Karoon Energy
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Karoon Energy (KAR) investor relations material

Karoon Energy Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary22 Jul, 2026

Executive summary

  • Achieved 1.08 MMboe production in Q2 2026, with sales revenue of US$116.4 million, driven by higher realised oil prices.

  • Completed Baúna FPSO operatorship transition and major revitalisation, restoring production and improving efficiency to 97%.

  • Who Dat A1 sidetrack came online in July, supporting near-term production; E riser remediation ongoing.

  • Maintained strong safety record with no recordable incidents in 2026; two minor process safety incidents resolved.

  • Strategic growth initiatives progressing, including Who Dat East FID expected in Q3 and Neon development optimisation.

Financial highlights

  • Q2 2026 revenue was US$116.4 million, down 9% year-over-year and 11% quarter-on-quarter for Baúna oil.

  • Average realised prices: Baúna oil US$94.56/bbl (+33% QoQ), Who Dat liquids US$101.93/bbl (+55% QoQ).

  • Net debt at 30 June 2026 was US$269.7 million, with US$80.3 million cash and US$350 million drawn debt.

  • Total liquidity stood at US$363.6 million at quarter-end.

  • 2.8 million shares repurchased in Q2 2026 for US$4 million; further buyback to commence in July.

Outlook and guidance

  • Full-year 2026 production guidance: 7.2–8.2 MMboe (Brazil: 6.0–6.7 MMbbl, Who Dat: 1.2–1.5 MMboe NRI).

  • Unit production costs guided at US$12–15/boe; total capex expected at US$178–202 million.

  • Higher free cash flow anticipated in 2H26, assuming oil prices US$60–70/bbl and operational performance in line with guidance.

  • Who Dat East FID expected in Q3 2026; Neon project milestone in Q4 2026.

Who Dat G1 sidetrack drilling approval status
Neon host facility evaluation progress
Brazil export tax legal challenge status
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