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- **Production Milestones**: Jubilee adds 10,000 bopd from new well, GTA nears 2.7MTPA LNG. 2026 drilling to boost Jubilee to 100,000 bopd.
- **Cost Efficiency**: CapEx down $500M YoY, OpEx 40% lower QoQ. GTA unit costs to halve in 2026. $250M term loan secures 2026 debt repayment.
- **Strategic Growth**: Jubilee OBN imaging for resource recovery. GTA Phase 1+ domestic gas sales. Tiberius FID planned for 2026.
- **Financial Resilience**: 2027 covenant test passed. Hedged 50% of 2026 oil sales at $66 floor. Exploring secured debt and asset sales for 2027 maturities.

**【CEO Summary Section】**
- **Production Growth**: Jubilee's 2025/26 drilling campaign added 10,000 bopd from the first well, with 5 wells planned for 2026. GTA LNG production ramped to 2.6 million tonnes per annum (MTPA), targeting nameplate capacity by year-end. Gulf of America production remained strong, and Tiberius repairs are underway.
- **Cost Reductions**: CapEx expected below $350M for the year, a $500M reduction YoY. OpEx down 40% QoQ, with GTA unit costs targeting a 50% decline in 2026. Balance sheet resilience includes a $250M term loan with Shell to repay 2026 bonds and successful RBL redetermination.
- **Strategic Initiatives**: Jubilee's OBN seismic imaging to enhance resource recovery. GTA Phase 1+ expansion targeting 2029 with domestic gas sales agreements. Tiberius FID planned for 2026 with Shell's Appomattox tieback.

**【CFO Financial Commentary】**
- **Financial Performance**: Q3 2025 GAAP net income of $420M, Non-GAAP EPS of $1.08. CapEx $67M (below guidance), year-to-date $240M. OpEx down 40% QoQ to $60M, targeting $50M in Q4. Working capital outflows for GTA Phase 1 completed.
- **Liquidity & Hedging**: $250M Shell term loan to repay 2026 bonds. 2026 hedging covers 50% of oil sales with $66 floor and $73 ceiling. RBL borrowing base maintained at $1.35B. 2025 hedges include 2.5M barrels with $62 floor and $77 ceiling.
- **Balance Sheet Management**: 2027 covenant test passed in September. Exploring secured debt against GTA and non-core asset divestments to address 2027 maturities.

**【Q&A Highlights】**
- **FPSO Lease Refinancing**: Expected to reduce TEN OpEx by over 50% via discounted FPSO buyout in 2027. No upfront costs, closing by year-end.
- **GTA Expansion**: Phase 1+ to supply 200Mscf/d domestic gas without capital, targeting 2029 liquefaction expansion. Gimi FPSO modifications for 10-20% LNG capacity increase.
- **Jubilee Outlook**: 2026 drilling program to add 5 wells, targeting 100,000 bopd. OBN seismic data supports long-term resource recovery.
- **Liquidity Confidence**: Secured $250M term loan, no 2026 maturities. Proactive hedging and cost reductions support free cash flow generation.

Kosmos Energy Ltd. (KOS) Q3 2025 Earnings Call Transcript

Oil and Gas

Sale of Assets

Other Income

KOS

KOS fundamentals

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