Karoon Energy flagged a decline in revenue and net profit from ordinary activities after tax attributable to members for the half year to June 30.
The company reported revenue from ordinary activities of US$409.4 million ($602.8 million), down marginally from US$412.9 million ($608 million) in the previous six-month period.
Karoon Energy swung to a net loss of US$61.8 million ($91 million), compared to a net profit of US$122.5 million ($180.4 million) in the prior period.
The underlying NPAT fell to US$115.8 million ($170.5 million) from US$144.7 million ($213.1 million) in the last reporting period.
The company's net tangible asset backing per ordinary share improved, rising to US$1.17 ($1.72) from US$1.02 ($1.50) in the previous six months.
The company reported zero lost time injuries during this period, down from 8.6 LTIs in the full year 2023.
Karoon Energy highlighted an increase in free cash flow, which grew to $6.3 million for the first half of 2024 up from $5.6 million in the same period last year.
The improvement was driven primarily by higher production efficiencies and cost-reduction strategies.
"Achieving zero lost time injuries is a significant milestone and a testament to our commitment to safety," said Julian Fowles, CEO and managing director of Karoon Energy.
The company also revised its contingent exploration expenditure, allocating more resources to its operations in Brazil, reflecting its potential for future development.
No controlled entities were acquired or disposed of during the current or previous corresponding period.
Directors have resolved to pay an interim dividend of 4.50 cents per share for the half-year ended June 30.
The ex-dividend date is set for Sept. 3, with the record date on Sept. 4 and payment scheduled for Oct. 21.