Here are a couple of brief analogies for Kosmos Energy:

• An independent deep-water oil and gas company, like a smaller, offshore-focused Chevron.

• Think of it as an independent oil and gas exploration and production company, akin to an ExxonMobil specialized exclusively in deep-water projects off the Atlantic Margins.

• Oil Production: Kosmos Energy extracts crude oil from deep-water reservoirs primarily offshore Ghana, Equatorial Guinea, and the U.S. Gulf of Mexico.
• Gas Production and Development: The company develops and produces natural gas, with a significant focus on projects offshore Mauritania and Senegal.
• Oil and Gas Exploration: Kosmos Energy actively explores new deep-water basins along the Atlantic Margins to identify and appraise potential oil and gas reserves.

Kosmos Energy (KOS) is a deep-water independent oil and gas exploration and production company. As such, it sells its crude oil and natural gas primarily to other companies rather than to individual consumers.

Based on Kosmos Energy's public filings (such as its annual 10-K reports), the company states that it does not have any single customer that individually accounts for 10% or more of its total revenues. This indicates that Kosmos Energy maintains a diversified customer base, and therefore, no single "major customer" by name is publicly identified or accounts for a dominant portion of its sales.

The company generally sells its crude oil and natural gas production to the following categories of businesses:

• Integrated oil companies
• Commodity trading houses
• National oil companies

These buyers operate in the global energy market, purchasing crude oil for refining and natural gas for distribution, power generation, or liquefaction and export.

• TechnipFMC (FTI)
• Saipem (SPM.MI)
• Golar LNG (GLNG)
• Noble Corporation (NE)
• Schlumberger (SLB)
• Halliburton (HAL)

Andrew G. Inglis Chief Executive Officer and Chairman of the Board of Directors

Andrew G. Inglis joined Kosmos Energy on March 1, 2014. Prior to joining Kosmos, he served as the Chief Executive of Petrofac's Integrated Energy Services business and was a member of its board of directors. He spent 30 years at BP plc, where his roles included Chief Executive of Exploration & Production and an executive director on the BP board from 2007 to 2010.

Neal D. Shah Senior Vice President and Chief Financial Officer

Neal D. Shah became Kosmos Energy's Chief Financial Officer in May 2020. He joined Kosmos in 2010, initially serving in various finance, treasury, investor relations, and international operations roles, including leading the Equatorial Guinea business unit. Before his tenure at Kosmos, Mr. Shah worked as an investment banker at Morgan Stanley, where he provided financing advice to oil and gas companies.

William Tuttle Senior Vice President, External Affairs

William Tuttle serves as the Senior Vice President of External Affairs at Kosmos Energy.

Josh R. Marion Senior Vice President and General Counsel

Josh R. Marion holds the position of Senior Vice President and General Counsel at Kosmos Energy.

Tim Nicholson Senior Vice President, Exploration

Tim Nicholson was promoted to Senior Vice President and Head of Exploration in April 2021. He joined Kosmos Energy in 2018 and has been instrumental in the company's infrastructure-led exploration (ILX) efforts, particularly in the U.S. Gulf of Mexico and Equatorial Guinea.

The key risks to Kosmos Energy (KOS) primarily revolve around its financial leverage, the inherent volatility of the energy market, and operational challenges associated with its deep-water projects.

1. High Net Debt and Interest Costs: Kosmos Energy faces significant financial risk due to its substantial net debt, which has been reported around $2.8 billion to $3.0 billion. This high debt burden leads to heavy interest costs, putting considerable pressure on the company's profitability and cash flow. Servicing this debt is a major challenge, diverting a large portion of generated cash. The company recently raised capital through an equity offering to reduce its debt, signaling the urgency of addressing this issue.
2. Volatile Commodity Prices: As an oil and gas exploration and production company, Kosmos Energy's financial performance is highly susceptible to fluctuations in global oil and gas prices. Over 60% of its production is linked to the oil market, meaning even a 10% price change could significantly impact quarterly profit potential. This makes the company's profitability vulnerable to the cyclical nature of commodity markets and geopolitical events that influence energy prices.
3. Execution Risks and Operational Challenges: The successful execution and ramp-up of major projects, such as the Greater Tortue Ahmeyim (GTA) LNG project and Jubilee drilling, carry considerable execution risks. The company has experienced instances of weaker financial results, including negative earnings per share and revenue decline, despite operational progress, and has adjusted its annual output guidance due to slower project ramp-ups. Additionally, Kosmos Energy faces challenges related to limited proved reserves and a dependency on third-party infrastructure.

Kosmos Energy Ltd. (symbol: KOS) operates primarily in deep-water oil and gas exploration and production (E&P) along the Atlantic Margins, with key assets in Ghana, Equatorial Guinea, the U.S. Gulf of Mexico, Mauritania, and Senegal.

The addressable markets for Kosmos Energy's main products and services are:

• Global Oil & Gas Exploration & Production Market: The global oil & gas exploration & production market size was estimated at approximately USD 5,820.40 Billion in 2024. This market is projected to grow to around USD 18,986.90 Billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 11.35% from 2025 to 2035.
• Global Deepwater Hydrocarbon Exploration Market: The global deepwater hydrocarbon exploration market, which aligns with Kosmos Energy's specialized focus, was valued at approximately USD 56.8 billion in 2024. It is projected to reach USD 81.1 billion by 2030, with a CAGR of 6.1%.

For specific regional addressable market sizes for their exploration and production activities in Ghana, Equatorial Guinea, the U.S. Gulf of Mexico, and Mauritania/Senegal, direct market value (USD) figures for the E&P sector are not readily available in the provided information.

For Kosmos Energy (KOS), the following are expected drivers of future revenue growth over the next 2-3 years:

1. Increased Production from Jubilee Field: Kosmos Energy anticipates meaningful production growth from its Jubilee field offshore Ghana. This is driven by the ongoing drilling campaign, with the J-74 producer well having come online in early 2026 and four additional wells planned for later in 2026. Current gross Jubilee production is already exceeding 70,000 barrels of oil per day (bopd). The recent license extensions for Jubilee until 2040 also support increased long-term investment in the field.
2. Greater Tortue Ahmeyim (GTA) LNG Project Ramp-up: The GTA liquefied natural gas (LNG) project offshore Mauritania and Senegal, which commenced commercial operations in June 2025, is a significant growth driver. Production has been strong, averaging around 2.9 million tonnes per annum (mtpa) equivalent year-to-date in 2026, surpassing its nameplate capacity of 2.7 mtpa. Kosmos is targeting 32 to 36 gross LNG cargoes and three gross condensate cargoes to be shipped in 2026.
3. Production from Winterfell Wells: New wells in the U.S. Gulf of Mexico, specifically the Winterfell field, are expected to contribute to sequential production increases into 2026. The Winterfell four well was drilled and operations were underway in late 2025, contributing to current production levels.
4. Favorable Commodity Price Environment: While not directly an operational factor, an elevated commodity price environment for oil and gas can significantly boost revenue. BofA Securities, for instance, raised its fiscal 2026 and 2027 EBITDA estimates for Kosmos Energy, citing higher commodity prices. The company also proactively hedges its oil production to underpin cash flow stability.

Share Issuance

• In March 2026, Kosmos Energy launched a public offering of common stock aiming to raise $175 million, with an option for underwriters to purchase an additional $26.25 million.
• The offering was priced at $1.90 per share for 97.5 million shares, generating gross proceeds of $185.25 million, and the underwriters fully exercised their option for an additional 14.625 million shares.
• The net proceeds from this offering are intended to repay outstanding borrowings under the company's commercial debt facility and other outstanding debt.

Outbound Investments

• Kosmos Energy acquired additional interests in the Jubilee and TEN fields offshore Ghana in 2021.
• The company acquired the Kodiak field in the U.S. Gulf of Mexico in 2022.
• In February 2026, Kosmos announced the sale of its producing assets in Equatorial Guinea for up to $219.5 million, with an effective date of January 1, 2025, and expected to close midyear 2026, to accelerate debt reduction.

Capital Expenditures

• Full year capital expenditures for 2025 were approximately $290-$292 million, representing a significant reduction of nearly 70% year-on-year and the lowest level since 2017.
• Capital expenditures for 2024 were approximately $967 million, based on the stated 70% year-on-year reduction to 2025 figures.
• For 2026, expected capital expenditures are around $350 million, with approximately two-thirds (around 70%) allocated to the high-return drilling program in Jubilee, Ghana, and approximately $40 million for the acquisition of the TEN FPSO.