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Karoon Energy (KAR) investor relations material
Karoon Energy Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 1.08 MMboe production in Q2 2026, with sales revenue of US$116.4 million, driven by higher realised oil prices.
Completed Baúna FPSO operatorship transition and major revitalisation, restoring production and improving efficiency to 97%.
Who Dat A1 sidetrack came online in July, supporting near-term production; E riser remediation ongoing.
Maintained strong safety record with no recordable incidents in 2026; two minor process safety incidents resolved.
Strategic growth initiatives progressing, including Who Dat East FID expected in Q3 and Neon development optimisation.
Financial highlights
Q2 2026 revenue was US$116.4 million, down 9% year-over-year and 11% quarter-on-quarter for Baúna oil.
Average realised prices: Baúna oil US$94.56/bbl (+33% QoQ), Who Dat liquids US$101.93/bbl (+55% QoQ).
Net debt at 30 June 2026 was US$269.7 million, with US$80.3 million cash and US$350 million drawn debt.
Total liquidity stood at US$363.6 million at quarter-end.
2.8 million shares repurchased in Q2 2026 for US$4 million; further buyback to commence in July.
Outlook and guidance
Full-year 2026 production guidance: 7.2–8.2 MMboe (Brazil: 6.0–6.7 MMbbl, Who Dat: 1.2–1.5 MMboe NRI).
Unit production costs guided at US$12–15/boe; total capex expected at US$178–202 million.
Higher free cash flow anticipated in 2H26, assuming oil prices US$60–70/bbl and operational performance in line with guidance.
Who Dat East FID expected in Q3 2026; Neon project milestone in Q4 2026.
- Low-cost, high-margin offshore assets and robust reserves drive strong returns and growth.KAR
Investor presentation - Strong returns, production growth, and sustainability advances highlighted at the AGM.KAR
AGM 2026 - Strong margins, disciplined growth, and robust shareholder returns define recent performance.KAR
Investor presentation - Higher oil prices offset lower production in Q1 2026; operational transitions and remediation ongoing.KAR
Q1 2026 - Strong cash flow and reserves growth supported robust shareholder returns despite lower oil prices.KAR
H2 2025 - Record Baúna FPSO efficiency offsets lower oil prices; 2026 outlook targets production recovery.KAR
Q4 2025 - Production up 4%, revenue and profit down 25% and 61%, but reserves and liquidity strong.KAR
H1 2025 - 1H24 profit declined on lower Baúna output, but liquidity and shareholder returns increased.KAR
H1 2024 - Underlying NPAT up 3% to US$214M, with record production but operational challenges.KAR
H2 2024
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