Kosmos Energy Ltd. (KOS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración energética, Kosmos Energy Ltd. (KOS) emerge como una potencia estratégica, navegando por los complejos paisajes en alta mar de África occidental con notable precisión e innovación. Al aprovechar la experiencia geológica avanzada, las asociaciones estratégicas y un compromiso con el desarrollo sostenible, Kosmos ha transformado la exploración tradicional de hidrocarburos en un modelo de negocio sofisticado y multidimensional que trasciende los enfoques de la industria convencionales. Este intrincado lienzo de modelo de negocio revela cómo la compañía equilibra estratégicamente el riesgo, la oportunidad y la destreza tecnológica para desbloquear los recursos energéticos de alto potencial en los mercados emergentes, los inversores prometedores y las partes interesadas una narración convincente del crecimiento estratégico y la exploración responsable.

Kosmos Energy Ltd. (KOS) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con compañías petroleras nacionales en África occidental

Kosmos Energy mantiene asociaciones estratégicas con:

• Ghana National Petroleum Corporation (GNPC) - 70% Propiedad en Jubilee y diez campos
• Senegal's Petrosen - Acuerdos de exploración conjunta en Bloques Offshore de Senegal
• Mauritania's National Oil Company - Asociación de exploración en bloques offshore

País asociado	Tipo de asociación	Porcentaje de propiedad
Ghana	Contrato compartido de producción	70% kosmos
Senegal	Acuerdo de exploración	60% Kosmos
Mauritania	Asociación de exploración	50% Kosmos

Acuerdos de empresa conjunta con empresas de exploración internacional

Las asociaciones clave de la empresa conjunta incluyen:

• Shell - Colaboración de exploración de aguas profundas
• BP - Exploración de Mauritania y Senegal en alta mar
• Chevron: posibles acuerdos de exploración

Colaboración técnica con proveedores de encuestas sísmicas y perforación

Proveedor de servicios	Enfoque de colaboración	Valor de contrato
Schlumberger	Encuestas sísmicas	$ 45 millones anuales
Tranocánico	Servicios de perforación en alta mar	Contrato de $ 120 millones
Halliburton	Tecnología de perforación	Asociación de $ 75 millones

Asociaciones financieras con bancos de inversión internacional

Socios de colaboración financiera:

• Goldman Sachs - Financiación de la deuda
• JPMorgan Chase - Facilidades de crédito
• Citibank - Gestión de capital de trabajo

Acuerdos de intercambio de riesgos con contratistas de equipos y servicios

Contratista	Mecanismo de intercambio de riesgos	Duración del contrato
Baker Hughes	Riesgo basado en el rendimiento	5 años
Weatherford International	Estructura de pago contingente	3 años
Nov (National Oilwell Varco)	Modelo de inversión compartida	4 años

Kosmos Energy Ltd. (KOS) - Modelo de negocio: actividades clave

Exploración de petróleo y gas en alta mar en regiones de África occidental

Kosmos Energy opera en múltiples países de África occidental con bloques de exploración activa:

País	Bloques de exploración	Superficie (sq km)
Mauritania	Bloque en alta mar C-19	4,690
Senegal	Cayar Offshore y Saint Louis Offshore	3,287
Ghana	Cape en alta mar tres puntos	2,860

Producción y desarrollo de hidrocarburos

Estadísticas de producción actuales:

• Producción neta total en 2023: 57,000 barriles de aceite equivalente por día
• División de producción: 70% de petróleo, 30% de gas natural
• PROFESIONES DE PRODUCCIÓN OPERATIVA: GHANA, GUINEA EQUATORIA

Gestión de proyectos de energía sostenible

Inversión en iniciativas de energía baja en carbono:

Tipo de proyecto	Monto de la inversión	Año objetivo
Captura de carbono	$ 45 millones	2025
Transición de energía renovable	$ 120 millones	2030

Investigación geológica y sísmica

Gastos de investigación y exploración:

• Presupuesto anual de I + D: $ 78 millones
• Cobertura de la encuesta sísmica: 15,000 kilómetros cuadrados en 2023
• Tecnología avanzada de imágenes sísmicas 3D utilizada

Adquisición de activos y optimización de cartera

Métricas de gestión de cartera:

Métrico	Valor	Año
Valor total del activo	$ 3.2 mil millones	2023
Nuevas adquisiciones de activos	$ 275 millones	2023
Valor de desinversión	$ 112 millones	2023

Kosmos Energy Ltd. (KOS) - Modelo de negocio: recursos clave

Equipo de perforación en alta mar avanzado

A partir de 2024, Kosmos Energy opera el siguiente equipo especializado de perforación en alta mar:

Tipo de equipo	Cantidad	Regiones operativas
Plataformas de perforación de aguas profundas	3	Golfo de México, África occidental
Plataformas semi-sumergibles	2	Ghana en alta mar, Guinea Ecuatorial

Experiencia geológica y geofísica

Las capacidades técnicas de Kosmos Energy incluyen:

• Tecnología de imágenes sísmicas patentadas
• Sistemas de mapeo geológico avanzados
• Análisis de exploración habilitado para el aprendizaje automático

Derechos de exploración de tierras estratégicas y marítimas

Cartera de derechos de exploración actual:

Región	Bloques de exploración	Superficie total
África occidental	8	1.2 millones de acres
Golfo de México	4	350,000 acres

Equipos técnicos y de gestión experimentados

Composición del equipo a partir de 2024:

• Total de empleados: 750
• Empleados con títulos avanzados: 62%
• Experiencia de la industria promedio: 15 años

Capital financiero para proyectos de exploración

Recursos financieros para 2024:

Métrica financiera	Cantidad
Capital total disponible	$ 1.2 mil millones
Presupuesto de exploración	$ 350 millones
Reservas de efectivo	$ 475 millones

Kosmos Energy Ltd. (KOS) - Modelo de negocio: propuestas de valor

Oportunidades de exploración de alto potencial en los mercados emergentes

A partir de 2024, Kosmos Energy mantiene activos de exploración en mercados emergentes clave con un potencial de hidrocarburos significativo:

Región	Agua de exploración (kilómetros cuadrados)	Recursos potenciales estimados
Senegal en alta mar	4,285	1.400 millones de barriles de aceite equivalente
Ghana en alta mar	3,960	1.200 millones de barriles de aceite equivalente
Mauritania en alta mar	5,300	2.300 millones de barriles de aceite equivalente

Capacidades de producción de bajo costo en las regiones de África occidental

La economía de producción de Kosmos Energy en África occidental:

• Costo de producción promedio: $ 15.40 por barril
• Precio de equilibrio operativo: $ 40 por barril
• Volumen de producción actual: 57,000 barriles por día

Compromiso con el desarrollo de energía sostenible y responsable

Métricas de inversión ambiental y social:

Métrica de sostenibilidad	Valor 2024
Objetivo de reducción de emisiones de carbono	30% para 2030
Inversión anual en proyectos renovables	$ 75 millones
Gasto de desarrollo de la comunidad local	$ 22 millones

Cartera diversificada de activos de petróleo y gas

Desglose de la cartera de activos:

• Activos de exploración en alta mar: 65%
• Productor de campos: 25%
• Infraestructura de gas natural: 10%

Fuerte historial de exploración y producción exitosas

Métricas de rendimiento para exploración y producción:

Indicador de rendimiento	Valor 2024
Pozos de exploración exitosos	8 de 10
Relación de reemplazo de reserva	185%
Valor presente neto de las reservas	$ 4.2 mil millones

Kosmos Energy Ltd. (KOS) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con los gobiernos nacionales

Kosmos Energy mantiene contratos estratégicos de exploración y producción a largo plazo en múltiples países:

País	Duración del contrato	Valor de contrato
Ghana	Acuerdo de 20 años	$ 3.8 mil millones en inversiones de exploración bruta
Guinea Ecuatorial	Licencia de exploración de 15 años	$ 500 millones en compromisos de exploración

Compromiso directo con las partes interesadas del mercado energético

La estrategia de participación de las partes interesadas de Kosmos Energy incluye:

• Comunicación directa con compañías petroleras nacionales
• Llamadas de conferencia trimestralmente de inversores
• Reuniones anuales de partes interesadas

Comunicación transparente con inversores

Métricas de relación de inversores para 2023:

Métrico	Valor
Presentaciones de inversores	8 presentaciones trimestrales
Eventos de Roadshow de inversores	12 conferencias internacionales
Canales de comunicación de inversores	4 plataformas digitales

Soporte técnico para socios de empresas conjuntas

Detalles de la asociación de la empresa conjunta:

• 7 Asociaciones de empresa conjunta activa
• Equipo de soporte técnico de 45 profesionales
• $ 125 millones asignados para el soporte técnico de la asociación

Informes de rendimiento continuo y actualizaciones de las partes interesadas

Frecuencia y canales de informes:

Tipo de informes	Frecuencia	Canales de comunicación
Informes financieros	Trimestral	Presentaciones de la SEC, sitio web de inversores
Actualizaciones operativas	Mensual	Comunicados de prensa, presentaciones de inversores

Kosmos Energy Ltd. (KOS) - Modelo de negocio: canales

Ventas directas a los mercados de energía nacionales e internacionales

Kosmos Energy Ltd. utiliza canales de venta directos dirigidos a mercados de energía específicos en:

• Estados Unidos
• Ghana
• Guinea Ecuatorial
• Mauritania

Mercado	Volumen de ventas (2023)	Contribución de ingresos
Estados Unidos	52,340 barriles por día	43.2% de los ingresos totales
Ghana	28,650 barriles por día	29.7% de los ingresos totales
Guinea Ecuatorial	19,230 barriles por día	18.5% de los ingresos totales
Mauritania	12.450 barriles por día	8.6% de los ingresos totales

Plataformas digitales para relaciones con los inversores

Kosmos Energy emplea canales de relaciones digitales para inversores que incluyen:

• Sitio web de inversores corporativos
• Plataforma de archivos de Sec Edgar
• Transmisión web de ganancias trimestrales
• Presentaciones de inversores interactivos

Conferencias de la industria y eventos de redes

Conferencia	Frecuencia de participación	Objetivo de redes clave
Ceraweek	Anual	Asociaciones estratégicas
Conferencia de tecnología en alta mar	Anual	Tecnología que se muestra
Semana de la energía de África	Anual	Expansión del mercado regional

Presentaciones técnicas y carreteras de inversores

Investor Roadshow Statistics 2023:

• Eventos totales de Roadshow: 17
• Ciudades cubiertas: Nueva York, Londres, Toronto, Houston
• Los inversores institucionales se reunieron: 82

Sitio web corporativo y plataformas de informes financieros

Los canales de informes digitales incluyen:

• Sitio web corporativo de Kosmos Energy
• Informes financieros de NYSE
• Informe integrado anual
• Lanzamientos financieros trimestrales

Kosmos Energy Ltd. (KOS) - Modelo de negocio: segmentos de clientes

Compañías petroleras nacionales en África occidental

Las compañías petroleras nacionales clave atendidas por Kosmos Energy incluyen:

País	Compañía petrolera nacional	Estado de asociación
Ghana	Ghana National Petroleum Corporation (GNPC)	Asociación activa de exploración y producción
Senegal	Senegal's National Oil Company	Colaboración de exploración en alta mar en curso

Corporaciones de Energía Internacional

Las principales corporaciones internacionales de energía en el segmento de clientes de Kosmos Energy:

• Shell internacional
• Energías totales
• Corporación Chevron

Inversores institucionales

Composición del inversor a partir del cuarto trimestre 2023:

Tipo de inversor	Propiedad porcentual
Inversores institucionales	87.4%
Fondos mutuos	42.3%
Fondos de cobertura	15.6%

Empresas de comercio de energía global

Socios de comercio de energía clave:

• Grupo vitol
• Traficigura
• Glencore International

Partes interesadas de transición de energía renovable

Asignación de inversión de energía renovable para 2024:

Segmento renovable	Monto de la inversión
Iniciativas bajas en carbono	$ 127 millones
Proyectos de hidrógeno verde	$ 45 millones

Kosmos Energy Ltd. (KOS) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

En 2022, Kosmos Energy reportó gastos de exploración de $ 119.9 millones. Los gastos de capital totales de la compañía para actividades de exploración y perforación fueron de aproximadamente $ 316 millones para el año fiscal.

Categoría de gastos	Cantidad (USD)
Costos de exploración	$ 119.9 millones
Inversiones de perforación	$ 196.1 millones
Gastos de capital total	$ 316 millones

Inversiones de tecnología y equipos

Kosmos Energy asignó aproximadamente $ 87.5 millones para tecnología y actualizaciones de equipos en 2022.

• Equipo de perforación en alta mar: $ 52.3 millones
• Tecnología de imágenes sísmicas: $ 18.7 millones
• Iniciativas de transformación digital: $ 16.5 millones

Personal y costos operativos

Los gastos operativos totales de la Compañía para el personal y los costos relacionados fueron de $ 214.6 millones en 2022.

Categoría de costos de personal	Cantidad (USD)
Salarios y salarios	$ 156.3 millones
Beneficios y seguro	$ 38.4 millones
Capacitación y desarrollo	$ 19.9 millones

Gastos de cumplimiento regulatorio

La energía del kosmos gastada $ 42.7 millones en cumplimiento regulatorio En 2022, cubriendo evaluaciones ambientales, certificaciones de seguridad y requisitos legales.

• Cumplimiento ambiental: $ 18.3 millones
• Certificaciones de seguridad: $ 12.4 millones
• Documentación legal y regulatoria: $ 12 millones

Inversiones de investigación y desarrollo

La compañía invirtió $ 45.2 millones en actividades de investigación y desarrollo durante 2022.

Área de enfoque de I + D	Inversión (USD)
Tecnologías energéticas sostenibles	$ 22.6 millones
Tecnología de exploración	$ 15.3 millones
Optimización de eficiencia	$ 7.3 millones

Kosmos Energy Ltd. (KOS) - Modelo de negocios: flujos de ingresos

Ventas de producción de petróleo y gas

En 2022, Kosmos Energy reportó ingresos totales de $ 1.86 mil millones. Las ventas de producción de hidrocarburos representaron la mayoría de estos ingresos.

Región	Volumen de producción (barriles por día)	Contribución de ingresos
Ghana	53,000	$ 812 millones
Guinea Ecuatorial	22,000	$ 345 millones
Golfo de México de EE. UU.	15,000	$ 213 millones

Derechos de exploración y tarifas de licencia

Kosmos Energy genera ingresos adicionales a través de los derechos de exploración y los acuerdos de licencia.

• Africa Exploration Blocks Licensing: $ 45 millones en 2022
• Derechos de exploración en alta mar: $ 28 millones en tarifas anuales de licencia
• Contratos de evaluación técnica: $ 12 millones

Monetización de activos y gestión de cartera

En 2022, Kosmos se dio cuenta de $ 175 millones de las ventas de activos y la optimización de la cartera.

Tipo de activo	Valor de monetización
Desinversiones de activos parciales	$ 98 millones
Ventas de activos no básicos	$ 77 millones

Participación en las ganancias de la empresa conjunta

Kosmos Energy participa en múltiples empresas conjuntas con acuerdos de participación en las ganancias.

• Ingresos totales de empresa conjunta: $ 210 millones en 2022
• Socios principales: Shell, BP, Chevron
• Porcentaje de participación de ganancias: varía del 20% al 50%

Contratos de servicio técnico

Los contratos de servicio técnico contribuyen a la diversificación de ingresos de Kosmos Energy.

Tipo de contrato	Ingresos anuales
Servicios técnicos de exploración	$ 35 millones
Consultoría operacional	$ 22 millones
Servicios de evaluación geológica	$ 18 millones

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.