3rd Aug 2026 14:44
(Alliance News) - Kosmos Energy Ltd on Monday said it swung to a second-quarter profit amid a sharply higher average oil sales price and an increase in net production.
The Dallas, Texas-based energy company reported a net profit of USD184.8 million in the second quarter of 2026, swung from a loss of USD87.7 million a year prior.
Oil and gas revenue jumped 55% to USD607.3 million from USD392.6 million, boosted by an average oil sales price of USD108.57 per barrel, up 64% from USD66.10.
Net production rose 12% to 71,400 barrels of oil equivalent per day from 63,500 a year prior.
For all of 2026, the firm expects to produce between 69,000 and 74,000 boepd.
The firm said: "Kosmos took advantage of higher oil prices to add further hedges for 2027. The company has 3.25 million barrels of oil hedged for the remainder of 2026 with an average floor of approximately USD66/barrel and a further 7.0 million barrels hedged in 2027 with a floor of approximately USD67/barrel and a ceiling of approximately USD84/barrel."
Chief Executive Officer Andrew Inglis said that in Ghana, the Jubilee drilling campaign continues to deliver "strong" results, with production trending toward the upper end of the company's guidance.
Kosmos shares fell 7.8% to 188.00 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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