Karoon Energy
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Karoon Energy (KAR) investor relations material

Karoon Energy H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary26 Feb, 2026

Executive summary

  • Produced 10.3 million BOE in 2025, with 93% liquids, nearly matching prior year despite well issues and natural decline.

  • Achieved total shareholder return of 16% and share price appreciation of 11% in 2025, outperforming the S&P/ASX 200 Energy Index.

  • Paid $80 million to shareholders via dividends and buybacks, canceling 11% of shares since 2H 2024.

  • Maintained strong safety performance and reduced flaring by 41% year-over-year.

  • Baúna FPSO efficiency improved to 95.1%.

Financial highlights

  • Sales revenue was $628.6 million, down from $776.5 million in 2024 due to lower oil prices and volumes.

  • Underlying NPAT was $107.5 million; operating cash flow reached $231.3 million.

  • Closed the year with $206.1 million in cash and $143.9 million net debt, mainly due to FPSO acquisition.

  • Pre-tax cash margin remained above 65% per BOE despite oil price decline; gross margin improved to 66%.

  • Unit production costs reduced to $13.20/BOE; break-even realized price improved to $31/BOE.

Outlook and guidance

  • 2026 split into two halves: first half focused on intensive investment and maintenance, second half expected to benefit from increased uptime and production.

  • 2026 guidance: total production of 8.1–9.2 MMboe, unit production costs of $12–15/boe, and capex of $110–135m plus $28m Petrobras payment.

  • Who Dat 2026 production expected at lower end of 2.1–2.5 million BOE guidance due to riser repairs.

  • CapEx for 2026 front-loaded, with 85% expected in first half.

Neon development concept review timeline
Who Dat riser leak: confidence in 2026 guidance
South Santos Basin exploration farm-down strategy
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Frequently asked questions

Karoon Energy Ltd is an independent oil and gas exploration and production company. It primarily focuses on identifying, exploring, and developing energy projects, with a significant emphasis on oil and natural gas resources. The company's operations are predominantly based in South America, where it manages several offshore oil fields, particularly in Brazil. Karoon Energy Ltd employs various technologies and approaches to optimize the extraction and production of hydrocarbons, aiming to operate efficiently and sustainably within the energy sector. The company is headquartered in Melbourne, Victoria, and its shares are listed on the ASX.

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