Deleveraging inflection story: FY2025 was a trough year (revenue -23% to ~$1.29bn, EBITDAX ~$0.54bn, a ~$0.70bn impairment-driven net loss, net debt ~$3.0bn and D/E ~5.5x). Management is pivoting to free cash flow in 2026 via ~15% production growth, ~20% cost cuts, lower capex, and portfolio pruning (Equatorial Guinea sold to Panoro for ~$127m upfront to pay down debt).
Offshore-focused mid-cap with three core hubs: Ghana Jubilee/TEN (the main cash engine), US deepwater Gulf of Mexico tie-backs, and the flagship BP-operated GTA/Tortue Phase 1 LNG project spanning Mauritania/Senegal now ramping. High leverage makes equity a levered call on Brent, LNG pricing and GTA execution.
Its EV/EBITDA of 8.4x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -11.5% is lower than the 6.5% median, and at $18.23/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Kosmos Energy Ltd. scores 25/100, strongest on asset quality (38/100). Sub-scores: value 17, quality 38, growth 24, risk 78 (higher = riskier).
Kosmos Energy Ltd. holds approximately 0.25 billion boe of proved (1P) reserves with FY2025 production of about 61 thousand boe/d (73% liquids), a reserve life of roughly 11.1 years. Break-even: ~$45 (Brent FCF breakeven) — 2026 pivot to free cash flow: ~15% production growth and ~20% opex reduction targeted as GTA LNG ramps and capex falls, lowering the corporate Brent breakeven toward the mid-$40s.
For Kosmos Energy Ltd., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Ghana | 50% | 78 | 2022 default/restructuring, fiscal fragility, offshore upside. |
| United States | 28% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Mauritania/Senegal | 22% | 76 | Frontier gas (GTA); institutional capacity, cross-border split. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Jubilee | Ghana | Offshore oil | Core producing asset (~38% WI); primary cash engine |
| TEN | Ghana | Offshore oil | Tweneboa-Enyenra-Ntomme unit; infill/tie-back potential |
| GTA / Tortue Phase 1 | Mauritania/Senegal | Offshore LNG | Flagship BP-operated LNG; first gas 2025, ramping through 2026 |
| Gulf of Mexico | United States | Deepwater oil | Portfolio of producing deepwater tie-back hubs |
| Winterfell | United States | Deepwater oil | GoM development/tie-back adding recent production |
| Ceiba / Okume | Equatorial Guinea | Offshore oil | Divested to Panoro; deal closed Jun-2026 (~$127m upfront) |
| Yakaar-Teranga | Senegal | Gas discovery | Large undeveloped gas resource; future LNG/domestic option |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 54 | 60 | 63 | 64 | 61 |
| Proved reserves (bnboe) | 0.28 | 0.27 | 0.25 | 0.25 | 0.25 |
| Revenue ($bn) | 1.3 | 2.2 | 1.7 | 1.7 | 1.3 |
| EBITDA ($bn) | 0.8 | 1.2 | 0.9 | 0.9 | 0.5 |
| Net income ($bn) | -0.1 | 0.2 | 0.2 | 0.2 | -0.7 |
| Free cash flow ($bn) | -0.1 | 0.3 | -0.2 | -0.3 | -0.2 |
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✓ FY2025 figures verified against primary sources: