Karoon Energy Ltd ( (KRNGF) ) has released its Q4 earnings. Here is a breakdown of the information Karoon Energy Ltd presented to its investors.
Karoon Energy Ltd is an international oil and gas exploration and production company with assets in Brazil, the USA, and Australia, listed on the ASX. In 2024, Karoon Energy reported its highest ever sales revenue and underlying profitability, driven by record production levels despite operational challenges at its Baúna Project in Brazil and Who Dat in the US Gulf of Mexico. The company achieved a sales revenue of US$776.5 million, a 14% increase from the previous year, and an underlying NPAT of US$214.0 million, up 3% from 2023. This was supported by a full year of contributions from the Who Dat assets, which accounted for 28% of production. Karoon also made significant progress on its organic growth opportunities, with successful exploration drilling at Who Dat leading to two new discoveries. The company’s strategic initiatives include improving production reliability at Baúna and Who Dat, with plans to acquire the Baúna FPSO to enhance efficiency and reduce costs. Looking ahead, Karoon’s management is focused on stabilizing operations, capturing value from growth opportunities, and maintaining strong capital returns to shareholders, supported by a robust balance sheet and ongoing cash flows.