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KOS is trading at distressed levels with stock at very low absolute level and the company is trying to turn around a lot of obstacles, increase production, reduce debt, reduce production costs and many more. Catalysts in 2026 include covenants reset among else. It makes sense as a disproportionally loss/win ratio bet for next 2 years. Bonds maybe too expensive as again the issue is where oil price will land next 3-4 years. This is an equity long term long shot story, with limited downside given where stock is trading. Production will increased the next couple of years with highest expected in 2029, and substantial leverage will come down. I would be looking at bonds or stock on oil price falling substantially, and only opportunistically, given that stock will lack distributions for many years ahead, but bonds might present an opportunity.