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Business Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
Kosmos is engaged in a single line of business, which is the exploration, development and production of oil and gas. At September 30, 2025, the Company had operations in four geographic reporting segments: Ghana, Equatorial Guinea, Mauritania/Senegal and the Gulf of America. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer, who makes decisions about allocating resources and assessing performance for the entire company. To assess performance of the reporting segments, the CODM regularly reviews oil and gas revenues, oil and gas production costs, exploration expenses and capital expenditures by reporting segment in deciding how to allocate resources and in assessing performance. Capital expenditures, as defined by the Company, may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with our consolidated financial statements and notes thereto. Financial information for each area is presented below:
GhanaEquatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three months ended September 30, 2025
Revenues and other income:
Oil and gas revenue $141,146 $41,777 $39,343 $88,693 $— $— $310,959 
Other income, net 269 — — 19 8,683 (8,701)270 
Total revenues and other income 141,415 41,777 39,343 88,712 8,683 (8,701)311,229 
Costs and expenses:
Oil and gas production 22,871 33,700 59,401 31,724 — — 147,696 
Exploration expenses — (211)1,944 53,134 81 — 54,948 
General and administrative 2,771 816 1,930 1,480 18,237 (12,348)12,886 
Depletion, depreciation and amortization43,180 19,658 21,728 56,812 136 — 141,514 
Interest and other financing costs, net(1)13,723 (38)5,814 (2,187)40,607 — 57,919 
Derivatives, net — — — — (3,646)— (3,646)
Other expenses, net (2,135)6,132 421 (1,821)141 3,646 6,384 
Total costs and expenses 80,410 60,057 91,238 139,142 55,556 (8,702)417,701 
Income (loss) before income taxes61,005 (18,280)(51,895)(50,430)(46,873)1 (106,472)
Income tax expense22,103 (3,933)— — (343)— 17,827 
Net income (loss)$38,902 $(14,347)$(51,895)$(50,430)$(46,530)$1 $(124,299)
Consolidated capital expenditures, net
$23,561 $6,099 $6,761 $30,026 $889 $— $67,336 
GhanaEquatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Nine months ended September 30, 2025
Revenues and other income:
Oil and gas revenue $497,104 $140,774 $62,279 $293,572 $— $— $993,729 
Gain on sale of assets — — — 600 — — 600 
Other income, net 768 — — 728 69,352 (69,999)849 
Total revenues and other income 497,872 140,774 62,279 294,900 69,352 (69,999)995,178 
Costs and expenses:
Oil and gas production 159,539 90,635 186,643 121,305 — — 558,122 
Exploration expenses 70 1,258 5,681 60,279 1,398 — 68,686 
General and administrative 8,959 3,787 7,033 9,933 116,983 (88,480)58,215 
Depletion, depreciation and amortization131,620 62,226 37,322 181,851 430 — 413,449 
Interest and other financing costs, net(1)38,107 (167)10,216 (6,348)122,787 — 164,595 
Derivatives, net — — — — (18,480)— (18,480)
Other expenses, net (8,022)815 1,569 1,442 570 18,480 14,854 
Total costs and expenses 330,273 158,554 248,464 368,462 223,688 (70,000)1,259,441 
Income (loss) before income taxes167,599 (17,780)(186,185)(73,562)(154,336)1 (264,263)
Income tax expense (benefit)
60,772 (3,042)— (14)666 — 58,382 
Net income (loss)$106,827 $(14,738)$(186,185)$(73,548)$(155,002)$1 $(322,645)
Consolidated capital expenditures, net$80,257 $8,657 $68,879 $79,539 $2,299 $— $239,631 
As of September 30, 2025
Property and equipment, net$946,479 $435,986 $2,092,629 $716,712 $16,729 $— $4,208,535 
Total assets$3,341,717 $2,477,126 $3,405,756 $2,714,156 $26,831,583 $(33,680,597)$5,089,741 
______________________________________
(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.
Ghana
Equatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three months ended September 30, 2024
Revenues and other income:
Oil and gas revenue $233,348 $70,970 $— $103,476 $— $— $407,794 
Other income, net — — — 543 23,160 (23,666)37 
Total revenues and other income 233,348 70,970 — 104,019 23,160 (23,666)407,831 
Costs and expenses:
Oil and gas production 26,955 37,237 39,685 29,594 — — 133,471 
Exploration expenses 1,413 1,881 4,633 5,380 1,390 — 14,697 
General and administrative 3,004 1,282 3,301 3,725 50,905 (38,919)23,298 
Depletion, depreciation and amortization 47,919 15,003 233 56,496 1,077 — 120,728 
Interest and other financing costs, net(1)13,408 (810)(37,043)(2,309)48,866 — 22,112 
Derivatives, net — — — — (15,254)— (15,254)
Other expenses, net (15,166)157 881 1,040 62 15,253 2,227 
Total costs and expenses 77,533 54,750 11,690 93,926 87,046 (23,666)301,279 
Income (loss) before income taxes155,815 16,220 (11,690)10,093 (63,886)— 106,552 
Income tax expense (benefit)
55,350 6,455 — 564 (791)— 61,578 
Net income (loss)$100,465 $9,765 $(11,690)$9,529 $(63,095)$— $44,974 
Consolidated capital expenditures, net$16,583 $51,056 $75,997 $63,820 $2,552 $— $210,008 
Ghana
Equatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Nine months ended September 30, 2024
Revenues and other income:
Oil and gas revenue $821,880 $188,917 $— $267,000 $— $— $1,277,797 
Other income, net 1 — — 2,028 123,674 (125,594)109 
Total revenues and other income 821,881 188,917 — 269,028 123,674 (125,594)1,277,906 
Costs and expenses:
Oil and gas production 123,250 97,942 57,851 98,779 — — 377,822 
Exploration expenses 3,665 5,263 13,880 13,392 3,792 — 39,992 
General and administrative 9,882 4,027 8,567 15,097 159,028 (119,877)76,724 
Depletion, depreciation and amortization 144,609 38,895 684 125,765 1,797 — 311,750 
Interest and other financing costs, net(1)39,204 (2,406)(107,808)(10,702)157,551 — 75,839 
Derivatives, net — — — — 5,716 — 5,716 
Other expenses, net 5,817 (2,197)6,111 2,358 45 (5,716)6,418 
Total costs and expenses 326,427 141,524 (20,715)244,689 327,929 (125,593)894,261 
Income (loss) before income taxes495,454 47,393 20,715 24,339 (204,255)(1)383,645 
Income tax expense (benefit)
170,060 19,019 — 644 (2,508)— 187,215 
Net income (loss)$325,394 $28,374 $20,715 $23,695 $(201,747)$(1)$196,430 
Consolidated capital expenditures, net$128,247 $129,296 $287,193 $161,555 $5,360 $— $711,652 
As of September 30, 2024
Property and equipment, net$1,031,498 $523,312 $2,177,621 $945,138 $16,866 $— $4,694,435 
Total assets$3,514,342 $2,310,092 $3,209,803 $4,074,383 $25,174,519 $(32,812,193)$5,470,946 
______________________________________
(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.
Nine Months Ended September 30,
20252024
(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets$244,133 $772,238 
Adjustments:
Changes in capital accruals(19,642)25,108 
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)17,314 36,120 
Capitalized interest(12,920)(126,007)
Other10,746 4,193 
Total consolidated capital expenditures, net$239,631 $711,652 
______________________________________
(1)Costs related to unsuccessful exploratory wells and leaseholds that are subsequently written off to Exploration expense are included in oil and gas assets when incurred.