Karoon Energy delivers US$26.7M net profit in H1
- Karoon Energy reported a statutory net profit after tax of US$26.7 million for the first half of 2026.
- The company declared an interim dividend of 1.2 cents per share alongside a US$15.3 million share buyback.
- Management attributes the performance to its Baúna investment programme aimed at improving second-half operations.
Karoon Energy (ASX:KAR) achieved sales revenue of US$244.9 million and an underlying net profit after tax of US$29.2 million for the half year ended June 30.
Total production costs at the Baúna and Who Dat fields decreased to US$59.3 million from US$74 million in the previous corresponding period following the vessel purchase.
"In H1 FY26, Karoon undertook its largest ever program of capital projects at Baúna in Brazil, designed to enhance the future performance of the Baúna FPSO and bring two important wells back into production," said Karoon Energy CEO and Managing Director Carri Lockhart.
The company spent US$15.3 million to repurchase 11.8 million shares at an average price of $1.84 per share, while net debt increased to US$269.7 million primarily due to capital expenditure.
Looking ahead, the company stated that reduced transitional service fees and newly approved field projects are expected to lower operating costs in the second half.
Following the announcement, the Karoon Energy share price was up at $1.82.
The producer operates offshore oil and gas assets in Brazil's Santos Basin and the United States Gulf of Mexico.
Recent expansion includes sanctioning the Who Dat East development and progressing front-end design work for the Neon field concept.
