0001509991-24-000072 | 10-Q | XBRL Viewer

Accounting Policies

6 Months Ended

Jun. 30, 2024

General

The interim consolidated financial statements included in this report are unaudited and, in the opinion of management, include all adjustments of a normal recurring nature necessary for a fair presentation of the results for the interim periods. The results of the interim periods shown in this report are not necessarily indicative of the final results to be expected for the full year. The interim consolidated financial statements were prepared in accordance with the requirements of the SEC for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by GAAP have been condensed or omitted from these interim consolidated financial statements. These interim consolidated financial statements and the accompanying notes should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2023, included in our annual report on Form 10-K.

Reclassifications

Certain prior period amounts have been reclassified to conform with the current presentation. Such reclassifications had no significant impact on our reported net income, current assets, total assets, current liabilities, total liabilities, stockholders’ equity or cash flows.

Cash, Cash Equivalents and Restricted Cash


	June 30, 2024		December 31, 2023
	(In thousands)
Cash and cash equivalents	$	173,813	$	95,345

Restricted cash - long-term	305		3,416
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	174,118	$	98,761

Cash and cash equivalents include demand deposits and funds invested in highly liquid instruments with original maturities of three months or less at the date of purchase.

Joint Interest Billings

The Company’s joint interest billings consist of receivables from partners with interests in common oil and gas properties operated by the Company for shared costs. Joint interest billings are classified on the face of the consolidated balance sheets as current and long-term receivables based on when collection is expected to occur.

Inventories

Inventories consisted of $143.9 million and $143.0 million of materials and supplies and $5.6 million and $9.1 million of hydrocarbons as of June 30, 2024 and December 31, 2023, respectively. The Company’s materials and supplies inventory primarily consists of casing and wellheads and is stated at the lower of cost, using the weighted average cost method, or net realizable value.

Hydrocarbon inventory is carried at the lower of cost, using the weighted average cost method, or net realizable value. Hydrocarbon inventory costs include expenditures and other charges incurred in bringing the inventory to its existing condition. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory costs.

Revenue Recognition

Our oil and gas revenues are recognized when hydrocarbons have been sold to a purchaser at a fixed or determinable price, title has transferred and collection is probable. Certain revenues are based on contracts with provisional pricing and quantity optionality which contain a derivative that is separated from the host contract for accounting purposes. The host contract is the receivable from oil sales at the spot price on the date of sale. The derivative, which is not designated as a hedge, is marked to market through oil and gas revenue each period until the final settlement occurs, which generally is limited to the month of or month after the sale.

Oil and gas revenue is composed of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Revenues from contracts with customers:
Equatorial Guinea	$	36,831	$	37,542	$	116,061	$	107,739
Ghana	334,917		143,060		590,554		380,579
U.S. Gulf of Mexico	76,100		91,740		163,524		182,766
Total revenues from contracts with customers	447,848		272,342		870,139		671,084
Provisional oil sales contracts	3,052		913		(136)		(3,589)
Oil and gas revenue	$	450,900	$	273,255	$	870,003	$	667,495

Concentration of Credit Risk

Our revenue can be materially affected by current economic conditions and the price of oil and natural gas. However, based on the current demand for crude oil and natural gas and the fact that alternative purchasers are readily available, we believe that the loss of our purchasers and/or marketing agents would not have a long‑term material adverse effect on our financial position or results of operations.

Recent Accounting Standards

Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740).” The amendments focus on income tax disclosures around effective tax rates and cash income taxes paid. The amendments in the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, however, we do not plan to early adopt ASU 2023-09.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendment requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company is currently evaluating this ASU to determine its impact on disclosures.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

We evaluate our estimated annual effective income tax rate each quarter, based on current and forecasted business results and enacted tax laws, and apply this tax rate to our ordinary income or loss to calculate our estimated tax expense or benefit. The Company excludes zero statutory tax rate and tax-exempt jurisdictions from our evaluation of the estimated annual effective income tax rate. The tax effect of discrete items are recognized in the period in which they occur at the applicable statutory tax rate.

Income before income taxes is composed of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
United States	$	(40,629)	$	(24,529)	$	(75,042)	$	(49,123)
Foreign	175,753		77,712		352,135		241,938
Income before income taxes	$	135,124	$	53,183	$	277,093	$	192,815

For the three months ended, June 30, 2024 and 2023, our effective tax rate was 56% and 56%, respectively. For the six months ended June 30, 2024 and 2023, our effective tax rate was 45% and 45%, respectively. For the three and six months ended June 30, 2024 and 2023, our overall effective tax rates were impacted by:

•The difference in our 21% U.S. income tax reporting rate and the statutory income tax rates applicable to our foreign operations, primarily in Ghana and Equatorial Guinea,

•Jurisdictions that have a 0% statutory tax rate or that are tax exempt,

•Jurisdictions where we have incurred losses and have recorded valuation allowances against the corresponding deferred tax assets, and

•Other non-deductible expenses, primarily in the U.S.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements - Schedule of Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019
Carrying Value
Fair Value Measurements
Long-term debt	$ 2,632,264	$ 2,414,921
Fair Value
Fair Value Measurements
Long-term debt	2,632,208	2,335,049
7.125% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)					7.125%
7.125% Senior Notes \| Senior Notes \| Carrying Value
Fair Value Measurements
Long-term debt	647,553	646,912
7.125% Senior Notes \| Senior Notes \| Fair Value
Fair Value Measurements
Long-term debt	642,733	622,824
7.750% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)			7.75%
7.750% Senior Notes \| Senior Notes \| Carrying Value
Fair Value Measurements
Long-term debt	397,156	396,718
7.750% Senior Notes \| Senior Notes \| Fair Value
Fair Value Measurements
Long-term debt	391,556	374,764
$7.500% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)				7.50%
$7.500% Senior Notes \| Senior Notes \| Carrying Value
Fair Value Measurements
Long-term debt	446,675	446,291
$7.500% Senior Notes \| Senior Notes \| Fair Value
Fair Value Measurements
Long-term debt	$ 429,255	$ 412,461
3.125% Convertible Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)	3.125%	3.125%
3.125% Convertible Senior Notes \| Senior Notes \| Carrying Value
Fair Value Measurements
Long-term debt	$ 390,880	$ 0
3.125% Convertible Senior Notes \| Senior Notes \| Fair Value
Fair Value Measurements
Long-term debt	418,664	0
Facility \| Revolving Credit Facility \| Carrying Value
Fair Value Measurements
Long-term debt	750,000	925,000
Facility \| Revolving Credit Facility \| Fair Value
Fair Value Measurements
Long-term debt	$ 750,000	$ 925,000

Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Joint interest billings, net	$ 28,192	$ 35,632
Oil sales	73,042	64,958
Other current receivables	11,890	20,143
Total receivables	113,124	120,733
Long-term receivables	$ 328,533	$ 325,181

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 173,813	$ 95,345
Receivables	113,124	120,733
Inventories	149,492	152,054
Prepaid expenses and other	41,202	46,235
Derivatives	0	8,346
Total current assets	477,631	422,713
Property and equipment, net	4,558,313	4,160,229
Other assets:
Restricted cash	305	3,416
Long-term receivables	328,533	325,181
Deferred tax assets	4,757	3,033
Derivatives	0	1,594
Other	19,771	21,968
Total assets	5,389,310	4,938,134
Current liabilities:
Accounts payable	345,258	248,912
Accrued liabilities	302,903	302,815
Derivatives	6,710	3,103
Total current liabilities	654,871	554,830
Long-term liabilities:
Long-term debt, net	2,595,296	2,390,914
Asset retirement obligations	371,075	343,979
Deferred tax liabilities	370,840	363,918
Other long-term liabilities	255,337	252,156
Total long-term liabilities	3,592,548	3,350,967
Stockholders’ equity:
Preference shares, $0.01 par value; 200,000,000 authorized shares; zero issued at June 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value; 2,000,000,000 authorized shares; 516,006,508 and 504,392,980 issued at June 30, 2024 and December 31, 2023, respectively	5,160	5,044
Additional paid-in capital	2,494,603	2,536,621
Accumulated deficit	(1,120,865)	(1,272,321)
Treasury stock, at cost, 44,263,269 shares at June 30, 2024 and December 31, 2023, respectively	(237,007)	(237,007)
Total stockholders’ equity	1,141,891	1,032,337
Total liabilities and stockholders’ equity	$ 5,389,310	$ 4,938,134

Equity-based Compensation - Schedule of Awards (Details) - LTIP shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Service Vesting Restricted Stock Units
Outstanding unvested awards activity
Outstanding at the beginning of the period (in shares) \| shares	4,710
Granted (in shares) \| shares	4,314
Forfeited (in shares) \| shares	(306)
Vested (in shares) \| shares	(3,966)
Outstanding at the end of the period (in shares) \| shares	4,752
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 5.77
Granted (in dollars per share)	6.31
Forfeited (in dollars per share)	6.27
Vested (in dollars per share)	2.95
Outstanding at the end of the period (in dollars per share)	$ 6.41
Market/Service Vesting Restricted Stock Units
Outstanding unvested awards activity
Outstanding at the beginning of the period (in shares) \| shares	12,370
Granted (in shares) \| shares	6,152
Forfeited (in shares) \| shares	(423)
Vested (in shares) \| shares	(9,286)
Outstanding at the end of the period (in shares) \| shares	8,813
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 6.59
Granted (in dollars per share)	8.64
Forfeited (in dollars per share)	9.58
Vested (in dollars per share)	3.91
Outstanding at the end of the period (in dollars per share)	9.05
Market/Service Vesting Restricted Stock Units \| Minimum
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 1.06
Vesting percentage of the awards granted (as a percent)	0.00%
Market/Service Vesting Restricted Stock Units \| Maximum
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 13.06
Vesting percentage of the awards granted (as a percent)	200.00%
Percent threshold target for grants and forfeitures (as a percent)	100.00%

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in litigation, regulatory examinations and administrative proceedings primarily arising in the ordinary course of our business in jurisdictions in which we do business. Although the outcome of these matters cannot be predicted with certainty, management believes none of these matters, either individually or in the aggregate, would have a material effect upon the Company’s financial position; however, an unfavorable outcome could have a material adverse effect on our results from operations for a specific interim period or year. We have a commitment to drill three development wells and one exploration well in Equatorial Guinea. We have a $200.2 million FPSO Contract Liability in Other long-term liabilities related to the deferred sale of the Greater Tortue FPSO. In February 2019, Kosmos and BP signed Carry Advance Agreements with the national oil companies of Mauritania and Senegal, which obligate us separately to finance the respective national oil companies’ share of certain development and production costs. Kosmos’ total share for the two agreements combined is currently estimated at approximately $370.0 million, of which $261.8 million has been incurred through June 30, 2024, excluding accrued interest. In April 2024, a Decommissioning Trust agreement with the Jubilee unit partners to cash fund future retirement obligations associated with the Jubilee Field was finalized. The operator currently estimates the total commitment to be approximately $148.9 million, net to Kosmos, which will be funded annually by Kosmos over an estimated 13 year period. The contributions will be accounted for as trading securities and reported as a long-term investment in our consolidated balance sheet and as operating activities in our statement of cash flows. Performance Obligations As of June 30, 2024 and December 31, 2023, the Company had performance and supplemental bonds totaling $172.9 million and $194.1 million, respectively, related to bonding requirements stipulated by the BOEM and other third parties for anticipated plugging and abandonment costs of certain wells and the removal of certain facilities in our U.S. Gulf of Mexico fields.

Additional Financial Information - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Asset retirement obligations:
Beginning asset retirement obligations	$ 346,786
Liabilities incurred during period	10,762
Liabilities settled during period	(638)
Revisions in estimated retirement obligations	(812)
Accretion expense	16,334
Ending asset retirement obligations	$ 372,432

Acquisitions and Divestitures	6 Months Ended
Acquisitions and Divestitures	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures In March 2024, Kosmos completed the acquisition of an additional 16.7% participating interest in the Keathley Canyon Blocks 920 and 964, offshore U.S. Gulf of Mexico. As a result of the transaction, Kosmos’ participating interest in the Tiberius discovery area increased from 33.3% to 50.0%.

Business Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

Kosmos is engaged in a single line of business, which is the exploration, development and production of oil and gas. At June 30, 2024, the Company had operations in four geographic reporting segments: Ghana, Equatorial Guinea, Mauritania/Senegal and the U.S. Gulf of Mexico. To assess performance of the reporting segments, the Chief Operating Decision Maker reviews capital expenditures. Capital expenditures, as defined by the Company, may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with our consolidated financial statements and notes thereto. Financial information for each area is presented below:


	Ghana		Equatorial Guinea		Mauritania/Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(In thousands)
Three Months Ended June 30, 2024
Revenues and other income:
Oil and gas revenue	$	336,388	$	38,412	$	—	$	76,100	$	—	$	—	$	450,900

Other income, net	—		—		—		975		34,773		(35,712)		36
Total revenues and other income	336,388		38,412		—		77,075		34,773		(35,712)		450,936
Costs and expenses:
Oil and gas production	78,248		19,679		18,166		34,640		—		—		150,733

Exploration expenses	2,312		2,196		4,071		3,125		1,531		—		13,235
General and administrative	3,289		1,205		2,101		5,514		51,616		(38,564)		25,161
Depletion, depreciation and amortization	48,402		9,298		227		31,811		356		—		90,094

Interest and other financing costs, net(1)	12,528		(801)		(34,933)		(4,301)		64,786		—		37,279
Derivatives, net	—		—		—		—		(2,852)		—		(2,852)
Other expenses, net	(2,856)		(2,350)		3,627		1,012		(123)		2,852		2,162
Total costs and expenses	141,923		29,227		(6,741)		71,801		115,314		(35,712)		315,812
Income (loss) before income taxes	194,465		9,185		6,741		5,274		(80,541)		—		135,124
Income tax expense	71,165		4,138		—		—		51		—		75,354
Net income (loss)	$	123,300	$	5,047	$	6,741	$	5,274	$	(80,592)	$	—	$	59,770

Consolidated capital expenditures	$	47,188	$	33,621	$	84,622	$	48,454	$	1,531	$	—	$	215,416


	Ghana		Equatorial Guinea		Mauritania/Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(In thousands)
Six months ended June 30, 2024
Revenues and other income:
Oil and gas revenue	$	588,532	$	117,947	$	—	$	163,524	$	—	$	—	$	870,003

Other income, net	1		—		—		1,485		100,514		(101,928)		72
Total revenues and other income	588,533		117,947		—		165,009		100,514		(101,928)		870,075
Costs and expenses:
Oil and gas production	96,295		60,705		18,166		69,185		—		—		244,351

Exploration expenses	2,252		3,382		9,247		8,012		2,402		—		25,295
General and administrative	6,878		2,745		5,266		11,372		108,123		(80,958)		53,426
Depletion, depreciation and amortization	96,690		23,892		451		69,269		720		—		191,022

Interest and other financing costs, net(1)	25,797		(1,595)		(70,765)		(8,393)		108,683		—		53,727
Derivatives, net	—		—		—		—		20,970		—		20,970
Other expenses, net	20,983		(2,353)		5,230		1,318		(17)		(20,970)		4,191
Total costs and expenses	248,895		86,776		(32,405)		150,763		240,881		(101,928)		592,982
Income (loss) before income taxes	339,638		31,171		32,405		14,246		(140,367)		—		277,093
Income tax expense	114,710		12,563		—		80		(1,716)		—		125,637
Net income (loss)	$	224,928	$	18,608	$	32,405	$	14,166	$	(138,651)	$	—	$	151,456

Consolidated capital expenditures, net	$	111,664	$	78,240	$	211,196	$	97,735	$	2,809	$	—	$	501,644

As of June 30, 2024
Property and equipment, net	$	1,063,384	$	483,773	$	2,065,242	$	928,566	$	17,348	$	—	$	4,558,313
Total assets	$	3,492,701	$	2,217,658	$	3,008,000	$	4,052,704	$	24,601,589	$	(31,983,342)	$	5,389,310

______________________________________

(1) Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit

where the assets reside.


	Ghana		Equatorial Guinea		Mauritania/Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(In thousands)
Three months ended June 30, 2023
Revenues and other income:
Oil and gas revenue	$	146,850	$	34,665	$	—	$	91,740	$	—	$	—	$	273,255

Other income, net	—		10		—		1,067		42,940		(43,957)		60
Total revenues and other income	146,850		34,675		—		92,807		42,940		(43,957)		273,315
Costs and expenses:
Oil and gas production	21,627		14,840		—		27,112		—		—		63,579

Exploration expenses	163		1,796		3,605		3,552		1,899		—		11,015
General and administrative	3,284		1,151		1,830		4,673		53,431		(40,925)		23,444
Depletion, depreciation and amortization	42,347		8,557		207		38,449		353		—		89,913

Interest and other financing costs, net(1)	8,408		(699)		(29,547)		3,000		43,209		—		24,371
Derivatives, net	—		—		—		—		3,031		—		3,031
Other expenses, net	2,903		383		1,516		1,678		1,331		(3,032)		4,779
Total costs and expenses	78,732		26,028		(22,389)		78,464		103,254		(43,957)		220,132
Income (loss) before income taxes	68,118		8,647		22,389		14,343		(60,314)		—		53,183
Income tax expense	24,465		3,775		—		225		1,373		—		29,838
Net income (loss)	$	43,653	$	4,872	$	22,389	$	14,118	$	(61,687)	$	—	$	23,345

Consolidated capital expenditures, net	$	83,556	$	17,823	$	46,689	$	19,639	$	1,938	$	—	$	169,645


	Ghana		Equatorial Guinea		Mauritania/Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(In thousands)
Six months ended June 30, 2023
Revenues and other income:
Oil and gas revenue	$	380,100	$	104,629	$	—	$	182,766	$	—	$	—	$	667,495

Other income, net	(425)		10		—		2,086		70,914		(72,898)		(313)
Total revenues and other income	379,675		104,639		—		184,852		70,914		(72,898)		667,182
Costs and expenses:
Oil and gas production	51,236		43,923		—		52,356		—		—		147,515

Exploration expenses	637		4,083		8,219		7,177		2,899		—		23,015
General and administrative	7,446		2,662		4,803		9,807		104,600		(76,707)		52,611
Depletion, depreciation and amortization	100,108		22,083		402		75,964		730		—		199,287

Interest and other financing costs, net(1)	28,167		(1,386)		(55,649)		6,092		71,715		—		48,939
Derivatives, net	—		—		—		—		(3,809)		—		(3,809)
Other expenses, net	(3,655)		(47)		2,721		2,801		1,180		3,809		6,809
Total costs and expenses	183,939		71,318		(39,504)		154,197		177,315		(72,898)		474,367
Income (loss) before income taxes	195,736		33,321		39,504		30,655		(106,401)		—		192,815
Income tax expense	69,864		13,360		—		1,065		1,872		—		86,161
Net income (loss)	$	125,872	$	19,961	$	39,504	$	29,590	$	(108,273)	$	—	$	106,654

Consolidated capital expenditures, net	$	149,478	$	24,956	$	149,751	$	48,319	$	3,574	$	—	$	376,078

As of June 30, 2023
Property and equipment, net	$	1,262,286	$	401,672	$	1,599,864	$	797,556	$	16,443	$	—	$	4,077,821
Total assets	$	3,198,853	$	1,610,111	$	2,340,829	$	3,780,742	$	20,248,787	$	(26,371,703)	$	4,807,619

______________________________________

(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.


	Six Months Ended June 30,
	2024		2023
	(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets	$	552,993	$	416,867


Adjustments:
Changes in capital accruals	7,945		1,290
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)	22,610		21,702
Capitalized interest	(83,926)		(63,891)
Other	2,022		110
Total consolidated capital expenditures, net	$	501,644	$	376,078

______________________________________

(1)Costs related to unsuccessful exploratory wells and leaseholds that are subsequently written off to Exploration expense are included in oil and gas assets when incurred.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Additional Financial Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued liabilities:
Exploration, development and production	$ 111,735	$ 90,054
Revenue payable	12,785	20,506
Current asset retirement obligations	1,357	2,808
General and administrative expenses	20,443	29,766
Interest	51,222	36,410
Income taxes	87,357	111,212
Taxes other than income	1,578	1,029
Derivatives	924	1,372
Other	15,502	9,658
Accrued liabilities	$ 302,903	$ 302,815

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Cash settlements on commodity hedges derivatives	$ (7.4)	$ (8.2)

Derivative Financial Instruments - Narrative (Details) - Dated Brent - Term January 2025 To June 2025 - Two-way collars - Subsequent Event	1 Months Ended
	Jul. 31, 2024 $ / bbl MBbls
Derivative Financial Instruments
Volume \| MBbls	0.0020
Floor (usd per bbl)	70.00
Ceiling (usd per bbl)	95.00

Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment is stated at cost and consisted of the following:


	June 30, 2024		December 31, 2023
	(In thousands)
Oil and gas properties:
Proved properties	$	8,113,221	$	7,600,252
Unproved properties	482,460		423,050
Total oil and gas properties	8,595,681		8,023,302
Accumulated depletion	(4,042,252)		(3,868,946)
Oil and gas properties, net	4,553,429		4,154,356

Other property	65,488		65,095
Accumulated depreciation	(60,604)		(59,222)
Other property, net	4,884		5,873

Property and equipment, net	$	4,558,313	$	4,160,229

We recorded depletion expense of $81.1 million and $82.0 million for the three months ended June 30, 2024 and 2023, respectively, and $173.3 million and $183.6 million for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, additions to our proved properties primarily related to continued infill development in the Jubilee Field in Ghana, development costs associated with the Greater Tortue Ahmeyim project in Mauritania/Senegal, and the Winterfell development project and Odd Job Field subsea pump installation in the U.S. Gulf of Mexico.

Equity-based Compensation - Narrative (Details) - LTIP - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized	$ 10,500,000	$ 11,100,000	$ 17,800,000	$ 21,200,000
Tax benefit	1,700,000	1,900,000	2,800,000	3,700,000
Net tax (windfall) shortfall related to equity-based compensation	0	(500,000)	(9,500,000)	(3,100,000)
Fair value of awards vested	$ 1,400,000	$ 3,800,000	$ 81,600,000	$ 44,800,000
Vesting period (in years)			3 years
Number of shares remaining available for grant (in shares)	10.5		10.5
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense not yet recognized	$ 47,500,000		$ 47,500,000
Weighted average period over which compensation expense is to be recognized (in years)			1 year 11 months 15 days
Market/Service Vesting Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of awards granted (in dollars per share)			$ 8.64
Market/Service Vesting Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of the awards granted (up to)			0.00%
Grant date fair value of awards granted (in dollars per share)			$ 1.06
Expected volatility			50.00%
Risk-free interest rate (as a percent)			0.20%
Market/Service Vesting Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of the awards granted (up to)			200.00%
Grant date fair value of awards granted (in dollars per share)			$ 13.06
Expected volatility			105.00%
Risk-free interest rate (as a percent)			4.10%

Debt - Senior Notes and Capped Call Transaction (Details) $ / shares in Units, $ in Thousands	1 Months Ended				6 Months Ended
	Mar. 31, 2024 USD ($)	Oct. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Apr. 30, 2019 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) well_option $ / shares	Jun. 30, 2024 USD ($) tradingDay $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023
Debt Instrument [Line Items]
Purchase of capped call transactions					$ 49,800					$ 0
7.125% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)				7.125%
Debt, face amount				$ 650,000
Proceeds from debt, net of issuance costs				$ 640,000
7.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		7.75%
Debt, face amount		$ 400,000
Proceeds from debt, net of issuance costs		$ 395,000
$7.500% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)			7.50%
Debt, face amount			$ 450,000
Proceeds from debt, net of issuance costs			$ 444,400
3.125% Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument, conversion price (in dollars per share) \| $ / shares					$ 7.02	$ 7.02	$ 7.02	$ 7.02	$ 7.02
3.125% Convertible Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)					3.125%	3.125%	3.125%	3.125%	3.125%		3.125%
Debt, face amount					$ 400,000	$ 400,000	$ 400,000	$ 400,000	$ 400,000
Proceeds from debt, net of issuance costs	$ 390,400
Threshold trading days								20	20
Threshold consecutive trading days \| well_option								30
Threshold percentage of stock price trigger							130.00%
Debt instrument, number of business days					5 days	5 days	5 days	5 days	5 days
Debt instrument, consecutive trading period					5 days	5 days	5 days	5 days	5 days
Percent of measurement period of conversion rate (as a percent)					0.98	0.98	0.98	0.98	0.98
Debt instrument, conversion ratio	0.1424501
Debt instrument, consecutive trading period based on daily conversion value \| well_option								40
Redemption price percentage			100.00%
Aggregate amount outstanding and not subject to redemption					$ 75,000	$ 75,000	$ 75,000	$ 75,000	$ 75,000
Unamortized deferred financing costs					$ 9,600	$ 9,600	$ 9,600	$ 9,600	$ 9,600
Debt instrument, interest rate (as a percent)					3.57%	3.57%	3.57%	3.57%	3.57%
Purchase of capped call transactions					$ 49,800
Debt instrument, capped call transactions, initial cap price (in dollars per share) \| $ / shares						$ 10.80
Premium over last reported price of common stock (as a percent)							100.00%
3.125% Convertible Senior Notes \| Senior Notes \| Maximum
Debt Instrument [Line Items]
Threshold trading days \| tradingDay									41

Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Income before income taxes	$ 135,124	$ 53,183	$ 277,093	$ 192,815
United States
Income Taxes
Income before income taxes	(40,629)	(24,529)	(75,042)	(49,123)
Foreign
Income Taxes
Income before income taxes	$ 175,753	$ 77,712	$ 352,135	$ 241,938

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt


	June 30, 2024		December 31, 2023
	(In thousands)
Outstanding debt principal balances:
Facility	$	750,000	$	925,000

7.125% Senior Notes	650,000		650,000
7.750% Senior Notes	400,000		400,000
7.500% Senior Notes	450,000		450,000
3.125% Convertible Senior Notes	400,000		—
Total long-term debt	2,650,000		2,425,000
Unamortized deferred financing costs and discounts(1)	(54,704)		(34,086)


Long-term debt, net	$	2,595,296	$	2,390,914

(1)Includes $31.3 million and $20.8 million of unamortized deferred financing costs related to the Facility, $11.2 million and $13.3 million of unamortized deferred financing costs and discounts related to the Senior Notes, and $12.2 million and nil of unamortized deferred financing costs related to the 3.125% Convertible Senior Notes as of June 30, 2024 and December 31, 2023, respectively.

Facility

The Facility supports our oil and gas exploration, appraisal and development programs and corporate activities. In April 2024, in conjunction with the spring borrowing base redetermination, the Company executed an amendment and restatement of the Facility. The amendment includes the following material changes: an increase in the Facility size and borrowing base capacity to $1.35 billion (from $1.25 billion), an increase in the interest margin by 0.25% or 0.50%, depending on the length of time that has passed from the date the Facility was entered into, and an extension in the tenor by approximately three years (final maturity date now occurs December 31, 2029). The amended Facility size and borrowing base capacity of approximately $1.35 billion is currently capped by total commitments of approximately $1.21 billion. The borrowing base amount is based on the sum of the net present values of net cash flows and relevant capital expenditures reduced by certain percentages as well as value attributable to certain assets’ reserves and/or resources in the Company’s production assets in Ghana and Equatorial Guinea. As part of the amendment, the Company recognized a loss on debt modifications and extinguishments of approximately $22.0 million during the second quarter of 2024. As of June 30, 2024, the undrawn availability under the Facility was $455.0 million.

As amended, interest on the Facility is the aggregate of the applicable margin (4.00% to 5.50%, depending on the length of time that has passed from the date the Facility was entered into), plus the term SOFR reference rate administered by CME Group Benchmark Administration Limited for the relevant period published. Interest is payable on the last day of each interest period (and, if the interest period is longer than six months, on the dates falling at six-month intervals after the first day of the interest period). We pay commitment fees on the undrawn and unavailable portion of the total commitments, if any. Commitment fees are equal to 30% per annum of the then-applicable respective margin when a commitment is available for utilization and, equal to 20% per annum of the then-applicable respective margin when a commitment is not available for utilization. We recognize interest expense in accordance with ASC 835 — Interest, which requires interest expense to be recognized using the effective interest method. We determined the effective interest rate based on the estimated level of borrowings under the Facility.

The Facility provides a revolving credit and letter of credit facility. As of June 30, 2024, we had no letters of credit issued under the Facility.

We were in compliance with the financial covenants contained in the Facility as of March 31, 2024 (the most recent assessment date). The Facility, as amended, contains customary cross default provisions.

Corporate Revolver

The Corporate Revolver is available for general corporate purposes and for oil and gas exploration, appraisal and development programs. In April 2024, in connection with the amendment and restatement of the Facility, we amended the Corporate Revolver reducing the borrowing capacity from $250.0 million to approximately $165 million. All of the commitments that were cancelled (either in full or in part) under the Corporate Revolver were transferred to the Facility as part of the amendment and restatement. There is no change to the final maturity date of December 31, 2024. As of June 30, 2024, there were no outstanding borrowings under the Corporate Revolver and the undrawn availability was approximately $165 million with an expiration date of December 31, 2024.

The Company capitalized $6.1 million of deferred financing costs associated with entering into the revolving credit facility in March 2022, which is being amortized over the term of the new revolving credit facility. Interest on the Corporate Revolver is the aggregate of a 7.0% margin, the term SOFR reference rate administered by CME Group Benchmark Administration Limited for the relevant period published and a credit adjustment spread. Interest is payable on the last day of each interest period (and, if the interest period is longer than six months, on the dates falling at six-month intervals after the first day of the interest period). We pay commitment fees on the undrawn portion of the total commitments. Commitment fees for the lenders are equal to 30% per annum of the respective margin when a commitment is available for utilization.

We were in compliance with the financial covenants contained in the Corporate Revolver as of March 31, 2024 (the most recent assessment date). The Corporate Revolver contains customary cross default provisions.

7.125% Senior Notes due 2026

In April 2019, the Company issued $650.0 million of 7.125% Senior Notes and received net proceeds of approximately $640.0 million after deducting fees.

The 7.125% Senior Notes mature on April 4, 2026. Interest is payable in arrears each April 4 and October 4, commencing on October 4, 2019. The 7.125% Senior Notes are senior, unsecured obligations of Kosmos Energy Ltd. and rank equal in right of payment with all of its existing and future senior indebtedness (including all borrowings under the Corporate Revolver, 7.750% Senior Notes, the 7.500% Senior Notes and the 3.125% Convertible Senior Notes) and rank effectively junior in right of payment to all of its existing and future secured indebtedness (including all borrowings under the Facility). The 7.125% Senior Notes are guaranteed on a senior, unsecured basis by certain subsidiaries owning the Company's U.S. Gulf of Mexico assets and the interests acquired in the Anadarko WCTP acquisition, and on a subordinated, unsecured basis by certain subsidiaries that borrow under, or guarantee, the Facility and that guarantee the Corporate Revolver, the 7.750% Senior Notes, the 7.500% Senior Notes and the 3.125% Convertible Senior Notes. The 7.125% Senior Notes contain customary cross default provisions.

7.750% Senior Notes due 2027

In October 2021, the Company issued $400.0 million of 7.750% Senior Notes and received net proceeds of approximately $395.0 million after deducting fees.

The 7.750% Senior Notes mature on May 1, 2027. Interest is payable in arrears each May 1 and November 1, commencing on May 1, 2022. The 7.750% Senior Notes are senior, unsecured obligations of Kosmos Energy Ltd. and rank equal in right of payment with all of its existing and future senior indebtedness (including all borrowings under the Corporate Revolver, the 7.125% Senior Notes, the 7.500% Senior Notes and the 3.125% Convertible Senior Notes) and rank effectively junior in right of payment to all of its existing and future secured indebtedness (including all borrowings under the Facility). The 7.750% Senior Notes are guaranteed on a senior, unsecured basis by certain subsidiaries owning the Company's U.S. Gulf of Mexico assets and the interests acquired in the Anadarko WCTP acquisition, and on a subordinated, unsecured basis by certain subsidiaries that borrow under, or guarantee, the Facility and that guarantee the Corporate Revolver, the 7.125% Senior Notes, the 7.500% Senior Notes and the 3.125% Convertible Senior Notes. The 7.750% Senior Notes contain customary cross default provisions.

7.500% Senior Notes due 2028

In March 2021, the Company issued $450.0 million of 7.500% Senior Notes and received net proceeds of approximately $444.4 million after deducting fees.

The 7.500% Senior Notes mature on March 1, 2028. Interest is payable in arrears each March 1 and September 1, commencing on September 1, 2021. The 7.500% Senior Notes are senior, unsecured obligations of Kosmos Energy Ltd. and

rank equal in right of payment with all of its existing and future senior indebtedness (including all borrowings under the Corporate Revolver, the 7.125% Senior Notes, the 7.750% Senior Notes and the 3.125% Convertible Senior Notes) and rank effectively junior in right of payment to all of its existing and future secured indebtedness (including all borrowings under the Facility). The 7.500% Senior Notes are guaranteed on a senior, unsecured basis by certain subsidiaries owning the Company's U.S. Gulf of Mexico assets and the interests in the Anadarko WCTP acquisition, and on a subordinated, unsecured basis by certain subsidiaries that borrow under, or guarantee, the Facility and that guarantee the Corporate Revolver, and the 7.125% Senior Notes, the 7.750% Senior Notes and the 3.125% Convertible Senior Notes. The 7.500% Senior Notes contain customary cross default provisions.

3.125% Convertible Senior Notes due 2030

In March 2024, the Company issued $400.0 million of 3.125% Convertible Senior Notes (the “3.125% Convertible Senior Notes”) and received net proceeds of $390.4 million after deducting fees.

The 3.125% Convertible Senior Notes mature on March 15, 2030, unless earlier converted, redeemed or repurchased. Interest is payable in arrears each March 15 and September 15, commencing September 15, 2024. The 3.125% Convertible Senior Notes are senior, unsecured obligations of Kosmos Energy Ltd. and rank equal in right of payment with all of its existing and future senior indebtedness (including all borrowings under the Corporate Revolver, the 7.125% Senior Notes, the 7.750% Senior Notes and the 7.500% Senior Notes) and rank effectively junior in right of payment to all of its existing and future secured indebtedness (including all borrowings under the Facility, to the extent of the value of the assets securing such indebtedness). The 3.125% Convertible Senior Notes are guaranteed on a senior, unsecured basis by certain of our existing subsidiaries that guarantee on a senior basis the Corporate Revolver, the 7.125% Senior Notes, the 7.750% Senior Notes and the 7.500% Senior Notes, and, in certain circumstances, certain of our other existing or future subsidiaries. The 3.125% Convertible Senior Notes are guaranteed on a subordinated, unsecured basis by certain of our existing subsidiaries that borrow under or guarantee the Facility and guarantee on a subordinated basis the Corporate Revolver and the 7.125% Senior Notes, the 7.750% Senior Notes and the 7.500% Senior Notes, and, in certain circumstances, certain of our other existing or future subsidiaries.

Holders of the 3.125% Convertible Senior Notes may convert all or any portion of their 3.125% Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2029 only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on June 30, 2024 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 3.125% Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day;

•if we call any or all of the 3.125% Convertible Senior Notes for redemption, the 3.125% Convertible Senior Notes called (or deemed called) for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or

•upon the occurrence of certain specified corporate events.

On or after December 15, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert at any time all or any portion of their 3.125% Convertible Senior Notes at the option of the holder.

The conversion rate for the 3.125% Convertible Senior Notes is initially 142.4501 shares of our common stock per $1,000 principal amount of 3.125% Convertible Senior Notes (which is equivalent to an initial conversion price of approximately $7.02 per share of our common stock), subject to adjustments.

Upon conversion, we will pay cash up to the aggregate principal amount of the 3.125% Convertible Senior Notes to be converted and pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the 3.125% Convertible Senior Notes being converted. The amount of cash and shares of our common stock, if any, due upon conversion will be based on a daily conversion value calculated on a proportionate basis for each trading day in a 40 consecutive trading day observation period.

In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 3.125% Convertible Senior Notes in connection with such a corporate event or to convert its 3.125% Convertible Senior Notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be.

Other than in connection with certain tax law changes, we may not redeem the notes prior to March 22, 2027. We may redeem for cash all or any portion of the 3.125% Convertible Senior Notes, at our option, on or after March 22, 2027 and prior to the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide the related notice of redemption, at a redemption price equal to 100% of the principal amount of the 3.125% Convertible Senior Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. We are not required to redeem or retire the 3.125% Convertible Senior Notes periodically. We may not elect to redeem less than all of the outstanding 3.125% Convertible Senior Notes unless at least $75.0 million aggregate principal amount of 3.125% Convertible Senior Notes are outstanding and not subject to redemption as of the time we send the related redemption notice. The 3.125% Convertible Senior Notes indenture contains customary terms and covenants.

The Company recorded the 3.125% Convertible Senior Notes, including the debt itself and all embedded derivatives, at cost less debt issuance costs of $9.6 million and has presented the 3.125% Convertible Senior Notes as a single financial instrument in Long-term debt, net in our consolidated balance sheet. No portion of the embedded derivatives required bifurcation from the host debt contract. As of June 30, 2024, the effective annual interest rate on the 3.125% Convertible Senior Notes is approximately 3.57%, including amortization of debt issuance costs.

Capped Call Transactions

In connection with the issuance of the 3.125% Convertible Senior Notes, the Company used $49.8 million of the net proceeds from the issuance of the 3.125% Convertible Senior Notes to enter into capped call transactions (the “Capped Call Transactions”). The Capped Call Transactions are generally expected to reduce potential dilution to holders of our common stock upon any conversion of the 3.125% Convertible Senior Notes and/or offset any cash payments that we are required to make in excess of the principal amount of any 3.125% Convertible Senior Notes that are converted, as the case may be, with such reduction and/or offset subject to a cap.

The Capped Call Transactions have an initial cap price of $10.80 per share, which represents a premium of 100% over the last reported sale price of our common stock on March 5, 2024, and is subject to certain adjustments under the terms of the Capped Call Transactions. The Capped Call Transactions cover, initially, the number of shares of our common stock underlying the 3.125% Convertible Senior Notes, subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the 3.125% Convertible Senior Notes.

The Capped Call Transactions qualify for a derivative scope exception as they are indexed to our common stock and are not required to be accounted for as a separate derivative. Consequently, the Capped Call Transactions have been included as a net reduction to additional-paid-in-capital within stockholders’ equity in our consolidated balance sheet and do not require subsequent remeasurement.

Principal Debt Repayments

At June 30, 2024, the estimated repayments of debt during the five fiscal year periods and thereafter are as follows:


	Payments Due by Year
	Total		2024(2)		2025		2026		2027		2028		Thereafter
	(In thousands)
Principal debt repayments(1)	$	2,650,000	$	—	$	—	$	650,000	$	400,000	$	642,130	$	957,870

__________________________________

(1)Includes the scheduled maturities for outstanding principal debt balances. The scheduled maturities of debt related to the Facility as of June 30, 2024 are based on our level of borrowings and our estimated future available borrowing base commitment levels in future periods. Any increases or decreases in the level of borrowings or increases or decreases in the available borrowing base would impact the scheduled maturities of debt during the next five years and thereafter.

(2)Represents payments for the period July 1, 2024 through December 31, 2024.

Interest and other financing costs, net

Interest and other financing costs, net incurred during the periods is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Interest expense	$	53,168	$	51,965	$	107,937	$	100,480
Amortization—deferred financing costs	2,256		2,530		4,655		5,081
Debt modifications and extinguishments	22,531		—		22,531		—
Capitalized interest	(41,525)		(33,688)		(83,926)		(63,891)
Deferred interest	(1,010)		670		(2,982)		353
Interest income	(6,233)		(4,445)		(10,874)		(8,586)
Other, net	8,092		7,339		16,386		15,502
Interest and other financing costs, net	$	37,279	$	24,371	$	53,727	$	48,939

Cash payments for interest totaled $61.0 million and $61.0 million for the three months ended June 30, 2024 and 2023, respectively, and $91.4 million and $96.4 million for the six months ended June 30, 2024 and 2023, respectively. Capitalized interest of $41.5 million and $33.7 million for the three months ended June 30, 2024 and 2023, respectively, and $83.9 million and $63.9 million for the six months ended June 30, 2024 and 2023, respectively, primarily relates to spend on the Greater Tortue Ahmeyim Phase 1 project. We will no longer capitalize interest on the Greater Tortue Ahmeyim Phase 1 project after first gas production.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35167
Entity Registrant Name	Kosmos Energy Ltd.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0686001
Entity Address, Address Line One	8176 Park Lane
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75231
Title of 12(b) Security	Common Stock $0.01 par value
Trading Symbol	KOS
Security Exchange Name	NYSE
Country Region	+1
City Area Code	214
Local Phone Number	445 9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		471,816,671
Entity Central Index Key	0001509991
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Debt - Schedule of Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019
Line of Credit Facility [Line Items]
Total long-term debt	$ 2,650,000	$ 2,425,000
Unamortized deferred financing costs and discounts	(54,704)	(34,086)
Long-term debt, net	2,595,296	2,390,914
Senior Notes
Line of Credit Facility [Line Items]
Unamortized deferred financing costs and discounts	11,200	13,300
Facility \| Revolving credit facility
Line of Credit Facility [Line Items]
Unamortized deferred financing costs and discounts	31,300	20,800
Facility \| Revolving credit facility
Line of Credit Facility [Line Items]
Total long-term debt	750,000	925,000
7.125% Senior Notes \| Senior Notes
Line of Credit Facility [Line Items]
Interest rate (as a percent)					7.125%
Total long-term debt	650,000	650,000
7.750% Senior Notes \| Senior Notes
Line of Credit Facility [Line Items]
Interest rate (as a percent)			7.75%
Total long-term debt	400,000	400,000
$7.500% Senior Notes \| Senior Notes
Line of Credit Facility [Line Items]
Interest rate (as a percent)				7.50%
Total long-term debt	$ 450,000	$ 450,000
3.125% Convertible Senior Notes \| Senior Notes
Line of Credit Facility [Line Items]
Interest rate (as a percent)	3.125%	3.125%
Total long-term debt	$ 400,000	$ 0
Unamortized deferred financing costs and discounts	$ 12,200	$ 0

Debt - Interest and Financing Costs, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Cash payments for interest	$ 61,000	$ 61,000	$ 91,400	$ 96,400
Capitalized interest	$ 41,525	$ 33,688	$ 83,926	$ 63,891

Business Segment Information - Narrative (Details)	6 Months Ended
Business Segment Information - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Balance at the beginning (in shares) at Dec. 31, 2022		500,161
Balance at the beginning at Dec. 31, 2022	$ 787,848	$ 5,002	$ 2,505,694	$ (1,485,841)	$ (237,007)
Increase (Decrease) in Shareholders' Equity
Equity-based compensation	10,093		10,093
Restricted stock units (in shares)		3,691
Restricted stock units	0	$ 37	(37)
Tax withholdings and cash settlements on restricted stock units	(11,810)		(11,810)
Net income	83,309			83,309
Balance at the end (in shares) at Mar. 31, 2023		503,852
Balance at the end at Mar. 31, 2023	869,440	$ 5,039	2,503,940	(1,402,532)	(237,007)
Balance at the beginning (in shares) at Dec. 31, 2022		500,161
Balance at the beginning at Dec. 31, 2022	787,848	$ 5,002	2,505,694	(1,485,841)	(237,007)
Increase (Decrease) in Shareholders' Equity
Net income	106,654
Balance at the end (in shares) at Jun. 30, 2023		504,345
Balance at the end at Jun. 30, 2023	903,904	$ 5,043	2,515,055	(1,379,187)	(237,007)
Balance at the beginning (in shares) at Mar. 31, 2023		503,852
Balance at the beginning at Mar. 31, 2023	869,440	$ 5,039	2,503,940	(1,402,532)	(237,007)
Increase (Decrease) in Shareholders' Equity
Dividends	(1)		(1)
Equity-based compensation	11,121		11,121
Restricted stock units (in shares)		493
Restricted stock units	0	$ 4	(4)
Tax withholdings and cash settlements on restricted stock units	(1)		(1)
Net income	23,345			23,345
Balance at the end (in shares) at Jun. 30, 2023		504,345
Balance at the end at Jun. 30, 2023	903,904	$ 5,043	2,515,055	(1,379,187)	(237,007)
Balance at the beginning (in shares) at Dec. 31, 2023		504,393
Balance at the beginning at Dec. 31, 2023	1,032,337	$ 5,044	2,536,621	(1,272,321)	(237,007)
Increase (Decrease) in Shareholders' Equity
Capped call transactions	(49,800)		(49,800)
Equity-based compensation	7,333		7,333
Restricted stock units (in shares)		11,373
Restricted stock units	0	$ 114	(114)
Tax withholdings and cash settlements on restricted stock units	(9,921)		(9,921)
Net income	91,686			91,686
Balance at the end (in shares) at Mar. 31, 2024		515,766
Balance at the end at Mar. 31, 2024	1,071,635	$ 5,158	2,484,119	(1,180,635)	(237,007)
Balance at the beginning (in shares) at Dec. 31, 2023		504,393
Balance at the beginning at Dec. 31, 2023	1,032,337	$ 5,044	2,536,621	(1,272,321)	(237,007)
Increase (Decrease) in Shareholders' Equity
Net income	151,456
Balance at the end (in shares) at Jun. 30, 2024		516,007
Balance at the end at Jun. 30, 2024	1,141,891	$ 5,160	2,494,603	(1,120,865)	(237,007)
Balance at the beginning (in shares) at Mar. 31, 2024		515,766
Balance at the beginning at Mar. 31, 2024	1,071,635	$ 5,158	2,484,119	(1,180,635)	(237,007)
Increase (Decrease) in Shareholders' Equity
Equity-based compensation	10,487		10,487
Restricted stock units (in shares)		241
Restricted stock units	0	$ 2	(2)
Tax withholdings and cash settlements on restricted stock units	(1)		(1)
Net income	59,770			59,770
Balance at the end (in shares) at Jun. 30, 2024		516,007
Balance at the end at Jun. 30, 2024	$ 1,141,891	$ 5,160	$ 2,494,603	$ (1,120,865)	$ (237,007)

Commitments and Contingencies (Details) $ in Millions	1 Months Ended		6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Apr. 30, 2024 USD ($)	Feb. 28, 2019 USD ($) agreement	Jun. 30, 2024 USD ($) well	Dec. 31, 2023 USD ($)
Operating Leased Assets [Line Items]
Estimated decommissioning costs	$ 148.9
Commitments estimated period	13 years
Greater Tortue FPSO \| BP Operator
Operating Leased Assets [Line Items]
Contract liability, noncurrent			$ 200.2
National Oil Companies of Mauritania And Senegal \| Carry Advance Agreements
Operating Leased Assets [Line Items]
Number of agreements \| agreement		2
Share of development costs to be financed, up to		$ 370.0
Long-term receivables			$ 261.8	$ 259.2
Equatorial Guinea
Operating Leased Assets [Line Items]
Number of development wells \| well			3
Number of exploration wells \| well			1
U.S. Gulf of Mexico \| Bureau of Ocean Energy Management \| Surety Bond
Operating Leased Assets [Line Items]
Required performance bonds			$ 172.9	$ 194.1

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment is stated at cost and consisted of the following:


	June 30, 2024		December 31, 2023
	(In thousands)
Oil and gas properties:
Proved properties	$	8,113,221	$	7,600,252
Unproved properties	482,460		423,050
Total oil and gas properties	8,595,681		8,023,302
Accumulated depletion	(4,042,252)		(3,868,946)
Oil and gas properties, net	4,553,429		4,154,356

Other property	65,488		65,095
Accumulated depreciation	(60,604)		(59,222)
Other property, net	4,884		5,873

Property and equipment, net	$	4,558,313	$	4,160,229

Net Income Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

The following table is a reconciliation between net income and the amounts used to compute basic and diluted net income per share and the weighted average shares outstanding used to compute basic and diluted net income per share. Potentially dilutive securities include shares issuable upon conversion of our 3.125% Convertible Senior Notes using the if-converted method and restricted stock units awards under our equity-based compensation plan.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
	(In thousands, except per share data)
Numerator:
Net income allocable to common stockholders	$	59,770	$	23,345	$	151,456	$	106,654




Denominator:
Weighted average number of shares outstanding:
Basic	471,599		459,984		469,821		459,155
Restricted stock units(1)	8,573		19,032		10,003		19,747
Shares issuable assuming conversion of 3.125% Convertible Senior Notes(2)	—		—		—		—
Diluted	480,172		479,016		479,824		478,902
Net income per share:
Basic	$	0.13	$	0.05	$	0.32	$	0.23
Diluted	$	0.12	$	0.05	$	0.32	$	0.22

__________________________________

(1)We excluded restricted stock units of 1.2 million and 1.8 million for the three months ended June 30, 2024 and 2023, respectively, and 2.8 million and 1.4 million for the six months ended June 30, 2024 and 2023, respectively from the computations of diluted net income per share because the effect would have been anti-dilutive.

(2)Represents the dilutive impact for the Company’s 3.125% Convertible Senior Notes due 2030. As of June 30, 2024, the if-converted value is less than the outstanding principal of the 3.125% Convertible Senior Notes and therefore anti-dilutive. The 3.125% Convertible Senior Notes are subject to a capped call arrangement that potentially reduces the dilutive effect as described in “Note 7 - Debt”. Any potential impact of the capped call arrangement is excluded from this table as any proceeds under the capped call arrangement are considered anti-dilutive.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Company's Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, for each fair value hierarchy level:


	Fair Value Measurements Using:
	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(In thousands)
June 30, 2024
Assets:
Commodity derivatives	$	—	$	—	$	—	$	—

Liabilities:
Commodity derivatives	—		(6,710)		—		(6,710)
Provisional oil sales	—		(265)		—		(265)

Total	$	—	$	(6,975)	$	—	$	(6,975)
December 31, 2023
Assets:
Commodity derivatives	$	—	$	9,940	$	—	$	9,940
Provisional oil sales	—		(72)		—		(72)

Liabilities:
Commodity derivatives	—		(3,103)		—		(3,103)

Total	$	—	$	6,765	$	—	$	6,765

Schedule of Carrying Values and Fair Values of Financial Instruments that are not Carried at Fair Value

The following table presents the carrying values and fair values at June 30, 2024 and December 31, 2023:


	June 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
7.125% Senior Notes	$	647,553	$	642,733	$	646,912	$	622,824
7.750% Senior Notes	397,156		391,556		396,718		374,764
7.500% Senior Notes	446,675		429,255		446,291		412,461
3.125% Convertible Senior Notes	390,880		418,664		—		—

Facility	750,000		750,000		925,000		925,000
Total	$	2,632,264	$	2,632,208	$	2,414,921	$	2,335,049

Additional Financial Information - Other Expenses, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Additional Financial Information
(Gain) loss on disposal of inventory	$ (105)	$ 2,704	$ 27	$ 2,939
(Gain) loss on asset retirement obligations liability settlements	(2,341)	0	(3,187)	115
Other, net	4,608	2,075	7,351	3,755
Other expenses, net	$ 2,162	$ 4,779	$ 4,191	$ 6,809

Suspended Well Costs (Tables)

6 Months Ended

Jun. 30, 2024

Oil and Gas Disclosure [Abstract]

Schedule of Capitalized Exploratory Well Costs

The following table reflects the Company’s capitalized exploratory well costs on drilled wells as of and during the six months ended June 30, 2024.


	June 30, 2024
	(In thousands)
Beginning balance	$	211,959
Additions to capitalized exploratory well costs pending the determination of proved reserves	16,004
Reclassification due to determination of proved reserves	—
Capitalized exploratory well costs charged to expense	—
Ending balance	$	227,963

Schedule of Aging of Capitalized Exploratory Well Costs and Number of Projects for Which Exploratory Well Costs were Capitalized for More Than One Year

The following table provides an aging of capitalized exploratory well costs based on the date drilling was completed and the number of projects for which exploratory well costs have been capitalized for more than one year since the completion of drilling:


	June 30, 2024		December 31, 2023
	(In thousands, except project counts)
Exploratory well costs capitalized for a period of one year or less	$	63,795	$	54,274
Exploratory well costs capitalized for a period of one to five years	36,396		34,775
Exploratory well costs capitalized for a period of six to ten years	127,772		122,910
Ending balance	$	227,963	$	211,959
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year	2		2

Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 173,813	$ 95,345
Restricted cash - long-term	305	3,416
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 174,118	$ 98,761	$ 89,145	$ 186,821

Accounting Policies - Schedule of Oil and Gas Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 447,848	$ 272,342	$ 870,139	$ 671,084
Provisional oil sales contracts	5,904	(2,118)	(21,106)	220
Oil and gas revenue	450,900	273,255	870,003	667,495
Oil and gas revenue
Disaggregation of Revenue [Line Items]
Provisional oil sales contracts	3,052	913	(136)	(3,589)
Oil and gas revenue	450,900	273,255	870,003	667,495
Equatorial Guinea
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	36,831	37,542	116,061	107,739
Ghana
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	334,917	143,060	590,554	380,579
U.S. Gulf of Mexico
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 76,100	$ 91,740	$ 163,524	$ 182,766

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) before Income Taxes

Income before income taxes is composed of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
United States	$	(40,629)	$	(24,529)	$	(75,042)	$	(49,123)
Foreign	175,753		77,712		352,135		241,938
Income before income taxes	$	135,124	$	53,183	$	277,093	$	192,815

Business Segment Information - Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Oil and gas revenue	$ 450,900		$ 273,255		$ 870,003	$ 667,495
Other income, net	36		60		72	(313)
Total revenues and other income	450,936		273,315		870,075	667,182
Oil and gas production	150,733		63,579		244,351	147,515
Exploration expenses	13,235		11,015		25,295	23,015
General and administrative	25,161		23,444		53,426	52,611
Depletion, depreciation and amortization	90,094		89,913		191,022	199,287
Interest and other financing costs, net	37,279		24,371		53,727	48,939
Derivatives, net	(2,852)		3,031		20,970	(3,809)
Other expenses, net	2,162		4,779		4,191	6,809
Total costs and expenses	315,812		220,132		592,982	474,367
Income (loss) before income taxes	135,124		53,183		277,093	192,815
Income tax expense	75,354		29,838		125,637	86,161
Net income	59,770	$ 91,686	23,345	$ 83,309	151,456	106,654
Consolidated capital expenditures, net	215,416		169,645		501,644	376,078
Property and equipment, net	4,558,313		4,077,821		4,558,313	4,077,821	$ 4,160,229
Total assets	5,389,310		4,807,619		5,389,310	4,807,619	$ 4,938,134
Operating Segments \| Ghana
Segment Reporting Information [Line Items]
Oil and gas revenue	336,388		146,850		588,532	380,100
Other income, net	0		0		1	(425)
Total revenues and other income	336,388		146,850		588,533	379,675
Oil and gas production	78,248		21,627		96,295	51,236
Exploration expenses	2,312		163		2,252	637
General and administrative	3,289		3,284		6,878	7,446
Depletion, depreciation and amortization	48,402		42,347		96,690	100,108
Interest and other financing costs, net	12,528		8,408		25,797	28,167
Derivatives, net	0		0		0	0
Other expenses, net	(2,856)		2,903		20,983	(3,655)
Total costs and expenses	141,923		78,732		248,895	183,939
Income (loss) before income taxes	194,465		68,118		339,638	195,736
Income tax expense	71,165		24,465		114,710	69,864
Net income	123,300		43,653		224,928	125,872
Consolidated capital expenditures, net	47,188		83,556		111,664	149,478
Property and equipment, net	1,063,384		1,262,286		1,063,384	1,262,286
Total assets	3,492,701		3,198,853		3,492,701	3,198,853
Operating Segments \| Equatorial Guinea
Segment Reporting Information [Line Items]
Oil and gas revenue	38,412		34,665		117,947	104,629
Other income, net	0		10		0	10
Total revenues and other income	38,412		34,675		117,947	104,639
Oil and gas production	19,679		14,840		60,705	43,923
Exploration expenses	2,196		1,796		3,382	4,083
General and administrative	1,205		1,151		2,745	2,662
Depletion, depreciation and amortization	9,298		8,557		23,892	22,083
Interest and other financing costs, net	(801)		(699)		(1,595)	(1,386)
Derivatives, net	0		0		0	0
Other expenses, net	(2,350)		383		(2,353)	(47)
Total costs and expenses	29,227		26,028		86,776	71,318
Income (loss) before income taxes	9,185		8,647		31,171	33,321
Income tax expense	4,138		3,775		12,563	13,360
Net income	5,047		4,872		18,608	19,961
Consolidated capital expenditures, net	33,621		17,823		78,240	24,956
Property and equipment, net	483,773		401,672		483,773	401,672
Total assets	2,217,658		1,610,111		2,217,658	1,610,111
Operating Segments \| Mauritania/Senegal
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0		0	0
Other income, net	0		0		0	0
Total revenues and other income	0		0		0	0
Oil and gas production	18,166		0		18,166	0
Exploration expenses	4,071		3,605		9,247	8,219
General and administrative	2,101		1,830		5,266	4,803
Depletion, depreciation and amortization	227		207		451	402
Interest and other financing costs, net	(34,933)		(29,547)		(70,765)	(55,649)
Derivatives, net	0		0		0	0
Other expenses, net	3,627		1,516		5,230	2,721
Total costs and expenses	(6,741)		(22,389)		(32,405)	(39,504)
Income (loss) before income taxes	6,741		22,389		32,405	39,504
Income tax expense	0		0		0	0
Net income	6,741		22,389		32,405	39,504
Consolidated capital expenditures, net	84,622		46,689		211,196	149,751
Property and equipment, net	2,065,242		1,599,864		2,065,242	1,599,864
Total assets	3,008,000		2,340,829		3,008,000	2,340,829
Operating Segments \| U.S. Gulf of Mexico
Segment Reporting Information [Line Items]
Oil and gas revenue	76,100		91,740		163,524	182,766
Other income, net	975		1,067		1,485	2,086
Total revenues and other income	77,075		92,807		165,009	184,852
Oil and gas production	34,640		27,112		69,185	52,356
Exploration expenses	3,125		3,552		8,012	7,177
General and administrative	5,514		4,673		11,372	9,807
Depletion, depreciation and amortization	31,811		38,449		69,269	75,964
Interest and other financing costs, net	(4,301)		3,000		(8,393)	6,092
Derivatives, net	0		0		0	0
Other expenses, net	1,012		1,678		1,318	2,801
Total costs and expenses	71,801		78,464		150,763	154,197
Income (loss) before income taxes	5,274		14,343		14,246	30,655
Income tax expense	0		225		80	1,065
Net income	5,274		14,118		14,166	29,590
Consolidated capital expenditures, net	48,454		19,639		97,735	48,319
Property and equipment, net	928,566		797,556		928,566	797,556
Total assets	4,052,704		3,780,742		4,052,704	3,780,742
Corporate & Other
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0		0	0
Other income, net	34,773		42,940		100,514	70,914
Total revenues and other income	34,773		42,940		100,514	70,914
Oil and gas production	0		0		0	0
Exploration expenses	1,531		1,899		2,402	2,899
General and administrative	51,616		53,431		108,123	104,600
Depletion, depreciation and amortization	356		353		720	730
Interest and other financing costs, net	64,786		43,209		108,683	71,715
Derivatives, net	(2,852)		3,031		20,970	(3,809)
Other expenses, net	(123)		1,331		(17)	1,180
Total costs and expenses	115,314		103,254		240,881	177,315
Income (loss) before income taxes	(80,541)		(60,314)		(140,367)	(106,401)
Income tax expense	51		1,373		(1,716)	1,872
Net income	(80,592)		(61,687)		(138,651)	(108,273)
Consolidated capital expenditures, net	1,531		1,938		2,809	3,574
Property and equipment, net	17,348		16,443		17,348	16,443
Total assets	24,601,589		20,248,787		24,601,589	20,248,787
Eliminations
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0		0	0
Other income, net	(35,712)		(43,957)		(101,928)	(72,898)
Total revenues and other income	(35,712)		(43,957)		(101,928)	(72,898)
Oil and gas production	0		0		0	0
Exploration expenses	0		0		0	0
General and administrative	(38,564)		(40,925)		(80,958)	(76,707)
Depletion, depreciation and amortization	0		0		0	0
Interest and other financing costs, net	0		0		0	0
Derivatives, net	0		0		0	0
Other expenses, net	2,852		(3,032)		(20,970)	3,809
Total costs and expenses	(35,712)		(43,957)		(101,928)	(72,898)
Income (loss) before income taxes	0		0		0	0
Income tax expense	0		0		0	0
Net income	0		0		0	0
Consolidated capital expenditures, net	0		0		0	0
Property and equipment, net	0		0		0	0
Total assets	$ (31,983,342)		$ (26,371,703)		$ (31,983,342)	$ (26,371,703)

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

In accordance with ASC 820 — Fair Value Measurement, fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. We prioritize the inputs used in measuring fair value into the following fair value hierarchy:

•Level 1 — quoted prices for identical assets or liabilities in active markets.

•Level 2 — quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data by correlation or other means.

•Level 3 — unobservable inputs for the asset or liability. The fair value input hierarchy level to which an asset or liability measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety.


	Fair Value Measurements Using:
	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(In thousands)
June 30, 2024
Assets:
Commodity derivatives	$	—	$	—	$	—	$	—

Liabilities:
Commodity derivatives	—		(6,710)		—		(6,710)
Provisional oil sales	—		(265)		—		(265)

Total	$	—	$	(6,975)	$	—	$	(6,975)
December 31, 2023
Assets:
Commodity derivatives	$	—	$	9,940	$	—	$	9,940
Provisional oil sales	—		(72)		—		(72)

Liabilities:
Commodity derivatives	—		(3,103)		—		(3,103)

Total	$	—	$	6,765	$	—	$	6,765

The book values of cash and cash equivalents and restricted cash approximate fair value based on Level 1 inputs. Joint interest billings, oil sales and other receivables, and accounts payable and accrued liabilities approximate fair value due to the short-term nature of these instruments. Our long-term receivables, after any allowances for credit losses, and other long-term assets approximate fair value. The estimates of fair value of these items are based on Level 2 inputs.

Commodity Derivatives

Our commodity derivatives represent crude oil collars, put options and call options for notional barrels of oil at fixed Dated Brent or NYMEX WTI oil prices. The values attributable to our oil derivatives are based on (i) the contracted notional volumes, (ii) independent active futures price quotes for the respective index, (iii) a credit-adjusted yield curve applicable to each counterparty by reference to the credit default swap (“CDS”) market and (iv) an independently sourced estimate of volatility for the respective index. The volatility estimate was provided by certain independent brokers who are active in buying and selling oil options and was corroborated by market-quoted volatility factors. The deferred premium is included in the fair market value of the commodity derivatives. See Note 8 — Derivative Financial Instruments for additional information regarding the Company’s derivative instruments.

Provisional Oil Sales

The value attributable to provisional oil sales derivatives is based on (i) the sales volumes and (ii) the difference in the independent active futures price quotes for the respective index over the term of the pricing period designated in the sales contract and the spot price on the lifting date.

Debt

The following table presents the carrying values and fair values at June 30, 2024 and December 31, 2023:


	June 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
7.125% Senior Notes	$	647,553	$	642,733	$	646,912	$	622,824
7.750% Senior Notes	397,156		391,556		396,718		374,764
7.500% Senior Notes	446,675		429,255		446,291		412,461
3.125% Convertible Senior Notes	390,880		418,664		—		—

Facility	750,000		750,000		925,000		925,000
Total	$	2,632,264	$	2,632,208	$	2,414,921	$	2,335,049

The carrying values of our 7.125% Senior Notes, 7.750% Senior Notes, 7.500% Senior Notes and 3.125% Convertible Senior Notes represent the principal amounts outstanding less unamortized discounts. The fair values of our 7.125% Senior Notes, 7.750% Senior Notes, 7.500% Senior Notes and 3.125% Convertible Senior Notes are based on quoted market prices, which results in a Level 1 fair value measurement. The carrying value of the Facility approximates fair value since they are subject to short-term floating interest rates that approximate the rates available to us for those periods.

Nonrecurring Fair Value Measurements - Long-lived assets

Certain long-lived assets are reported at fair value on a non-recurring basis on the Company's consolidated balance sheet. These long-lived assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Our long-lived assets are reviewed for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

The Company calculates the estimated fair values of its long-lived assets using the income approach described in the ASC 820 — Fair Value Measurements. Significant inputs associated with the calculation of estimated discounted future net cash flows include anticipated future production, pricing estimates, capital and operating costs, market-based weighted average cost of capital, and risk adjustment factors applied to reserves. These are classified as Level 3 fair value assumptions. The Company utilizes an average of third-party industry forecasts of Dated Brent, adjusted for location and quality differentials, to determine our pricing assumptions. In order to evaluate the sensitivity of the assumptions, we analyze sensitivities to prices, production, and risk adjustment factors.

During the three and six months ended June 30, 2024 and 2023, the Company did not recognize impairment of proved oil and gas properties as no impairment indicators were identified. If we experience material declines in oil pricing expectations in the future, significant increases in our estimated future expenditures or a significant decrease in our estimated production profile, our long-lived assets could be at risk of impairment.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Derivative Financial Instruments - Schedule of Derivative Instruments and Gain/(Loss) from Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative instruments, Balance Sheet Location
Derivatives assets—current	$ 0	$ 8,346
Derivatives assets—long-term	0	1,594
Derivatives liabilities—current	(6,710)	(3,103)
Derivatives not designated as hedging instruments
Derivative instruments, Balance Sheet Location
Total derivatives not designated as hedging instruments	(6,975)	6,765
Derivatives not designated as hedging instruments \| Commodity
Derivative instruments, Balance Sheet Location
Derivatives assets—current	0	8,346
Derivatives assets—long-term	0	1,594
Derivatives liabilities—current	(6,710)	(3,103)
Derivatives not designated as hedging instruments \| Provisional oil sales
Derivative instruments, Balance Sheet Location
Derivatives liabilities—current	$ (265)	$ (72)

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
General	General The interim consolidated financial statements included in this report are unaudited and, in the opinion of management, include all adjustments of a normal recurring nature necessary for a fair presentation of the results for the interim periods. The results of the interim periods shown in this report are not necessarily indicative of the final results to be expected for the full year. The interim consolidated financial statements were prepared in accordance with the requirements of the SEC for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by GAAP have been condensed or omitted from these interim consolidated financial statements. These interim consolidated financial statements and the accompanying notes should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2023, included in our annual report on Form 10-K.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform with the current presentation. Such reclassifications had no significant impact on our reported net income, current assets, total assets, current liabilities, total liabilities, stockholders’ equity or cash flows.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include demand deposits and funds invested in highly liquid instruments with original maturities of three months or less at the date of purchase.
Joint Interest Billings	Joint Interest Billings The Company’s joint interest billings consist of receivables from partners with interests in common oil and gas properties operated by the Company for shared costs. Joint interest billings are classified on the face of the consolidated balance sheets as current and long-term receivables based on when collection is expected to occur.
Inventories	The Company’s materials and supplies inventory primarily consists of casing and wellheads and is stated at the lower of cost, using the weighted average cost method, or net realizable value. Hydrocarbon inventory is carried at the lower of cost, using the weighted average cost method, or net realizable value. Hydrocarbon inventory costs include expenditures and other charges incurred in bringing the inventory to its existing condition. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory costs.
Revenue Recognition	Revenue Recognition Our oil and gas revenues are recognized when hydrocarbons have been sold to a purchaser at a fixed or determinable price, title has transferred and collection is probable. Certain revenues are based on contracts with provisional pricing and quantity optionality which contain a derivative that is separated from the host contract for accounting purposes. The host contract is the receivable from oil sales at the spot price on the date of sale. The derivative, which is not designated as a hedge, is marked to market through oil and gas revenue each period until the final settlement occurs, which generally is limited to the month of or month after the sale.
Concentration of Credit Risk	Concentration of Credit Risk Our revenue can be materially affected by current economic conditions and the price of oil and natural gas. However, based on the current demand for crude oil and natural gas and the fact that alternative purchasers are readily available, we believe that the loss of our purchasers and/or marketing agents would not have a long‑term material adverse effect on our financial position or results of operations.
Recent Accounting Standards	Recent Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740).” The amendments focus on income tax disclosures around effective tax rates and cash income taxes paid. The amendments in the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, however, we do not plan to early adopt ASU 2023-09. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendment requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company is currently evaluating this ASU to determine its impact on disclosures.
Fair Value Measurements	In accordance with ASC 820 — Fair Value Measurement, fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. We prioritize the inputs used in measuring fair value into the following fair value hierarchy: •Level 1 — quoted prices for identical assets or liabilities in active markets. •Level 2 — quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data by correlation or other means. •Level 3 — unobservable inputs for the asset or liability. The fair value input hierarchy level to which an asset or liability measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety.

Suspended Well Costs - Schedule of Suspended Well Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) project	Dec. 31, 2023 USD ($) project
Reconciliation of capitalized exploratory well costs on completed wells
Beginning balance	$ 211,959
Additions to capitalized exploratory well costs pending the determination of proved reserves	16,004
Reclassification due to determination of proved reserves	0
Capitalized exploratory well costs charged to expense	0
Ending balance	227,963
Aging of capitalized exploratory well costs and number of projects for which exploratory well costs were capitalized for more than one year
Exploratory well costs capitalized for a period of one year or less	63,795	$ 54,274
Exploratory well costs capitalized for a period of one to five years	36,396	34,775
Exploratory well costs capitalized for a period of six to ten years	127,772	122,910
Ending balance	$ 227,963	$ 211,959
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year \| project	2	2

Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	June 30, 2024		December 31, 2023
	(In thousands)
Cash and cash equivalents	$	173,813	$	95,345

Restricted cash - long-term	305		3,416
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	174,118	$	98,761

Schedule of Oil and Gas revenue

Oil and gas revenue is composed of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Revenues from contracts with customers:
Equatorial Guinea	$	36,831	$	37,542	$	116,061	$	107,739
Ghana	334,917		143,060		590,554		380,579
U.S. Gulf of Mexico	76,100		91,740		163,524		182,766
Total revenues from contracts with customers	447,848		272,342		870,139		671,084
Provisional oil sales contracts	3,052		913		(136)		(3,589)
Oil and gas revenue	$	450,900	$	273,255	$	870,003	$	667,495

Derivative Financial Instruments - Schedule of Location of Gain (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	$ 5,904	$ (2,118)	$ (21,106)	$ 220
Provisional oil sales \| Oil and gas revenue
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	3,052	913	(136)	(3,589)
Commodity \| Derivatives, net
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	$ 2,852	$ (3,031)	$ (20,970)	$ 3,809

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Materials and supplies inventory	$ 143.9	$ 143.0
Hydrocarbons inventory	$ 5.6	$ 9.1

Suspended Well Costs

6 Months Ended

Jun. 30, 2024

Oil and Gas Disclosure [Abstract]

Suspended Well Costs

The following table reflects the Company’s capitalized exploratory well costs on drilled wells as of and during the six months ended June 30, 2024.


	June 30, 2024
	(In thousands)
Beginning balance	$	211,959
Additions to capitalized exploratory well costs pending the determination of proved reserves	16,004
Reclassification due to determination of proved reserves	—
Capitalized exploratory well costs charged to expense	—
Ending balance	$	227,963


	June 30, 2024		December 31, 2023
	(In thousands, except project counts)
Exploratory well costs capitalized for a period of one year or less	$	63,795	$	54,274
Exploratory well costs capitalized for a period of one to five years	36,396		34,775
Exploratory well costs capitalized for a period of six to ten years	127,772		122,910
Ending balance	$	227,963	$	211,959
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year	2		2

As of June 30, 2024, the projects with exploratory well costs capitalized for more than one year since the completion of drilling are related to the Yakaar and Teranga discoveries in the Cayar Offshore Profond block offshore Senegal and the Asam discovery in Block S offshore Equatorial Guinea.

Yakaar and Teranga Discoveries — In May 2016, we drilled the Teranga-1 exploration well in the Cayar Offshore Profond block offshore Senegal, which encountered hydrocarbon pay. In June 2017, we drilled the Yakaar-1 exploration well in the Cayar Offshore Profond block offshore Senegal, which encountered hydrocarbon pay. In November 2017, an integrated Yakaar-Teranga appraisal plan was submitted to the government of Senegal. In September 2019, we drilled the Yakaar-2 appraisal well which encountered hydrocarbon pay. The Yakaar-2 well was drilled approximately nine kilometers from the Yakaar-1 exploration well. In March 2024, the current phase of the Cayar Block exploration license was extended an additional two years to July 2026. The Yakaar and Teranga discoveries are being analyzed as a joint development. During 2024, we have continued progressing appraisal studies and maturing concept design. Following additional evaluation, a final investment decision for the development of the project is expected to be made.

Asam Discovery — In October 2019, we drilled the S-5 exploration well offshore Equatorial Guinea, which encountered hydrocarbon pay. The discovery was subsequently named Asam. In July 2020, an appraisal work program was approved by the government of Equatorial Guinea. The well is located within tieback range of the Ceiba FPSO and the appraisal work program is currently ongoing to integrate all available data into models to establish the scale of the discovered resource and evaluate the optimum development solution. During the fourth quarter of 2022, we received approval from the Government of Equatorial Guinea to enter the second sub-period phase of the Block S exploration license with a scheduled expiration in December 2024. Additionally, in December 2022 the Asam Field appraisal report was submitted to the Government of Equatorial Guinea. During 2024, studies and concept design continued to progress. Following additional evaluation, a decision regarding commerciality is expected to be made.

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable geographic areas	4

Business Segment Information - Consolidated Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Oil and gas assets			$ 552,993	$ 416,867
Changes in capital accruals			7,945	1,290
Exploration expense, excluding unsuccessful well costs and leasehold impairments			22,610	21,702
Capitalized interest			(83,926)	(63,891)
Other			2,022	110
Total consolidated capital expenditures, net	$ 215,416	$ 169,645	$ 501,644	$ 376,078

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Business Segment Information

Financial information for each area is presented below:


	Ghana		Equatorial Guinea		Mauritania/Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(In thousands)
Three Months Ended June 30, 2024
Revenues and other income:
Oil and gas revenue	$	336,388	$	38,412	$	—	$	76,100	$	—	$	—	$	450,900

Other income, net	—		—		—		975		34,773		(35,712)		36
Total revenues and other income	336,388		38,412		—		77,075		34,773		(35,712)		450,936
Costs and expenses:
Oil and gas production	78,248		19,679		18,166		34,640		—		—		150,733

Exploration expenses	2,312		2,196		4,071		3,125		1,531		—		13,235
General and administrative	3,289		1,205		2,101		5,514		51,616		(38,564)		25,161
Depletion, depreciation and amortization	48,402		9,298		227		31,811		356		—		90,094

Interest and other financing costs, net(1)	12,528		(801)		(34,933)		(4,301)		64,786		—		37,279
Derivatives, net	—		—		—		—		(2,852)		—		(2,852)
Other expenses, net	(2,856)		(2,350)		3,627		1,012		(123)		2,852		2,162
Total costs and expenses	141,923		29,227		(6,741)		71,801		115,314		(35,712)		315,812
Income (loss) before income taxes	194,465		9,185		6,741		5,274		(80,541)		—		135,124
Income tax expense	71,165		4,138		—		—		51		—		75,354
Net income (loss)	$	123,300	$	5,047	$	6,741	$	5,274	$	(80,592)	$	—	$	59,770

Consolidated capital expenditures	$	47,188	$	33,621	$	84,622	$	48,454	$	1,531	$	—	$	215,416


	Ghana		Equatorial Guinea		Mauritania/Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(In thousands)
Six months ended June 30, 2024
Revenues and other income:
Oil and gas revenue	$	588,532	$	117,947	$	—	$	163,524	$	—	$	—	$	870,003

Other income, net	1		—		—		1,485		100,514		(101,928)		72
Total revenues and other income	588,533		117,947		—		165,009		100,514		(101,928)		870,075
Costs and expenses:
Oil and gas production	96,295		60,705		18,166		69,185		—		—		244,351

Exploration expenses	2,252		3,382		9,247		8,012		2,402		—		25,295
General and administrative	6,878		2,745		5,266		11,372		108,123		(80,958)		53,426
Depletion, depreciation and amortization	96,690		23,892		451		69,269		720		—		191,022

Interest and other financing costs, net(1)	25,797		(1,595)		(70,765)		(8,393)		108,683		—		53,727
Derivatives, net	—		—		—		—		20,970		—		20,970
Other expenses, net	20,983		(2,353)		5,230		1,318		(17)		(20,970)		4,191
Total costs and expenses	248,895		86,776		(32,405)		150,763		240,881		(101,928)		592,982
Income (loss) before income taxes	339,638		31,171		32,405		14,246		(140,367)		—		277,093
Income tax expense	114,710		12,563		—		80		(1,716)		—		125,637
Net income (loss)	$	224,928	$	18,608	$	32,405	$	14,166	$	(138,651)	$	—	$	151,456

Consolidated capital expenditures, net	$	111,664	$	78,240	$	211,196	$	97,735	$	2,809	$	—	$	501,644

As of June 30, 2024
Property and equipment, net	$	1,063,384	$	483,773	$	2,065,242	$	928,566	$	17,348	$	—	$	4,558,313
Total assets	$	3,492,701	$	2,217,658	$	3,008,000	$	4,052,704	$	24,601,589	$	(31,983,342)	$	5,389,310

______________________________________

(1) Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit

where the assets reside.


	Ghana		Equatorial Guinea		Mauritania/Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(In thousands)
Three months ended June 30, 2023
Revenues and other income:
Oil and gas revenue	$	146,850	$	34,665	$	—	$	91,740	$	—	$	—	$	273,255

Other income, net	—		10		—		1,067		42,940		(43,957)		60
Total revenues and other income	146,850		34,675		—		92,807		42,940		(43,957)		273,315
Costs and expenses:
Oil and gas production	21,627		14,840		—		27,112		—		—		63,579

Exploration expenses	163		1,796		3,605		3,552		1,899		—		11,015
General and administrative	3,284		1,151		1,830		4,673		53,431		(40,925)		23,444
Depletion, depreciation and amortization	42,347		8,557		207		38,449		353		—		89,913

Interest and other financing costs, net(1)	8,408		(699)		(29,547)		3,000		43,209		—		24,371
Derivatives, net	—		—		—		—		3,031		—		3,031
Other expenses, net	2,903		383		1,516		1,678		1,331		(3,032)		4,779
Total costs and expenses	78,732		26,028		(22,389)		78,464		103,254		(43,957)		220,132
Income (loss) before income taxes	68,118		8,647		22,389		14,343		(60,314)		—		53,183
Income tax expense	24,465		3,775		—		225		1,373		—		29,838
Net income (loss)	$	43,653	$	4,872	$	22,389	$	14,118	$	(61,687)	$	—	$	23,345

Consolidated capital expenditures, net	$	83,556	$	17,823	$	46,689	$	19,639	$	1,938	$	—	$	169,645


	Ghana		Equatorial Guinea		Mauritania/Senegal		U.S. Gulf of Mexico		Corporate & Other		Eliminations		Total
	(In thousands)
Six months ended June 30, 2023
Revenues and other income:
Oil and gas revenue	$	380,100	$	104,629	$	—	$	182,766	$	—	$	—	$	667,495

Other income, net	(425)		10		—		2,086		70,914		(72,898)		(313)
Total revenues and other income	379,675		104,639		—		184,852		70,914		(72,898)		667,182
Costs and expenses:
Oil and gas production	51,236		43,923		—		52,356		—		—		147,515

Exploration expenses	637		4,083		8,219		7,177		2,899		—		23,015
General and administrative	7,446		2,662		4,803		9,807		104,600		(76,707)		52,611
Depletion, depreciation and amortization	100,108		22,083		402		75,964		730		—		199,287

Interest and other financing costs, net(1)	28,167		(1,386)		(55,649)		6,092		71,715		—		48,939
Derivatives, net	—		—		—		—		(3,809)		—		(3,809)
Other expenses, net	(3,655)		(47)		2,721		2,801		1,180		3,809		6,809
Total costs and expenses	183,939		71,318		(39,504)		154,197		177,315		(72,898)		474,367
Income (loss) before income taxes	195,736		33,321		39,504		30,655		(106,401)		—		192,815
Income tax expense	69,864		13,360		—		1,065		1,872		—		86,161
Net income (loss)	$	125,872	$	19,961	$	39,504	$	29,590	$	(108,273)	$	—	$	106,654

Consolidated capital expenditures, net	$	149,478	$	24,956	$	149,751	$	48,319	$	3,574	$	—	$	376,078

As of June 30, 2023
Property and equipment, net	$	1,262,286	$	401,672	$	1,599,864	$	797,556	$	16,443	$	—	$	4,077,821
Total assets	$	3,198,853	$	1,610,111	$	2,340,829	$	3,780,742	$	20,248,787	$	(26,371,703)	$	4,807,619

______________________________________

(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.


	Six Months Ended June 30,
	2024		2023
	(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets	$	552,993	$	416,867


Adjustments:
Changes in capital accruals	7,945		1,290
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)	22,610		21,702
Capitalized interest	(83,926)		(63,891)
Other	2,022		110
Total consolidated capital expenditures, net	$	501,644	$	376,078

______________________________________

(1)Costs related to unsuccessful exploratory wells and leaseholds that are subsequently written off to Exploration expense are included in oil and gas assets when incurred.

Debt - Facility (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Debt - Facility (Details) $ in Thousands	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Oct. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt modifications and extinguishments		$ 22,531	$ 0	$ 22,531	$ 0
Revolving Credit Facility \| Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,350,000					$ 1,250,000
Debt extension (in years)	3 years
Available borrowing base	$ 1,210,000
Debt modifications and extinguishments		22,000
Undrawn availability		$ 455,000		$ 455,000
Interval period for payment of interest (in months)	6 months
Commitment fees percentage	30.00%
Unavailable capacity commitment fee percentage	20.00%
Revolving Credit Facility \| Facility \| Minimum
Debt Instrument [Line Items]
Increase in interest margin (as a percent)	0.0025
Applicable margin (as a percent)	4.00%
Revolving Credit Facility \| Facility \| Maximum
Debt Instrument [Line Items]
Increase in interest margin (as a percent)	0.0050
Applicable margin (as a percent)	5.50%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preference shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preference shares, authorized shares (in shares)	200,000,000	200,000,000
Preference shares, issued shares (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized shares (in shares)	2,000,000,000	2,000,000,000
Common shares, issued shares (in shares)	516,006,508	504,392,980
Treasury stock shares (in shares)	44,263,269	44,263,269

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 151,456	$ 106,654
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation and amortization (including deferred financing costs)	195,677	204,368
Deferred income taxes	5,199	(9,029)
Unsuccessful well costs and leasehold impairments	2,685	1,313
Change in fair value of derivatives	21,106	(220)
Cash settlements on derivatives, net (including $(7.4) million and $(8.2) million on commodity hedges during 2024 and 2023)	(7,366)	(10,632)
Equity-based compensation	17,815	21,198
Debt modifications and extinguishments	(22,531)	0
Other	(11,988)	(1,474)
Changes in assets and liabilities:
Decrease in receivables	16,506	16,330
(Increase) decrease in inventories and prepaid expenses	3,653	(66,824)
Increase (decrease) in accounts payable and accrued liabilities	78,946	(39,721)
Net cash provided by operating activities	496,220	221,963
Investing activities
Oil and gas assets	(552,993)	(416,867)
Notes receivable from partners	(2,575)	(33,295)
Net cash used in investing activities	(555,568)	(450,162)
Financing activities
Borrowings under long-term debt	175,000	150,000
Payments on long-term debt	(350,000)	(7,500)
Net proceeds from issuance of senior notes	390,430	0
Purchase of capped call transactions	(49,800)	0
Dividends	0	(166)
Other financing costs	(30,925)	(11,811)
Net cash provided by financing activities	134,705	130,523
Net increase (decrease) in cash, cash equivalents and restricted cash	75,357	(97,676)
Cash, cash equivalents and restricted cash at beginning of period	98,761	186,821
Cash, cash equivalents and restricted cash at end of period	174,118	89,145
Cash paid for:
Income taxes, net of refund received	$ 152,255	$ 145,365

Receivables

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Receivables

Receivables consisted of the following:


	June 30, 2024	December 31, 2023
	(In thousands)
Joint interest billings, net	28,192	35,632
Oil sales	73,042	64,958
Other current receivables	11,890	20,143
Total receivables	113,124	120,733

Long-term receivables	328,533	325,181

The Company’s joint interest billings consist of receivables from partners with interests in common oil and gas properties operated by the Company for shared costs. Joint interest billings are classified as current and long-term receivables based on when collection is expected to occur.

Long-term receivables

In February 2019, Kosmos and BP signed Carry Advance Agreements with the national oil companies of Mauritania and Senegal obligating us to finance a portion of the respective national oil company’s share of certain development and production costs incurred through first gas production for Greater Tortue Ahmeyim Phase 1. The amount financed by Kosmos is to be repaid with interest through the national oil companies’ share of future revenues. As of June 30, 2024 and December 31, 2023, the principal balance due from the national oil companies was $261.8 million and $259.2 million, respectively, which is classified as Long-term receivables in our consolidated balance sheets. As of June 30, 2024 and December 31, 2023, accrued interest on the balance due from the national oil companies was $46.7 million and $37.3 million, respectively, which is classified as Long-term receivables in our consolidated balance sheets. Interest income on the long-term notes receivable was $4.7 million and $3.8 million for the three months ended June 30, 2024 and 2023, respectively, and $9.4 million and $7.3 million for the six months ended June 30, 2024 and 2023, respectively.

In August 2021, BP as the operator of the Greater Tortue project (“BP Operator”), with the consent of the Greater Tortue Unit participants and the respective States, agreed to sell the Greater Tortue FPSO to an affiliate of BP Operator (“BP Buyer”) once construction is completed by Technip Energies and the Greater Tortue FPSO has been commissioned (the “FPSO Handover”). The Greater Tortue FPSO will be leased back to BP Operator under a long-term lease agreement, for exclusive use in the Greater Tortue project. Delivery of the Greater Tortue FPSO to BP Buyer will occur upon the FPSO Handover, with the lease to BP Operator becoming effective on the same date, currently targeted to be in September 2024.

In Ghana, the foreign contractor group funded GNPC’s 5% share of TEN development costs. The foreign contractor group is being reimbursed for such costs plus interest out of a portion of GNPC’s TEN production revenues. As of June 30, 2024 and December 31, 2023, the long-term portions of joint interest billing receivables due from GNPC for the TEN Fields development costs were $20.1 million and $28.7 million.

Receivables (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Receivables

Receivables consisted of the following:


	June 30, 2024	December 31, 2023
	(In thousands)
Joint interest billings, net	28,192	35,632
Oil sales	73,042	64,958
Other current receivables	11,890	20,143
Total receivables	113,124	120,733

Long-term receivables	328,533	325,181

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation Between Compute Basic and Diluted Net Income Per Share and Weighted Average Share Outstanding


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
	(In thousands, except per share data)
Numerator:
Net income allocable to common stockholders	$	59,770	$	23,345	$	151,456	$	106,654




Denominator:
Weighted average number of shares outstanding:
Basic	471,599		459,984		469,821		459,155
Restricted stock units(1)	8,573		19,032		10,003		19,747
Shares issuable assuming conversion of 3.125% Convertible Senior Notes(2)	—		—		—		—
Diluted	480,172		479,016		479,824		478,902
Net income per share:
Basic	$	0.13	$	0.05	$	0.32	$	0.23
Diluted	$	0.12	$	0.05	$	0.32	$	0.22

__________________________________

Receivables - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Receivables - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Oil and Gas Joint Interest Billing Receivables [Line Items]
Long-term receivables	$ 328,533		$ 328,533		$ 325,181
Tweneboa Enyenra And Ntomme Discoveries \| Ghana National Petroleum Corporation
Oil and Gas Joint Interest Billing Receivables [Line Items]
Paying interest, percentage			5.00%
National Oil Companies of Mauritania And Senegal \| Carry Advance Agreements
Oil and Gas Joint Interest Billing Receivables [Line Items]
Long-term receivables	261,800		$ 261,800		259,200
Accrued interest on balance due	46,700		46,700		37,300
Interest income, long-term notes receivable	4,700	$ 3,800	9,400	$ 7,300
Ghana National Petroleum Corporation \| Tweneboa Enyenra And Ntomme Discoveries
Oil and Gas Joint Interest Billing Receivables [Line Items]
Long-term receivables	$ 20,100		$ 20,100		$ 28,700

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

We use financial derivative contracts to manage exposures to commodity price and interest rate fluctuations. We do not hold or issue derivative financial instruments for trading purposes.

We manage market and counterparty credit risk in accordance with our policies and guidelines. In accordance with these policies and guidelines, our management determines the appropriate timing and extent of derivative transactions. We have included an estimate of non-performance risk in the fair value measurement of our derivative contracts as required by ASC 820 — Fair Value Measurement.

Oil Derivative Contracts

The following table sets forth the volumes in barrels underlying the Company’s outstanding oil derivative contracts and the weighted average prices per Bbl for those contracts as of June 30, 2024. Volumes and weighted average prices are net of any offsetting derivative contracts entered into.


				Weighted Average Price per Bbl
				Net Deferred
				Premium
				Payable/		Sold
Term	Type of Contract	Index	MBbl	(Receivable)		Put		Floor		Ceiling
2024:
Jul - Dec	Three-way collars	Dated Brent	4,000	$	1.15	$	45.00	$	70.00	$	93.12


Jul - Dec	Two-way collars	Dated Brent	1,000	0.46		—		70.00		100.00

__________________________________

In July 2024, we entered into Dated Brent two-way collar contracts for 2.0 MMBbl from January 2025 through June 2025 with a floor price of $70.00 per barrel and a ceiling price of $95.00 per barrel.

The following tables disclose the Company’s derivative instruments as of June 30, 2024 and December 31, 2023, and gain/(loss) from derivatives during the three and six months ended June 30, 2024 and 2023, respectively:


		Estimated Fair Value
		Asset (Liability)
Type of Contract	Balance Sheet Location	June 30, 2024		December 31, 2023
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity	Derivatives assets—current	$	—	$	8,346
Commodity	Derivatives assets—long-term	—		1,594
Derivative liabilities:
Commodity	Derivatives liabilities—current	(6,710)		(3,103)
Provisional oil sales	Receivables: Oil sales	(265)		(72)

Total derivatives not designated as hedging instruments		$	(6,975)	$	6,765


		Amount of Gain/(Loss)				Amount of Gain/(Loss)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
Type of Contract	Location of Gain/(Loss)	2024		2023		2024		2023
		(In thousands)
Derivatives not designated as hedging instruments:
Provisional oil sales	Oil and gas revenue	$	3,052	$	913	$	(136)	$	(3,589)
Commodity	Derivatives, net	2,852		(3,031)		(20,970)		3,809
Total derivatives not designated as hedging instruments		$	5,904	$	(2,118)	$	(21,106)	$	220

Offsetting of Derivative Assets and Derivative Liabilities

Our derivative instruments which are subject to master netting arrangements with our counterparties only have the right of offset when there is an event of default. As of June 30, 2024 and December 31, 2023, there was not an event of default and, therefore, the associated gross asset or gross liability amounts related to these arrangements are presented on the consolidated balance sheets.

Fair Value Measurements - Schedule of Company's Assets and Liabilities (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Liabilities:
Total derivatives not designated as hedging instruments	$ (6,975)	$ 6,765
Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Total derivatives not designated as hedging instruments	0	0
Significant Other Observable Inputs (Level 2)
Liabilities:
Total derivatives not designated as hedging instruments	(6,975)	6,765
Significant Unobservable Inputs (Level 3)
Liabilities:
Total derivatives not designated as hedging instruments	0	0
Commodity derivatives
Assets:
Derivative asset, fair value	0	9,940
Liabilities:
Derivative liability, fair value	(6,710)	(3,103)
Commodity derivatives \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Derivative asset, fair value	0	0
Liabilities:
Derivative liability, fair value	0	0
Commodity derivatives \| Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset, fair value	0	9,940
Liabilities:
Derivative liability, fair value	(6,710)	(3,103)
Commodity derivatives \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset, fair value	0	0
Liabilities:
Derivative liability, fair value	0	0
Provisional oil sales
Assets:
Derivative asset, fair value		(72)
Liabilities:
Derivative liability, fair value	265
Provisional oil sales \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Derivative asset, fair value		0
Liabilities:
Derivative liability, fair value	0
Provisional oil sales \| Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset, fair value		(72)
Liabilities:
Derivative liability, fair value	265
Provisional oil sales \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset, fair value		$ 0
Liabilities:
Derivative liability, fair value	$ 0

Additional Financial Information

6 Months Ended

Jun. 30, 2024

Additional Financial Information

Additional Financial Information

Accrued Liabilities

Accrued liabilities consisted of the following:


	June 30, 2024		December 31, 2023
	(In thousands)
Accrued liabilities:
Exploration, development and production	$	111,735	$	90,054
Revenue payable	12,785		20,506
Current asset retirement obligations	1,357		2,808
General and administrative expenses	20,443		29,766
Interest	51,222		36,410
Income taxes	87,357		111,212
Taxes other than income	1,578		1,029
Derivatives	924		1,372
Other	15,502		9,658
	$	302,903	$	302,815

Asset Retirement Obligations

The following table summarizes the changes in the Company's asset retirement obligations as of and during the six months ended June 30, 2024:


	June 30, 2024
	(In thousands)
Asset retirement obligations:
Beginning asset retirement obligations	$	346,786
Liabilities incurred during period	10,762
Liabilities settled during period	(638)
Revisions in estimated retirement obligations	(812)
Accretion expense	16,334
Ending asset retirement obligations	$	372,432

Other Expenses, Net

Other expenses, net incurred during the period is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
(Gain) loss on disposal of inventory	$	(105)	$	2,704	$	27	$	2,939
(Gain) loss on asset retirement obligations liability settlements	(2,341)		—		(3,187)		115

Other, net	4,608		2,075		7,351		3,755
Other expenses, net	$	2,162	$	4,779	$	4,191	$	6,809

Debt - Interest and Other Financing Costs, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Interest expense	$ 53,168	$ 51,965	$ 107,937	$ 100,480
Amortization—deferred financing costs	2,256	2,530	4,655	5,081
Debt modifications and extinguishments	22,531	0	22,531	0
Capitalized interest	(41,525)	(33,688)	(83,926)	(63,891)
Deferred interest	(1,010)	670	(2,982)	353
Interest income	(6,233)	(4,445)	(10,874)	(8,586)
Other, net	8,092	7,339	16,386	15,502
Interest and other financing costs, net	$ 37,279	$ 24,371	$ 53,727	$ 48,939

Equity-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Restricted Stock Units

The following table reflects the outstanding restricted stock units as of June 30, 2024:


		Weighted-		Market / Service	Weighted-
	Service Vesting	Average		Vesting	Average
	Restricted Stock	Grant-Date		Restricted Stock	Grant-Date
	Units	Fair Value		Units	Fair Value
	(In thousands)			(In thousands)
Outstanding at December 31, 2023	4,710	$	5.77	12,370	$	6.59
Granted(1)	4,314	6.31		6,152	8.64
Forfeited(1)	(306)	6.27		(423)	9.58
Vested	(3,966)	2.95		(9,286)	3.91
Outstanding at June 30, 2024	4,752	6.41		8,813	9.05

__________________________________

(1)The restricted stock units with a combination of market and service vesting criteria may vest between 0% and 200% of the originally granted units depending upon market performance conditions. Awards vesting over or under target shares of 100% results in additional shares granted or forfeited, respectively, in the period the market vesting criteria is determined.

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Oil and gas properties:
Proved properties	$ 8,113,221		$ 8,113,221		$ 7,600,252
Unproved properties	482,460		482,460		423,050
Total oil and gas properties	8,595,681		8,595,681		8,023,302
Accumulated depletion	(4,042,252)		(4,042,252)		(3,868,946)
Oil and gas properties, net	4,553,429		4,553,429		4,154,356
Other property	65,488		65,488		65,095
Accumulated depreciation	(60,604)		(60,604)		(59,222)
Other property, net	4,884		4,884		5,873
Property and equipment, net	4,558,313	$ 4,077,821	4,558,313	$ 4,077,821	$ 4,160,229
Depletion expense	$ 81,100	$ 82,000	$ 173,300	$ 183,600

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Oil Derivative Contracts


				Weighted Average Price per Bbl
				Net Deferred
				Premium
				Payable/		Sold
Term	Type of Contract	Index	MBbl	(Receivable)		Put		Floor		Ceiling
2024:
Jul - Dec	Three-way collars	Dated Brent	4,000	$	1.15	$	45.00	$	70.00	$	93.12


Jul - Dec	Two-way collars	Dated Brent	1,000	0.46		—		70.00		100.00

__________________________________

Schedule of Derivative Instruments by Balance Sheet Location


		Estimated Fair Value
		Asset (Liability)
Type of Contract	Balance Sheet Location	June 30, 2024		December 31, 2023
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity	Derivatives assets—current	$	—	$	8,346
Commodity	Derivatives assets—long-term	—		1,594
Derivative liabilities:
Commodity	Derivatives liabilities—current	(6,710)		(3,103)
Provisional oil sales	Receivables: Oil sales	(265)		(72)

Total derivatives not designated as hedging instruments		$	(6,975)	$	6,765

Schedule of Derivative Instruments by Location of Gain/(Loss)


		Amount of Gain/(Loss)				Amount of Gain/(Loss)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
Type of Contract	Location of Gain/(Loss)	2024		2023		2024		2023
		(In thousands)
Derivatives not designated as hedging instruments:
Provisional oil sales	Oil and gas revenue	$	3,052	$	913	$	(136)	$	(3,589)
Commodity	Derivatives, net	2,852		(3,031)		(20,970)		3,809
Total derivatives not designated as hedging instruments		$	5,904	$	(2,118)	$	(21,106)	$	220

Organization	6 Months Ended
Organization	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Kosmos Energy Ltd. is incorporated in the State of Delaware as a holding company for Kosmos Energy Delaware Holdings, LLC, a Delaware limited liability company. As a holding company, Kosmos Energy Ltd.’s management operations are conducted through a wholly-owned subsidiary, Kosmos Energy, LLC. The terms “Kosmos,” the “Company,” “we,” “us,” “our,” “ours,” and similar terms refer to Kosmos Energy Ltd. and its wholly-owned subsidiaries, unless the context indicates otherwise. Kosmos is a full-cycle, deepwater, independent oil and gas exploration and production company focused along the offshore Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as world-class gas projects offshore Mauritania and Senegal. We also pursue a proven basin exploration program in Equatorial Guinea and the U.S. Gulf of Mexico. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. Kosmos is engaged in a single line of business, which is the exploration, development, and production of oil and natural gas. Substantially all of our long-lived assets and all of our product sales are related to operations in four geographic areas: Ghana, Equatorial Guinea, Mauritania/Senegal and the U.S. Gulf of Mexico.

Additional Financial Information (Tables)

6 Months Ended

Jun. 30, 2024

Additional Financial Information

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	June 30, 2024		December 31, 2023
	(In thousands)
Accrued liabilities:
Exploration, development and production	$	111,735	$	90,054
Revenue payable	12,785		20,506
Current asset retirement obligations	1,357		2,808
General and administrative expenses	20,443		29,766
Interest	51,222		36,410
Income taxes	87,357		111,212
Taxes other than income	1,578		1,029
Derivatives	924		1,372
Other	15,502		9,658
	$	302,903	$	302,815

Schedule of Changes in Asset Retirement Obligations

The following table summarizes the changes in the Company's asset retirement obligations as of and during the six months ended June 30, 2024:


	June 30, 2024
	(In thousands)
Asset retirement obligations:
Beginning asset retirement obligations	$	346,786
Liabilities incurred during period	10,762
Liabilities settled during period	(638)
Revisions in estimated retirement obligations	(812)
Accretion expense	16,334
Ending asset retirement obligations	$	372,432

Schedule of Other Expenses, Net

Other expenses, net incurred during the period is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
(Gain) loss on disposal of inventory	$	(105)	$	2,704	$	27	$	2,939
(Gain) loss on asset retirement obligations liability settlements	(2,341)		—		(3,187)		115

Other, net	4,608		2,075		7,351		3,755
Other expenses, net	$	2,162	$	4,779	$	4,191	$	6,809

Equity-based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity-based Compensation

Restricted Stock Units

We record equity-based compensation expense equal to the fair value of share-based payments over the vesting periods of the LTIP awards. We recorded compensation expense from awards granted under our LTIP of $10.5 million and $11.1 million during the three months ended June 30, 2024 and 2023, respectively, and $17.8 million and $21.2 million during the six months ended June 30, 2024 and 2023, respectively. The total tax benefit for the three months ended June 30, 2024 and 2023 was $1.7 million and $1.9 million, respectively, and $2.8 million and $3.7 million during the six months ended June 30, 2024 and 2023, respectively. Additionally, we recorded a net tax shortfall (windfall) related to equity-based compensation of nil and $(0.5) million for the three months ended June 30, 2024 and 2023, respectively, and $(9.5) million and $(3.1) million during the six months ended June 30, 2024 and 2023, respectively. The fair value of awards vested during the three months ended June 30, 2024 and 2023 was $1.4 million and $3.8 million, respectively, and $81.6 million and $44.8 million during the six months ended June 30, 2024 and 2023, respectively. The Company granted restricted stock units with service vesting criteria and a combination of market and service vesting criteria under the LTIP. Substantially all of these grants vest over three years. Upon vesting, restricted stock units become issued and outstanding stock.

For restricted stock units with a combination of market and service vesting criteria, the number of common shares to be issued is determined by comparing the Company’s total shareholder return with the total shareholder return of a predetermined group of peer companies over the performance period and can vest in up to 200% of the awards granted. The grant date fair value ranged from $1.06 to $13.06 per award. The Monte Carlo simulation model utilized multiple input variables that determined the probability of satisfying the market condition stipulated in the award grant and calculated the fair value of the award. The expected volatility utilized in the model was estimated using our historical volatility and the historical volatilities of our peer companies and ranged from 50.0% to 105.0%. The risk-free interest rate was based on the U.S. treasury rate for a term commensurate with the expected life of the grant and ranged from 0.2% to 4.1%.

The following table reflects the outstanding restricted stock units as of June 30, 2024:


		Weighted-		Market / Service	Weighted-
	Service Vesting	Average		Vesting	Average
	Restricted Stock	Grant-Date		Restricted Stock	Grant-Date
	Units	Fair Value		Units	Fair Value
	(In thousands)			(In thousands)
Outstanding at December 31, 2023	4,710	$	5.77	12,370	$	6.59
Granted(1)	4,314	6.31		6,152	8.64
Forfeited(1)	(306)	6.27		(423)	9.58
Vested	(3,966)	2.95		(9,286)	3.91
Outstanding at June 30, 2024	4,752	6.41		8,813	9.05

__________________________________

As of June 30, 2024, total equity-based compensation to be recognized on unvested restricted stock units is $47.5 million over a weighted average period of 1.96 years. At June 30, 2024, the Company had approximately 10.5 million shares that remain available for issuance under the LTIP.

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Numerator:
Net income allocable to common stockholders	$ 59,770	$ 91,686	$ 23,345	$ 83,309	$ 151,456	$ 106,654
Weighted average number of shares outstanding:
Basic (in shares)	471,599		459,984		469,821	459,155
Restricted stock units (in shares)	8,573		19,032		10,003	19,747
Shares issuable assuming conversion of Convertible Senior Notes (in shares)	0		0		0	0
Diluted (in shares)	480,172		479,016		479,824	478,902
Net income per share:
Basic (in dollars per share)	$ 0.13		$ 0.05		$ 0.32	$ 0.23
Diluted (in dollars per share)	$ 0.12		$ 0.05		$ 0.32	$ 0.22
Outstanding restricted stock units excluded from the computations of diluted net income per share (in shares)	1,200		1,800		2,800	1,400
3.125% Convertible Senior Notes \| Senior Notes
Net income per share:
Interest rate (as a percent)	3.125%				3.125%		3.125%

Fair Value Measurements - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2019
Fair Value Measurements
Impairment of long-lived assets	$ 0	$ 0	$ 0	$ 0
7.125% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)								7.125%
7.750% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)						7.75%
$7.500% Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)							7.50%
3.125% Convertible Senior Notes \| Senior Notes
Fair Value Measurements
Interest rate (as a percent)	3.125%		3.125%		3.125%

Debt - Corporate Revolver (Details) - Revolving Credit Facility - Corporate Revolver - USD ($)	6 Months Ended
	Jun. 30, 2024	Apr. 30, 2024	Apr. 01, 2024
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 165,000,000	$ 250,000,000.0
Amount outstanding	$ 0
Undrawn availability	165,000,000
Deferred financing costs	$ 6,100,000
Applicable margin (as a percent)	7.00%
Interest payment interval period maximum	6 months
Commitment fee percentage	30.00%

Acquisitions and Divestitures (Details) - Keathley Canyon Blocks 920 And 964 - Tiberius	1 Months Ended
	Mar. 31, 2024	Feb. 29, 2024
Business Acquisition [Line Items]
Participating interest percentage acquired (as a percent)	16.70%
Participation interest (as a percent)	50.00%	33.30%

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt


	June 30, 2024		December 31, 2023
	(In thousands)
Outstanding debt principal balances:
Facility	$	750,000	$	925,000

7.125% Senior Notes	650,000		650,000
7.750% Senior Notes	400,000		400,000
7.500% Senior Notes	450,000		450,000
3.125% Convertible Senior Notes	400,000		—
Total long-term debt	2,650,000		2,425,000
Unamortized deferred financing costs and discounts(1)	(54,704)		(34,086)


Long-term debt, net	$	2,595,296	$	2,390,914

Schedule of Estimated Repayments of Debt

At June 30, 2024, the estimated repayments of debt during the five fiscal year periods and thereafter are as follows:


	Payments Due by Year
	Total		2024(2)		2025		2026		2027		2028		Thereafter
	(In thousands)
Principal debt repayments(1)	$	2,650,000	$	—	$	—	$	650,000	$	400,000	$	642,130	$	957,870

__________________________________

(2)Represents payments for the period July 1, 2024 through December 31, 2024.

Schedule of Interest and Other Financing Costs, Net

Interest and other financing costs, net incurred during the periods is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Interest expense	$	53,168	$	51,965	$	107,937	$	100,480
Amortization—deferred financing costs	2,256		2,530		4,655		5,081
Debt modifications and extinguishments	22,531		—		22,531		—
Capitalized interest	(41,525)		(33,688)		(83,926)		(63,891)
Deferred interest	(1,010)		670		(2,982)		353
Interest income	(6,233)		(4,445)		(10,874)		(8,586)
Other, net	8,092		7,339		16,386		15,502
Interest and other financing costs, net	$	37,279	$	24,371	$	53,727	$	48,939

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and other income:
Oil and gas revenue	$ 450,900		$ 273,255		$ 870,003	$ 667,495
Other income, net	36		60		72	(313)
Total revenues and other income	450,936		273,315		870,075	667,182
Costs and expenses:
Oil and gas production	150,733		63,579		244,351	147,515
Exploration expenses	13,235		11,015		25,295	23,015
General and administrative	25,161		23,444		53,426	52,611
Depletion, depreciation and amortization	90,094		89,913		191,022	199,287
Interest and other financing costs, net	37,279		24,371		53,727	48,939
Derivatives, net	(2,852)		3,031		20,970	(3,809)
Other expenses, net	2,162		4,779		4,191	6,809
Total costs and expenses	315,812		220,132		592,982	474,367
Income before income taxes	135,124		53,183		277,093	192,815
Income tax expense	75,354		29,838		125,637	86,161
Net income	$ 59,770	$ 91,686	$ 23,345	$ 83,309	$ 151,456	$ 106,654
Net income per share:
Basic (in dollars per share)	$ 0.13		$ 0.05		$ 0.32	$ 0.23
Diluted (in dollars per share)	$ 0.12		$ 0.05		$ 0.32	$ 0.22
Weighted average number of shares used to compute net income per share:
Basic (in shares)	471,599		459,984		469,821	459,155
Diluted (in shares)	480,172		479,016		479,824	478,902

Suspended Well Costs - Narrative (Details) - Yakaar and Teranga Discoveries - km	1 Months Ended
	Mar. 31, 2024	Sep. 30, 2019
Capitalized Contract Cost [Line Items]
Distance from Yakaar-2 well to Yakaar-1 exploration well		9
Additional term from exploration license extension	2 years

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	56.00%	56.00%	45.00%	45.00%

Derivative Financial Instruments - Schedule of Oil Derivative Contracts (Details) - Dated Brent - Term July 2024 To December 2024	6 Months Ended
	Jun. 30, 2024 $ / bbl MBbls
Three-way collars
Derivative Financial Instruments
Volume \| MBbls	4,000
Weighted Average Price per Bbl
Net deferred premium payable/(receivable) (usd per bbl)	1.15
Sold Put (usd per bbl)	45.00
Floor (usd per bbl)	70.00
Ceiling (usd per bbl)	93.12
Two-way collars
Derivative Financial Instruments
Volume \| MBbls	1,000
Weighted Average Price per Bbl
Net deferred premium payable/(receivable) (usd per bbl)	0.46
Sold Put (usd per bbl)	0
Floor (usd per bbl)	70.00
Ceiling (usd per bbl)	100.00

Debt - Principal Debt Repayments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Total	$ 2,650,000	$ 2,425,000
2024	0
2025	0
2026	650,000
2027	400,000
2028	642,130
Thereafter	$ 957,870