 2003 and is headquartered in Dallas, Texas.
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1. An independent deepwater oil and gas exploration and production company, like a specialized 'scout team' for new energy sources in the ocean, compared to an integrated major like Shell.
2. A 'pure-play' deepwater oil and gas firm, similar to a standalone version of ExxonMobil's upstream (exploration and production) division.
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- Oil and Gas Exploration: This service involves identifying and evaluating new prospective hydrocarbon reservoirs globally.
- Oil and Gas Development: This service encompasses the planning, engineering, and construction of infrastructure required to bring discovered reserves into production.
- Oil and Gas Production: This service involves the extraction, processing, and sale of crude oil, natural gas, and associated liquids from their operated and non-operated fields.
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Kosmos Energy (KOS) is an independent oil and gas exploration and production company. As such, it sells its crude oil and natural gas production primarily to other companies rather than individuals. Its major customers include refiners, integrated oil and gas companies, and commodity traders.
Based on their latest public filings, the major customer companies for Kosmos Energy are:
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- Golar LNG (GLNG)
- Noble Corporation (NE)
- TechnipFMC (FTI)
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Andrew G. Inglis, Chief Executive Officer and Chairman of the Board of Directors
Mr. Inglis joined Kosmos on March 1, 2014. He has over 30 years of experience in the oil and gas industry. Prior to Kosmos, he served as Chief Executive of the Integrated Energy Services business at Petrofac and was a member of their board of directors. Before Petrofac, Mr. Inglis spent three decades with BP, most recently as CEO of its exploration and production business and an executive director on the BP board from 2007 to 2010. He also served as BP executive vice president and deputy chief executive of exploration and production from 2004 to 2007, where he was responsible for BP's growth areas. He is a former non-executive director of BAE Systems plc and TNK-BP Ltd.
Neal D. Shah, Senior Vice President and Chief Financial Officer
Mr. Shah became Chief Financial Officer in May 2020. He joined Kosmos in 2010 and has held various roles of increasing responsibility in finance, treasury, investor relations, and international operations, including leading the Equatorial Guinea business unit. Before joining Kosmos, Mr. Shah was an investment banker at Morgan Stanley in Houston, advising oil and gas companies, primarily in the upstream and midstream sectors.
Christopher Ball, Senior Vice President and Chief Commercial Officer
Mr. Ball joined Kosmos in July 2013 and leads the company's business development and planning functions.
Tim Nicholson, Senior Vice President, Exploration
Mr. Nicholson serves as the Senior Vice President of Exploration at Kosmos Energy.
Joe Mensah, Senior Vice President and Head of Ghana Business Unit
Mr. Mensah holds the position of Senior Vice President and Head of the Ghana Business Unit.
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- Accelerating global energy transition towards renewables and decarbonization, leading to reduced long-term demand for hydrocarbons, increased cost of capital for fossil fuel projects, and the risk of stranded assets.
- Increasingly restrictive access to capital and insurance for fossil fuel projects, driven by Environmental, Social, and Governance (ESG) mandates and investor pressure, potentially hindering KOS's ability to finance new developments or expand existing operations.
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Kosmos Energy, a deepwater exploration and production company, primarily deals in crude oil and natural gas. The addressable markets for these main products span globally and across their operational regions, including Africa (Ghana, Equatorial Guinea, Mauritania/Senegal) and the U.S. Gulf of Mexico.
Crude Oil
- Global Market: The global crude oil market was valued at approximately USD 739.88 billion in 2023 and is projected to reach USD 853.5 billion by 2032. Another estimate indicates the global crude oil market size was recorded at USD 2904.87 billion in 2021 and is expected to reach USD 3415.7 billion by the end of 2025, growing at a CAGR of 4.133% from 2025 to 2033. In 2022, the market size exceeded USD 2 trillion. Global oil demand is projected to increase by 680 thousand barrels per day (kb/d) in 2025 and 700 kb/d in 2026, reaching 104.4 million barrels per day (mb/d).
- Africa Market: Africa's crude oil production reached 6.9 million barrels per day in 2020, accounting for 7.8% of global production. The continent's domestic crude demand is anticipated to increase from 1.8 million barrels per day (bpd) in 2024 to 4.5 million bpd by 2050.
- U.S. Gulf of Mexico Market: The crude oil production in the Federal Offshore Gulf of Mexico is forecast to average 1.80 million barrels per day (b/d) in 2025 and 1.81 million b/d in 2026. In 2023, deepwater oil output in the Gulf of Mexico was approximately 1.8 million barrels per day, contributing over 15% of the total U.S. crude oil production. The Gulf of Mexico Outer Continental Shelf (OCS) holds an estimated mean of 44.9 billion barrels of undiscovered technically recoverable crude oil.
Natural Gas
- Global Market: The global natural gas market size was valued at USD 1127.09 billion in 2023 and is expected to grow to USD 2142.88 billion by 2032, demonstrating a CAGR of 7.4% during the forecast period (2025-2032). Another projection indicates growth from USD 1,186.56 billion in 2024 to USD 1,823.77 billion in 2032, with a CAGR of 5.52%. Global natural gas demand growth is forecast to slow to approximately 1.3% in 2025 before picking up to around 2% in 2026.
- Africa Market: The African natural gas market size was estimated at approximately USD 50 billion in 2023 and is projected to reach around USD 75 billion by 2030, with a compound annual growth rate (CAGR) of 5-7% between 2024 and 2030. Africa's natural gas consumption is anticipated to increase by 4% in 2025. Furthermore, natural gas demand in Africa is expected to grow from 170 billion cubic meters (m³) in 2023 to 385 billion m³ by 2050. Africa's natural gas production is projected to increase from 252 billion m³ in 2023 to 502 billion m³ by 2050.
- U.S. Gulf of Mexico Market: The overall Gulf of Mexico (GOM) oil and gas market, which includes natural gas, was valued at USD 52.20 billion in 2024 and is projected to reach USD 73.67 billion by 2032, with a CAGR of 4.4%. Undiscovered technically recoverable natural gas resources in the Hosston and Travis Peak formations offshore the U.S. Gulf of Mexico are estimated at 35.8 trillion cubic feet (Tcf). The U.S. Gulf Coast natural gas market is expected to see significant expansion, with demand projected to grow over 28 billion cubic feet per day (bcfd) by 2050. Natural gas production in the Gulf of America is expected to average 1.72 billion cubic feet per day (Bcf/d) in 2025 and 1.64 Bcf/d in 2026. The U.S. natural gas market is estimated to be valued at USD 569.3 million by the end of 2031, growing from USD 458.9 million in 2024, with a CAGR of 3.1%.
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Kosmos Energy (KOS) is expected to drive future revenue growth over the next 2-3 years through several key operational advancements and project expansions:
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Greater Tortue Ahmeyim (GTA) LNG Project Ramp-Up: The GTA LNG project, which achieved Commercial Operations Date in June 2025, is a significant driver. The project's production has been ramping up, with 6.8 gross LNG cargoes lifted in Q3 2025, and it is targeting 2.7 mtpa nameplate capacity by Q4 2025. This project represents a new and stable revenue stream from LNG exports that is expected to reach its full potential in the first half of 2026.
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Increased Production from Jubilee Field: The ongoing drilling campaign and operational efficiencies at the Jubilee field in Ghana are projected to sustain and increase high production levels. The first producer well of the 2025/26 drilling campaign came online in July 2025, with a second well expected online around year-end 2025. This continued activity, including an increased number of wells in the 2026 drilling campaign, is anticipated to contribute to higher projected production rates and revenue.
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GTA Phase 1+ Expansion Targeting Domestic Markets: The expansion of GTA's Phase 1+ is specifically aimed at directly targeting domestic markets. This initiative is expected to enhance production without requiring significant new capital investment, providing a strategic advantage in domestic gas supply and contributing to revenue growth.
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Capital Allocation Decisions (2020-2025)
Share Repurchases
Kosmos Energy has indicated that share repurchases are a potential option for returning value to shareholders once debt levels are more manageable and the share price is below tangible book value.
Share Issuance
- In September 2024, Kosmos Energy successfully issued $500 million of new senior notes due in 2031.
- The company completed a convertible bond issuance in the first quarter of 2024 to enhance liquidity and repay higher interest floating rate debt.
- Net proceeds from the issuance of senior notes were reported as $494,855 in one period and $885,285 in another, likely related to recent or prior year activities.
Inbound Investments
- Kosmos Energy secured a $250 million senior secured term loan facility with Shell Trading (US) Company in October 2025, utilizing $150 million to partially redeem outstanding 2026 unsecured notes.
- The International Finance Corporation (IFC) proposed a debt facility of up to $100 million for the Jubilee project, where Kosmos' share of the estimated $3.2 billion total project cost is approximately $850 million.
Outbound Investments
- In the first quarter of 2024, Kosmos acquired part of Equinor's stake in the Tiberius project, increasing its working interest to 50%, with plans to farm down around the time of project sanction.
- Kosmos assumed operatorship and increased its working interest in Yakaar-Teranga offshore Senegal to 90% in November 2023, with intentions to farm down to approximately 33% in the second half of 2024.
Capital Expenditures
- Capital expenditures for 2025 are expected to be below $350 million, a reduction from earlier guidance of $400 million, with a focus on cash generation, ramping up the Greater Tortue Ahmeyim (GTA) project, and Jubilee drilling campaigns.
- In 2024, Kosmos Energy's capital expenditures peaked at $745.8 million for the full fiscal year, with approximately $324.8 million allocated to the GTA project.
- Capital expenditures in 2023 were $731.6 million, primarily focused on advancing key development projects such as Jubilee Southeast and preparing for production at Winterfell and GTA.
