Slides
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1 Third Quarter 2026 Results NYSE/LSE: KOS November 2, 2026
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2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Kosmos Energy Ltd. (“Kosmos” or the “Company”) expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of management regarding plans, strategies, objectives, anticipated financial and operating results of the Company, estimated oil and gas in place and recoverability of the oil and gas, estimated reserves and drilling locations, capital expenditures, typical well results and well profiles and production and operating expenses guidance included in the presentation. The Company’s estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although the Company believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to the Company. When used in this presentation, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied o r expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in the Company’s Securities and Exchange Commission (“SEC”) filings. The Company’s SEC filings are available on the Company’s website at www.kosmosenergy.com. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this presentation, whether as a result of new information, future events or otherwise, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Non-GAAP Financial Measures EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt are supplemental non-GAAP financial measures used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines EBITDAX as Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) debt modifications and extinguishments, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of o perating results. The Company defines Adjusted net income (loss) as Net income (loss) adjusted for certain items that impact the comparability of results. The Company defines free cash flow as net cash provided by operating activities less Oil and gas assets, Other property, and certain other items that may affect the comparability of results and excludes non-recurring activity such as acquisitions, divestitures and National Oil Company ("NOC") financing. NOC financing refers to the amounts funded by Kosmos under the Carry Advance Agreements that the Company has in place with the national oil companies of each of Mauritania and Senegal related to the financing of the respective national oil companies' share of certain development costs at Greater Tortue Ahmeyim. The Company defines net debt as total long-term debt less cash and cash equivalents and total restricted cash. We believe that EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool for assessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies. Any non-GAAP financial measures included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure either within the presentation or within our most recently issued Earnings Release (available on our website at http://investors.kosmosenergy.com.) This presentation also contains certain forward-looking non-GAAP financial measures, including free cash flow. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant. Cautionary Statements regarding Oil and Gas Quantities The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. The Company uses terms in this presentation, such as “discovered resources,” “potential,” “significant resource upside,” “resource,” “net resources,” “recoverable resources,” “discovered resource,” “world-class discovered resource,” “significant defined resource,” “gross unrisked resource potential,” “defined growth resources,” “recovery potential” and similar terms or other descriptions of volumes of reserves potentially recoverable that the SEC’s guidelines strictly prohibit the Company from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. Investors are urged to consider closely the disclosures and risk factors in the Company’s SEC filings, available on the Company’s website at www.kosmosenergy.com. Potential drilling locations and resource potential estimates have not been risked by the Company. Actual locations drilled and quantities that may be ultimately recovered from the Company’s interest may differ substantially from these estimates. There is no commitment by the Company to drill all of the drilling locations that have been attributed these quantities. Factors affecting ultimate recovery include the scope of the Company’s ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling and completion services and equipment, drilling results, agreement terminations, regulatory approval and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of reserves and resource potential may change significantly as development of the Company’s oil and gas assets provides additional data. Disclaimer
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3 Delivering The 2026 Agenda Goals for the year on track Delivering Further Cost Reductions Meaningful Reduction In Net Debt Growing Production From Core Assets Advancing Quality Growth Portfolio With Minimal 2026 Capex 3
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4 Ghana: Successful 2026 Campaign / Rig Contracted For 2027-2028 3Q26 Jubilee gross production of ~84,500 bopd, TEN ~14,600 bopd 2026 YTD In Line With Expectations • 3Q26 Jubilee gross production of ~84,500 bopd in line with expectations • 2025-2026 drilling campaign concluded in September – J50 producer came online in August – Final well J73 water injector came online in September • FY26 Jubilee guidance 70,000-80,000 bopd gross – Year-to-date production through end-3Q ~75,000 bopd gross • Post drilling, field performance and decline mitigation will require operational delivery: – Sustained water injection (target voidage replacement >120%) – Adding gas lift to the west side of the field – Production system optimization – High FPSO uptime (target >98%) 2027-2028 Drilling Program • License extensions and Plan of Development approval allow long-term investment in Jubilee and TEN with a regular drilling program to sustain improved performance • The partnership contracted the Noble Faye Kozack for the 2027-2028 drilling campaign for up to 10 wells, expected to start mid-2027 • 4D NAZ seismic is upgrading the well selection for the 2027-2028 program • Fast-track OBN expected to further high grade the second half of the program Successful 2026 Drilling Campaign Supporting Long Term Outlook Noble Faye Kozack Contracted Mid-2027 For Up To 10 Wells African Energy Week – October 2026
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5 Mauritania & Senegal: Strong GTA Operational Progress 3Q26 8.5 gross LNG cargos – YTD LNG cargos at the upper end of guidance 1. Year-to-date through 30 September 2026 Strong 2026 Performance 3Q26 • Gross production of ~2.44 mtpa equivalent – Impacted by higher seasonal temperatures, as previously guided • 8.5 gross LNG cargos lifted in 3Q26, slightly ahead of guidance, bringing year-to-date1 gross LNG cargos lifted to 27 • One condensate cargo lifted for Kosmos/NOC’s post quarter end (~0.4 million barrels net to Kosmos) FY26 • On track to achieve upper end of gross LNG cargo guidance of 32- 36 and 3 gross condensate cargos guidance Phase 1+ • Senegal – Onshore gas pipeline arrived in Senegal from China in 3Q26 – Construction of the northern segment of onshore gas pipeline has commenced to connect the Gandon power plant, the first domestic gas demand center • Mauritania – Signed a 25-year agreement with Saudi's ACWA Power for the development, finance, construction and operation of a 230 MW gas-fired power plant in N'Diago, to be supplied with GTA gas Government Alignment On The Future Phase 1+: Onshore Pipelay Commenced
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6 Gulf of America: Advancing Quality Growth Options Successful farm down of Tiberius. Continuing to advance attractive hopper of opportunities Production • 3Q26 Production of ~14,100 boepd net in line with expectations – 4Q26 expected to be impacted by planned Delta House facility maintenance (Odd Job host), a Kodiak-1 workover and Hurricane Isaias Outboard Wilcox development • Tiberius (~100 mmboe gross resource) – FID taken with Oxy in March – Navitas farmed in for 33.33% in early 3Q26 – Kosmos (operator) and Oxy (host facility operator) reduced stakes to 33.34% and 33.33% respectively – Farm in proceeds a mix of upfront cash, carry for future development capex and future milestone payments – Carry expected to cover Kosmos’ spend in 2H26 and 1H27 Norphlet exploration alliance with Shell • Shell is planning to commence drilling Trailblazer in 1H27 – 4-way structural trap – Targeting ~200 mmboe gross resource – Kosmos development and production operator – Transocean Deepwater Pontus contracted • >400 mmboe gross EUR across multiple prospects Norphlet Trend (GoA) Trailblazer Four-Way Structural Trap
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7 1. Excludes derivatives cash settlements 2. Approximately 77% cash in 3Q26 3. Excludes leasehold impairments and dry hole costs 4. Excludes impact of capitalized interest 5. Excludes acquisitions and divestitures 3Q25A 3Q26A YoY Drivers Net Production ~65,500 boe/day ~69,200 boe/day New Jubilee wells offsetting sale of EG Realized Price1 ~$56.4/boe ~$71.4/boe Opex ~$26.8/boe ~$17.7/boe Reduced routine operating costs across all business units DD&A ~$25.7/boe ~$19.5/boe G&A2 $13 million $19 million In line with guidance Exploration Expense3 $4 million $4 million Net Interest Expense4 $62 million $56 million Lower debt driving lower interest costs Tax Exp. / (Benefit) ~$3.2/boe ~$2.7/boe Mark-to-market loss on derivatives driving lower taxes Capex5 $67 million $85 million 3Q 2026 Financials In line with guidance…higher production/lower costs and benefitting from higher realizations vs 3Q25
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8 Net Opex ($m) Strong Cost Reduction Supporting Increased Cash Flow Lower costs and higher commodity prices driving step change in EBITDAX1 and FCF2 $0 $200 $400 $600 YTD 3Q25 YTD 3Q26 $0 $10 $20 $30 $40 YTD 3Q25 YTD 3Q26 $0 $200 $400 $600 $800 YTD 3Q25 YTD 3Q26 -$200 -$100 $0 $100 $200 YTD 3Q25 YTD 3Q26 Net Opex/Boe ($) Free Cash Flow2 ($m)EBITDAX1 ($m) -$146m -37% +$348m +$339m 1. EBITDAX is a non-GAAP financial measure. See Slide 2 of this presentation for a definition and additional information 2. Free cash flow is a non-GAAP financial measure. See Slide 2 of this presentation for a definition and additional information. Fo recasts exclude working capital.
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9 Debt and leverage reduced, liquidity increased >$500 Million Debt Paydown YTD Reserve Based Lending Facility (RBL) • Successfully amended and extended $1.2 billion facility ($750 million drawn) • Final maturity April 2033, initial pricing SOFR + 4.5% Liquidity • FCF1 of ~$90 million in 3Q26 enhanced liquidity • End-3Q26 liquidity ~$570 million Hedging • Added hedges for 2027 oil production – program complete – 8 million barrels hedged at a ~$68 floor, ~$84 ceiling (materially higher than 2026 hedges) Bond Maturities • Repaid $50 million of 2027 notes in 3Q26 • Next objective is to address the 2028 notes Leverage • Leverage expected to fall towards 2x by year-end 2026 1. Free cash flow is a non-GAAP financial measure. See Slide 2 of this presentation for a definition and additional information. Fo recasts exclude working capital $300 $300 $150 $400 $50 $400 $500 $60 $60 $60 $350 2026 2027 2028 2029 2030 2031 2032 2033 RBL 7 1/2 Bonds 7 3/4 Bonds 3 1/8 Convert 8 3/4 Bonds GoA Term Loan Nordic Bond Active Balance Sheet Management Extending Maturities – September 30, 2026 ($m)
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10 Focused On Delivery in 2026 Significant progress YTD….on track to deliver ~35% opex reduction/boe and increased debt reduction target in FY26 1. Net debt excludes the TEN FPSO and is a non-GAAP financial measure. See Slide 2 of this presentation for a definition and additi onal information Delivered ~14% Production Growth YTD Delivered ~26% Reduction in Operating Costs YTD Delivered ~17% Net Debt1 Reduction from YE25 Advancing Quality Growth Portfolio with Tiberius and Trailblazer
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11 Looking Forward To 2027 Continuing debt paydown and advancing growth Returning To Drilling In Ghana Progressing GTA Expansion Disciplined Capital Allocation Resuming Exploration Further Debt Reduction • Selective investment in high-graded opportunity set • High-return infill drilling • Technology high-grading hopper of infill drilling opportunities • Sustains Jubilee production longer-term • Enabling the growth of gas for domestic use • Expected to materially lower unit costs • Built a portfolio of high-graded opportunities in GoA – First well expected to be drilled in 1H27 • Technology (4D/OBN) advancing exploration in Ghana and GoA • Targeting ~$2bn net debt YE27 at strip pricing
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12 Note: Ghana / Mauritania & Senegal revenue calculated by number of cargos. Guidance excludes Equatorial Guinea from June 17, 2026 following the sale of the assets. 1. 4Q 2026 net cargo forecast – Ghana: 3 cargos. Average cargo sizes 950,000 barrels of oil. 2. 4Q 2026 gross LNG cargo forecast - Mauritania & Senegal: 8-9 cargos. Average cargo size ~170,000 m3 with Kosmos NRI of ~24%. Kosmos expects 0.4 net condensate cargos in 4Q 2026 3. Gulf of America Production: 4Q 2026 forecast 10,000 - 11,500 boe per day. Oil/Gas/NGL split for 2026: ~83%/~10%/~7%. 4. Approximately 61% cash 5. Excludes leasehold impairments and dry hole costs 4Q 2026 Production1,2,3 60,000 – 64,000 boe/day Opex $18.00 – $20.00/boe DD&A $17.50 – $19.50/boe G&A4 ~$10 – $15 million Exploration Expense5 ~$5 million Net Interest Expense $50 – $55 million Tax Exp. / (Benefit) $11.00 – $15.00/boe Capex $50 – $75 million Appendix: 4Q26 Detailed Guidance In line with full year guidance