Kosmos Energy Ltd. · NYSE:KOS
Kosmos Energy — Q4 2025 Earnings Presentation
17 slides from Kosmos Energy's earnings presentation, Mar 2, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results March 2, 2026 NYSE/LSE: KOS 1 Strictly Private and Confidential
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: Building A Sustainable, Lower-Cost Business
Building A Sustainable, Lower-Cost Business Delivering production growth and cost reductions to increase free cash flow and accelerate debt repayment Growing Production From Core Assets Delivering Further Cost Reductions Targeting Meaningful Reduction In Net Debt High Grading Portfolio To Drive Down
Slide 4: 2025: Built the Foundations For Future Value Creation
2025: Built the Foundations For Future Value Creation 2025 was a challenging, transitional year creating the platform for a sustainable, lower-cost company Safe Operations Strong YE25 Reserves Ghana Licenses Replacement Extended Zero TRI’s and LTI’s ~90% 1P reserves ~5 years of additional replacemen
Slide 5: 2026: Consistent Agenda With Strong Start To The Year
2026: Consistent Agenda With Strong Start To The Year 2026 has started with significant momentum with both operational and financial delivery Production Costs Balance Sheet STRONG STRONGSTART STARTTO FURTHER COST REDUCTIONS ACTIVE 2026 YTD TOTHE THEYEAR YEAR TARGETED IN 2026 WITH MORE TO GO Jubilee
Slide 6: Strong Reserve Base Underpins Sustainability Of The Business
Strong Reserve Base Underpins Sustainability Of The Business Kosmos reserves report independently prepared by Ryder Scott 1P Reserves Diverse Reserve Base1 • 1P reserves/production life of ~10 years underpins near- term growth • Strong 1P reserves replacement ratio of ~90% largely YE25: 2P Reserves
Slide 7: Ghana – Strong Start YTD
Ghana – Strong Start YTD Aligned agenda with the government to enhance Ghana production Growing Production Aligned With The Government Of Ghana • J74 producer well online and performing strongly • Five additional wells (3 producers, 1 water injector) expected online in 2026 – J75 producer well expec
Slide 8: Ghana – Delivering Jubilee’s Full Potential
Ghana – Delivering Jubilee’s Full Potential 2025/26 drilling program highlights strong correlation between activity and performance Production Ramping Up As New Wells Come Online 100,000 JSE WI / GTG Second 80,000 startup J-69 and issues new well WI issues (J-74) Water Four additional injector 60,00
Slide 9: GTA – Production Rising, Costs Falling
GTA – Production Rising, Costs Falling Operational momentum continues Phase 1 Production Rising: Cargo Numbers Production Rising, Costs Falling Expected To Almost Double In 2026 4Q25 14 30,000 • ~8 gross LNG cargos lifted in the quarter (18.5 total in 2025) • First condensate cargo lifted in the qua
Slide 10: Gulf of America
Gulf of America Advancing attractive hopper of value-accretive opportunities Outboard Wilcox development Gulf of America • Tiberius (~100 mmboe, 50% working interest/operator) – Progressing with Oxy (50% partner/host facility operator) – Lower cost development plan – Executed PHA for Lucius platform
Slide 11: 4Q 2025 Financials
4Q 2025 Financials 3Q25A 4Q25A QoQ Drivers Higher production Net Production ~65,500boe/day ~68,000boe/day from GTA Realized Price1 ~$56.0/boe ~$51.4/boe Lower commodity prices Higher largely due to Opex2 ~$19.5/boe ~$22.4/boe increased costs in EG Lower sales DD&A ~$25.7/boe ~$24.7/boe volumes than
Slide 12: Material Capex Reductions Delivered – More To Go On Opex
Material Capex Reductions Delivered – More To Go On Opex Continued focus on driving down costs, particularly operating costs in 2026 Capital Expenditure Capex ($m) • FY26 capex expected to remain around multi-year lows • High visibility of the 2026 activity set 1000 – Activity dominated by Jubilee d
Slide 13: 2026 Capital Allocation
2026 Capital Allocation 2026 capital prioritized to highest return drilling program in Ghana Capital Allocation Quarterly Capex Progression ($m) • 2026 capex expected to be in line with 2025 – ~$350 million including TEN FPSO purchase – Dominated by Jubilee drilling campaign Ghana (~70%) $210 Estima
Slide 14: Active Balance Sheet Management
Active Balance Sheet Management Paying down near-term maturities, increased hedging and reducing costs Active Balance Sheet Management Addressing Near-Term Maturities – 30 Jun 25 Increased Liquidity / Managing Maturities • Completed $350 million GTA secured Nordic bond $400 – 2031 maturity – $250 mi
Slide 15: Rigorous Focus On Delivery in 2026
Rigorous Focus On Delivery in 2026 Targeting ~15% Production Growth Targeting ~20% Reduction in Operating Costs Targeting at least 10% Debt Reduction Advance Quality Growth Portfolio With Minimal 2026 Capex Note: Production and operating cost targets assume a full year of Equatorial Guinea in 2025 a
Slide 16: Appendix: FY26 Detailed Guidance
Appendix: FY26 Detailed Guidance 1Q 2026 FY 2026 Production1,2,3 72,000 – 76,000 boe/day 70,000 – 78,000 boe/day Opex4 $18.00 - $20.00/boe $20.00 - $22.00/boe DD&A $17.00 - $19.00/boe $18.00 - $20.00/boe G&A5 ~$20 million ~$75 million Exploration Expense6 ~$5 million $10 - $30 million Net Interest E
Slide 17: KOSM**S ENERGY
KOSM**S ENERGY.