Kosmos Energy (LSE:KOS), the Dallas-based oil and gas producer with assets across West Africa and the Gulf of America, reported a net debt reduction of more than $400 million in the first half of 2026, bringing the balance to approximately $2.56 billion at the end of the second quarter.
The company said it remains on track to cut net debt by around 20% year-on-year by year-end, with liquidity above $500 million at quarter end.
Production momentum at the Jubilee field in Ghana is driving the improvement. The recently completed J76 well came online in mid-June, contributing approximately 20,000 barrels of oil per day (bopd) to gross output. Jubilee averaged approximately 72,000 bopd in the second quarter, with an exit rate above 85,000 bopd.
The next well, J77, is expected to lift gross Jubilee production to approximately 90,000 bopd imminently, with a further producer well, J50, targeted for around the end of July.
In Mauritania and Senegal, the Greater Tortue Ahmeyim LNG project lifted nine cargos in the second quarter, at the upper end of guidance.
The sale of Equatorial Guinea assets to Panoro Energy completed on 16 June, removing approximately 1,000 bopd from second-quarter production guidance; full-year guidance will be revised with second-quarter results in August.
"Initial results from the 2026 Ghana drilling program highlight the potential of Jubilee with high-impact wells," said chairman and chief executive Andrew G. Inglis.
