Kosmos Energy Ltd. (KOS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da exploração energética, a Kosmos Energy Ltd. (KOS) surge como uma potência estratégica, navegando nas complexas paisagens offshore da África Ocidental com notável precisão e inovação. Ao alavancar a experiência geológica avançada, as parcerias estratégicas e o compromisso com o desenvolvimento sustentável, o KOSMOS transformou a exploração tradicional de hidrocarbonetos em um modelo de negócios sofisticado e multidimensional que transcende as abordagens da indústria convencional. Esse modelo de modelo de negócios intrincado revela como a empresa equilibra estrategicamente riscos, oportunidades e proezas tecnológicas para desbloquear recursos energéticos de alto potencial em mercados emergentes, prometendo investidores e partes interessadas uma narrativa convincente de crescimento estratégico e exploração responsável.

Kosmos Energy Ltd. (KOS) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com empresas nacionais de petróleo na África Ocidental

A Kosmos Energy mantém parcerias estratégicas com:

• Gana National Petroleum Corporation (GNPC) - 70% de propriedade no Jubileu e dez campos
• Senegal's Petrosen - Acordos de exploração conjunta em blocos offshore do Senegal
• Companhia Nacional de Petróleo da Mauritânia - Parceria de Exploração em Blocos Offshore

País parceiro	Tipo de parceria	Porcentagem de propriedade
Gana	Contrato de compartilhamento de produção	70% KOSMOS
Senegal	Contrato de Exploração	60% Kosmos
Mauritânia	Parceria de Exploração	50% KOSMOS

Acordos de joint venture com empresas de exploração internacionais

As principais parcerias de joint venture incluem:

• Shell - Colaboração de exploração de águas profundas
• BP - Mauritânia offshore e exploração senegal
• Chevron - potenciais acordos de exploração

Colaboração técnica com provedores de pesquisa sísmica e de perfuração

Provedor de serviços	Foco de colaboração	Valor do contrato
Schlumberger	Pesquisas sísmicas	US $ 45 milhões anualmente
Transocean	Serviços de perfuração offshore	Contrato de US $ 120 milhões
Halliburton	Tecnologia de perfuração	Parceria de US $ 75 milhões

Parcerias financeiras com bancos de investimento internacionais

Parceiros de colaboração financeira:

• Goldman Sachs - financiamento da dívida
• JPMorgan Chase - Linhas de crédito
• Citibank - Gerenciamento de capital de giro

Acordos de compartilhamento de risco com equipamentos e contratados de serviços

Contratante	Mecanismo de compartilhamento de risco	Duração do contrato
Baker Hughes	Compartilhamento de risco baseado em desempenho	5 anos
Weatherford International	Estrutura de pagamento contingente	3 anos
NOV (National Oilwell Varco)	Modelo de investimento compartilhado	4 anos

Kosmos Energy Ltd. (KOS) - Modelo de negócios: Atividades -chave

Exploração de petróleo e gás offshore nas regiões da África Ocidental

A Kosmos Energy opera em vários países da África Ocidental com blocos de exploração ativos:

País	Blocos de exploração	Área (km quadrada)
Mauritânia	Bloco Offshore C-19	4,690
Senegal	Cayar Offshore e Saint Louis Offshore	3,287
Gana	Cabo offshore três pontos	2,860

Produção e desenvolvimento de hidrocarbonetos

Estatísticas atuais de produção:

• Produção líquida total em 2023: 57.000 barris de petróleo equivalente por dia
• Divisão de produção: 70% de petróleo, 30% de gás natural
• Países de produção operacional: Gana, Guiné Equatorial

Gerenciamento de projetos de energia sustentável

Investimento em iniciativas de energia de baixo carbono:

Tipo de projeto	Valor do investimento	Ano -alvo
Captura de carbono	US $ 45 milhões	2025
Transição de energia renovável	US $ 120 milhões	2030

Pesquisa geológica e sísmica

Despesas de pesquisa e exploração:

• Orçamento anual de P&D: US $ 78 milhões
• Cobertura da pesquisa sísmica: 15.000 quilômetros quadrados em 2023
• Utilizada tecnologia avançada de imagem sísmica 3D utilizada

Aquisição de ativos e otimização de portfólio

Métricas de gerenciamento de portfólio:

Métrica	Valor	Ano
Valor total do ativo	US $ 3,2 bilhões	2023
Novas aquisições de ativos	US $ 275 milhões	2023
Valor de desinvestimento	US $ 112 milhões	2023

Kosmos Energy Ltd. (KOS) - Modelo de negócios: Recursos -chave

Equipamento avançado de perfuração offshore

A partir de 2024, a Kosmos Energy opera os seguintes equipamentos especializados de perfuração offshore:

Tipo de equipamento	Quantidade	Regiões operacionais
Platas de perfuração de águas profundas	3	Golfo do México, África Ocidental
Plataformas semi-submersíveis	2	Offshore Gana, Guiné Equatorial

Experiência geológica e geofísica

Os recursos técnicos da Kosmos Energy incluem:

• Tecnologia de imagem sísmica proprietária
• Sistemas avançados de mapeamento geológico
• Análise de exploração habilitada para aprendizado de máquina

Direitos estratégicos de exploração da terra e marítima

Portfólio de direitos de exploração atual:

Região	Blocos de exploração	Área total
África Ocidental	8	1,2 milhão de acres
Golfo do México	4	350.000 acres

Equipes técnicas e de gerenciamento experientes

Composição da equipe a partir de 2024:

• Total de funcionários: 750
• Funcionários com diplomas avançados: 62%
• Experiência média do setor: 15 anos

Capital financeiro para projetos de exploração

Recursos financeiros para 2024:

Métrica financeira	Quantia
Capital total disponível	US $ 1,2 bilhão
Orçamento de exploração	US $ 350 milhões
Reservas de caixa	US $ 475 milhões

Kosmos Energy Ltd. (KOS) - Modelo de negócios: proposições de valor

Oportunidades de exploração de alto potencial em mercados emergentes

A partir de 2024, a Kosmos Energy mantém ativos de exploração nos principais mercados emergentes com potencial significativo de hidrocarbonetos:

Região	Área de exploração (quilômetros quadrados)	Recursos potenciais estimados
Offshore Senegal	4,285	1,4 bilhão de barris de petróleo equivalente
Offshore Gana	3,960	1,2 bilhão de barris de petróleo equivalente
Mauritânia offshore	5,300	2,3 bilhões de barris de petróleo equivalente

Capacidades de produção de baixo custo nas regiões da África Ocidental

A economia de produção da Kosmos Energy na África Ocidental:

• Custo médio de produção: US $ 15,40 por barril
• Preço operacional de equilíbrio: US $ 40 por barril
• Volume de produção atual: 57.000 barris por dia

Compromisso com o desenvolvimento de energia sustentável e responsável

Métricas de investimento ambiental e social:

Métrica de sustentabilidade	2024 Valor
Alvo de redução de emissões de carbono	30% até 2030
Investimento anual em projetos renováveis	US $ 75 milhões
Gastos de desenvolvimento comunitário local	US $ 22 milhões

Portfólio diversificado de ativos de petróleo e gás

A quebra de portfólio de ativos:

• Ativos de exploração offshore: 65%
• Campos de produção: 25%
• Infraestrutura de gás natural: 10%

Forte histórico de exploração e produção bem -sucedidos

Métricas de desempenho para exploração e produção:

Indicador de desempenho	2024 Valor
Poços de exploração bem -sucedidos	8 de 10
Taxa de substituição de reserva	185%
Valor presente líquido das reservas	US $ 4,2 bilhões

Kosmos Energy Ltd. (KOS) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com governos nacionais

A Kosmos Energy mantém contratos estratégicos de exploração e produção de longo prazo em vários países:

País	Duração do contrato	Valor do contrato
Gana	Contrato de 20 anos	US $ 3,8 bilhões em investimentos brutos de exploração
Guiné Equatorial	Licença de exploração de 15 anos	US $ 500 milhões em compromissos de exploração

Engajamento direto com as partes interessadas do mercado de energia

A estratégia de engajamento das partes interessadas da Kosmos Energy inclui:

• Comunicação direta com empresas nacionais de petróleo
• Chamadas trimestrais de conferência de investidores
• Reuniões anuais das partes interessadas

Comunicação transparente com investidores

Métricas de relacionamento com investidores para 2023:

Métrica	Valor
Apresentações de investidores	8 apresentações trimestrais
Eventos de roadshow de investidores	12 Conferências Internacionais
Canais de comunicação de investidores	4 plataformas digitais

Suporte técnico para parceiros de joint venture

Detalhes da parceria da joint venture:

• 7 Parcerias de joint venture ativas
• Equipe de suporte técnico de 45 profissionais
• US $ 125 milhões alocados para suporte técnico de parceria

Relatórios de desempenho contínuos e atualizações de partes interessadas

Frequência de relatórios e canais:

Tipo de relatório	Freqüência	Canais de comunicação
Relatórios financeiros	Trimestral	Registros da SEC, site de investidores
Atualizações operacionais	Mensal	Comunicados de imprensa, apresentações de investidores

Kosmos Energy Ltd. (KOS) - Modelo de Negócios: Canais

Vendas diretas para mercados nacionais e internacionais de energia

A Kosmos Energy Ltd. utiliza canais de vendas diretos direcionando mercados de energia específicos em:

• Estados Unidos
• Gana
• Guiné Equatorial
• Mauritânia

Mercado	Volume de vendas (2023)	Contribuição da receita
Estados Unidos	52.340 barris por dia	43,2% da receita total
Gana	28.650 barris por dia	29,7% da receita total
Guiné Equatorial	19.230 barris por dia	18,5% da receita total
Mauritânia	12.450 barris por dia	8,6% da receita total

Plataformas digitais para relações com investidores

A Kosmos Energy emprega canais de relações com investidores digitais, incluindo:

• Site de investidores corporativos
• Plataforma de arquivamento da SEC Edgar
• Webcast trimestral de ganhos
• Apresentações interativas dos investidores

Conferências do setor e eventos de rede

Conferência	Frequência de participação	Objetivo de rede -chave
Ceraweek	Anual	Parcerias estratégicas
Conferência de Tecnologia Offshore	Anual	Tecnologia apresentando
Semana da Africa Energy	Anual	Expansão regional do mercado

Apresentações técnicas e roadshows de investidores

Estatísticas do Investor Roadshow 2023:

• Eventos totais de roadshow: 17
• Cidades cobertas: Nova York, Londres, Toronto, Houston
• Investidores institucionais se reuniram: 82

Site corporativo e plataformas de relatórios financeiros

Os canais de relatórios digitais incluem:

• Site corporativo da Kosmos Energy
• Relatórios financeiros da NYSE
• Relatório Integrado Anual
• Lançamentos financeiros trimestrais

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

Companhias nacionais de petróleo na África Ocidental

As principais empresas nacionais de petróleo atendidas pela Kosmos Energy incluem:

País	Companhia Oil Nacional	Status da parceria
Gana	Gana National Petroleum Corporation (GNPC)	Parceria ativa de exploração e produção
Senegal	Companhia nacional de petróleo do Senegal	Colaboração em andamento em andamento

Empresas internacionais de energia

Principais empresas internacionais de energia no segmento de clientes da Kosmos Energy:

• Shell International
• Energias totais
• Chevron Corporation

Investidores institucionais

Composição do investidor a partir do quarto trimestre 2023:

Tipo de investidor	Porcentagem de propriedade
Investidores institucionais	87.4%
Fundos mútuos	42.3%
Fundos de hedge	15.6%

Empresas globais de comércio de energia

Principais parceiros de comércio de energia:

• Grupo Vitol
• Trafigura
• Glencore International

Partes interessadas de transição de energia renovável

Alocação de investimento em energia renovável para 2024:

Segmento renovável	Valor do investimento
Iniciativas de baixo carbono	US $ 127 milhões
Projetos de hidrogênio verde	US $ 45 milhões

Kosmos Energy Ltd. (KOS) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Em 2022, a Kosmos Energy registrou despesas de exploração de US $ 119,9 milhões. As despesas totais de capital da empresa para atividades de exploração e perfuração foram de aproximadamente US $ 316 milhões no ano fiscal.

Categoria de despesa	Quantidade (USD)
Custos de exploração	US $ 119,9 milhões
Investimentos em perfuração	US $ 196,1 milhões
Gasto total de capital	US $ 316 milhões

Investimentos de tecnologia e equipamentos

A KOSMOS Energy alocou aproximadamente US $ 87,5 milhões para atualizações de tecnologia e equipamentos em 2022.

• Equipamento de perfuração offshore: US $ 52,3 milhões
• Tecnologia de imagem sísmica: US $ 18,7 milhões
• Iniciativas de transformação digital: US $ 16,5 milhões

Pessoal e custos operacionais

As despesas operacionais totais da empresa para pessoal e custos relacionados foram de US $ 214,6 milhões em 2022.

Categoria de custo de pessoal	Quantidade (USD)
Salários e salários	US $ 156,3 milhões
Benefícios e seguro	US $ 38,4 milhões
Treinamento e desenvolvimento	US $ 19,9 milhões

Despesas de conformidade regulatória

Kosmos Energy gasto US $ 42,7 milhões em conformidade regulatória Em 2022, abrangendo avaliações ambientais, certificações de segurança e requisitos legais.

• Conformidade ambiental: US $ 18,3 milhões
• Certificações de segurança: US $ 12,4 milhões
• Documentação legal e regulatória: US $ 12 milhões

Investimentos de pesquisa e desenvolvimento

A empresa investiu US $ 45,2 milhões em atividades de pesquisa e desenvolvimento durante 2022.

Área de foco em P&D	Investimento (USD)
Tecnologias de energia sustentável	US $ 22,6 milhões
Tecnologia de exploração	US $ 15,3 milhões
Otimização de eficiência	US $ 7,3 milhões

Kosmos Energy Ltd. (KOS) - Modelo de negócios: fluxos de receita

Vendas de produção de petróleo e gás

Em 2022, a Kosmos Energy registrou receita total de US $ 1,86 bilhão. As vendas de produção de hidrocarbonetos representaram a maior parte desta receita.

Região	Volume de produção (barris por dia)	Contribuição da receita
Gana	53,000	US $ 812 milhões
Guiné Equatorial	22,000	US $ 345 milhões
Golfo dos EUA do México	15,000	US $ 213 milhões

Direitos de exploração e taxas de licenciamento

A Kosmos Energy gera receita adicional por meio de direitos de exploração e acordos de licenciamento.

• Bloco de exploração da África Licenciamento: US $ 45 milhões em 2022
• Direitos de exploração offshore: US $ 28 milhões em taxas anuais de licenciamento
• Contratos de avaliação técnica: US $ 12 milhões

Monetização de ativos e gerenciamento de portfólio

Em 2022, Kosmos percebeu US $ 175 milhões em vendas de ativos e otimização de portfólio.

Tipo de ativo	Valor de monetização
Desinvestimentos de ativos parciais	US $ 98 milhões
Vendas de ativos não essenciais	US $ 77 milhões

Compartilhamento de lucro da joint venture

A Kosmos Energy participa de várias joint ventures com acordos de compartilhamento de lucros.

• Receita total de joint venture: US $ 210 milhões em 2022
• Principais parceiros: Shell, BP, Chevron
• Porcentagem de participação no lucro: varia de 20% a 50%

Contratos de Serviço Técnico

Os contratos de serviço técnico contribuem para a diversificação de receita da Kosmos Energy.

Tipo de contrato	Receita anual
Serviços técnicos de exploração	US $ 35 milhões
Consultoria operacional	US $ 22 milhões
Serviços de Avaliação Geológica	US $ 18 milhões

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.