Karoon Energy (KAR) Q3 2026 earnings summary

Executive summary

• 3Q26 production reached 2.27 MMboe, up 110% QoQ; revenue rose 64% to US$191.6m as higher volumes outweighed lower realised oil prices.

• Baúna and Who Dat operating efficiency was 96.3% and 99.9%, respectively; SPS-92’s late-quarter electrical fault reduced well output.

Financial highlights

• 3Q26 total sales were 2.39 MMboe, up 94% QoQ; revenue was US$191.6m versus US$116.4m in 2Q26.

• Baúna oil revenue rose 70% QoQ to US$158.6m; Who Dat revenue increased 42% to US$33.0m.

• 3Q26 accrual capex was US$35.7m, primarily SPS-92 intervention US$19.8m, Who Dat A1 sidetrack US$4.1m and Who Dat East US$4.0m.

Outlook and guidance

• CY26 production guidance remains 6.6–7.2 MMboe; Brazil 5.4–5.7 MMbbl and Who Dat 1.2–1.5 MMboe.

• CY26 unit production cost guidance is US$15–16/boe; total capex guidance US$193–222m, excluding specified flotel, transition and relocation costs.

• Neon FEED entry decision is expected in 4Q26; Who Dat G1 sidetrack drilling is expected to start in 4Q26, with production targeted in 2027 if successful.