Kosmos Energy Ltd. (KOS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploration énergétique, Kosmos Energy Ltd. (KOS) apparaît comme une puissance stratégique, naviguant dans les paysages offshore complexes de l'Afrique de l'Ouest avec une précision et une innovation remarquables. En tirant parti de l'expertise géologique avancée, des partenariats stratégiques et un engagement envers le développement durable, Kosmos a transformé l'exploration traditionnelle des hydrocarbures en un modèle commercial sophistiqué et multidimensionnel qui transcende les approches conventionnelles de l'industrie. Cette toile de modèle commercial complexe révèle comment l'entreprise équilibre stratégiquement les risques, les opportunités et les prouesses technologiques de débloquer des ressources énergétiques à haut potentiel sur les marchés émergents, promettant des investisseurs et des parties prenantes un récit convaincant de croissance stratégique et d'exploration responsable.

Kosmos Energy Ltd. (KOS) - Modèle commercial: partenariats clés

Partenariats stratégiques avec des compagnies pétrolières nationales en Afrique de l'Ouest

Kosmos Energy maintient des partenariats stratégiques avec:

• Ghana National Petroleum Corporation (GNPC) - 70% de propriété dans le jubilé et dix champs
• Sénégal's Petrosen - Accords d'exploration conjoints dans les blocs offshore du Sénégal
• Mauritania's National Oil Company - Exploration Partnership in Offshore Blocks

Pays partenaire	Type de partenariat	Pourcentage de propriété
Ghana	Contrat de partage de la production	70% de Kosmos
Sénégal	Contrat d'exploration	60% de Kosmos
Mauritanie	Partenariat d'exploration	50% Kosmos

Contacteurs de coentreprise avec des entreprises d'exploration internationales

Les partenariats clés de coentreprise comprennent:

• Shell - Collaboration d'exploration en eau profonde
• BP - Exploration offshore Mauritania et Sénégal
• Chevron - Accords d'exploration potentiels

Collaboration technique avec les fournisseurs d'enquête de forage et de sismique

Fournisseur de services	Focus de la collaboration	Valeur du contrat
Schlumberger	Relevés sismiques	45 millions de dollars par an
Transocéan	Services de forage offshore	Contrat de 120 millions de dollars
Halliburton	Technologie de forage	Partenariat de 75 millions de dollars

Partenariats financiers avec les banques d'investissement internationales

Partenaires de collaboration financière:

• Goldman Sachs - Financement de la dette
• JPMorgan Chase - Facilités de crédit
• Citibank - Gestion du fonds de roulement

Accords de partage des risques avec des entrepreneurs d'équipement et de service

Entrepreneur	Mécanisme de partage des risques	Durée du contrat
Baker Hughes	Partage des risques basé sur les performances	5 ans
International de Weatherford	Structure de paiement contingent	3 ans
Nov (National Oilwell Varco)	Modèle d'investissement partagé	4 ans

Kosmos Energy Ltd. (KOS) - Modèle d'entreprise: activités clés

Exploration du pétrole et du gaz offshore dans les régions ouest-africaines

Kosmos Energy opère dans plusieurs pays ouest-africains avec des blocs d'exploration actifs:

Pays	Blocs d'exploration	Superficie (sq km)
Mauritanie	Bloc offshore C-19	4,690
Sénégal	Cayar Offshore et Saint Louis offshore	3,287
Ghana	Cape offshore trois points	2,860

Production et développement d'hydrocarbures

Statistiques de production actuelles:

• Production nette totale en 2023: 57 000 barils de pétrole équivalent par jour
• Split de production: 70% de pétrole, 30% de gaz naturel
• Pays de production opérationnelle: Ghana, Guinée équatoriale

Gestion de projet énergétique durable

Investissement dans des initiatives d'énergie à faible teneur en carbone:

Type de projet	Montant d'investissement	Année cible
Capture de carbone	45 millions de dollars	2025
Transition d'énergie renouvelable	120 millions de dollars	2030

Recherche géologique et sismique

Dépenses de recherche et d'exploration:

• Budget de R&D annuel: 78 millions de dollars
• Couverture d'enquête sismique: 15 000 kilomètres carrés en 2023
• Technologie d'imagerie sismique 3D avancée utilisée

Acquisition d'actifs et optimisation du portefeuille

Métriques de gestion du portefeuille:

Métrique	Valeur	Année
Valeur totale de l'actif	3,2 milliards de dollars	2023
Nouvelles acquisitions d'actifs	275 millions de dollars	2023
Valeur de désinvestissement	112 millions de dollars	2023

Kosmos Energy Ltd. (KOS) - Modèle commercial: Ressources clés

Équipement de forage offshore avancé

En 2024, Kosmos Energy exploite l'équipement de forage offshore spécialisé suivant:

Type d'équipement	Quantité	Régions opérationnelles
Plates-formes de forage en eau profonde	3	Golfe du Mexique, Afrique de l'Ouest
Plates-formes semi-submersibles	2	Ghana offshore, Guinée équatoriale

Expertise géologique et géophysique

Les capacités techniques de Kosmos Energy comprennent:

• Technologie d'imagerie sismique propriétaire
• Systèmes de cartographie géologique avancés
• Analyse d'exploration compatible avec l'apprentissage automatique

Droits d'exploration des terres stratégiques et maritimes

Portfolio actuel des droits d'exploration:

Région	Blocs d'exploration	Superficie totale
Afrique de l'Ouest	8	1,2 million d'acres
Golfe du Mexique	4	350 000 acres

Équipes techniques et de gestion expérimentées

Composition d'équipe à partir de 2024:

• Total des employés: 750
• Employés titulaires de diplômes avancés: 62%
• Expérience moyenne de l'industrie: 15 ans

Capital financier pour les projets d'exploration

Ressources financières pour 2024:

Métrique financière	Montant
Capital disponible total	1,2 milliard de dollars
Budget d'exploration	350 millions de dollars
Réserves en espèces	475 millions de dollars

Kosmos Energy Ltd. (KOS) - Modèle d'entreprise: propositions de valeur

Opportunités d'exploration à haut potentiel sur les marchés émergents

En 2024, Kosmos Energy maintient des actifs d'exploration sur les principaux marchés émergents avec un potentiel d'hydrocarbures significatif:

Région	Superficie d'exploration (kilomètres sq.	Ressources potentielles estimées
Sénégal offshore	4,285	1,4 milliard de barils de pétrole équivalent
Ghana offshore	3,960	1,2 milliard de barils de pétrole équivalent
Mauritanie offshore	5,300	2,3 milliards de barils de pétrole équivalent

Capacités de production à faible coût dans les régions ouest-africaines

L'économie de la production de Kosmos Energy en Afrique de l'Ouest:

• Coût de production moyen: 15,40 $ par baril
• Prix ​​opérationnel de l'opération: 40 $ par baril
• Volume de production actuel: 57 000 barils par jour

Engagement envers le développement énergétique durable et responsable

Mesures d'investissement environnemental et social:

Métrique de la durabilité	Valeur 2024
Cible de réduction des émissions de carbone	30% d'ici 2030
Investissement annuel dans les projets renouvelables	75 millions de dollars
Dépenses de développement communautaire locales	22 millions de dollars

Portfolio diversifié des actifs pétroliers et gaziers

Répartition du portefeuille des actifs:

• Actifs d'exploration offshore: 65%
• Production de champs: 25%
• Infrastructure de gaz naturel: 10%

Boullés solides de l'exploration et de la production réussies

Métriques de performance pour l'exploration et la production:

Indicateur de performance	Valeur 2024
Puits d'exploration réussis	8 sur 10
Ratio de remplacement de réserve	185%
Valeur actuelle nette des réserves	4,2 milliards de dollars

Kosmos Energy Ltd. (KOS) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les gouvernements nationaux

Kosmos Energy maintient des contrats d'exploration et de production stratégiques à long terme dans plusieurs pays:

Pays	Durée du contrat	Valeur du contrat
Ghana	Accord de 20 ans	3,8 milliards de dollars d'investissements en exploration bruts
Guinée équatoriale	Licence d'exploration de 15 ans	500 millions de dollars d'engagements d'exploration

Engagement direct avec les parties prenantes du marché de l'énergie

La stratégie d'engagement des parties prenantes de Kosmos Energy comprend:

• Communication directe avec les compagnies pétrolières nationales
• Conférence téléphonique des investisseurs trimestriels
• Réunions annuelles des parties prenantes

Communication transparente avec les investisseurs

Métriques de la relation des investisseurs pour 2023:

Métrique	Valeur
Présentations des investisseurs	8 présentations trimestrielles
Événements d'investisseur Roadshow	12 conférences internationales
Canaux de communication des investisseurs	4 plateformes numériques

Support technique pour les partenaires de coentreprise

Détails du partenariat de coentreprise:

• 7 partenariats actifs de coentreprise
• Équipe de soutien technique de 45 professionnels
• 125 millions de dollars alloués au support technique de partenariat

Représentation des performances continues et mises à jour des parties prenantes

Fréquence et canaux de rapport:

Type de rapport	Fréquence	Canaux de communication
Rapports financiers	Trimestriel	Dossiers SEC, site Web des investisseurs
Mises à jour opérationnelles	Mensuel	Communiqués de presse, présentations des investisseurs

Kosmos Energy Ltd. (KOS) - Modèle d'entreprise: canaux

Ventes directes vers les marchés de l'énergie nationaux et internationaux

Kosmos Energy Ltd. utilise des canaux de vente directs ciblant les marchés énergétiques spécifiques dans:

• États-Unis
• Ghana
• Guinée équatoriale
• Mauritanie

Marché	Volume des ventes (2023)	Contribution des revenus
États-Unis	52 340 barils par jour	43,2% des revenus totaux
Ghana	28 650 barils par jour	29,7% des revenus totaux
Guinée équatoriale	19 230 barils par jour	18,5% des revenus totaux
Mauritanie	12 450 barils par jour	8,6% des revenus totaux

Plateformes numériques pour les relations avec les investisseurs

Kosmos Energy utilise des canaux de relations avec les investisseurs numériques, notamment:

• Site Web d'investisseur d'entreprise
• Plateforme de classement Sec Edgar
• Webdication trimestriel
• Présentations des investisseurs interactifs

Conférences de l'industrie et événements de réseautage

Conférence	Fréquence de participation	Objectif de réseautage clé
Ceraweek	Annuel	Partenariats stratégiques
Conférence de technologie offshore	Annuel	Présentation de la technologie
Semaine de l'énergie de l'Afrique	Annuel	Expansion du marché régional

Présentations techniques et roadshows des investisseurs

Investisseur Roadshow Statistics 2023:

• Événements totaux de roadshow: 17
• Villes couvertes: New York, Londres, Toronto, Houston
• Les investisseurs institutionnels se réunissent: 82

Site Web d'entreprise et plateformes de rapports financiers

Les canaux de rapport numérique comprennent:

• Site Web de l'entreprise Kosmos Energy
• NYSE Financial Reporting
• Rapport intégré annuel
• Sorties financières trimestrielles

Kosmos Energy Ltd. (KOS) - Modèle d'entreprise: segments de clientèle

Compagnies pétrolières nationales en Afrique de l'Ouest

Les principales sociétés pétrolières nationales desservies par Kosmos Energy comprennent:

Pays	Compagnie pétrolière nationale	Statut de partenariat
Ghana	Ghana National Petroleum Corporation (GNPC)	Partenariat actif d'exploration et de production
Sénégal	Sénégal National Oil Company	Collaboration d'exploration offshore en cours

Corporations énergétiques internationales

Les grandes sociétés internationales énergétiques du segment de clients de Kosmos Energy:

• Shell International
• Énergies totales
• Chevron Corporation

Investisseurs institutionnels

Composition des investisseurs auprès du quatrième trimestre 2023:

Type d'investisseur	Pourcentage de propriété
Investisseurs institutionnels	87.4%
Fonds communs de placement	42.3%
Hedge funds	15.6%

Sociétés mondiales de trading d'énergie

Partners de trading d'énergie clés:

• Groupe de vitol
• Trafigura
• Glencore International

Intervenants de transition d'énergie renouvelable

Allocation d'investissement en énergies renouvelables pour 2024:

Segment renouvelable	Montant d'investissement
Initiatives à faible teneur en carbone	127 millions de dollars
Projets d'hydrogène vert	45 millions de dollars

Kosmos Energy Ltd. (KOS) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

En 2022, Kosmos Energy a déclaré des frais d'exploration de 119,9 millions de dollars. Le total des dépenses en capital de la société pour les activités d'exploration et de forage était d'environ 316 millions de dollars pour l'exercice.

Catégorie de dépenses	Montant (USD)
Coûts d'exploration	119,9 millions de dollars
Investissements de forage	196,1 millions de dollars
Dépenses en capital total	316 millions de dollars

Investissements technologiques et équipements

Kosmos Energy a alloué environ 87,5 millions de dollars pour les mises à niveau de la technologie et de l'équipement en 2022.

• Équipement de forage offshore: 52,3 millions de dollars
• Technologie d'imagerie sismique: 18,7 millions de dollars
• Initiatives de transformation numérique: 16,5 millions de dollars

Coûts de personnel et d'exploitation

Les dépenses opérationnelles totales de la société pour le personnel et les coûts connexes étaient de 214,6 millions de dollars en 2022.

Catégorie de coût du personnel	Montant (USD)
Salaires et salaires	156,3 millions de dollars
Avantages et assurance	38,4 millions de dollars
Formation et développement	19,9 millions de dollars

Dépenses de conformité réglementaire

Kosmos Energy dépensé 42,7 millions de dollars en conformité réglementaire en 2022, couvrant les évaluations environnementales, les certifications de sécurité et les exigences légales.

• Conformité environnementale: 18,3 millions de dollars
• Certifications de sécurité: 12,4 millions de dollars
• Documentation juridique et réglementaire: 12 millions de dollars

Investissements de recherche et développement

La société a investi 45,2 millions de dollars dans les activités de recherche et développement en 2022.

Zone de focus R&D	Investissement (USD)
Technologies énergétiques durables	22,6 millions de dollars
Technologie d'exploration	15,3 millions de dollars
Optimisation de l'efficacité	7,3 millions de dollars

Kosmos Energy Ltd. (KOS) - Modèle d'entreprise: Strots de revenus

Ventes de production de pétrole et de gaz

En 2022, Kosmos Energy a déclaré un chiffre d'affaires total de 1,86 milliard de dollars. Les ventes de production d'hydrocarbures représentaient la majorité de ces revenus.

Région	Volume de production (barils par jour)	Contribution des revenus
Ghana	53,000	812 millions de dollars
Guinée équatoriale	22,000	345 millions de dollars
Golfe du Mexique américain	15,000	213 millions de dollars

Droits d'exploration et frais de licence

Kosmos Energy génère des revenus supplémentaires grâce aux droits d'exploration et aux accords de licence.

• Africa Exploration bloque les licences: 45 millions de dollars en 2022
• Droits d'exploration offshore: 28 millions de dollars en frais de licence annuels
• Contrats d'évaluation technique: 12 millions de dollars

Monétisation des actifs et gestion du portefeuille

En 2022, Kosmos a réalisé 175 millions de dollars des ventes d'actifs et de l'optimisation du portefeuille.

Type d'actif	Valeur de monétisation
Désinvestissements d'actifs partiels	98 millions de dollars
Ventes d'actifs non essentiels	77 millions de dollars

Partage de bénéfices de coentreprise

Kosmos Energy participe à plusieurs coentreprises avec des accords de partage de bénéfices.

• Revenus de coentreprise totale: 210 millions de dollars en 2022
• Partners majeurs: Shell, BP, Chevron
• Pourcentage de parts de profit: varie de 20% à 50%

Contrats de service technique

Les contrats de service technique contribuent à la diversification des revenus de Kosmos Energy.

Type de contrat	Revenus annuels
Services techniques d'exploration	35 millions de dollars
Conseil opérationnel	22 millions de dollars
Services d'évaluation géologique	18 millions de dollars

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.