Kosmos Energy Ltd. · NYSE:KOS
Kosmos Energy — Q1 2026 Earnings Presentation
13 slides from Kosmos Energy's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results May 5, 2026 NYSE/LSE: KOS 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation 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 presentation
Slide 3: Strong First Quarter Delivery
Strong First Quarter Delivery Significant progress against our 2026 goals Growing Delivering Targeting Advancing Production Further Cost Meaningful Quality Growth From Core Reductions Reduction In Portfolio Assets Net Debt With Minimal 2026 Capex 3
Slide 4: Record Production, Record Prices, Record Differentials
Record Production, Record Prices, Record Differentials Accelerates debt reduction Record Production (boepd) 80,000 75,000 70,000 65,000 60,000 55,000 1Q25 2Q25 3Q25 4Q25 1Q26 Record Pricing, Record Differentials 150 10.0 Illustrative differential ($/barrel) Dated Brent ($/barrel) 5.0 100 0.0 -5.0 50
Slide 5: Kosmos Production Is Priced Off Premium Benchmarks
Kosmos Production Is Priced Off Premium Benchmarks Current higher prices will be seen in oil/gas sales through 2Q and into 3Q 160 140 120 $/barrel 100 80 60 40 Jan 26 Feb 26 Mar 26 Apr 26 Dated Brent ICE Brent WTI Dated Premium West Africa Oil Production: Dated Brent + diff GTA: ICE Brent GoA: WTI +
Slide 6: Ghana – Jubilee Production
Ghana – Jubilee Production 1Q26 Jubilee gross production of ~70,000 bopd – YTD in line with expectations Production Ramping Up As New Wells Continue To Come Online 100,000 Water injector WI / GTG Third well issues (J75) 80,000 Second well JSE J-69 and startup WI issues (J74) Three additional produce
Slide 7: Mauritania & Senegal – GTA Production
Mauritania & Senegal – GTA Production 1Q26 GTA gross production of ~2.85 mtpa – YTD in line with expectations Phase 1 Production Rising Réseau Gazier du Sénégal: Planned Northern Pipeline Segment 1Q26 • Gross production of ~2.85 mtpa equivalent • ~9.5 gross LNG cargos lifted in the quarter in line w
Slide 8: Gulf of America
Gulf of America Final investment decision taken on Tiberius. Continuing to advance attractive hopper of value-accretive opportunities Production Gulf of America • 1Q26 Production of ~17,000 boepd in line with expectations • Winterfell-2 shut in April pending intervention • FY26 production expected a
Slide 9: 1Q 2026 Financials
1Q 2026 Financials In line with guidance 1Q25A 1Q26A YoY Drivers Higher production Net Production ~60,500boe/day ~75,000boe/day from Jubilee and GTA Production mix – Realized Price1 ~$65.27/boe ~$55.81/boe higher proportion of gas sales Cost cutting initiatives Opex ~$37.6/boe ~$19.7/boe and GTA ram
Slide 10: Active Quarter For Balance Sheet Management
Active Quarter For Balance Sheet Management Raised equity, increased liquidity and paid down near-term maturities Active Balance Sheet Management Addressing Near-Term Maturities – 31 March 2026 ($m) Addressing Maturities • Completed $350 million GTA secured 2031 Nordic bond – $250 million of 2027 bo
Slide 11: On Track For Delivery Of 2026 Targets
On Track For Delivery Of 2026 Targets Debt reduction target increased from 10% to ~20% Targeting ~15% Production Growth Targeting ~20% Reduction in Operating Costs Targeting ~20% Debt Reduction Advancing Quality Growth Portfolio With Minimal 2026 Capex Note: Production and operating cost targets ass
Slide 12: Appendix: FY26 Detailed Guidance
Appendix: FY26 Detailed Guidance 2Q 2026 FY 2026 Production1,2,3 70,000 – 74,000 boe/day 70,000 – 78,000 boe/day Opex $25.00 - $28.00/boe $20.00 - $22.00/boe DD&A $15.50 - $17.50/boe $18.00 - $20.00/boe G&A4 ~$20-25 million ~$75 million Exploration Expense5 ~$5 million $10 - $30 million Net Interest
Slide 13: Kosmos Energy
KOSM**S ENERGY.