Kosmos Energy (KOS) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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
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		408,048,315
Entity Central Index Key	0001509991
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 95,242	$ 149,027
Restricted cash - current	48,660	195
Receivables:
Joint interest billings, net	25,305	26,002
Oil sales	51,236	44,491
Other	15,866	8,320
Inventories	153,650	128,972
Prepaid expenses and other	30,268	27,870
Derivatives	0	15,414
Total current assets	420,227	400,291
Property and equipment:
Oil and gas properties, net	3,359,670	3,310,276
Other property, net	9,778	10,637
Property and equipment, net	3,369,448	3,320,913
Other assets:
Restricted cash	542	542
Long-term receivables	142,220	117,497
Deferred financing costs, net of accumulated amortization of $17,951 and $17,296 at March 31, 2021 and December 31, 2020, respectively	3,051	3,706
Derivatives	0	964
Other	23,598	23,680
Total assets	3,959,086	3,867,593
Current liabilities:
Accounts payable	188,704	221,430
Accrued liabilities	174,147	203,260
Current maturities of long-term debt	35,000	7,500
Derivatives	83,293	28,009
Total current liabilities	481,144	460,199
Long-term liabilities:
Long-term debt, net	2,271,112	2,103,931
Derivatives	10,244	8,069
Asset retirement obligations	252,208	244,166
Deferred tax liabilities	551,540	573,619
Other long-term liabilities	36,053	37,455
Total long-term liabilities	3,121,157	2,967,240
Stockholders’ equity:
Preference shares, $0.01 par value; 200,000,000 authorized shares; zero issued at March 31, 2021 and December 31, 2020	0	0
Common stock, $0.01 par value; 2,000,000,000 authorized shares; 452,125,539 and 449,718,317 issued at March 31, 2021 and December 31, 2020, respectively	4,521	4,497
Additional paid-in capital	2,314,595	2,307,220
Accumulated deficit	(1,725,324)	(1,634,556)
Treasury stock, at cost, 44,263,269 shares at March 31, 2021 and December 31, 2020, respectively	(237,007)	(237,007)
Total stockholders’ equity	356,785	440,154
Total liabilities and stockholders’ equity	$ 3,959,086	$ 3,867,593

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Deferred financing costs, accumulated amortization	$ 17,951	$ 17,296
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)	452,125,539	449,718,317
Treasury stock shares (in shares)	44,263,269	44,263,269

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	Mar. 26, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020
Revenues and other income:
Oil and gas revenue		$ 176,474		$ 177,780
Gain on sale of assets		26		0
Other income, net		70		1
Total revenues and other income		176,570		177,781
Costs and expenses:
Oil and gas production		45,752		61,603
Facilities insurance modifications, net		671		8,038
Exploration expenses		8,181		44,605
General and administrative		22,441		20,911
Depletion, depreciation and amortization		76,541		93,302
Impairment of long-lived assets		0	$ 3,200	150,820	$ 154,000
Interest and other financing costs, net		24,528		27,835
Derivatives, net		102,461		(136,038)
Other expenses, net		3,468		23,929
Total costs and expenses		284,043		295,005
Loss before income taxes		(107,473)		(117,224)
Income tax expense (benefit)		(16,705)		65,543
Net loss		$ (90,768)		$ (182,767)
Net loss per share:
Basic (in dollars per share)		$ (0.22)		$ (0.45)
Diluted (in dollars per share)		$ (0.22)		$ (0.45)
Weighted average number of shares used to compute net loss per share:
Basic (in shares)		407,365		404,759
Diluted (in shares)		407,365		404,759
Dividends declared per common share (in dollars per share)	$ 0.0452	$ 0		$ 0.0452

CONSOLIDATED STATEMENTS OF STOC

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, 2019		445,779
Balance at the beginning at Dec. 31, 2019	$ 841,702	$ 4,458	$ 2,297,221	$ (1,222,970)	$ (237,007)
Increase (Decrease) in Shareholders' Equity
Dividends	(18,918)		(18,918)
Equity-based compensation	10,078		10,078
Restricted stock units (in shares)		3,590
Restricted stock units	0	$ 36	(36)
Tax withholdings on restricted stock units	(4,947)		(4,947)
Net loss	(182,767)			(182,767)
Balance at the end (in shares) at Mar. 31, 2020		449,369
Balance at the end at Mar. 31, 2020	645,148	$ 4,494	2,283,398	(1,405,737)	(237,007)
Balance at the beginning (in shares) at Dec. 31, 2020		449,718
Balance at the beginning at Dec. 31, 2020	440,154	$ 4,497	2,307,220	(1,634,556)	(237,007)
Increase (Decrease) in Shareholders' Equity
Dividends	90		90
Equity-based compensation	8,327		8,327
Restricted stock units (in shares)		2,408
Restricted stock units	0	$ 24	(24)
Tax withholdings on restricted stock units	(1,018)		(1,018)
Net loss	(90,768)			(90,768)
Balance at the end (in shares) at Mar. 31, 2021		452,126
Balance at the end at Mar. 31, 2021	$ 356,785	$ 4,521	$ 2,314,595	$ (1,725,324)	$ (237,007)

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Mar. 26, 2020	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common stock (in dollars per share)	$ 0.0452	$ 0	$ 0.0452

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net loss	$ (90,768)	$ (182,767)
Adjustments to reconcile net loss to net cash used in operating activities:
Depletion, depreciation and amortization (including deferred financing costs)	79,112	95,585
Deferred income taxes	(22,079)	72,177
Unsuccessful well costs and leasehold impairments	1,469	19,228
Impairment of long-lived assets	0	150,820
Change in fair value of derivatives	106,158	(136,322)
Cash settlements on derivatives, net (including $(28.6) million and $12.0 million on commodity hedges during 2021 and 2020)	(32,998)	9,016
Equity-based compensation	8,281	9,346
Gain on sale of assets	(26)	0
Other	(890)	3,974
Changes in assets and liabilities:
Increase in receivables	(13,278)	(26,932)
Increase in inventories	(25,045)	(27,123)
(Increase) decrease in prepaid expenses and other	(2,409)	6,344
Increase (decrease) in accounts payable	(32,726)	79,009
Decrease in accrued liabilities	(21,427)	(89,318)
Net cash used in operating activities	(46,626)	(16,963)
Investing activities
Oil and gas assets	(128,448)	(83,716)
Other property	(354)	(1,537)
Proceeds on sale of assets	631	1,713
Notes receivable from partners	(22,416)	(23,983)
Net cash used in investing activities	(150,587)	(107,523)
Financing activities
Borrowings under long-term debt	100,000	50,000
Payments on long-term debt	(350,000)	0
Net proceeds from issuance of senior notes	444,375	0
Tax withholdings on restricted stock units	(1,018)	(4,947)
Dividends	(430)	(19,156)
Deferred financing costs	(1,034)	0
Net cash provided by financing activities	191,893	25,897
Net decrease in cash, cash equivalents and restricted cash	(5,320)	(98,589)
Cash, cash equivalents and restricted cash at beginning of period	149,764	229,346
Cash, cash equivalents and restricted cash at end of period	144,444	130,757
Cash paid for:
Interest, net of capitalized interest	33,587	54,694
Income taxes, net of refund received	$ 12,947	$ 26,874

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Cash Flows [Abstract]
Cash settlements on commodity hedges derivatives	$ (28.6)	$ 12

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Kosmos Energy Ltd. was originally incorporated pursuant to the laws of Bermuda in January 2011 to become a holding company for Kosmos Energy Holdings. Kosmos Energy Ltd. changed its jurisdiction of incorporation from Bermuda to the State of Delaware in December 2018 and transferred all of our equity interests in Kosmos Energy Holdings to a new, wholly-owned subsidiary, 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 Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. We also maintain a sustainable proven basin exploration program in Equatorial Guinea, Ghana and U.S. Gulf of Mexico. Kosmos is listed on the New York Stock Exchange and London Stock Exchange 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 U.S. Gulf of Mexico.

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies 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 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 consolidated financial statements and the accompanying notes should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2020, 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 loss, current assets, total assets, current liabilities, total liabilities, stockholders’ equity or cash flows. Cash, Cash Equivalents and Restricted Cash March 31, 2021 December 31, 2020 (In thousands) Cash and cash equivalents $ 95,242 $ 149,027 Restricted cash - current 48,660 195 Restricted cash - long-term 542 542 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 144,444 $ 149,764 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. When our net leverage ratio exceeds 2.50x, we are required under the Facility to maintain a restricted cash balance that is sufficient to meet the payment of interest and fees for the next six-month period on the 7.125% Senior Notes and the 7.500% Senior Notes plus the Corporate Revolver or the Facility, whichever is greater. In January 2021, we restricted cash of approximately $28.5 million and expect to restrict cash of an additional $15.0 million in the second quarter of 2021 to meet our requirements. In February 2021, we amended certain terms of the GoM Term Loan agreement, and as a result we restricted cash of $20.0 million which we expect to be released or be used to paydown the GoM Term Loan in the third quarter of 2021. In accordance with certain of our petroleum contracts, we have posted letters of credit related to performance guarantees for our minimum work obligations. Certain of these letters of credit are cash collateralized in accounts held by us and as such are classified as restricted cash. Upon completion of the minimum work obligations and/or entering into the next phase of the respective petroleum contract, the requirement to post the existing letters of credit will be satisfied and the cash collateral will be released. However, additional letters of credit may be required should we choose to move into the next phase of certain of our petroleum contracts. Inventories Inventories consisted of $128.5 million and $127.5 million of materials and supplies and $25.2 million and $1.5 million of hydrocarbons as of March 31, 2021 and December 31, 2020, 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 provisional price contracts which contain an embedded derivative that is required to be 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 embedded 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 after the sale. Oil and gas revenue is composed of the following: Three Months Ended March 31, 2021 2020 (In thousands) Revenues from contract with customer - Equatorial Guinea $ 26,431 $ 24,370 Revenues from contract with customer - Ghana 59,351 49,672 Revenues from contract with customers - U.S. Gulf of Mexico 94,389 103,453 Provisional oil sales contracts (3,697) 285 Oil and gas revenue $ 176,474 $ 177,780 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 available, we believe that the loss of our marketing agents and/or any of the purchasers identified by our marketing agents would not have a long‑term material adverse effect on our financial position or results of operations. The continued economic disruption resulting from the COVID-19 pandemic could materially impact the Company’s business in future periods. Any potential disruption will depend on the duration and intensity of these events, which are highly uncertain and cannot be predicted at this time. Recent Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”. Our adoption of ASU 2019-12 on January 1, 2021, did not have a material impact on our income tax expense.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and DivestituresDuring the third quarter of 2020, Kosmos entered into an agreement with Shell to farm down interests in a portfolio of frontier exploration assets for cash consideration of $96.0 million and future contingent consideration of up to $100.0 million. Under the terms of the agreement, Shell acquired Kosmos' participating interest in blocks offshore Sao Tome and Principe, (excluding Block 5 offshore Sao Tome and Principe), Suriname and Namibia, and will acquire our participating interest in South Africa. Kosmos received proceeds totaling $95.0 million during the fourth quarter of 2020 resulting in gain on sale of assets of $92.1 million, with the remaining proceeds of $1.0 million related to Kosmos' participating interest in South Africa expected to be received in 2021 upon customary approval by the government of The Republic of South Africa. The future contingent consideration is payable by Shell upon approval of the relevant operating committee of an appraisal plan for submission to the relevant governmental authority for any of the first four exploration wells it elects to drill in the purchased assets, excluding South Africa. Shell will pay us $50.0 million for each appraisal plan approved by the relevant operating committee to be submitted, subject to an aggregate cap of $100.0 million, or two $50.0 million payments.

Joint Interest Billings, Relate

Joint Interest Billings, Related Party Receivables and Notes Receivables	3 Months Ended
	Mar. 31, 2021
Joint Interest Billings
Joint Interest Billings, Related Party Receivables and Notes Receivables	Joint Interest Billings, Related Party Receivables and Notes Receivables 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. In Ghana, the foreign contractor group funded GNPC’s 5% share of the 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 March 31, 2021 and December 31, 2020, the current portions of the joint interest billing receivables due from GNPC for the TEN fields development costs were $5.8 million and $5.8 million, respectively, and the long-term portions were $21.9 million and $21.2 million, respectively. Notes Receivables In February 2019, Kosmos and BP signed Carry Advance Agreements with the national oil companies of Mauritania and Senegal obligating us separately to finance the respective national oil company’s share of certain development costs incurred through first gas production for Greater Tortue Ahmeyim Phase 1, currently projected in 2023. Kosmos’ share for the two agreements combined is up to $239.7 million, which is to be repaid with interest through the national oil companies’ share of future revenues. As of March 31, 2021 and December 31, 2020, the balance due from the national oil companies was $120.3 million and $96.3 million, respectively, which is classified as Long-term receivables on our consolidated balance sheets.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment is stated at cost and consisted of the following: March 31, 2021 December 31, 2020 (In thousands) Oil and gas properties: Proved properties $ 5,479,875 $ 5,369,737 Unproved properties 505,254 495,390 Total oil and gas properties 5,985,129 5,865,127 Accumulated depletion (2,625,459) (2,554,851) Oil and gas properties, net 3,359,670 3,310,276 Other property 59,952 59,949 Accumulated depreciation (50,174) (49,312) Other property, net 9,778 10,637 Property and equipment, net $ 3,369,448 $ 3,320,913 We recorded depletion expense of $70.6 million and $87.2 million for the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021 and 2020, we recorded asset impairments totaling zero and $150.8 million, respectively, in our consolidated statement of operations in connection with fair value assessments for oil and gas proved properties.

Suspended Well Costs

Suspended Well Costs	3 Months Ended
	Mar. 31, 2021
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Suspended Well Costs	Suspended Well Costs The following table reflects the Company’s capitalized exploratory well costs on drilled wells as of and during the three months ended March 31, 2021. March 31, 2021 (In thousands) Beginning balance $ 186,289 Additions to capitalized exploratory well costs pending the determination of proved reserves 11,330 Reclassification due to determination of proved reserves — Capitalized exploratory well costs charged to expense — Ending balance $ 197,619 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: March 31, 2021 December 31, 2020 (In thousands, except well counts) Exploratory well costs capitalized for a period of one year or less $ 8,841 $ — Exploratory well costs capitalized for a period of one to two years 29,110 28,692 Exploratory well costs capitalized for a period of three years or greater 159,668 157,597 Ending balance $ 197,619 $ 186,289 Number of projects that have exploratory well costs that have been capitalized for a period greater than one year 3 3 As of March 31, 2021, the projects with exploratory well costs capitalized for more than one year since the completion of drilling are related to the BirAllah discovery (formerly known as the Marsouin discovery) in Block C8 offshore Mauritania, the Yakaar and Teranga discoveries in the Cayar Offshore Profond block offshore Senegal and the Asam discovery in Block S offshore Equatorial Guinea. BirAllah Discovery — In November 2015, we completed the Marsouin-1 exploration well in the northern part of Block C8 offshore Mauritania, which encountered hydrocarbon pay. Following additional evaluation, a decision regarding commerciality is expected to be made. During the fourth quarter of 2019, we completed the nearby Orca-1 exploration well which encountered hydrocarbon pay. Following additional evaluation, a decision regarding commerciality is expected to be made. The BirAllah and Orca discoveries are being analyzed as a joint development. Yakaar and Teranga Discoveries — In May 2016, we completed the Teranga-1 exploration well in the Cayar Offshore Profond block offshore Senegal, which encountered hydrocarbon pay. In June 2017, we completed 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 completed the Yakaar-2 appraisal well which encountered hydrocarbon pay. The Yakaar-2 well was drilled approximately nine kilometers from the Yakaar-1 exploration well. Following additional evaluation, a decision regarding commerciality is expected to be made. The Yakaar and Teranga discoveries are being analyzed as a joint development. Asam Discovery — In October 2019, we completed the S-5 exploration well offshore Equatorial Guinea, which encountered hydrocarbon pay. In July 2020, an appraisal plan was approved by the government of Equatorial Guinea. The well is located within tieback range of the Ceiba FPSO and work is currently ongoing to integrate all available data into models to establish the scale of the discovered resource. Additionally, engineering is progressing concepts around required subsea infrastructure necessary for a subsea tieback. Once the appraisal plan involving this work is complete, a decision regarding commerciality will be made.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt March 31, 2021 December 31, 2020 (In thousands) Outstanding debt principal balances: Facility $ 1,000,000 $ 1,200,000 Corporate Revolver 50,000 100,000 7.125% Senior Notes 650,000 650,000 7.500% Senior Notes 450,000 — GoM Term Loan 200,000 200,000 Total 2,350,000 2,150,000 Unamortized deferred financing costs and discounts (43,888) (38,569) Total debt, net 2,306,112 2,111,431 Less: Current maturities of long-term debt (35,000) (7,500) Long-term debt, net $ 2,271,112 $ 2,103,931 __________________________________ Facility The Facility supports our oil and gas exploration, appraisal and development programs and corporate activities. As of March 31, 2021, borrowings under the Facility totaled $1.0 billion and the undrawn availability under the facility was $320.0 million. In April 2020, following the lenders' annual redetermination, the available borrowing base and Facility size were both reduced from $1.6 billion to approximately $1.5 billion. In October 2020, as a result of the September 2020 redetermination, the available borrowing base was reduced to approximately $1.32 billion. Additionally, the Company agreed to conduct semi-annual redeterminations every March and September, beginning with March 2021. When our net leverage ratio exceeds 2.50x, we are required under the Facility to maintain a restricted cash balance that is sufficient to meet the payment of interest and fees for the next six-month period on the 7.125% Senior Notes and the 7.500% Senior Notes plus the Corporate Revolver or the Facility, whichever is greater. In January 2021, we restricted approximately $28.5 million in cash and expect to restrict an additional $15.0 million in the second quarter of 2021 to meet our requirements. As a result of the impact of COVID-19 on the demand for oil and the related significant decrease in oil prices, our ability to comply with one of our financial covenants, the debt cover ratio, may be impacted in future periods. Therefore, in July 2020, we proactively worked with our lender group, prior to any inability to comply with the financial covenants thereunder, to amend the debt cover ratio calculation through December 31, 2021. The amendment makes this covenant less restrictive during the stated period up to a maximum of 4.75x and thereafter gradually returns to the originally agreed upon ratio of 3.5x. We were in compliance with the financial covenants as of the most recent assessment date. The Facility contains customary cross default provisions. In May 2021, in conjunction with the spring borrowing base redetermination, the Company agreed to an amendment and restatement of the Facility. The amendment includes the following material changes: a reduction in the facility size to $1.25 billion (from $1.5 billion), an increase in the interest margin by 0.5% (applicable interest margin for the first three years is now LIBOR + 3.75%) and an extension in the tenor by two years (final maturity date now occurs in March 2027). The amendment also includes a mechanism for two ESG key performance indicators ("KPIs") to impact the interest margin either positively or negatively based upon delivering emissions targets and achieving certain third party ESG ratings. The KPIs are expected to be agreed upon at the September 2021 redetermination. As amended, the Facility has an available borrowing base of $1.24 billion and total commitments of approximately $1.21 billion. As part of the amendment, Kosmos estimates approximately $15 million for loss on extinguishment of debt during the second quarter of 2021. Corporate Revolver In August 2018, we amended and restated the Corporate Revolver maintaining the borrowing capacity at $400.0 million, extending the maturity date from November 2018 to May 2022 and lowering the margin to 5%. This results in lower commitment fees on the undrawn portion of the total commitments, which is 30% per annum of the respective margin. The Corporate Revolver is available for general corporate purposes and for oil and gas exploration, appraisal and development programs. As of March 31, 2021, there were $50.0 million in outstanding borrowings under the Corporate Revolver and the undrawn availability was $350.0 million. As a result of the impact of COVID-19 on the demand for oil and the related significant decrease in oil prices, our ability to comply with one of our financial covenants, the debt cover ratio, may be impacted in future periods. Therefore, in July 2020, we proactively worked with our lender group, prior to any inability to comply with the financial covenants thereunder, to amend the debt cover ratio calculation through December 31, 2021. The amendment makes this covenant less restrictive during the stated period up to a maximum of 4.75x and thereafter gradually returns to the originally agreed upon ratio of 3.5x. We were in compliance with the financial covenants as of 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 and other expenses. We used the net proceeds to redeem all of the previously issued 7.875% Senior Secured Notes due 2021, repay a portion of the outstanding indebtedness under the Corporate Revolver and pay fees and expenses related to the redemption, repayment and the issuance of the 7.125% Senior Notes. 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 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) and all borrowings under the GoM Term Loan. 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 on a subordinated, unsecured basis by certain subsidiaries that guarantee the Facility. We were in compliance with the financial covenants contained in the 7.125% Senior Notes as of March 31, 2021. The 7.125% 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. We used the net proceeds to repay outstanding indebtedness under the Corporate Revolver and the Facility, to pay expenses related to the issuance of the 7.500% Senior Notes and for general corporate purposes. 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 and the 7.125% 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) and all borrowings under the GoM Term Loan. 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 on a subordinated, unsecured basis by certain subsidiaries that borrow under, or guarantee, the Facility and, on a subordinated basis, guarantee the Corporate Revolver and the 7.125% Senior Notes. At any time prior to March 1, 2024, and subject to certain conditions, the Company may, on one or more occasions, redeem up to 40% of the original principal amount of the 7.500% Senior Notes with an amount not to exceed the net cash proceeds of certain equity offerings at a redemption price of 107.500% of the outstanding principal amount of the 7.500% Senior Notes, together with accrued and unpaid interest and premium, if any, to, but excluding, the date of redemption. Additionally, at any time prior to March 1, 2024 the Company may, on any one or more occasions, redeem all or a part of the 7.500% Senior Notes at a redemption price equal to 100%, plus any accrued and unpaid interest, and plus a “make-whole” premium. On or after March 1, 2024, the Company may redeem all or a part of the 7.500% Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest: Year Percentage On or after March 1, 2024, but before February 28, 2025 103.750 % On or after March 1, 2025, but before February 28, 2026 101.875 % On or after March 1, 2026 and thereafter 100.000 % We may also redeem the 7.500% Senior Notes in whole, but not in part, at any time if changes in tax laws impose certain withholding taxes on amounts payable on the 7.500% Senior Notes at a price equal to the principal amount of the 7.500% Senior Notes plus accrued interest and additional amounts, if any, as may be necessary so that the net amount received by each holder after any withholding or deduction on payments of the 7.500% Senior Notes will not be less than the amount such holder would have received if such taxes had not been withheld or deducted. Upon the occurrence of a change of control triggering event as defined under the 7.500% Senior Notes indenture, the Company will be required to make an offer to repurchase the 7.500% Senior Notes at a repurchase price equal to 101% of the principal amount, plus accrued and unpaid interest to, but excluding, the date of repurchase. If we sell assets, under certain circumstances outlined in the 7.500% Senior Notes indenture, we will be required to use the net proceeds to make an offer to purchase the 7.500% Senior Notes at an offer price in cash in an amount equal to 100% of the principal amount of the 7.500% Senior Notes, plus accrued and unpaid interest to, but excluding, the repurchase date. The 7.500% Senior Notes indenture restricts the ability of the Company and its restricted subsidiaries to, among other things: incur or guarantee additional indebtedness, create liens, pay dividends or make distributions in respect of capital stock, purchase or redeem capital stock, make investments or certain other restricted payments, sell assets, enter into agreements that restrict the ability of the Company's subsidiaries to make dividends or other payments to the Company, enter into transactions with affiliates, or effect certain consolidations, mergers or amalgamations. Certain of these covenants will be terminated if the 7.500% Senior Notes are assigned an investment grade rating by both Standard & Poor’s Rating Services and Fitch Ratings Inc. and no default or event of default has occurred and is continuing. We were in compliance with the financial covenants contained in the 7.500% Senior Notes as of March 31, 2021. The 7.500% Senior Notes contain customary cross default provisions. Production Prepayment Agreement In June 2020, the Company received $50.0 million from Trafigura under a Production Prepayment Agreement of crude oil sales related to a portion of our U.S. Gulf of Mexico production primarily in 2022 and 2023. The Company terminated the Production Prepayment Agreement and the initial prepayment of $50.0 million advanced under the Production Prepayment Agreement by Trafigura in the second quarter of 2020 was extinguished and converted into the GoM Term Loan as of September 30, 2020. GoM Term Loan In September 2020, the Company entered into a five-year $200.0 million senior secured term-loan credit agreement secured against the Company's U.S. Gulf of Mexico assets with net proceeds received of $197.7 million after deducting fees and other expenses. The GoM Term Loan also includes an accordion feature providing for incremental commitments of up to $100.0 million subject to certain conditions. The GoM Term Loan bears interest at an effective rate of approximately 6% per annum and matures in 2025, with principal repayments beginning in the fourth quarter of 2021. We were in compliance with the covenants, representations and warranties contained in the GoM Term Loan as of as of March 31, 2021 (the most recent assessment date). The GoM Term Loan contains customary cross default provisions. Principal Debt Repayments At March 31, 2021, the estimated repayments of debt during the five fiscal year periods and thereafter are as follows: Payments Due by Year Total 2021(2) 2022 2023 2024 2025 Thereafter (In thousands) Principal debt repayments(1) $ 2,350,000 $ 27,500 $ 80,000 $ 387,143 $ 458,571 $ 296,786 $ 1,100,000 __________________________________ (1) Includes the scheduled principal maturities for the $650.0 million aggregate principal amount of the 7.125% Senior Notes, the $450.0 million aggregate principal amount of the 7.500% Senior Notes and borrowings under the Facility, Corporate Revolver and GoM Term Loan. The scheduled maturities of debt related to the Facility as of March 31, 2021 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 April 1, 2021 through December 31, 2021. Interest and other financing costs, net Interest and other financing costs, net incurred during the periods is comprised of the following: Three Months Ended March 31, 2021 2020 (In thousands) Interest expense $ 31,435 $ 31,766 Amortization—deferred financing costs 2,571 2,283 Capitalized interest (8,641) (6,527) Deferred interest (194) 314 Interest income (1,825) (1,079) Other, net 1,182 1,078 Interest and other financing costs, net $ 24,528 $ 27,835

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	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 March 31, 2021. 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) Swap Put Floor Ceiling 2021: Apr — Dec Swaps with sold puts Dated Brent 4,500 $ — $ 53.96 $ 42.92 $ — $ — Apr — Jun Swaps with sold puts NYMEX WTI 500 — 47.75 37.50 — — Apr — Dec Three-way collars Dated Brent 2,750 0.37 — 32.95 40.45 52.84 Apr — Dec Three-way collars NYMEX WTI 750 1.00 — 37.50 45.00 55.00 Apr — Dec Sold calls(1) Dated Brent 5,250 — — — — 70.09 2022: Jan — Dec Three-way collars Dated Brent 1,500 1.05 — 40.00 50.00 70.00 Jan — Dec Sold calls(1) Dated Brent 1,581 — — — — 60.00 __________________________________ (1) Represents call option contracts sold to counterparties to enhance other derivative positions The following tables disclose the Company’s derivative instruments as of March 31, 2021 and December 31, 2020, and gain/(loss) from derivatives during the three months ended March 31, 2021 and 2020, respectively: Estimated Fair Value Asset (Liability) Type of Contract Balance Sheet Location March 31, 2021 December 31, 2020 (In thousands) Derivatives not designated as hedging instruments: Derivative assets: Commodity Derivatives assets—current $ — $ 15,414 Provisional oil sales Receivables: Oil Sales — (677) Commodity Derivatives assets—long-term — 964 Derivative liabilities: Commodity Derivatives liabilities—current (83,293) (28,009) Commodity Derivatives liabilities—long-term (10,244) (8,069) Total derivatives not designated as hedging instruments $ (93,537) $ (20,377) Amount of Gain/(Loss) Three Months Ended March 31, Type of Contract Location of Gain/(Loss) 2021 2020 (In thousands) Derivatives not designated as hedging instruments: Provisional oil sales Oil and gas revenue $ (3,697) $ 284 Commodity Derivatives, net (102,461) 136,038 Total derivatives not designated as hedging instruments $ (106,158) $ 136,322 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 March 31, 2021 and December 31, 2020, 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

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	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. The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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) March 31, 2021 Assets: Commodity derivatives $ — $ — $ — $ — Provisional oil sales — — — — Liabilities: Commodity derivatives — (93,537) — (93,537) Total $ — $ (93,537) $ — $ (93,537) December 31, 2020 Assets: Commodity derivatives $ — $ 16,378 $ — $ 16,378 Provisional oil sales — (677) — (677) Liabilities: Commodity derivatives — (36,078) — (36,078) Total $ — $ (20,377) $ — $ (20,377) 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, call options and swaps for notional barrels of oil at fixed Dated Brent, NYMEX WTI, or Argus LLS 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 March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (In thousands) 7.125% Senior Notes $ 643,778 $ 629,792 $ 643,524 $ 613,412 7.500% Senior Notes 444,421 425,066 — — GoM Term Loan 200,000 200,000 200,000 200,000 Corporate Revolver 50,000 50,000 100,000 100,000 Facility 1,000,000 1,000,000 1,200,000 1,200,000 Total $ 2,338,199 $ 2,304,858 $ 2,143,524 $ 2,113,412 The carrying values of our 7.125% Senior Notes and 7.500% Senior Notes represent the principal amounts outstanding less unamortized discounts. The fair values of our 7.125% Senior Notes and 7.500% Senior Notes are based on quoted market prices, which results in a Level 1 fair value measurement. The carrying values of the GoM Term Loan, Corporate Revolver and Facility approximate 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. As a result of the impact of COVID-19 on the demand for oil and the related significant decrease in oil prices, we reviewed our long-lived assets for impairment at March 31, 2020, which resulted in impairment charges of $150.8 million, reducing the carrying value of the properties to their estimated fair values of $243.7 million. During the fourth quarter of 2020

Equity-based Compensation

Equity-based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity-based Compensation	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 $8.3 million and $9.3 million during the three months ended March 31, 2021 and 2020, respectively. The total tax benefit was $1.4 million and $2.1 million during the three months ended March 31, 2021 and 2020, respectively. Additionally, we recorded a net tax shortfall (windfall) related to equity-based compensation of $4.8 million and $0.9 million during the three months ended March 31, 2021 and 2020, respectively. The fair value of awards vested was $6.6 million and $25.5 million during the three months ended March 31, 2021 and 2020, 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. The following table reflects the outstanding restricted stock units as of March 31, 2021: 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, 2020 4,840 $ 5.34 7,859 $ 8.11 Granted(1) 2,489 2.44 6,710 3.91 Forfeited(1) (21) 6.08 (1,388) 9.12 Vested (1,803) 5.91 (1,036) 8.41 Outstanding at March 31, 2021 5,505 3.85 12,145 5.50 __________________________________ (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. As of March 31, 2021, total equity-based compensation to be recognized on unvested restricted stock units is $46.6 million over a weighted average period of 2.07 years. In April 2021, the board of directors approved an amendment to the LTIP to add 11.0 million shares to the plan. The amendment will be submitted for approval by our stockholders at the Annual Stockholders Meeting in June 2021. The LTIP currently provides for the issuance of 50.5 million shares pursuant to awards under the plan, and would be increased to 61.5 million shares if the amendment to the LTIP is approved by stockholders. At March 31, 2021, the Company had zero shares that remain available for issuance under the LTIP. 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 $9.52 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 52.0%. 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 2.5%. For the restricted stock units awarded in 2019 and 2020, the Monte Carlo simulation model included estimated quarterly dividend inputs ranging from $0.000 to $0.050.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	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 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 (loss) before income taxes is composed of the following: Three Months Ended March 31, 2021 2020 (In thousands) United States $ (21,842) $ (190,137) Foreign (85,631) 72,913 Income (loss) before income taxes $ (107,473) $ (117,224) For the three months ended, March 31, 2021 and 2020, our effective tax rate was 16% and 56%, respectively. For the three months ended March 31, 2021 and 2020, our overall effective tax rates were impacted by: • The difference in our 21% U.S. income tax reporting rate and the 35% statutory tax rates applicable to our Ghanaian and Equatorial Guinean operations, • Jurisdictions that have a 0% statutory rate or where we have incurred losses and have recorded valuation allowances against the corresponding net deferred tax assets, and • Other non-deductible expenses primarily in the U.S. Additionally, for the three months ended, March 31, 2020, our overall effective tax rate was impacted by: • $30.9 million deferred tax expense related valuation allowances on U.S. deferred tax assets recognized in prior periods, and • $4.9 million tax benefit associated with a 2018 U.S. tax loss carry back, pursuant to the Coronavirus Aid, Relief, and Economic Security ACT (“CARES ACT”), to an earlier tax year with a higher statutory tax rate.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following table is a reconciliation between net loss and the amounts used to compute basic and diluted net loss per share and the weighted average shares outstanding used to compute basic and diluted net loss per share: Three Months Ended March 31, 2021 2020 (In thousands, except per share data) Numerator: Net loss allocable to common stockholders $ (90,768) $ (182,767) Denominator: Weighted average number of shares outstanding: Basic 407,365 404,759 Restricted stock awards and units(1) — — Diluted 407,365 404,759 Net loss per share: Basic $ (0.22) $ (0.45) Diluted $ (0.22) $ (0.45) __________________________________ (1) We excluded outstanding restricted stock units of 13.1 million and 11.0 million for the three months ended March 31, 2021 and 2020, respectively, from the computations of diluted net loss per share because the effect would have been anti-dilutive .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 currently have a commitment to drill two exploration wells and acquire approximately 1,000 square kilometers of 3D seismic in Mauritania. Performance Obligations As of March 31, 2021 and December 31, 2020, the Company had performance bonds totaling $195.5 million and $195.5 million, respectively, for our supplemental bonding requirements stipulated by the BOEM and $3.5 million and $7.1 million, respectively, to other operators related to costs anticipated for the plugging and abandonment of certain wells and the removal of certain facilities in our U.S. Gulf of Mexico fields. As of March 31, 2021 and December 31, 2020, we had zero cash collateral against these secured performance bonds. Dividends

Additional Financial Informatio

Additional Financial Information	3 Months Ended
	Mar. 31, 2021
Additional Financial Information
Additional Financial Information	Additional Financial Information Accrued Liabilities Accrued liabilities consisted of the following: March 31, 2021 December 31, 2020 (In thousands) Accrued liabilities: Exploration, development and production $ 68,464 $ 89,162 Revenue payable 21,191 15,079 Current asset retirement obligations 7,282 7,255 General and administrative expenses 11,012 4,988 Interest 12,671 23,725 Income taxes 29,701 37,344 Taxes other than income 2,684 2,815 Derivatives 15,139 17,475 Other 6,003 5,417 $ 174,147 $ 203,260 Asset Retirement Obligations The following table summarizes the changes in the Company's asset retirement obligations as of and during the three months ended March 31, 2021: March 31, 2021 (In thousands) Asset retirement obligations: Beginning asset retirement obligations $ 251,421 Liabilities incurred during period 3,255 Liabilities settled during period (87) Revisions in estimated retirement obligations 30 Accretion expense 4,871 Ending asset retirement obligations $ 259,490 Other Expenses, Net Other expenses, net incurred during the period is comprised of the following: Three Months Ended March 31, 2021 2020 (In thousands) Loss on disposal of inventory $ 367 $ 1,467 Loss on asset retirement obligations liability settlements 29 2,150 Restructuring charges 819 13,915 Other, net 2,253 6,397 Other expenses, net $ 3,468 $ 23,929 The restructuring charges are for employee severance and related benefit costs incurred as part of a corporate reorganization.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information Kosmos is engaged in a single line of business, which is the exploration, development and production of oil and gas. At March 31, 2021, 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 March 31, 2021 Revenues and other income: Oil and gas revenue $ 54,053 $ 28,032 $ — $ 94,389 $ — $ — $ 176,474 Gain on sale of assets — — — — 26 — 26 Other income, net — — — 329 137,499 (137,758) 70 Total revenues and other income 54,053 28,032 — 94,718 137,525 (137,758) 176,570 Costs and expenses: Oil and gas production 12,386 11,629 — 21,737 — — 45,752 Facilities insurance modifications, net 671 — — — — — 671 Exploration expenses 32 1,893 2,174 1,148 2,934 — 8,181 General and administrative 2,587 1,051 1,973 5,239 45,105 (33,514) 22,441 Depletion, depreciation and amortization 23,635 9,191 15 43,251 449 — 76,541 Impairment of long-lived assets — — — — — — — Interest and other financing costs, net(1) 11,916 (369) (9,816) 4,566 20,015 (1,784) 24,528 Derivatives, net — — — — 102,461 — 102,461 Other expenses, net 71,121 17,069 784 14,489 2,466 (102,461) 3,468 Total costs and expenses 122,348 40,464 (4,870) 90,430 173,430 (137,759) 284,043 Loss before income taxes (68,295) (12,432) 4,870 4,288 (35,905) 1 (107,473) Income tax expense (benefit) (23,868) 2,634 — — 4,529 — (16,705) Net loss $ (44,427) $ (15,066) $ 4,870 $ 4,288 $ (40,434) $ 1 $ (90,768) Consolidated capital expenditures $ 4,624 $ 11,424 $ 72,752 $ 24,267 $ 3,482 $ — $ 116,549 As of March 31, 2021 Property and equipment, net $ 1,275,156 $ 429,494 $ 659,659 $ 983,208 $ 21,931 $ — $ 3,369,448 Total assets $ 1,351,071 $ 726,427 $ 981,710 $ 3,246,891 $ 13,825,435 $ (16,172,448) $ 3,959,086 ______________________________________ (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 March 31, 2020 Revenues and other income: Oil and gas revenue $ 49,708 $ 24,619 $ — $ 103,453 $ — $ — $ 177,780 Other income, net 1 — — 447 (112,009) 111,562 1 Total revenues and other income 49,709 24,619 — 103,900 (112,009) 111,562 177,781 Costs and expenses: Oil and gas production 18,042 11,475 — 32,086 — — 61,603 Facilities insurance modifications, net 8,038 — — — — — 8,038 Exploration expenses 85 2,719 3,474 13,967 24,360 — 44,605 General and administrative 3,890 1,738 2,109 4,004 31,862 (22,692) 20,911 Depletion, depreciation and amortization 19,731 8,894 15 63,834 828 — 93,302 Impairment of long-lived assets — — — 150,820 — — 150,820 Interest and other financing costs, net(1) 14,831 (369) (6,626) 4,689 17,094 (1,784) 27,835 Derivatives, net — — — — (136,038) — (136,038) Other expenses, net (116,372) (15,756) 2,793 3,652 13,574 136,038 23,929 Total costs and expenses (51,755) 8,701 1,765 273,052 (48,320) 111,562 295,005 Income (loss) before income taxes 101,464 15,918 (1,765) (169,152) (63,689) — (117,224) Income tax expense (benefit) 38,221 4,588 — 30,903 (8,169) — 65,543 Net income (loss) $ 63,243 $ 11,330 $ (1,765) $ (200,055) $ (55,520) $ — $ (182,767) Consolidated capital expenditures $ 16,486 $ 6,770 $ 3,121 $ 38,654 $ 19,434 $ — $ 84,465 As of March 31, 2020 Property and equipment, net $ 1,484,630 $ 462,472 $ 444,561 $ 1,024,179 $ 27,095 $ — $ 3,442,937 Total assets $ 1,724,154 $ 626,511 $ 611,081 $ 3,078,851 $ 12,235,030 $ (14,091,665) $ 4,183,962 ______________________________________ (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. Three Months Ended March 31, 2021 2020 (In thousands) Consolidated capital expenditures: Consolidated Statements of Cash Flows - Investing activities: Oil and gas assets $ 128,448 $ 83,716 Other property 354 1,537 Adjustments: Changes in capital accruals (10,409) (23,310) Exploration expense, excluding unsuccessful well costs and leasehold impairments(1) 6,712 25,377 Capitalized interest (8,641) (6,527) Other 85 3,672 Total consolidated capital expenditures $ 116,549 $ 84,465 ______________________________________ (1) Unsuccessful well costs are included in oil and gas assets when incurred.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 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 consolidated financial statements and the accompanying notes should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2020, included in our annual report on Form 10-K.
Reclassifications	Reclassifications
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted CashCash 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. When our net leverage ratio exceeds 2.50x, we are required under the Facility to maintain a restricted cash balance that is sufficient to meet the payment of interest and fees for the next six-month period on the 7.125% Senior Notes and the 7.500% Senior Notes plus the Corporate Revolver or the Facility, whichever is greater. In January 2021, we restricted cash of approximately $28.5 million and expect to restrict cash of an additional $15.0 million in the second quarter of 2021 to meet our requirements. In February 2021, we amended certain terms of the GoM Term Loan agreement, and as a result we restricted cash of $20.0 million which we expect to be released or be used to paydown the GoM Term Loan in the third quarter of 2021.
Inventories	InventoriesThe 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 provisional price contracts which contain an embedded derivative that is required to be 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 embedded 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 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 available, we believe that the loss of our marketing agents and/or any of the purchasers identified by our marketing agents would not have a long‑term material adverse effect on our financial position or results of operations. The continued economic disruption resulting from the COVID-19 pandemic could materially impact the Company’s business in future periods. Any potential disruption will depend on the duration and intensity of these events, which are highly uncertain and cannot be predicted at this time.
Recent Accounting Standards	Recent Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”. Our adoption of ASU 2019-12 on January 1, 2021, did not have a material impact on our income tax expense.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of cash and cash equivalents	March 31, 2021 December 31, 2020 (In thousands) Cash and cash equivalents $ 95,242 $ 149,027 Restricted cash - current 48,660 195 Restricted cash - long-term 542 542 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 144,444 $ 149,764
Schedule of oil and gas revenue	Oil and gas revenue is composed of the following: Three Months Ended March 31, 2021 2020 (In thousands) Revenues from contract with customer - Equatorial Guinea $ 26,431 $ 24,370 Revenues from contract with customer - Ghana 59,351 49,672 Revenues from contract with customers - U.S. Gulf of Mexico 94,389 103,453 Provisional oil sales contracts (3,697) 285 Oil and gas revenue $ 176,474 $ 177,780

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment is stated at cost and consisted of the following: March 31, 2021 December 31, 2020 (In thousands) Oil and gas properties: Proved properties $ 5,479,875 $ 5,369,737 Unproved properties 505,254 495,390 Total oil and gas properties 5,985,129 5,865,127 Accumulated depletion (2,625,459) (2,554,851) Oil and gas properties, net 3,359,670 3,310,276 Other property 59,952 59,949 Accumulated depreciation (50,174) (49,312) Other property, net 9,778 10,637 Property and equipment, net $ 3,369,448 $ 3,320,913

Suspended Well Costs (Tables)

Suspended Well Costs (Tables)	3 Months Ended
	Mar. 31, 2021
Oil and Gas Exploration and Production Industries Disclosures [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 three months ended March 31, 2021. March 31, 2021 (In thousands) Beginning balance $ 186,289 Additions to capitalized exploratory well costs pending the determination of proved reserves 11,330 Reclassification due to determination of proved reserves — Capitalized exploratory well costs charged to expense — Ending balance $ 197,619
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: March 31, 2021 December 31, 2020 (In thousands, except well counts) Exploratory well costs capitalized for a period of one year or less $ 8,841 $ — Exploratory well costs capitalized for a period of one to two years 29,110 28,692 Exploratory well costs capitalized for a period of three years or greater 159,668 157,597 Ending balance $ 197,619 $ 186,289 Number of projects that have exploratory well costs that have been capitalized for a period greater than one year 3 3

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of debt	March 31, 2021 December 31, 2020 (In thousands) Outstanding debt principal balances: Facility $ 1,000,000 $ 1,200,000 Corporate Revolver 50,000 100,000 7.125% Senior Notes 650,000 650,000 7.500% Senior Notes 450,000 — GoM Term Loan 200,000 200,000 Total 2,350,000 2,150,000 Unamortized deferred financing costs and discounts (43,888) (38,569) Total debt, net 2,306,112 2,111,431 Less: Current maturities of long-term debt (35,000) (7,500) Long-term debt, net $ 2,271,112 $ 2,103,931
Schedule of redemption price	On or after March 1, 2024, the Company may redeem all or a part of the 7.500% Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest: Year Percentage On or after March 1, 2024, but before February 28, 2025 103.750 % On or after March 1, 2025, but before February 28, 2026 101.875 % On or after March 1, 2026 and thereafter 100.000 %
Schedule of estimated repayments of debt	At March 31, 2021, the estimated repayments of debt during the five fiscal year periods and thereafter are as follows: Payments Due by Year Total 2021(2) 2022 2023 2024 2025 Thereafter (In thousands) Principal debt repayments(1) $ 2,350,000 $ 27,500 $ 80,000 $ 387,143 $ 458,571 $ 296,786 $ 1,100,000 __________________________________ (1) Includes the scheduled principal maturities for the $650.0 million aggregate principal amount of the 7.125% Senior Notes, the $450.0 million aggregate principal amount of the 7.500% Senior Notes and borrowings under the Facility, Corporate Revolver and GoM Term Loan. The scheduled maturities of debt related to the Facility as of March 31, 2021 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 April 1, 2021 through December 31, 2021.
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 March 31, 2021 2020 (In thousands) Interest expense $ 31,435 $ 31,766 Amortization—deferred financing costs 2,571 2,283 Capitalized interest (8,641) (6,527) Deferred interest (194) 314 Interest income (1,825) (1,079) Other, net 1,182 1,078 Interest and other financing costs, net $ 24,528 $ 27,835

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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 March 31, 2021. 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) Swap Put Floor Ceiling 2021: Apr — Dec Swaps with sold puts Dated Brent 4,500 $ — $ 53.96 $ 42.92 $ — $ — Apr — Jun Swaps with sold puts NYMEX WTI 500 — 47.75 37.50 — — Apr — Dec Three-way collars Dated Brent 2,750 0.37 — 32.95 40.45 52.84 Apr — Dec Three-way collars NYMEX WTI 750 1.00 — 37.50 45.00 55.00 Apr — Dec Sold calls(1) Dated Brent 5,250 — — — — 70.09 2022: Jan — Dec Three-way collars Dated Brent 1,500 1.05 — 40.00 50.00 70.00 Jan — Dec Sold calls(1) Dated Brent 1,581 — — — — 60.00 __________________________________
Schedule of derivative instruments by balance sheet location	The following tables disclose the Company’s derivative instruments as of March 31, 2021 and December 31, 2020, and gain/(loss) from derivatives during the three months ended March 31, 2021 and 2020, respectively: Estimated Fair Value Asset (Liability) Type of Contract Balance Sheet Location March 31, 2021 December 31, 2020 (In thousands) Derivatives not designated as hedging instruments: Derivative assets: Commodity Derivatives assets—current $ — $ 15,414 Provisional oil sales Receivables: Oil Sales — (677) Commodity Derivatives assets—long-term — 964 Derivative liabilities: Commodity Derivatives liabilities—current (83,293) (28,009) Commodity Derivatives liabilities—long-term (10,244) (8,069) Total derivatives not designated as hedging instruments $ (93,537) $ (20,377)
Schedule of derivative instruments by location of gain/(loss)	Amount of Gain/(Loss) Three Months Ended March 31, Type of Contract Location of Gain/(Loss) 2021 2020 (In thousands) Derivatives not designated as hedging instruments: Provisional oil sales Oil and gas revenue $ (3,697) $ 284 Commodity Derivatives, net (102,461) 136,038 Total derivatives not designated as hedging instruments $ (106,158) $ 136,322

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, 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) March 31, 2021 Assets: Commodity derivatives $ — $ — $ — $ — Provisional oil sales — — — — Liabilities: Commodity derivatives — (93,537) — (93,537) Total $ — $ (93,537) $ — $ (93,537) December 31, 2020 Assets: Commodity derivatives $ — $ 16,378 $ — $ 16,378 Provisional oil sales — (677) — (677) Liabilities: Commodity derivatives — (36,078) — (36,078) Total $ — $ (20,377) $ — $ (20,377)
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 March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (In thousands) 7.125% Senior Notes $ 643,778 $ 629,792 $ 643,524 $ 613,412 7.500% Senior Notes 444,421 425,066 — — GoM Term Loan 200,000 200,000 200,000 200,000 Corporate Revolver 50,000 50,000 100,000 100,000 Facility 1,000,000 1,000,000 1,200,000 1,200,000 Total $ 2,338,199 $ 2,304,858 $ 2,143,524 $ 2,113,412

Equity-based Compensation (Tabl

Equity-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of plan activity	The following table reflects the outstanding restricted stock units as of March 31, 2021: 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, 2020 4,840 $ 5.34 7,859 $ 8.11 Granted(1) 2,489 2.44 6,710 3.91 Forfeited(1) (21) 6.08 (1,388) 9.12 Vested (1,803) 5.91 (1,036) 8.41 Outstanding at March 31, 2021 5,505 3.85 12,145 5.50 __________________________________ (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.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of components of income (loss) before income taxes	Income (loss) before income taxes is composed of the following: Three Months Ended March 31, 2021 2020 (In thousands) United States $ (21,842) $ (190,137) Foreign (85,631) 72,913 Income (loss) before income taxes $ (107,473) $ (117,224)

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation between net income (loss) and amounts used to compute basic and diluted EPS	The following table is a reconciliation between net loss and the amounts used to compute basic and diluted net loss per share and the weighted average shares outstanding used to compute basic and diluted net loss per share: Three Months Ended March 31, 2021 2020 (In thousands, except per share data) Numerator: Net loss allocable to common stockholders $ (90,768) $ (182,767) Denominator: Weighted average number of shares outstanding: Basic 407,365 404,759 Restricted stock awards and units(1) — — Diluted 407,365 404,759 Net loss per share: Basic $ (0.22) $ (0.45) Diluted $ (0.22) $ (0.45) __________________________________ (1) We excluded outstanding restricted stock units of 13.1 million and 11.0 million for the three months ended March 31, 2021 and 2020, respectively, from the computations of diluted net loss per share because the effect would have been anti-dilutive .

Additional Financial Informat_2

Additional Financial Information (Tables)	3 Months Ended
	Mar. 31, 2021
Additional Financial Information
Schedule of accrued liabilities	Accrued liabilities consisted of the following: March 31, 2021 December 31, 2020 (In thousands) Accrued liabilities: Exploration, development and production $ 68,464 $ 89,162 Revenue payable 21,191 15,079 Current asset retirement obligations 7,282 7,255 General and administrative expenses 11,012 4,988 Interest 12,671 23,725 Income taxes 29,701 37,344 Taxes other than income 2,684 2,815 Derivatives 15,139 17,475 Other 6,003 5,417 $ 174,147 $ 203,260
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 three months ended March 31, 2021: March 31, 2021 (In thousands) Asset retirement obligations: Beginning asset retirement obligations $ 251,421 Liabilities incurred during period 3,255 Liabilities settled during period (87) Revisions in estimated retirement obligations 30 Accretion expense 4,871 Ending asset retirement obligations $ 259,490
Schedule of other expenses, net incurred	Other expenses, net incurred during the period is comprised of the following: Three Months Ended March 31, 2021 2020 (In thousands) Loss on disposal of inventory $ 367 $ 1,467 Loss on asset retirement obligations liability settlements 29 2,150 Restructuring charges 819 13,915 Other, net 2,253 6,397 Other expenses, net $ 3,468 $ 23,929

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Revenues and other income: Oil and gas revenue $ 54,053 $ 28,032 $ — $ 94,389 $ — $ — $ 176,474 Gain on sale of assets — — — — 26 — 26 Other income, net — — — 329 137,499 (137,758) 70 Total revenues and other income 54,053 28,032 — 94,718 137,525 (137,758) 176,570 Costs and expenses: Oil and gas production 12,386 11,629 — 21,737 — — 45,752 Facilities insurance modifications, net 671 — — — — — 671 Exploration expenses 32 1,893 2,174 1,148 2,934 — 8,181 General and administrative 2,587 1,051 1,973 5,239 45,105 (33,514) 22,441 Depletion, depreciation and amortization 23,635 9,191 15 43,251 449 — 76,541 Impairment of long-lived assets — — — — — — — Interest and other financing costs, net(1) 11,916 (369) (9,816) 4,566 20,015 (1,784) 24,528 Derivatives, net — — — — 102,461 — 102,461 Other expenses, net 71,121 17,069 784 14,489 2,466 (102,461) 3,468 Total costs and expenses 122,348 40,464 (4,870) 90,430 173,430 (137,759) 284,043 Loss before income taxes (68,295) (12,432) 4,870 4,288 (35,905) 1 (107,473) Income tax expense (benefit) (23,868) 2,634 — — 4,529 — (16,705) Net loss $ (44,427) $ (15,066) $ 4,870 $ 4,288 $ (40,434) $ 1 $ (90,768) Consolidated capital expenditures $ 4,624 $ 11,424 $ 72,752 $ 24,267 $ 3,482 $ — $ 116,549 As of March 31, 2021 Property and equipment, net $ 1,275,156 $ 429,494 $ 659,659 $ 983,208 $ 21,931 $ — $ 3,369,448 Total assets $ 1,351,071 $ 726,427 $ 981,710 $ 3,246,891 $ 13,825,435 $ (16,172,448) $ 3,959,086 ______________________________________ (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 March 31, 2020 Revenues and other income: Oil and gas revenue $ 49,708 $ 24,619 $ — $ 103,453 $ — $ — $ 177,780 Other income, net 1 — — 447 (112,009) 111,562 1 Total revenues and other income 49,709 24,619 — 103,900 (112,009) 111,562 177,781 Costs and expenses: Oil and gas production 18,042 11,475 — 32,086 — — 61,603 Facilities insurance modifications, net 8,038 — — — — — 8,038 Exploration expenses 85 2,719 3,474 13,967 24,360 — 44,605 General and administrative 3,890 1,738 2,109 4,004 31,862 (22,692) 20,911 Depletion, depreciation and amortization 19,731 8,894 15 63,834 828 — 93,302 Impairment of long-lived assets — — — 150,820 — — 150,820 Interest and other financing costs, net(1) 14,831 (369) (6,626) 4,689 17,094 (1,784) 27,835 Derivatives, net — — — — (136,038) — (136,038) Other expenses, net (116,372) (15,756) 2,793 3,652 13,574 136,038 23,929 Total costs and expenses (51,755) 8,701 1,765 273,052 (48,320) 111,562 295,005 Income (loss) before income taxes 101,464 15,918 (1,765) (169,152) (63,689) — (117,224) Income tax expense (benefit) 38,221 4,588 — 30,903 (8,169) — 65,543 Net income (loss) $ 63,243 $ 11,330 $ (1,765) $ (200,055) $ (55,520) $ — $ (182,767) Consolidated capital expenditures $ 16,486 $ 6,770 $ 3,121 $ 38,654 $ 19,434 $ — $ 84,465 As of March 31, 2020 Property and equipment, net $ 1,484,630 $ 462,472 $ 444,561 $ 1,024,179 $ 27,095 $ — $ 3,442,937 Total assets $ 1,724,154 $ 626,511 $ 611,081 $ 3,078,851 $ 12,235,030 $ (14,091,665) $ 4,183,962 ______________________________________ (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. Three Months Ended March 31, 2021 2020 (In thousands) Consolidated capital expenditures: Consolidated Statements of Cash Flows - Investing activities: Oil and gas assets $ 128,448 $ 83,716 Other property 354 1,537 Adjustments: Changes in capital accruals (10,409) (23,310) Exploration expense, excluding unsuccessful well costs and leasehold impairments(1) 6,712 25,377 Capitalized interest (8,641) (6,527) Other 85 3,672 Total consolidated capital expenditures $ 116,549 $ 84,465 ______________________________________ (1) Unsuccessful well costs are included in oil and gas assets when incurred.

Organization (Details)

Organization (Details)	3 Months Ended
	Mar. 31, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

Accounting Policies - Cash and

Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 95,242	$ 149,027
Restricted cash - current	48,660	195
Restricted cash - long-term	542	542
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 144,444	$ 149,764	$ 130,757	$ 229,346

Accounting Policies - Narrative

Accounting Policies - Narratives (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Apr. 30, 2019
Restricted Cash
Restricted cash - current		$ 48,660		$ 195
Materials and supplies inventory		128,500		127,500
Hydrocarbons inventory		$ 25,200		$ 1,500
Facility
Restricted Cash
Net leverage ratio		2.50
Facility Interest Or Senior Notes Plus The Corporate Revolver
Restricted Cash
Period for contractual future payments		6 months
Restricted cash - current			$ 28,500
Facility Interest Or Senior Notes Plus The Corporate Revolver | Forecast
Restricted Cash
Additional restricted cash	$ 15,000
7.125% Senior Notes | Senior Notes
Restricted Cash
Interest rate		7.125%			7.125%
7.500% Senior Notes | Senior Notes
Restricted Cash
Interest rate		7.50%
GoM Term Loan | Secured Debt
Restricted Cash
Restricted cash - current		$ 20,000

Accounting Policies - Summary o

Accounting Policies - Summary of Oil and Gas Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Provisional oil sales contracts	$ (106,158)	$ 136,322
Oil and gas revenue	176,474	177,780
Oil and gas revenue
Disaggregation of Revenue [Line Items]
Provisional oil sales contracts	(3,697)	285
Oil and gas revenue	176,474	177,780
Equatorial Guinea
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	26,431	24,370
Ghana
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	59,351	49,672
U.S. Gulf of Mexico
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 94,389	$ 103,453

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)paymentwell
Property Plant and Equipment Acquisitions and Divestitures [Line Items]
Proceeds on sale of assets	$ 631		$ 1,713
Gain on sale of assets	26		$ 0
Farm Down Agreement | Blocks Offshore Sao Tome And Principe, Suriname, Namibia, And South Africa
Property Plant and Equipment Acquisitions and Divestitures [Line Items]
Amount of cash consideration expected to be received for frontier exploration portfolio					$ 96,000
Farm Down Agreement | Blocks Offshore Sao Tome and Principe Suriname and Namibia
Property Plant and Equipment Acquisitions and Divestitures [Line Items]
Future contingent consideration					$ 50,000
Proceeds on sale of assets		$ 95,000
Gain on sale of assets				$ 92,100
Number of wells | well					4
Number of payments | payment					2
Farm Down Agreement | Blocks Offshore Sao Tome and Principe Suriname and Namibia | Maximum
Property Plant and Equipment Acquisitions and Divestitures [Line Items]
Future contingent consideration					$ 100,000
Farm Down Agreement | Block South Africa
Property Plant and Equipment Acquisitions and Divestitures [Line Items]
Amount of cash consideration expected to be received for frontier exploration portfolio	$ 1,000

Joint Interest Billings, Rela_2

Joint Interest Billings, Related Party Receivables and Notes Receivables (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2019USD ($)agreement	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Oil and Gas Joint Interest Billing Receivables [Line Items]
Joint interest billings, net		$ 25,305	$ 26,002
Long-term receivables		142,220	117,497
National Oil Companies of Mauritania And Senegal | Carry Advance Agreements
Oil and Gas Joint Interest Billing Receivables [Line Items]
Long-term receivables		120,300	96,300
Number of agreements | agreement	2
Share of development costs to be financed, up to	$ 239,700
TEN Discoveries | GNPC
Oil and Gas Joint Interest Billing Receivables [Line Items]
Joint interest billings, net		5,800	5,800
Long-term receivables		$ 21,900	$ 21,200
GNPC | TEN Discoveries
Oil and Gas Joint Interest Billing Receivables [Line Items]
GNPC's paying interest		5.00%

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020
Oil and gas properties:
Proved properties	$ 5,479,875	$ 5,369,737		$ 5,369,737
Unproved properties	505,254	495,390		495,390
Total oil and gas properties	5,985,129	5,865,127		5,865,127
Accumulated depletion	(2,625,459)	(2,554,851)		(2,554,851)
Oil and gas properties, net	3,359,670	3,310,276		3,310,276
Other property	59,952	59,949		59,949
Accumulated depreciation	(50,174)	(49,312)		(49,312)
Other property, net	9,778	10,637		10,637
Property and equipment, net	3,369,448	3,320,913	$ 3,442,937	3,320,913
Depletion expense	70,600		87,200
Impairment of long-lived assets	$ 0	$ 3,200	$ 150,820	$ 154,000

Suspended Well Costs - Summary

Suspended Well Costs - Summary of Suspended Well Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021USD ($)project	Dec. 31, 2020USD ($)project
Reconciliation of capitalized exploratory well costs on completed wells
Beginning balance	$ 186,289
Additions to capitalized exploratory well costs pending the determination of proved reserves	11,330
Reclassification due to determination of proved reserves	0
Capitalized exploratory well costs charged to expense	0
Ending balance	197,619
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		$ 8,841	$ 0
Exploratory well costs capitalized for a period of one to two years		29,110	28,692
Exploratory well costs capitalized for a period of three years or greater		159,668	157,597
Ending balance	$ 197,619	$ 197,619	$ 186,289
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year | project		3	3

Suspended Well Costs - Narrativ

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

Debt - Schedule of Instruments

Debt - Schedule of Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2019
Line of Credit Facility [Line Items]
Total debt, gross	$ 2,350,000	$ 2,150,000
Unamortized deferred financing costs and discounts	(43,888)	(38,569)
Total debt, net	2,306,112	2,111,431
Less: Current maturities of long-term debt	(35,000)	(7,500)
Long-term debt, net	2,271,112	2,103,931
Facility | Revolving credit facility
Line of Credit Facility [Line Items]
Total debt, gross	1,000,000	1,200,000
Corporate Revolver | Revolving credit facility
Line of Credit Facility [Line Items]
Total debt, gross	50,000	100,000
7.125% Senior Notes | Senior Notes
Line of Credit Facility [Line Items]
Total debt, gross	$ 650,000	650,000
Interest rate	7.125%		7.125%
7.500% Senior Notes | Senior Notes
Line of Credit Facility [Line Items]
Total debt, gross	$ 450,000	0
Interest rate	7.50%
GoM Term Loan | Secured Debt
Line of Credit Facility [Line Items]
Total debt, gross	$ 200,000	$ 200,000

Debt - Facility (Details)

Debt - Facility (Details) $ in Thousands	May 10, 2021USD ($)	Jul. 31, 2020	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Apr. 30, 2019
Debt Instrument [Line Items]
Restricted cash - current				$ 48,660		$ 195
Facility
Debt Instrument [Line Items]
Net leverage ratio				2.50
Facility Interest Or Senior Notes Plus The Corporate Revolver
Debt Instrument [Line Items]
Period for contractual future payments				6 months
Restricted cash - current					$ 28,500
Facility Interest Or Senior Notes Plus The Corporate Revolver | Forecast
Debt Instrument [Line Items]
Additional restricted cash			$ 15,000
7.125% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate				7.125%						7.125%
7.500% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate				7.50%
Revolving credit facility | Facility
Debt Instrument [Line Items]
Amount outstanding				$ 1,000,000
Undrawn availability				320,000
Maximum borrowing capacity				$ 1,500,000				$ 1,500,000	$ 1,600,000
Available borrowing base							$ 1,320,000
Revolving credit facility | Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,250,000
Available borrowing base	$ 1,240,000
Increase in margin	0.50%
Period for contractual future payments, applicable interest margin	3 years
Extension period	2 years
Line of credit facility, total commitments	$ 1,210,000
Revolving credit facility | Facility | Forecast
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 15,000
Revolving credit facility | Facility | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event
Debt Instrument [Line Items]
Applicable margin	3.75%
Revolving credit facility | Facility | Stated Period
Debt Instrument [Line Items]
Debt cover ratio		4.75
Revolving credit facility | Facility | Normal Period
Debt Instrument [Line Items]
Debt cover ratio		3.5

Debt - Corporate Revolver (Deta

Debt - Corporate Revolver (Details) - Corporate Revolver - Revolving credit facility	1 Months Ended
	Jul. 31, 2020	Aug. 31, 2018USD ($)	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400,000,000
Applicable margin		5.00%
Commitment fee percentage		30.00%
Amount outstanding			$ 50,000,000
Undrawn availability			$ 350,000,000
Stated Period
Debt Instrument [Line Items]
Debt cover ratio	4.75
Normal Period
Debt Instrument [Line Items]
Debt cover ratio	3.5

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2021	Apr. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Net proceeds from issuance of senior notes			$ 444,375,000	$ 0
Senior Notes | 7.125% Senior Notes
Debt Instrument [Line Items]
Interest rate	7.125%	7.125%	7.125%
Debt, face amount		$ 650,000,000
Net proceeds from issuance of senior notes		$ 640,000,000
Senior Notes | 7.875% Senior Notes
Debt Instrument [Line Items]
Interest rate		7.875%
Senior Notes | 7.500% Senior Notes
Debt Instrument [Line Items]
Interest rate	7.50%		7.50%
Debt, face amount	$ 450,000,000		$ 450,000,000
Net proceeds from issuance of senior notes	$ 444,400,000
Redemption price percentage following change of control	101.00%
Redemption price percentage following sell of certain assets	100.00%
Senior Notes | 7.500% Senior Notes | Any Time Prior to March 1, 2024
Debt Instrument [Line Items]
Maximum percentage of principal amount available to be redeemed with proceeds from equity offerings	40.00%
Redemption price percentage with proceeds from equity offerings	107.50%
Senior Notes | 7.500% Senior Notes | Any Time Prior to March 1, 2024 with Make-whole Premium
Debt Instrument [Line Items]
Redemption price percentage	100.00%

Debt - Redemption Prices (Detai

Debt - Redemption Prices (Details) - 7.500% Senior Notes - Senior Notes	1 Months Ended
	Mar. 31, 2021
On or after March 1, 2024, but before February 28, 2025
Debt Instrument [Line Items]
Redemption price percentage	103.75%
On or after March 1, 2025, but before February 28, 2026
Debt Instrument [Line Items]
Redemption price percentage	101.875%
On or after March 1, 2026 and thereafter
Debt Instrument [Line Items]
Redemption price percentage	100.00%

Debt - Production Prepayment Ag

Debt - Production Prepayment Agreement, net (Details) $ in Millions	1 Months Ended
	Jun. 30, 2020USD ($)
Trafigura
Debt Instrument [Line Items]
Advances under production prepayment agreement	$ 50

Debt - GoM Term Loan (Details)

Debt - GoM Term Loan (Details) - GoM Term Loan - Secured Debt	1 Months Ended
	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Debt term	5 years
Debt, face amount	$ 200,000,000
Proceeds from debt, net of issuance costs	197,700,000
Additional incremental commitments	$ 100,000,000
Debt instrument, interest rate, effective percentage	6.00%

Debt - Principal Debt Repayment

Debt - Principal Debt Repayments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2019
Scheduled maturities of debt during the five year period and thereafter
Total	$ 2,350,000	$ 2,150,000
2021	27,500
2022	80,000
2023	387,143
2024	458,571
2025	296,786
Thereafter	1,100,000
Senior Notes | 7.125% Senior Notes
Scheduled maturities of debt during the five year period and thereafter
Total	$ 650,000	650,000
Interest rate	7.125%		7.125%
Senior Notes | 7.500% Senior Notes
Scheduled maturities of debt during the five year period and thereafter
Total	$ 450,000	$ 0
Interest rate	7.50%

Debt - Interest and Other Finan

Debt - Interest and Other Financing Costs, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Interest expense	$ 31,435	$ 31,766
Amortization—deferred financing costs	2,571	2,283
Capitalized interest	(8,641)	(6,527)
Deferred interest	(194)	314
Interest income	(1,825)	(1,079)
Other, net	1,182	1,078
Interest and other financing costs, net	$ 24,528	$ 27,835

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of oil derivative contracts (Details)	3 Months Ended
	Mar. 31, 2021$ / bblMBbls
Dated Brent | Term April 2021 To December 2021 | Swaps with sold puts
Derivative Financial Instruments
Volume (mbbls) | MBbls	4,500
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable) usd per bbl)	0
Swap (usd per bbl)	53.96
Sold Put (usd per bbl)	42.92
Floor (usd per bbl)	0
Ceiling (usd per bbl)	0
Dated Brent | Term April 2021 To December 2021 | Three-way collars
Derivative Financial Instruments
Volume (mbbls) | MBbls	2,750
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable) usd per bbl)	0.37
Swap (usd per bbl)	0
Sold Put (usd per bbl)	32.95
Floor (usd per bbl)	40.45
Ceiling (usd per bbl)	52.84
Dated Brent | Term April 2021 To December 2021 | Sold calls
Derivative Financial Instruments
Volume (mbbls) | MBbls	5,250
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable) usd per bbl)	0
Swap (usd per bbl)	0
Sold Put (usd per bbl)	0
Floor (usd per bbl)	0
Ceiling (usd per bbl)	70.09
Dated Brent | Term January 2022 To December 2022 | Three-way collars
Derivative Financial Instruments
Volume (mbbls) | MBbls	1,500
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable) usd per bbl)	1.05
Swap (usd per bbl)	0
Sold Put (usd per bbl)	40
Floor (usd per bbl)	50
Ceiling (usd per bbl)	70
Dated Brent | Term January 2022 To December 2022 | Sold calls
Derivative Financial Instruments
Volume (mbbls) | MBbls	1,581
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable) usd per bbl)	0
Swap (usd per bbl)	0
Sold Put (usd per bbl)	0
Floor (usd per bbl)	0
Ceiling (usd per bbl)	60
NYMEX WTI | Term April 2021 To December 2021 | Three-way collars
Derivative Financial Instruments
Volume (mbbls) | MBbls	750
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable) usd per bbl)	1
Swap (usd per bbl)	0
Sold Put (usd per bbl)	37.50
Floor (usd per bbl)	45
Ceiling (usd per bbl)	55
NYMEX WTI | Term April 2021 To June 2021 | Swaps with sold puts
Derivative Financial Instruments
Volume (mbbls) | MBbls	500
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable) usd per bbl)	0
Swap (usd per bbl)	47.75
Sold Put (usd per bbl)	37.50
Floor (usd per bbl)	0
Ceiling (usd per bbl)	0

Derivative Financial Instrume_4

Derivative Financial Instruments - Derivatives instrument and gain/loss from derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative instruments, Balance Sheet Location
Derivatives assets—current	$ 0	$ 15,414
Derivatives assets—long-term	0	964
Derivatives liabilities—current	(83,293)	(28,009)
Derivatives liabilities—long-term	(10,244)	(8,069)
Derivatives not designated as hedging instruments
Derivative instruments, Balance Sheet Location
Total derivatives not designated as hedging instruments	(93,537)	(20,377)
Derivatives not designated as hedging instruments | Commodity
Derivative instruments, Balance Sheet Location
Derivatives assets—current	0	15,414
Derivatives assets—long-term	0	964
Derivatives liabilities—current	(83,293)	(28,009)
Derivatives liabilities—long-term	(10,244)	(8,069)
Derivatives not designated as hedging instruments | Provisional oil sales | Receivables: Oil Sales
Derivative instruments, Balance Sheet Location
Derivatives assets—current	$ 0	$ (677)

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of derivative instruments by location of gain/(loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	$ (106,158)	$ 136,322
Provisional oil sales | Oil and gas revenue
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	(3,697)	284
Commodity | Derivatives, net
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	$ (102,461)	$ 136,038

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Apr. 30, 2019
Liabilities:
Impairment of long-lived assets	$ 0	$ 3,200	$ 150,820	$ 154,000
Carrying Value
Liabilities:
Long-term debt	2,338,199	2,143,524		2,143,524
Fair Value
Liabilities:
Long-term debt	$ 2,304,858	2,113,412		2,113,412
7.125% Senior Notes | Senior Notes
Liabilities:
Interest rate	7.125%				7.125%
7.125% Senior Notes | Senior Notes | Carrying Value
Liabilities:
Long-term debt	$ 643,778	643,524		643,524
7.125% Senior Notes | Senior Notes | Fair Value
Liabilities:
Long-term debt	$ 629,792	613,412		613,412
7.500% Senior Notes | Senior Notes
Liabilities:
Interest rate	7.50%
7.500% Senior Notes | Senior Notes | Carrying Value
Liabilities:
Long-term debt	$ 444,421	0		0
7.500% Senior Notes | Senior Notes | Fair Value
Liabilities:
Long-term debt	425,066	0		0
GoM Term Loan | Secured Debt | Carrying Value
Liabilities:
Long-term debt	200,000	200,000		200,000
GoM Term Loan | Secured Debt | Fair Value
Liabilities:
Long-term debt	200,000	200,000		200,000
Corporate Revolver | Facility | Carrying Value
Liabilities:
Long-term debt	50,000	100,000		100,000
Corporate Revolver | Facility | Fair Value
Liabilities:
Long-term debt	50,000	100,000		100,000
Facility | Facility | Carrying Value
Liabilities:
Long-term debt	1,000,000	1,200,000		1,200,000
Facility | Facility | Fair Value
Liabilities:
Long-term debt	1,000,000	1,200,000		1,200,000
Recurring basis
Liabilities:
Total fair value, net	(93,537)	(20,377)		(20,377)
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Total fair value, net	0	0		0
Recurring basis | Significant Other Observable Inputs (Level 2)
Liabilities:
Total fair value, net	(93,537)	(20,377)		(20,377)
Recurring basis | Significant Unobservable Inputs (Level 3)
Liabilities:
Total fair value, net	0	0		0
Recurring basis | Commodity derivatives
Assets:
Derivative asset, fair value	0	16,378		16,378
Liabilities:
Derivative liability, fair value	(93,537)	(36,078)		(36,078)
Recurring basis | Commodity derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Derivative asset, fair value	0	0		0
Liabilities:
Derivative liability, fair value	0	0		0
Recurring basis | Commodity derivatives | Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset, fair value	0	16,378		16,378
Liabilities:
Derivative liability, fair value	(93,537)	(36,078)		(36,078)
Recurring basis | Commodity derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset, fair value	0	0		0
Liabilities:
Derivative liability, fair value	0	0		0
Recurring basis | Provisional oil sales
Assets:
Derivative asset, fair value	0	(677)		(677)
Recurring basis | Provisional oil sales | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Derivative asset, fair value	0	0		0
Recurring basis | Provisional oil sales | Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset, fair value	0	(677)		(677)
Recurring basis | Provisional oil sales | Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset, fair value	$ 0	$ 0		$ 0
Nonrecurring basis
Liabilities:
Proved oil and gas reserves, fair value			$ 243,700

Equity-based Compensation - Nar

Equity-based Compensation - Narrative (Details) - LTIP - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized		$ 8,300,000	$ 9,300,000
Tax benefit		1,400,000	2,100,000
Net tax shortfall (windfall) related to equity-based compensation		4,800,000	900,000
Fair value of awards vested		$ 6,600,000	$ 25,500,000
Vesting period		3 years
Number of shares authorized (in shares)		50.5
Number of shares remaining available for grant (in shares)		0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense not yet recognized		$ 46,600,000
Weighted average period over which compensation expense is to be recognized		2 years 25 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)		$ 3.91
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		0.20%
Expected quarterly dividends (in dollars per share)		$ 0
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)		$ 9.52
Expected volatility		52.00%
Risk-free interest rate		2.50%
Expected quarterly dividends (in dollars per share)		$ 0.050
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				61.5
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	11

Equity-based Compensation - Sch

Equity-based Compensation - Schedule of Awards (Details) - LTIP shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Service Vesting Restricted Stock Units
Outstanding unvested awards activity
Outstanding at the beginning of the period (in shares) | shares	4,840
Granted (in shares) | shares	2,489
Forfeited (in shares) | shares	(21)
Vested (in shares) | shares	(1,803)
Outstanding at the end of the period (in shares) | shares	5,505
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 5.34
Granted (in dollars per share)	2.44
Forfeited (in dollars per share)	6.08
Vested (in dollars per share)	5.91
Outstanding at the end of the period (in dollars per share)	$ 3.85
Market/Service Vesting Restricted Stock Units
Outstanding unvested awards activity
Outstanding at the beginning of the period (in shares) | shares	7,859
Granted (in shares) | shares	6,710
Forfeited (in shares) | shares	(1,388)
Vested (in shares) | shares	(1,036)
Outstanding at the end of the period (in shares) | shares	12,145
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 8.11
Granted (in dollars per share)	3.91
Forfeited (in dollars per share)	9.12
Vested (in dollars per share)	8.41
Outstanding at the end of the period (in dollars per share)	5.50
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	0.00%
Market/Service Vesting Restricted Stock Units | Maximum
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 9.52
Vesting percentage of the awards granted	200.00%
Percent threshold target for grants and forfeitures	100.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes
Income (loss) before income taxes	$ (107,473)	$ (117,224)
Effective tax rate	16.00%	56.00%
Statutory tax rate	21.00%
United States
Income Taxes
Income (loss) before income taxes	$ (21,842)	$ (190,137)
Change in deferred tax expense related to valuation allowances		30,900
Tax benefit from CARES Act		4,900
Foreign
Income Taxes
Income (loss) before income taxes	$ (85,631)	$ 72,913
Statutory tax rate	0.00%
Ghanaian and Equatorial Guinean
Income Taxes
Effective tax rate	35.00%

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss allocable to common stockholders	$ (90,768)	$ (182,767)
Weighted average number of shares outstanding:
Basic (in shares)	407,365	404,759
Restricted stock awards and units (in shares)	0	0
Diluted (in shares)	407,365	404,759
Net loss per share:
Basic (in dollars per share)	$ (0.22)	$ (0.45)
Diluted (in dollars per share)	$ (0.22)	$ (0.45)
Outstanding restricted stock units excluded from the computations of diluted net income per share (in shares)	13,100	11,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ / shares in Units, km² in Thousands, $ in Millions	Mar. 26, 2020$ / shares	Mar. 31, 2021USD ($)km²well$ / shares	Mar. 31, 2020$ / shares	Dec. 31, 2020USD ($)
Operating Leased Assets [Line Items]
Dividends declared per common stock (in dollars per share) | $ / shares	$ 0.0452	$ 0	$ 0.0452
Mauritania
Operating Leased Assets [Line Items]
Number of exploration wells | well		2
3D seismic requirements | km²		1
U.S. Gulf of Mexico | Surety Bond
Operating Leased Assets [Line Items]
Cash collateral		$ 0		$ 0
U.S. Gulf of Mexico | Bureau of Ocean Energy Management | Surety Bond
Operating Leased Assets [Line Items]
Required performance bonds		195.5		195.5
U.S. Gulf of Mexico | Third Party | Surety Bond
Operating Leased Assets [Line Items]
Required performance bonds		$ 3.5		$ 7.1

Additional Financial Informat_3

Additional Financial Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued liabilities:
Exploration, development and production	$ 68,464	$ 89,162
Revenue payable	21,191	15,079
Current asset retirement obligations	7,282	7,255
General and administrative expenses	11,012	4,988
Interest	12,671	23,725
Income taxes	29,701	37,344
Taxes other than income	2,684	2,815
Derivatives	15,139	17,475
Other	6,003	5,417
Accrued liabilities	$ 174,147	$ 203,260

Additional Financial Informat_4

Additional Financial Information - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Asset retirement obligations:
Beginning asset retirement obligations	$ 251,421
Liabilities incurred during period	3,255
Liabilities settled during period	(87)
Revisions in estimated retirement obligations	30
Accretion expense	4,871
Ending asset retirement obligations	$ 259,490

Additional Financial Informat_5

Additional Financial Information - Other Expenses, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Additional Financial Information
Loss on disposal of inventory	$ 367	$ 1,467
Loss on asset retirement obligations liability settlements	29	2,150
Restructuring charges	819	13,915
Other, net	2,253	6,397
Other expenses, net	$ 3,468	$ 23,929

Business Segment Information -

Business Segment Information - Business Segment Information (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Oil and gas revenue	$ 176,474		$ 177,780
Gain on sale of assets	26		0
Other income, net	70		1
Total revenues and other income	176,570		177,781
Oil and gas production	45,752		61,603
Facilities insurance modifications, net	671		8,038
Exploration expenses	8,181		44,605
General and administrative	22,441		20,911
Depletion, depreciation and amortization	76,541		93,302
Impairment of long-lived assets	0	$ 3,200	150,820	$ 154,000
Interest and other financing costs, net	24,528		27,835
Derivatives, net	102,461		(136,038)
Other expenses, net	3,468		23,929
Total costs and expenses	284,043		295,005
Loss before income taxes	(107,473)		(117,224)
Income tax expense (benefit)	(16,705)		65,543
Net loss	(90,768)		(182,767)
Property and equipment, net	3,369,448	3,320,913	3,442,937	3,320,913
Total assets	3,959,086	$ 3,867,593	4,183,962	$ 3,867,593
Corporate & Other
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0
Gain on sale of assets	26
Other income, net	137,499		(112,009)
Total revenues and other income	137,525		(112,009)
Oil and gas production	0		0
Facilities insurance modifications, net	0		0
Exploration expenses	2,934		24,360
General and administrative	45,105		31,862
Depletion, depreciation and amortization	449		828
Impairment of long-lived assets	0		0
Interest and other financing costs, net	20,015		17,094
Derivatives, net	102,461		(136,038)
Other expenses, net	2,466		13,574
Total costs and expenses	173,430		(48,320)
Loss before income taxes	(35,905)		(63,689)
Income tax expense (benefit)	4,529		(8,169)
Net loss	(40,434)		(55,520)
Consolidated capital expenditures	3,482		19,434
Property and equipment, net	21,931		27,095
Total assets	13,825,435		12,235,030
Eliminations
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0
Gain on sale of assets	0
Other income, net	(137,758)		111,562
Total revenues and other income	(137,758)		111,562
Oil and gas production	0		0
Facilities insurance modifications, net	0		0
Exploration expenses	0		0
General and administrative	(33,514)		(22,692)
Depletion, depreciation and amortization	0		0
Impairment of long-lived assets	0		0
Interest and other financing costs, net	(1,784)		(1,784)
Derivatives, net	0		0
Other expenses, net	(102,461)		136,038
Total costs and expenses	(137,759)		111,562
Loss before income taxes	1		0
Income tax expense (benefit)	0		0
Net loss	1		0
Consolidated capital expenditures	0		0
Property and equipment, net	0		0
Total assets	(16,172,448)		(14,091,665)
Ghana | Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue	54,053		49,708
Gain on sale of assets	0
Other income, net	0		1
Total revenues and other income	54,053		49,709
Oil and gas production	12,386		18,042
Facilities insurance modifications, net	671		8,038
Exploration expenses	32		85
General and administrative	2,587		3,890
Depletion, depreciation and amortization	23,635		19,731
Impairment of long-lived assets	0		0
Interest and other financing costs, net	11,916		14,831
Derivatives, net	0		0
Other expenses, net	71,121		(116,372)
Total costs and expenses	122,348		(51,755)
Loss before income taxes	(68,295)		101,464
Income tax expense (benefit)	(23,868)		38,221
Net loss	(44,427)		63,243
Consolidated capital expenditures	4,624		16,486
Property and equipment, net	1,275,156		1,484,630
Total assets	1,351,071		1,724,154
Equatorial Guinea | Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue	28,032		24,619
Gain on sale of assets	0
Other income, net	0		0
Total revenues and other income	28,032		24,619
Oil and gas production	11,629		11,475
Facilities insurance modifications, net	0		0
Exploration expenses	1,893		2,719
General and administrative	1,051		1,738
Depletion, depreciation and amortization	9,191		8,894
Impairment of long-lived assets	0		0
Interest and other financing costs, net	(369)		(369)
Derivatives, net	0		0
Other expenses, net	17,069		(15,756)
Total costs and expenses	40,464		8,701
Loss before income taxes	(12,432)		15,918
Income tax expense (benefit)	2,634		4,588
Net loss	(15,066)		11,330
Consolidated capital expenditures	11,424		6,770
Property and equipment, net	429,494		462,472
Total assets	726,427		626,511
Mauritania/Senegal | Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0
Gain on sale of assets	0
Other income, net	0		0
Total revenues and other income	0		0
Oil and gas production	0		0
Facilities insurance modifications, net	0		0
Exploration expenses	2,174		3,474
General and administrative	1,973		2,109
Depletion, depreciation and amortization	15		15
Impairment of long-lived assets	0		0
Interest and other financing costs, net	(9,816)		(6,626)
Derivatives, net	0		0
Other expenses, net	784		2,793
Total costs and expenses	(4,870)		1,765
Loss before income taxes	4,870		(1,765)
Income tax expense (benefit)	0		0
Net loss	4,870		(1,765)
Consolidated capital expenditures	72,752		3,121
Property and equipment, net	659,659		444,561
Total assets	981,710		611,081
U.S. Gulf of Mexico | Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue	94,389		103,453
Gain on sale of assets	0
Other income, net	329		447
Total revenues and other income	94,718		103,900
Oil and gas production	21,737		32,086
Facilities insurance modifications, net	0		0
Exploration expenses	1,148		13,967
General and administrative	5,239		4,004
Depletion, depreciation and amortization	43,251		63,834
Impairment of long-lived assets	0		150,820
Interest and other financing costs, net	4,566		4,689
Derivatives, net	0		0
Other expenses, net	14,489		3,652
Total costs and expenses	90,430		273,052
Loss before income taxes	4,288		(169,152)
Income tax expense (benefit)	0		30,903
Net loss	4,288		(200,055)
Consolidated capital expenditures	24,267		38,654
Property and equipment, net	983,208		1,024,179
Total assets	$ 3,246,891		$ 3,078,851

Business Segment Information _2

Business Segment Information - Consolidated Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Oil and gas assets	$ 128,448	$ 83,716
Other property	354	1,537
Changes in capital accruals	(10,409)	(23,310)
Exploration expense, excluding unsuccessful well costs and leasehold impairments	6,712	25,377
Capitalized interest	(8,641)	(6,527)
Other	85	3,672
Total consolidated capital expenditures	$ 116,549	$ 84,465