Kosmos Energy reported progress across its portfolio in the first half of 2026, with new production from Ghana, cargo liftings from the GTA LNG project, and a reduction in net debt.
In Ghana, the J76 well was completed and started production in mid-June, two weeks later than initially planned. The well is contributing approximately 20,000 barrels of oil per day (bopd) to gross production.
Jubilee production averaged approximately 72,000 bopd in the second quarter of 2026, with an exit rate above 85,000 bopd.
The J77 well has been completed and is expected to begin production shortly. Kosmos Energy expects the well to lift gross Jubilee production to approximately 90,000 bopd.
The final producer well in the 2026 program, J50, is a completion of a previously drilled well and is expected online around the end of July. A water injector well is expected online around the end of the third quarter to support preparation of the northeastern area of Jubilee for the 2027/2028 drilling program.
Two Jubilee cargo liftings and one TEN lifting took place in the second quarter. A third Jubilee cargo began lifting on the last day of the quarter and was completed on 2 July 2026.
In Mauritania and Senegal, the Greater Tortue Ahmeyim (GTA) LNG project lifted nine LNG cargoes in the second quarter. A condensate cargo was also lifted during the period.
In the Gulf of America, the farm-down process for Tiberius is continuing after the project was sanctioned in March. Completion is expected in the third quarter.
In Equatorial Guinea, Kosmos Energy completed the sale of the Ceiba and Okume assets to Panoro Energy on 16 June 2026. After that date, production from the assets was no longer recognized, removing approximately 1,000 bopd from second-quarter production guidance. Full-year guidance will be updated with the company’s second-quarter results in August.
Net debt at the end of the second quarter was approximately $2.56 billion, down by more than $400 million from year-end 2025. Liquidity at quarter-end was above $500 million.
Kosmos Energy said it remains on track to reduce net debt by around 20% year on year by the end of 2026. The company also expects to begin discussions with its bank group to refinance and extend the maturity of its reserve-based lending facility.
