Kosmos output climbs and lifts debt reduction aim for 2026

Kosmos Energy Ltd on Tuesday hailed ‘record’ output and lifted its debt reduction goal for the year.

Kosmos shares rose 4.7% to 234.00 pence each in London on Tuesday morning.

The company, which has operations in the Gulf of Mexico, Ghana and Equatorial Guinea, said its pretax loss in the first quarter of the year widened to $241.1 million from $94.0 million. The net loss stretched to $225.6 million from $110.6 million.

Revenue was 28% higher at $370.9 million from $290.4 million. Total costs and expenses were up 59% to $612.0 million from $384.5 million.

Net production was 25% higher on-year at around 74,800 barrels of oil equivalent per day.

‘In the first quarter, Kosmos achieved record daily and quarterly production, driven by Greater Tortue Ahmeyim fully ramped up and new wells at Jubilee,’ Chair and Chief Executive Officer Andrew Inglis said.

‘With oil prices higher, our goals are unchanged. We will direct excess free cash flow toward accelerated debt reduction and further strengthening the balance sheet. Our exposure to premium international oil markets positions Kosmos to capture value from current market dislocations and reinforces our confidence in the path ahead.’

Production expense was 22% lower to $131 million compared to a year earlier, Kosmos said.

‘Earlier this year, we set four goals for 2026: increase production from our core assets; lower costs; reduce debt; and advance our high?quality growth portfolio with minimal capital. We are delivering strongly on all four of these goals,’ Inglis said.

Kosmos lifted its full?year debt reduction target to around 20% from 10%. It exited the first quarter with $2.78 billion of net debt, trimmed from $2.98 billion at the end of December.

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