Kosmos Energy Ltd 2025年度报告

AT KOSMOS ENERGY,OUR PURPOSE IS CLEAR. We are a leading deepwater exploration and production companyfocused on meeting the world’s growing demand for energy. We have diversified oil and gas production from key assets offshoreGhana, Mauritania, Senegal and the Gulf of America. In the provenbasins where we operate, we are advancing high-quality developmentopportunities that have come from our exploration success. As we deliver the energy the world needs today and tomorrow,we strive to be a force for good in our host countries, acceleratingeconomic and social progress. Fellow Shareholders, Over the past year, we have focused on improving thebusiness and its ability to perform through the cycle.As we move through 2026, that work is starting to showin higher production, a lower cost base, and a clearer pathto increased financial resilience. preparing the Trailblazer exploration prospect for planned2027 drilling as part of our strategic alliance with Shell. Bothprojects are being paced deliberately within a lean capitalprogram and against clear capital-allocation priorities. FINANCIAL DISCIPLINE Energy markets remain volatile, and at the time of writingoil prices are higher than they have been in recent years.How long this will last, and how much prices may move,remains uncertain. That is why our agenda is focused onoperational delivery to supply the energy the world needs– together with measured investment, strict cost discipline,and reducing debt. We expect 2026 capital expenditures of approximately$350 million, with the majority directed to the high-returnJubilee drilling program in Ghana. At the same time, weare executing material operating cost reductions during2026 and continuing to high-grade the portfolio. Togetherwith improved operating performance, these actions aredesigned to support debt reduction and strengthen thebusiness through the cycle. Our priorities for 2026 are clear and practical: growproduction by around 15% year on year, reduce operatingcosts by 20%, and lower net debt by at least 10%. Wehave aligned our capital allocation, operating plans, andleadership focus behind those goals, and they will remainunchanged through market volatility. RESPONSIBLE OPERATIONS Operating responsibly remains a core part of our strategyand of how we create long-term value. Our portfolio isanchored by low-cost, lower carbon oil and gas production,which positions us as a reliable and responsible producer ascountries balance energy security and affordability with theneed to reduce emissions. GHANA Maintaining and growing Jubilee production takes aconsistent drilling program, high facility uptime, steadywater injection, and advanced subsurface imaging tosupport well selection – actions we are focused ondelivering. The 2026 drilling campaign is well underwayand building momentum, with further production increasesexpected as additional wells come online through the year. External recognition does not define our performance,but it is a useful indicator that our approach is beingrecognized. In 2025, Kosmos earned MSCI’s highestpossible AAA rating for the fourth consecutive year, placingus in the top quartile of companies in our sector. We werealso named by Newsweek and Statista as one of America’sMost Responsible Companies for the sixth consecutive year. For 2026, Jubilee production is forecast at 70,000–80,000bopd gross. With the Jubilee and TEN licenses nowextended to 2040, we are aligned with our partners and thegovernment of Ghana on continued investment to supporthigher production. We believe this matters because responsible operations,quality assets, and disciplined execution go together.They support our relationships with host governments andpartners, strengthen our license to operate, and positionthe business to generate value for shareholders over thelong term. MAURITANIA & SENEGAL Greater Tortue Ahmeyim (GTA) Phase 1 exited 2025 atthe floating LNG vessel’s 2.7 million tonnes per annumnameplate production capacity and has performed wellearly in 2026, with production year-to-date around 2.9million tonnes per annum. This year, we are targeting 32-36gross LNG cargoes, up from 18.5 last year. Unit operatingcosts per mmbtu are expected to decline materially versus2025 as higher volumes, a lower-cost operating approach,and the FPSO refinancing flow through the cost base. OUTLOOK Our focus for 2026 is delivery: increasing production fromour core assets, lowering costs, and reducing debt. We willcontinue to advance selective, high-value opportunities,but within a capital framework tightly aligned with attractivereturns and balance-sheet priorities. We look forward to sharing more at our annual meeting.On behalf of the entire board of directors, I thank you foryour investment, continued trust and support. Looking ahead, GTA Phase 1+ is structured to further reduceunit costs and support domestic gas sales to Mauritania andSenegal as the countries’ infrastructure becomes ready toreceive the gas. Se