Kosmos Energy (LSE:KOS) shares rose 4.2% to 232.85p after reporting record quarterly production and announcing partner-led project progress.
The deepwater exploration and production company reported an adjusted Q1 net loss of $36m ($0.07/share), revenue of $371m and record net production of ~74,800 boepd, up ~25% year‑on‑year, the company said.
Greater Tortue Ahmeyim Phase 1 averaged ~2.85 mtpa gross-above the FLNG nameplate of 2.7 mtpa-lifted 9.5 cargos in Q1 and the partnership is now prioritising Phase 1+ domestic gas sales with heads of terms expected in 2026.
Kosmos entered a strategic exploration alliance with Shell across ten Gulf of America blocks including the Trailblazer prospect planned for H1 2027 drilling, and in March took final investment decision on operated Tiberius with Occidental (each 50% WI), targeting first oil in H2 2028 and with a farm‑down to reduce Kosmos to ~33% underway.
The TEN partnership (Kosmos 20.4% WI) finalised acquisition of the TEN FPSO to lower operating costs, and Kosmos agreed to sell its 40.375% non‑operating Ceiba/Okume interest to Panoro Energy for up to $220m with closing expected around midyear and proceeds to reduce RBL borrowings.
Kosmos completed a $350m Nordic senior secured bond and raised ~ $200m of equity to accelerate debt paydown, exited Q1 with about $2.8bn net debt and ~$488m liquidity, and maintained 2026 capex guidance at $350m.
Next material checkpoints are the expected midyear close of the Panoro sale, Trailblazer drilling in H1 2027 and first oil from Tiberius targeted in H2 2028.
