Kosmos Energy Ltd. is a publicly traded independent upstream energy company focused on discovering, developing, and producing oil and natural gas, with an emphasis on deepwater assets along the Atlantic Margins. Founded in 2003 and headquartered at 8176 Park Lane in Dallas, Texas, the company has built its business around ...Kosmos Energy Ltd. is a publicly traded independent upstream energy company focused on discovering, developing, and producing oil and natural gas, with an emphasis on deepwater assets along the Atlantic Margins. Founded in 2003 and headquartered at 8176 Park Lane in Dallas, Texas, the company has built its business around technically complex offshore exploration and production rather than downstream refining, fuel retailing, or petrochemical manufacturing. Its shares trade on the New York Stock Exchange under the ticker KOS.
The company’s operating portfolio spans several regions. Kosmos has productive oil interests offshore Ghana, including assets associated with the Jubilee and TEN fields, and offshore Equatorial Guinea. It also maintains production and development interests in the U.S. Gulf of Mexico. In northwest Africa, Kosmos is involved in the development of major natural gas resources offshore Mauritania and Senegal, including the Greater Tortue Ahmeyim gas project and related regional gas opportunities. These projects are strategically important because they can supply domestic and international energy markets while broadening Kosmos beyond its historical oil-weighted production base.
Kosmos’ products are primarily crude oil, condensate, natural gas, and liquefied natural gas-related production or entitlements, depending on the project and ownership structure. As an exploration and production company, its principal costs include seismic surveys, drilling, subsea infrastructure, floating production facilities, development wells, transportation, production operations, maintenance, personnel, insurance, and decommissioning obligations. The business is capital intensive, and its financial results are sensitive to commodity prices, production volumes, project timing, reserve estimates, foreign exchange rates, government terms, and offshore operating conditions.
The supplied trailing data indicates approximately 216 full-time employees, placing Kosmos in the 201-500 employee category. Andrew G. Inglis serves as chairman and chief executive officer, while Neal D. Shah is identified as chief financial officer. Kosmos’ strategy is to maximize value from existing production, progress major gas developments, manage leverage and capital spending, and selectively pursue exploration in proven hydrocarbon basins. The company’s key opportunities include production growth, successful execution of its Mauritania-Senegal gas projects, reserve replacement, and improved cash generation. Important risks include high debt, substantial development spending, commodity-price volatility, geopolitical and regulatory exposure, offshore safety and environmental risks, project delays, and the potential for weaker-than-expected production or cash flow.
Operator: Good day, everyone. Welcome to Kosmos Energy's Second Quarter 2026 Conference Call. As a reminder, today's call is being recorded. At this time, let me turn the call over to Jamie Buckland, Vice President of Investor Relations at Kosmos Energy.
Jamie Buckland: Thank you, operator, and thanks to everyone for joining us today. This morning, we issued our second quarter 2026 earnings release. This release and the slide presentation to accompany today's call are available on the Investors page of our website. Joining me on the call today to go through the materials are Andy Inglis, Chairman and CEO; and Neal Shah, CFO. During today's presentation, we will make forward-looking statements that refer to our estimates, plans and expectations. Actual results and outcomes could differ materially due to factors that we note in this presentation and in our U.K. and SEC filings. Please refer to our annual report, stock exchange announcement and SEC filings for more details. These documents are available on our website. At this time, I'll turn the call over to Andy.
Andrew Inglis: Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our second quarter 2026 results call. I'll begin today's call by reviewing the progress we've made against the 4 2026 goals that we laid out at the start of the year before giving an update on each of our business units. I'll then hand over to Neal to talk about the financials before I wrap up with closing remarks. We'll then open up the call for Q&A. Starting on Slide 3. When we released our full year 2025 results in March, we laid out 4 key objectives for Kosmos in 2026, which is shown on the slide. I'm pleased to say in the first half of the year, we made excellent progress across all 4. We've grown production from our core assets, namely Jubilee and GTA. We've delivered significant absolute and per BOE cost reductions year-on-year with a specific focus on operating costs. We've delivered a meaningful reduction in net debt already this year and are making good progress towards hitting a 20% reduction in net debt, a target we increased with our first quarter results in May. And we've continued to advance our high-quality growth portfolio, particularly in the Gulf of America with minimal capital input. Through these actions, we're delivering a stronger and more valuable Kosmos, a company with high production, lower costs and lower debt that is more resilient to future price volatility with significant upside from our deep hopper of future growth opportunities. I'll now go into more detail as we move through the slides. Starting with Ghana on Slide 4. We've seen a lot of positive progress in Ghana this year with an active drilling campaign that is delivering towards the upper end of our expectations, demonstrating Jubilee's potential. We've used a chart on this slide for the last few quarters to highlight the ramp-up in Jubilee production since the start of the current drilling …
