Kosmos Energy, the deepwater oil and gas producer listed in New York and London, has cut its net debt by more than $500 million this year as lower costs and higher oil prices lifted cash generation.
Net debt fell to about $2.47 billion at the end of September, down from almost $2.98 billion at the end of 2025.
The company expects to finish the year below $2.4 billion, meeting its target of a 20% reduction.
Kosmos generated free cash flow, the cash left after operating costs and investment, of $90 million in the third quarter.
It was the third consecutive quarter of positive free cash flow, taking the total for the year so far to $193 million.
Revenue rose to $410 million from $311 million a year earlier, helped by an average oil price of $88.57 a barrel, up from $67.30.
Production costs fell 31% to $102 million.
The company still reported a net loss of $43 million, largely because of a $134 million charge on hedging contracts used to lock in oil prices.
Stripping out those and other one-off items, Kosmos made an adjusted profit of $35 million, compared with an adjusted loss of $72 million a year earlier.
Output averaged about 69,200 barrels of oil equivalent per day, up 6% on a year earlier.
Kosmos also extended its $1.2 billion reserve-based lending facility, a loan secured against its oil and gas reserves, to April 2033.
Andrew Inglis, chairman and chief executive, said the company would now look to address bonds that mature in 2028.
In Ghana, a seven-well drilling campaign at the Jubilee field has finished, and partners have secured a rig for up to 10 more wells from mid-2027.
Kosmos expects fourth-quarter production of 60,000 to 64,000 barrels a day, reflecting maintenance and hurricane disruption in the Gulf of America.
