Kosmos Energy Ltd. (KOS): Business Model Canvas

In der dynamischen Welt der Energieexploration erweist sich Kosmos Energy Ltd. (KOS) als strategisches Kraftpaket, das mit bemerkenswerter Präzision und Innovation durch die komplexen Offshore-Landschaften Westafrikas navigiert. Durch die Nutzung fortschrittlicher geologischer Fachkenntnisse, strategischer Partnerschaften und eines Engagements für nachhaltige Entwicklung hat Kosmos die traditionelle Kohlenwasserstoffexploration in ein anspruchsvolles, mehrdimensionales Geschäftsmodell umgewandelt, das über herkömmliche Branchenansätze hinausgeht. Dieser komplexe Business Model Canvas zeigt, wie das Unternehmen Risiken, Chancen und technologische Fähigkeiten strategisch ausbalanciert, um vielversprechende Energieressourcen in Schwellenländern zu erschließen, und verspricht Investoren und Stakeholdern eine überzeugende Darstellung von strategischem Wachstum und verantwortungsvoller Exploration.

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit nationalen Ölunternehmen in Westafrika

Kosmos Energy unterhält strategische Partnerschaften mit:

• Ghana National Petroleum Corporation (GNPC) – 70 % der Anteile an den Jubilee- und TEN-Feldern
• Senegals Petrosen – Gemeinsame Explorationsvereinbarungen in senegalesischen Offshore-Blöcken
• Mauretaniens National Oil Company – Explorationspartnerschaft in Offshore-Blöcken

Partnerland	Partnerschaftstyp	Eigentumsprozentsatz
Ghana	Produktionsteilungsvertrag	70 % Kosmos
Senegal	Explorationsabkommen	60 % Kosmos
Mauretanien	Explorationspartnerschaft	50 % Kosmos

Joint-Venture-Vereinbarungen mit internationalen Explorationsunternehmen

Zu den wichtigsten Joint-Venture-Partnerschaften gehören:

• Shell – Zusammenarbeit bei der Tiefseeexploration
• BP – Offshore-Exploration in Mauretanien und Senegal
• Chevron – Mögliche Explorationsvereinbarungen

Technische Zusammenarbeit mit Anbietern von Bohrungen und seismischen Untersuchungen

Dienstleister	Fokus auf Zusammenarbeit	Vertragswert
Schlumberger	Seismische Untersuchungen	45 Millionen US-Dollar pro Jahr
Transozean	Offshore-Bohrdienstleistungen	Vertrag über 120 Millionen US-Dollar
Halliburton	Bohrtechnik	75-Millionen-Dollar-Partnerschaft

Finanzielle Partnerschaften mit internationalen Investmentbanken

Finanzielle Kooperationspartner:

• Goldman Sachs – Fremdfinanzierung
• JPMorgan Chase – Kreditfazilitäten
• Citibank – Betriebskapitalmanagement

Risikoteilungsvereinbarungen mit Ausrüstungs- und Serviceunternehmen

Auftragnehmer	Risikoteilungsmechanismus	Vertragsdauer
Baker Hughes	Leistungsbasierte Risikoteilung	5 Jahre
Weatherford International	Struktur für bedingte Zahlungen	3 Jahre
NOV (National Oilwell Varco)	Gemeinsames Investitionsmodell	4 Jahre

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Hauptaktivitäten

Offshore-Öl- und Gasexploration in westafrikanischen Regionen

Kosmos Energy ist in mehreren westafrikanischen Ländern mit aktiven Explorationsblöcken tätig:

Land	Erkundungsblöcke	Fläche (km²)
Mauretanien	Offshore-Block C-19	4,690
Senegal	Cayar Offshore und Saint Louis Offshore	3,287
Ghana	Offshore Cape Three Points	2,860

Kohlenwasserstoffproduktion und -entwicklung

Aktuelle Produktionsstatistik:

• Gesamtnettoproduktion im Jahr 2023: 57.000 Barrel Öläquivalent pro Tag
• Produktionsaufteilung: 70 % Öl, 30 % Erdgas
• Operative Produktionsländer: Ghana, Äquatorialguinea

Projektmanagement für nachhaltige Energie

Investitionen in kohlenstoffarme Energieinitiativen:

Projekttyp	Investitionsbetrag	Zieljahr
Kohlenstoffabscheidung	45 Millionen Dollar	2025
Übergang zu erneuerbaren Energien	120 Millionen Dollar	2030

Geologische und seismische Forschung

Forschungs- und Explorationsausgaben:

• Jährliches F&E-Budget: 78 Millionen US-Dollar
• Abdeckung der seismischen Untersuchungen: 15.000 Quadratkilometer im Jahr 2023
• Fortschrittliche seismische 3D-Bildgebungstechnologie eingesetzt

Vermögenserwerb und Portfoliooptimierung

Kennzahlen für das Portfoliomanagement:

Metrisch	Wert	Jahr
Gesamtvermögenswert	3,2 Milliarden US-Dollar	2023
Erwerb neuer Vermögenswerte	275 Millionen Dollar	2023
Veräußerungswert	112 Millionen Dollar	2023

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Offshore-Bohrausrüstung

Ab 2024 betreibt Kosmos Energy die folgenden spezialisierten Offshore-Bohrgeräte:

Gerätetyp	Menge	Einsatzgebiete
Tiefsee-Bohrinseln	3	Golf von Mexiko, Westafrika
Halbtauchplattformen	2	Offshore-Ghana, Äquatorialguinea

Geologische und geophysikalische Expertise

Zu den technischen Fähigkeiten von Kosmos Energy gehören:

• Proprietäre seismische Bildgebungstechnologie
• Fortschrittliche geologische Kartierungssysteme
• Durch maschinelles Lernen ermöglichte Explorationsanalyse

Strategische Land- und Seeexplorationsrechte

Aktuelles Explorationsrechteportfolio:

Region	Erkundungsblöcke	Gesamtfläche
Westafrika	8	1,2 Millionen Hektar
Golf von Mexiko	4	350.000 Hektar

Erfahrene Technik- und Managementteams

Teamzusammensetzung ab 2024:

• Gesamtzahl der Mitarbeiter: 750
• Mitarbeiter mit höheren Abschlüssen: 62%
• Durchschnittliche Branchenerfahrung: 15 Jahre

Finanzielles Kapital für Explorationsprojekte

Finanzielle Mittel für 2024:

Finanzkennzahl	Betrag
Gesamtes verfügbares Kapital	1,2 Milliarden US-Dollar
Explorationsbudget	350 Millionen Dollar
Barreserven	475 Millionen Dollar

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Wertversprechen

Explorationsmöglichkeiten mit hohem Potenzial in Schwellenländern

Ab 2024 unterhält Kosmos Energy Explorationsanlagen in wichtigen Schwellenländern mit erheblichem Kohlenwasserstoffpotenzial:

Region	Explorationsfläche (Quadratkilometer)	Geschätzte potenzielle Ressourcen
Vor der Küste Senegals	4,285	1,4 Milliarden Barrel Öläquivalent
Offshore-Ghana	3,960	1,2 Milliarden Barrel Öläquivalent
Offshore-Mauretanien	5,300	2,3 Milliarden Barrel Öläquivalent

Kostengünstige Produktionskapazitäten in westafrikanischen Regionen

Produktionsökonomie von Kosmos Energy in Westafrika:

• Durchschnittliche Produktionskosten: 15,40 $ pro Barrel
• Operativer Breakeven-Preis: 40 US-Dollar pro Barrel
• Aktuelle Produktionsmenge: 57.000 Barrel pro Tag

Engagement für eine nachhaltige und verantwortungsvolle Energieentwicklung

Kennzahlen für Umwelt- und Sozialinvestitionen:

Nachhaltigkeitsmetrik	Wert 2024
Ziel zur Reduzierung der CO2-Emissionen	30 % bis 2030
Jährliche Investition in erneuerbare Projekte	75 Millionen Dollar
Ausgaben für die lokale Gemeindeentwicklung	22 Millionen Dollar

Diversifiziertes Portfolio an Öl- und Gasanlagen

Aufschlüsselung des Vermögensportfolios:

• Offshore-Explorationsvermögen: 65 %
• Produktionsfelder: 25 %
• Erdgasinfrastruktur: 10 %

Starke Erfolgsbilanz bei der erfolgreichen Exploration und Produktion

Leistungskennzahlen für Exploration und Produktion:

Leistungsindikator	Wert 2024
Erfolgreiche Explorationsbohrungen	8 von 10
Reserve-Ersatzverhältnis	185%
Nettobarwert der Reserven	4,2 Milliarden US-Dollar

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit nationalen Regierungen

Kosmos Energy unterhält strategische langfristige Explorations- und Produktionsverträge in mehreren Ländern:

Land	Vertragsdauer	Vertragswert
Ghana	20-Jahres-Vertrag	Bruttoexplorationsinvestitionen in Höhe von 3,8 Milliarden US-Dollar
Äquatorialguinea	15-jährige Explorationslizenz	Explorationszusagen in Höhe von 500 Millionen US-Dollar

Direkter Dialog mit Interessenvertretern des Energiemarktes

Die Stakeholder-Engagement-Strategie von Kosmos Energy umfasst:

• Direkte Kommunikation mit nationalen Ölunternehmen
• Vierteljährliche Telefonkonferenzen für Investoren
• Jährliche Stakeholder-Treffen

Transparente Kommunikation mit Investoren

Kennzahlen zur Anlegerbeziehung für 2023:

Metrisch	Wert
Investorenpräsentationen	8 vierteljährliche Präsentationen
Roadshow-Events für Investoren	12 internationale Konferenzen
Kommunikationskanäle für Investoren	4 digitale Plattformen

Technischer Support für Joint-Venture-Partner

Details zur Joint-Venture-Partnerschaft:

• 7 aktive Joint-Venture-Partnerschaften
• Technisches Support-Team aus 45 Fachleuten
• 125 Millionen US-Dollar für den technischen Support der Partnerschaft bereitgestellt

Kontinuierliche Leistungsberichterstattung und Stakeholder-Updates

Häufigkeit und Kanäle der Berichterstattung:

Berichtstyp	Häufigkeit	Kommunikationskanäle
Finanzberichte	Vierteljährlich	SEC-Einreichungen, Investoren-Website
Betriebsaktualisierungen	Monatlich	Pressemitteilungen, Investorenpräsentationen

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Kanäle

Direktvertrieb an nationale und internationale Energiemärkte

Kosmos Energy Ltd. nutzt Direktvertriebskanäle, die auf bestimmte Energiemärkte abzielen:

• Vereinigte Staaten
• Ghana
• Äquatorialguinea
• Mauretanien

Markt	Verkaufsvolumen (2023)	Umsatzbeitrag
Vereinigte Staaten	52.340 Barrel pro Tag	43,2 % des Gesamtumsatzes
Ghana	28.650 Barrel pro Tag	29,7 % des Gesamtumsatzes
Äquatorialguinea	19.230 Barrel pro Tag	18,5 % des Gesamtumsatzes
Mauretanien	12.450 Barrel pro Tag	8,6 % des Gesamtumsatzes

Digitale Plattformen für Investor Relations

Kosmos Energy nutzt digitale Investor-Relations-Kanäle, darunter:

• Website für Unternehmensinvestoren
• SEC EDGAR-Einreichungsplattform
• Webcast zu den Quartalsergebnissen
• Interaktive Investorenpräsentationen

Branchenkonferenzen und Networking-Events

Konferenz	Teilnahmehäufigkeit	Wichtigstes Networking-Ziel
CERAWoche	Jährlich	Strategische Partnerschaften
Offshore-Technologiekonferenz	Jährlich	Technologiepräsentation
Afrika-Energiewoche	Jährlich	Regionale Markterweiterung

Technische Präsentationen und Investoren-Roadshows

Investoren-Roadshow-Statistik 2023:

• Gesamtzahl der Roadshow-Veranstaltungen: 17
• Abgedeckte Städte: New York, London, Toronto, Houston
• Institutionelle Investoren trafen sich: 82

Unternehmenswebsite und Finanzberichtsplattformen

Zu den digitalen Meldekanälen gehören:

• Unternehmenswebsite von Kosmos Energy
• NYSE-Finanzberichterstattung
• Jährlicher integrierter Bericht
• Vierteljährliche Finanzveröffentlichungen

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Kundensegmente

Nationale Ölunternehmen in Westafrika

Zu den wichtigsten nationalen Ölunternehmen, die von Kosmos Energy beliefert werden, gehören:

Land	Nationale Ölgesellschaft	Partnerschaftsstatus
Ghana	Ghana National Petroleum Corporation (GNPC)	Aktive Explorations- und Produktionspartnerschaft
Senegal	Senegals nationale Ölgesellschaft	Laufende Zusammenarbeit bei der Offshore-Exploration

Internationale Energiekonzerne

Große internationale Energiekonzerne im Kundensegment von Kosmos Energy:

• Shell International
• Gesamtenergien
• Chevron Corporation

Institutionelle Anleger

Zusammensetzung der Anleger ab Q4 2023:

Anlegertyp	Prozentualer Besitz
Institutionelle Anleger	87.4%
Investmentfonds	42.3%
Hedgefonds	15.6%

Globale Energiehandelsunternehmen

Wichtige Energiehandelspartner:

• Vitol-Gruppe
• Trafigura
• Glencore International

Interessenvertreter der erneuerbaren Energiewende

Investitionszuteilung für erneuerbare Energien für 2024:

Erneuerbares Segment	Investitionsbetrag
CO2-arme Initiativen	127 Millionen Dollar
Grüne Wasserstoffprojekte	45 Millionen Dollar

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Im Jahr 2022 meldete Kosmos Energy Explorationsaufwendungen in Höhe von 119,9 Millionen US-Dollar. Die Gesamtinvestitionen des Unternehmens für Explorations- und Bohraktivitäten beliefen sich im Geschäftsjahr auf etwa 316 Millionen US-Dollar.

Ausgabenkategorie	Betrag (USD)
Explorationskosten	119,9 Millionen US-Dollar
Bohrinvestitionen	196,1 Millionen US-Dollar
Gesamtinvestitionen	316 Millionen Dollar

Investitionen in Technologie und Ausrüstung

Kosmos Energy stellte im Jahr 2022 etwa 87,5 Millionen US-Dollar für Technologie- und Ausrüstungs-Upgrades bereit.

• Offshore-Bohrausrüstung: 52,3 Millionen US-Dollar
• Seismische Bildgebungstechnologie: 18,7 Millionen US-Dollar
• Initiativen zur digitalen Transformation: 16,5 Millionen US-Dollar

Personal- und Betriebskosten

Die Gesamtbetriebskosten des Unternehmens für Personal und damit verbundene Kosten beliefen sich im Jahr 2022 auf 214,6 Millionen US-Dollar.

Personalkostenkategorie	Betrag (USD)
Gehälter und Löhne	156,3 Millionen US-Dollar
Leistungen und Versicherung	38,4 Millionen US-Dollar
Schulung und Entwicklung	19,9 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Kosmos-Energie verbraucht 42,7 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften im Jahr 2022 und umfasst Umweltbewertungen, Sicherheitszertifizierungen und gesetzliche Anforderungen.

• Umweltkonformität: 18,3 Millionen US-Dollar
• Sicherheitszertifizierungen: 12,4 Millionen US-Dollar
• Rechtliche und behördliche Dokumentation: 12 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Das Unternehmen investierte im Jahr 2022 45,2 Millionen US-Dollar in Forschungs- und Entwicklungsaktivitäten.

F&E-Schwerpunktbereich	Investition (USD)
Nachhaltige Energietechnologien	22,6 Millionen US-Dollar
Explorationstechnologie	15,3 Millionen US-Dollar
Effizienzoptimierung	7,3 Millionen US-Dollar

Kosmos Energy Ltd. (KOS) – Geschäftsmodell: Einnahmequellen

Verkäufe der Öl- und Gasproduktion

Im Jahr 2022 meldete Kosmos Energy einen Gesamtumsatz von 1,86 Milliarden US-Dollar. Der Großteil dieses Umsatzes entfiel auf den Verkauf von Kohlenwasserstoffen.

Region	Produktionsvolumen (Barrel pro Tag)	Umsatzbeitrag
Ghana	53,000	812 Millionen Dollar
Äquatorialguinea	22,000	345 Millionen Dollar
US-Golf von Mexiko	15,000	213 Millionen Dollar

Explorationsrechte und Lizenzgebühren

Kosmos Energy generiert zusätzliche Einnahmen durch Explorationsrechte und Lizenzvereinbarungen.

• Afrika-Exploration blockiert Lizenzvergabe: 45 Millionen US-Dollar im Jahr 2022
• Offshore-Explorationsrechte: 28 Millionen US-Dollar an jährlichen Lizenzgebühren
• Technische Evaluierungsverträge: 12 Millionen US-Dollar

Vermögensmonetarisierung und Portfoliomanagement

Im Jahr 2022 erzielte Kosmos einen Umsatz von 175 Millionen US-Dollar durch den Verkauf von Vermögenswerten und die Portfoliooptimierung.

Asset-Typ	Monetarisierungswert
Teilweise Vermögensveräußerungen	98 Millionen Dollar
Verkäufe von nicht zum Kerngeschäft gehörenden Vermögenswerten	77 Millionen Dollar

Gewinnbeteiligung eines Joint Ventures

Kosmos Energy beteiligt sich an mehreren Joint Ventures mit Gewinnbeteiligungsvereinbarungen.

• Gesamtumsatz des Joint Ventures: 210 Millionen US-Dollar im Jahr 2022
• Hauptpartner: Shell, BP, Chevron
• Prozentsatz der Gewinnbeteiligung: Von 20 % bis 50 %

Technische Serviceverträge

Technische Serviceverträge tragen zur Umsatzdiversifizierung von Kosmos Energy bei.

Vertragstyp	Jahresumsatz
Explorationstechnische Dienstleistungen	35 Millionen Dollar
Betriebsberatung	22 Millionen Dollar
Geologische Gutachtendienste	18 Millionen Dollar

Kosmos Energy Ltd. (KOS) - Canvas Business Model: Value Propositions

You're looking at the core value Kosmos Energy Ltd. (KOS) offers its stakeholders right now, late in 2025. It's a mix of established production, a major new gas venture coming online, and a clear runway for future development in the Atlantic Basin.

Providing secure, affordable, and lower-carbon oil production.

Kosmos Energy Ltd. is actively managing its carbon footprint while ensuring production stability. The company aims to reduce its absolute Scope 1 equity emissions by 25% by 2026, using a 2022 baseline as the comparison point. This commitment is part of a broader goal to achieve and maintain top quartile carbon intensity across both oil and gas portfolios. For context, Kosmos Energy Ltd. maintained carbon neutrality for its operated Scope 1 and Scope 2 emissions in both 2021 and 2022.

To secure the affordability aspect, the company is using hedging to protect against near-term price volatility. They have 50% of their 2026 oil production hedged with an average floor price of $66/bbl. Looking back at the 2025 program, they had 5 million barrels of remaining 2025 oil production hedged with a floor of approximately $62/barrel and a ceiling of approximately $77/barrel.

Here's a snapshot of the production base supporting this value proposition as of the third quarter of 2025:

Metric	Value (Q3 2025)	Value (Q2 2025)
Total Net Production	~65,500 boepd	63,500 boepd
Net Production from GTA	~11,400 boepd net	~7,100 boepd net
Net Production from Ghana (Oil & Gas)	Data not specified for Q3	~29,100 boepd net

The company's overall production is definitely trending upward as the GTA project ramps up.

New, strategic LNG supply to global markets from West Africa (GTA).

The Greater Tortue Ahmeyim (GTA) project is now a revenue-generating asset, marking a significant shift for Kosmos Energy Ltd. The Floating LNG (FLNG) vessel achieved its Commercial Operations Date (COD) in June 2025. The FLNG has a nameplate capacity around 2.7 million tonnes per annum. By the end of Q3 2025, the partnership had lifted 6.8 gross LNG cargos during that quarter alone. The company is focused on accelerating the ramp-up, aiming for stable cash flows by 2026.

The value here is providing a new, secure source of gas to global markets, which is crucial given the current energy landscape. The GTA project establishes an Atlantic Basin LNG hub ideally located to supply European markets and provide gas for domestic use in partner nations.

Exposure to high-growth, high-impact deepwater Atlantic Margin plays.

Kosmos Energy Ltd.'s portfolio is concentrated in high-impact deepwater areas. Core producing assets are offshore Ghana, Equatorial Guinea, and the U.S. Gulf of Mexico, complemented by the GTA gas development offshore Mauritania and Senegal. The company is actively progressing its U.S. Gulf of Mexico portfolio:

• The Winterfell-4 well in the Gulf of America was successfully drilled, with completion work ongoing and expected online later in the third quarter of 2025.
• At Tiberius, the Final Investment Decision (FID) is targeted for 2026.
• The Gettysburg discovery is being progressed as a low-cost, single well tie-back to Shell's Appomattox facility.

These developments show a clear path to production growth outside of the established assets.

Long-life assets with greater than 20 years of 2P reserves/production life.

The underlying asset base provides significant longevity. Kosmos Energy Ltd. reports a 2P reserves-to-production ratio of over 20 years. This long life is being reinforced by license extensions in key areas. For instance, Kosmos and partners signed an MoU with the Government of Ghana to extend production licenses to 2040, which is expected to result in a material uplift in 2P reserves in Ghana upon formal approval.

This long-term reserve base is what underpins the company's ability to focus on near-term cash generation and debt paydown, knowing the resource foundation is solid.

Finance: review the impact of the $2.85 billion net debt position as of Q3 2025 against the expected cash flow from GTA ramp-up by year-end.

Kosmos Energy Ltd. (KOS) - Canvas Business Model: Customer Relationships

You're looking at how Kosmos Energy Ltd. manages its sales and government interactions as of late 2025. It's a mix of big, long-term partnerships and immediate cargo sales. Honestly, the relationships with host governments are as critical as the ones with the buyers.

Dedicated B2B relationships with major global energy companies and traders

Kosmos Energy Ltd. engages in transactional sales for its produced commodities, which involves direct dealings with energy companies and traders for immediate or near-term offtake. This is where the day-to-day revenue is generated.

For the three months ended June 30, 2025, sales volumes were:

• Oil: 5,363 MBbl.
• Gas: 7,120 MMcf.
• NGL: 113 MBbl.
• Total Sales Volume: 6,663 MBoe.

The realized revenue per barrel of oil equivalent (Boe) for Q2 2025 was $58.93 (excluding derivative cash settlements), dropping to $56.39 per boe in Q3 2025.

The Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project is a key source of these sales, having achieved its first LNG cargo in February 2025. The Gimi floating LNG (FLNG) vessel reached its Commercial Operations Date in Q2 2025, achieving the daily contracted sales volume level.

Here's a look at the recent LNG lifting activity, which represents direct transactional sales:

Period Ended	Gross LNG Cargos Lifted from GTA
June 30, 2025 (Q2)	3.5
September 30, 2025 (Q3)	6.8

The first phase of the GTA LNG project provides about 2.7 million tons per year, and reservoir results have already surpassed expectations, running over capacity by more than 10%. Also, Kosmos Energy Ltd. is working with major counterparties on financing, having entered into a senior secured term loan with Shell Trading (US) Company ("Shell") for up to $250 million, with the first tranche of $150 million completed post Q3 2025.

Strategic, long-term engagement with National Oil Companies (NOCs) and host governments

Your long-term stability hinges on these government relationships. Kosmos Energy Ltd. has specific financing arrangements and license extensions that lock in future production and investment.

The company has Carry Advance Agreements in place with the national oil companies of Mauritania and Senegal, which relate to financing their share of certain development costs at the Greater Tortue Ahmeyim (GTA) project. Kosmos Energy Ltd. concluded funding a share of GTA's capital expenditure on behalf of these NOCs.

In Ghana, a major development occurred in June 2025:

• Memorandum of Understanding (MOU) signed with the Government of Ghana, Ghana National Petroleum Corporation (GNPC), and partners.
• The MOU extends the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to 2040, covering the Jubilee and TEN fields.
• This extension includes approval to drill up to 20 additional wells in the Jubilee field, representing an investment of up to $2 billion in Ghana over the life of the licenses.
• The agreement commits to working to increase gas supply from Jubilee and TEN to c. 130 mmscf/d and includes a guaranteed reimbursement mechanism for gas sales.

These agreements are foundational, securing production life beyond 2040 for key assets.

Transactional sales for spot crude oil and LNG cargoes

This covers the actual movement and sale of the product to the market, which is often executed through marketing and offtake agreements, sometimes tied to financing deals. The Q2 2025 sales volumes give you a snapshot of the transactional throughput:

Total sales volume for Q2 2025 was 73,200 boepd net, with production at approximately 63,500 boepd net, meaning the company was selling more than it produced that quarter (underlifted).

The company's hedging program also directly impacts the realized price on these transactional sales. As of Q3 2025, Kosmos Energy Ltd. had:

• 2.5 million barrels of remaining 2025 oil production hedged with an average floor of approximately $62/barrel.
• 8.5 million barrels of oil hedged for 2026 with an average floor of $66/barrel.

The closing of the Gulf of America term loan facility, anticipated by the end of Q3 2025, is subject to the execution of 'certain crude oil marketing and offtake agreements,' directly linking a major financial transaction to future transactional customer relationships.

Finance: draft 13-week cash view by Friday.

Kosmos Energy Ltd. (KOS) - Canvas Business Model: Channels

You're looking at how Kosmos Energy Ltd. gets its product-crude oil and natural gas-out to the market as of late 2025. This is all about the physical movement and sale of hydrocarbons from their assets.

Direct sales of crude oil cargoes to international buyers and refiners

Kosmos Energy Ltd. moves its crude oil production primarily through direct sales of cargoes into the international market. This involves securing the right buyers, often major refiners, for the volumes lifted from their various fields, including Jubilee and TEN offshore Ghana, and assets in the Gulf of America.

Sales volumes show the flow of product, which can fluctuate based on field performance and scheduled maintenance, like the heavy maintenance seen in the first quarter of 2025.

Here's a look at the sales performance through the third quarter of 2025:

Period Ended	Oil Sales (MBbl)	Gas Sales (MMcf)	NGL Sales (MBbl)	Total Sales Volume (MBoe)
Three Months Ended June 30, 2025 (Q2 2025)	5,363	7,120	113	6,663
Six Months Ended June 30, 2025	9,023	11,292	204	11,109
Three Months Ended September 30, 2025 (Q3 2025)	Not Separated in Total Sales Figure	Not Separated in Total Sales Figure	Not Separated in Total Sales Figure	~59,900 boepd (Daily Sales Rate)

The daily sales rate for the third quarter of 2025 was approximately 59,900 barrels of oil equivalent per day (boepd). The first quarter of 2025 saw sales of approximately 49,600 boepd, which was impacted by the timing of liftings. By the second quarter, sales had increased to about 73,200 boepd.

LNG cargo liftings from the GTA FLNG vessel

The Greater Tortue Ahmeyim (GTA) project offshore Mauritania and Senegal is a major new channel for Kosmos Energy Ltd., utilizing the Golar FLNG Gimi vessel. Revenue recognition begins upon the lifting of each LNG cargo. The project achieved Commercial Operations Date (COD) in the second quarter of 2025.

The liftings schedule shows the ramp-up of this significant new revenue stream:

Period	Gross LNG Cargo Liftings	Notes
April 2025	1	First cargo lifted.
Second Quarter 2025 (Q2)	3.5 gross cargos	Includes the first cargo.
Third Quarter 2025 (Q3)	6.8 gross cargos	In line with guidance.
Through July 2025	6 gross cargos	Cumulative through July.

The GTA FLNG vessel has a nameplate capacity of 2.7 million tonnes per annum (mtpa).

Gas sales via pipeline to domestic markets

Kosmos Energy Ltd. also has commitments for gas sales to domestic markets, specifically mentioning Ghana. This involves pipeline delivery from the Jubilee and TEN assets.

Reported net gas production volumes for Kosmos in Ghana illustrate the supply available for these channels:

• Gas production net to Kosmos in Ghana for the first quarter of 2025 was approximately 5,300 boepd.
• Jubilee gas production net to Kosmos in the second quarter of 2025 averaged approximately 5,700 boepd.
• Ghana gas production net to Kosmos in the third quarter of 2025 was approximately 5,200 boepd.

The future channel expansion includes the GTA Phase 1+ brownfield expansion, which is expected to approximately double gas throughput by 2029, covering both LNG production and domestic gas sales.

Kosmos Energy Ltd. (KOS) - Canvas Business Model: Customer Segments

Global Energy Traders and Major Oil Companies purchasing crude oil represent a core segment for Kosmos Energy Ltd. (KOS) from its producing assets outside of the Greater Tortue Ahmeyim (GTA) project.

The company's oil sales volumes provide a concrete measure of this segment's activity across the first three quarters of 2025.

Period Ended	Oil Sales (MBbl)	Gas Sales (MMcf)	Total Sales (MBoe)
June 30, 2025 (3 Months)	5,363	7,120	6,663
June 30, 2025 (6 Months)	9,023	11,292	11,109
September 30, 2025 (Q3)	Data not explicitly separated from total sales	Data not explicitly separated from total sales	~59,900 boepd (Sales)

For the six months ended June 30, 2025, Kosmos Energy Ltd. sold 9,023 MBbl of oil. The company lifted 3 cargos from Ghana during the second quarter of 2025. Also, Kosmos lifted 2 cargos from Ghana in the third quarter of 2025.

International LNG Buyers seeking long-term supply are primarily served through the GTA project, where the off-taker is a subsidiary of BP. This arrangement dictates the immediate customer base for the significant LNG volumes.

• The GTA Phase 1 project targets a nameplate capacity of 2.7 million tonnes per annum of LNG.
• BP's subsidiary is the sole buyer of the 2.5-million metric ton per year volume under a 20-year contract for GTA Phase 1.
• Kosmos Energy Ltd. exported the first LNG cargo in April 2025, with the first phase targeting 2.3 million tons per annum.
• During the third quarter of 2025, 6.8 gross LNG cargos were lifted from the GTA project.

National Oil Companies (NOCs) in host countries are critical partners rather than direct purchasers of all output, but they are key stakeholders in the development and financing structure.

Kosmos Energy Ltd. has specific financial arrangements with the NOCs in Mauritania and Senegal regarding the GTA project.

• Kosmos Energy Ltd. concluded funding a share of GTA's capital expenditure on behalf of the national oil companies of Mauritania and Senegal as of the second quarter of 2025.
• The NOCs involved in the GTA partnership include Senegal's Petrosen and Mauritania's Société Mauritanienne Des Hydrocarbures.
• Kosmos Energy Ltd. plans to invest US$2 billion in Ghana's energy sector to maximize output from the Jubilee and TEN fields.

Finance: draft 13-week cash view by Friday.

Kosmos Energy Ltd. (KOS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Kosmos Energy Ltd.'s cost base as we head into the end of 2025. It's all about managing heavy upfront spending against operational efficiencies gained from recent project completions. Honestly, the structure reflects a company in a heavy development cycle finally seeing some payoff in operating costs.

Capital Expenditure (CapEx)

The development phase requires substantial upfront cash, but the guidance for the full year 2025 shows a sharp pullback from prior periods. The company expects full-year CapEx to be below $350 million. This is a significant reduction, representing more than 60% lower year-on-year spending compared to 2024 levels. This spending is directed toward key development areas, like the Jubilee drilling program.

Here's a quick look at the spending profile based on recent updates:

• Full-Year 2025 CapEx Guidance: < $350 million
• Q2 2025 Actual CapEx: $86 million
• Q3 2025 Actual CapEx: $67 million

Production Expenses (OpEx)

The focus on lowering operational costs is yielding results, especially as the Greater Tortue Ahmeyim (GTA) project ramps up. For the full year 2025, Kosmos Energy Ltd. is guiding for production expenses around $22.00/boe. To give you context on the trend, Q3 2025 production expense was reported at $19.51/boe (excluding GTA-associated costs) or $26.78/boe including those costs. The Q4 2025 guidance was even tighter, projected between $15.00-$18.00/boe.

Financing Costs and Debt Load

Servicing the debt remains a major fixed cost component. Kosmos Energy Ltd. exited Q3 2025 carrying approximately $2.9 billion of net debt. This debt level drives a significant interest expense, with the net interest expense guidance for the full year 2025 raised to approximately $220 million. The company has been actively managing this, executing a $250 million senior secured term loan with Shell, using $150 million of that to partially redeem 2026 unsecured notes.

General and Administrative (G&A) Overhead

Management is aggressively targeting overhead to improve the bottom line. The targeted reduction for G&A overhead by the end of 2025 is a firm $25 million. This effort is on track, and the revised full-year G&A guidance for 2025 is approximately $75 million.

Here's the breakdown of the overhead management effort:

Cost Component	Guidance/Target (FY 2025)	Status/Detail
Targeted Overhead Reduction	$25 million	Targeted by year-end 2025
Full-Year G&A Guidance	~$75 million	Revised guidance
Q3 2025 Production Expense (ex-GTA)	$19.51/boe	Actual cost per barrel
Full-Year OpEx Guidance	~$22.00/boe	Full-year expectation

The net debt figure is the anchor here, dictating the interest expense you see flowing through the income statement. Finance: review the impact of the $250M Shell loan on Q4 interest accrual by next Tuesday.

Kosmos Energy Ltd. (KOS) - Canvas Business Model: Revenue Streams

You're looking at the top line, the money coming in before we worry about the operating costs, so let's focus on what Kosmos Energy Ltd. is selling and for how much as of late 2025. The reported revenue for the third quarter of 2025 was a precise $311.23 million, this figure excludes any cash settlements from derivative contracts you might see elsewhere. That quarterly revenue translated to a realized revenue per barrel of oil equivalent (boe) of $56.39 for the period. To give you the context of sales volume, net production hit approximately 65,500 boepd, but sales volumes were slightly lower at about 59,900 boepd. Honestly, tracking the sales mix is key to understanding the revenue quality.

Here's a quick look at the Q3 2025 operational metrics that feed directly into those revenue figures:

Metric	Value	Unit
Q3 2025 Revenue (Excl. Derivatives)	311.23	$ Million
Q3 2025 Sales Volume	59,900	boepd
Realized Revenue per Boe	56.39	$/boe
Cumulative Revenue (9M 2025)	995.18	$ Million

The core of the revenue engine is still crude oil sales, split between West Africa and the U.S. Gulf of Mexico. In Ghana, the Jubilee field is a major contributor; net production there averaged around 31,300 boepd in Q3 2025. Plus, the first producer well from the 2025/2026 drilling campaign came online, adding an average of about 10,000 bopd gross. You should note that Kosmos lifted 2 cargos from Ghana during that quarter, which is how the revenue is recognized.

For the U.S. Gulf of Mexico assets, this segment provides crude oil revenue, though specific Q3 2025 sales volumes aren't broken out separately from the total sales figure in the same detail as Ghana. What we do know is that the Winterfell-4 well abandonment resulted in a significant write-off impacting earnings, which is a risk inherent in this revenue source. Still, the overall production mix is weighted heavily toward oil in this region, around 84 percent oil based on Q2 figures.

The Greater Tortue Ahmeyim (GTA) project is now a key revenue stream, bringing in sales from both Liquefied Natural Gas (LNG) and condensate. During Q3 2025, the partnership lifted 6.8 gross LNG cargos from the offshore Mauritania and Senegal development. Furthermore, the first condensate cargo from the GTA project was lifted, which is a byproduct stream that adds to the total revenue base. The company is targeting nameplate production by the end of Q4 2025, which should materially increase the recurring LNG and gas revenue component.

You need to keep an eye on the hedging program as it directly impacts realized prices, which in turn affects revenue stability. Kosmos Energy Ltd. has 8.5 million barrels of oil production hedged for 2026 with a floor price of approximately $66 per barrel, covering about 50 percent of the first-half oil production for that year. That's a direct action to stabilize future revenue streams.

Finance: draft the Q4 2025 revenue projection based on current cargo lift schedules by next Wednesday.