Company Reports

Latin and North American hydrocarbon producer Karoon Energy reported a 35% decline in first-half underlying net profit after tax to USD 29 million. The result was struck on a 44% fall in production to 3.2 million barrels of oil equivalent, partially offset by 22% higher prices.

Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

Latin and North American hydrocarbon producer Karoon Energy reported a 45% sequential decline in second-quarter 2026 production to 1.1 million barrels of oil equivalent, or mmboe. Revenue fell 9% to USD 116 million with a 33% decline in volumes only partially countered by 35% improved prices.

Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

Latin and North American hydrocarbon producer Karoon Energy reported a 19% sequential decline in first-quarter 2026 production to 2.0 million barrels of oil equivalent. Revenue fell 18% to USD 128 million, with a 30% decline in volumes partially offset by a 12% improvement in commodity pricing.

We inadvertently published the wrong financial model/forecasts with the prior Karoon note, and we publish this one with the correct numbers. The rest of our commentary and analysis stands. Begun on Feb. 28, 2026, the US-Iran conflict is a highly dynamic situation choking the Strait of Hormuz.

The war in the Middle East, which started on Feb. 28, 2026, is a highly dynamic situation. While the US and Israel have achieved clear air superiority, Iran has effectively choked the Strait of Hormuz, threatening shipping deemed allied to the coalition forces.

Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

Latin and North American hydrocarbon producer Karoon Energy reported a 50% decline in fiscal 2025 underlying NPAT to USD 108 million. Production was steady at 10.9 million barrels of oil equivalent. But sales volumes and pricing fell 7% and 13% to 9.9 mmboe and USD 64.70 per boe, respectively.

Latin and North American hydrocarbon producer Karoon Energy reported an 8% decline in fourth-quarter 2025 production to 2.5 million barrels of oil equivalent. Sales revenue fell 5% to USD 156 million, with 10% lower average pricing offsetting 6% higher sales volumes.

Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

Karoon Energy's third-quarter 2025 production fell 12% to 2.6 million barrels of oil equivalent, reflecting Bauna well issues and a planned Who Dat shutdown. But revenue rose 3% to USD 164 million, benefiting from favorable cargo timings and higher oil prices. Shares gained 9% on the day.

Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

We've updated our midcycle oil price assumption. Our 10-year forecast marries our bullish in-house oil demand view with Rystad's supply projections, which aligns with our revised, long-term take.

Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

Hydrocarbon producer Karoon Energy reported a 61% decline in fiscal 2025 first-half underlying net profit after tax to USD 45 million. Production grew 4% to 5.7 million barrels of oil equivalent. Sales volumes and pricing fell 13% to 4.8mmboe and USD 64.70 per boe, respectively.

Karoon Energy, formerly Karoon Gas Australia, listed on the ASX in June 2004 and spent the first 15 years or so of life raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on balance sheet. No cash-generative assets had been delivered and no shareholder returns made.

Latin and North American hydrocarbon producer Karoon Energy reported a 22% increase in second-quarter 2025 production to 3.1 million barrels of oil equivalent. Sales revenue jumped 7% to USD 160 million, with higher volumes more than offsetting 11% lower average pricing.