Kosmos Energy Ltd.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
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Item 15. Exhibits, Financial Statement Schedules
(a)The following documents are filed as part of this report:
(1)Financial statements
The financial statements filed as part of the Annual Report on Form 10‑K are listed in the accompanying index to consolidated financial statements in Item 8. Financial Statements and Supplementary Data.
(2)Financial statement schedules
Schedule I—Condensed Parent Company Financial Statements
Under the terms of agreements governing the indebtedness of subsidiaries of Kosmos Energy Ltd. for 2025, 2024 and 2023 (collectively “KEL,” the “Parent Company”), such subsidiaries may be restricted from making dividend payments, loans or advances to KEL. Schedule I of Article 5‑04 of Regulation S‑X requires the condensed financial information of the Parent Company to be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.
The following condensed parent‑only financial statements of KEL have been prepared in accordance with Rule 12‑04, Schedule I of Regulation S‑X and included herein. The Parent Company’s 100% investment in its subsidiaries has been recorded using the equity basis of accounting in the accompanying condensed parent‑only financial statements. The condensed financial statements should be read in conjunction with the consolidated financial statements of Kosmos Energy Ltd. and subsidiaries and notes thereto.
The terms “Kosmos,” the “Company,” and similar terms refer to Kosmos Energy Ltd. and its wholly-owned subsidiaries, unless the context indicates otherwise. Certain prior period amounts have been reclassified to conform with the current year presentation. Such reclassifications had no impact on our reported net income, current assets, total assets, current liabilities, total liabilities or shareholders equity.
CONDENSED PARENT COMPANY BALANCE SHEETS
(In thousands, except share data)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $345 | $39 |
| Prepaid expenses and other | 1,125 | 707 |
| Derivatives | 8,162 | — |
| Total current assets | 9,632 | 746 |
| Other assets: | ||
| Restricted cash | 305 | 305 |
| Investment in subsidiaries at equity | 2,486,929 | 3,262,312 |
| Derivatives | 543 | — |
| Deferred tax assets | — | 22,919 |
| Total assets | $2,497,409 | $3,286,282 |
| Liabilities and shareholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $2 | $23 |
| Accounts payable to subsidiaries | 183,282 | 175,922 |
| Accrued liabilities | 32,017 | 34,845 |
| Current maturities of long-term debt | 100,000 | — |
| Derivatives - related party | 8,162 | — |
| Total current liabilities | 323,463 | 210,790 |
| Long-term liabilities: | ||
| Long-term debt, net | 1,630,074 | 1,875,068 |
| Derivatives - related party | 543 | — |
| Deferred tax liabilities | 14,739 | — |
| Total long-term liabilities | 1,645,356 | 1,875,068 |
| Shareholders’ equity: | ||
| Preference shares, $0.01 par value; 200,000,000 authorized shares; zero issued at December 31, 2025 and December 31, 2024 | — | — |
| Common stock, $0.01 par value; 2,000,000,000 authorized shares; 522,590,223 and 516,158,749 issued at December 31, 2025 and December 31, 2024, respectively | 5,226 | 5,162 |
| Additional paid-in capital | 2,542,627 | 2,514,739 |
| Accumulated deficit | (1,782,256) | (1,082,470) |
| Treasury stock, at cost, 44,263,269 shares at December 31, 2025 and 2024, respectively | (237,007) | (237,007) |
| Total shareholders’ equity | 528,590 | 1,200,424 |
| Total liabilities and shareholders’ equity | $2,497,409 | $3,286,282 |
CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues and other income: | |||
| Oil and gas revenue | $— | $— | $— |
| Total revenues and other income | — | — | — |
| Costs and expenses: | |||
| General and administrative | 36,927 | 49,279 | 52,279 |
| General and administrative recoveries—related party | 2,274 | 1,326 | (6,048) |
| Interest and other financing costs, net | 134,943 | 136,950 | 122,773 |
| Derivatives, net—related party | 8,705 | — | — |
| Derivatives, net | (8,705) | — | — |
| Other expenses, net | (43) | 65 | 131 |
| Equity in (earnings) of subsidiaries | 488,119 | (365,362) | (370,729) |
| Total costs and expenses | 662,220 | (177,742) | (201,594) |
| Income before income taxes | (662,220) | 177,742 | 201,594 |
| Income tax expense (benefit) | 37,566 | (12,109) | (11,926) |
| Net income (loss) | $(699,786) | $189,851 | $213,520 |
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net income (loss) | $(699,786) | $189,851 | $213,520 |
| Adjustments to reconcile net income to net cash (used in) operating activities: | |||
| Equity in (earnings) of subsidiaries | 488,119 | (365,362) | (370,729) |
| Equity-based compensation | 27,953 | 37,951 | 42,693 |
| Depreciation and amortization | 6,147 | 7,497 | 6,588 |
| Deferred income taxes | 37,659 | (10,869) | (11,589) |
| Other income—related party | 8,705 | — | 413 |
| Change in fair value of derivatives | (8,705) | — | — |
| Debt modifications and extinguishments | 195 | 3,192 | — |
| Changes in assets and liabilities: | |||
| Decrease in receivables | (1) | 6 | 87 |
| (Increase) decrease in prepaid expenses and other | (418) | 45 | 299 |
| Decrease due to/from related party | 6,802 | 22,501 | 37,765 |
| Increase (decrease) in accounts payable and accrued liabilities | (3,542) | 6,694 | 60 |
| Net cash (used in) operating activities | (136,872) | (108,494) | (80,893) |
| Investing activities | |||
| Investment in subsidiaries | 287,264 | (213,294) | 90,858 |
| Net cash provided by (used in) investing activities | 287,264 | (213,294) | 90,858 |
| Financing activities | |||
| Net proceeds from issuance of senior notes | — | 885,285 | — |
| Repurchase and redemption of senior notes | (150,000) | (499,515) | — |
| Purchase of capped call transactions | — | (49,800) | |
| Dividends | — | — | (166) |
| Other financing costs | (86) | (14,418) | (11,810) |
| Net cash provided by (used in) financing activities | (150,086) | 321,552 | (11,976) |
| Net increase (decrease) in cash and cash equivalents | 306 | (236) | (2,011) |
| Cash, cash equivalents and restricted cash at beginning of period | 344 | 580 | 2,591 |
| Cash, cash equivalents and restricted cash at end of period | $650 | $344 | $580 |
Schedule II
Kosmos Energy Ltd.
Valuation and Qualifying Accounts
For the Years Ended December 31, 2025, 2024 and 2023
| Additions | |||||
|---|---|---|---|---|---|
| Description | Balance January 1, | Charged to Costs and Expenses | Charged To Other Accounts | Deductions From Reserves | Balance December 31, |
| Allowance for credit losses | $13,568 | $3,737 | $(59) | $— | $17,246 |
| Allowance for deferred tax assets | $405,831 | $125,865 | $— | $— | $531,696 |
| Allowance for credit losses | $9,847 | $3,721 | $— | $— | $13,568 |
| Allowance for deferred tax assets | $333,651 | $72,180 | $— | $— | $405,831 |
| Allowance for credit losses | $7,011 | $2,842 | $(6) | $— | $9,847 |
| Allowance for deferred tax assets | $312,727 | $20,924 | $— | $— | $333,651 |
Schedules other than Schedule I and Schedule II have been omitted because they are not applicable or the required information is presented in the consolidated financial statements or the notes to consolidated financial statements.
(3) Exhibits
See “Index to Exhibits” on page 136 for a description of the exhibits filed as part of this report.
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