CEEMEA Corporates Today

研报英文原文证据摘录

CEEMEA Corporates Today

J P M O R G A N CEEMEA Credit Research

04 August 2026

Kosmos Energy

News EM CEEMEA Corporate Research

Nikhil Bhat, CFA AC

• Kosmos 2Q26: Further debt actions targeted for 2H26; Downgrade 8.75% 31s (44-20) 3493-8074

to Neutral and recommend a new pair trade nikhil.x1.bhat@jpmorgan.com

J.P. Morgan Securities plc

AC• Performance charts - as of July 31st Zafar Nazim, CFA

(44-20) 7134-7551

Prices in this Note are as of the time of writing on Aug 3rd. zafar.nazim@jpmorgan.com

Middle East & Africa Konstantin Rozantsev

(44-20) 7742-0275

Kosmos 2Q26: Further debt actions targeted for 2H26; Downgrade 8.75% konstantin.rozantsev@jpmorgan.com

31s to Neutral and recommend a new pair trade J.P. Morgan Securities plc

Lorenzo Parisi, CFA

Our view and recommendation: 2Q26 results were expectedly strong as the (44-20) 3493-3150

company had provided 2Q26 production highlights in an operational update last lorenzo.parisi@jpmorgan.com

month. Encouragingly, Kosmos used the excess cash generated during the quarter J.P. Morgan Securities plc

(i.e. excl. Eq. Guinea sale proceeds) to pay down gross debt ($2.7bn vs, $2.9bn in Nandini Bommakanti

1Q26). On the earnings call, management confirmed that the RBL extension was (44-20) 3493-3515

nandini.bommakanti@jpmorgan.com

expected to complete by 4Q26. Soon after, management is targeting to address the J.P. Morgan Securities plc

2028s in late-2026 via a refinancing, repayment, or a combination of both. We note

Keshav Maheshwari

that Kosmos added ~3MMbbls of 2027 hedges during the quarter with a floor price (91-22) 6157-3133

of $67.5-70.0/bbl, leaving the company approx. ~1/3rdhedged for 2027 (or between keshav.x.maheshwari@jpmchase.com

45-50% excl. LNG output from GTA). J.P. Morgan India Private Limited