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Highlights
- Net profit after tax (NPAT) rises to $214 million, marking a 3% increase.
- Record production of 10.4 MMboe and sales growth of 23%.
- Total shareholder returns reach $85.7 million, including dividends and buybacks.
Karoon Energy (ASX:KAR) has released its financial results for 2024, showcasing strong operational performance and steady financial growth. The company reported an underlying net profit after tax (NPAT) of US$214 million, reflecting a 3% rise compared to the previous year. Sales revenue on a net revenue interest (NRI) basis climbed by 14% to US$776.5 million, demonstrating the company’s ability to enhance production efficiency while expanding its resource base.
Record Production and Resource Growth
Karoon Energy achieved a record production of 10.4 million barrels of oil equivalent (MMboe), reinforcing its strong operational capabilities. Sales volume on an NRI basis surged 23% to 10.7 MMboe, further supporting the company’s financial performance. Additionally, 2C Contingent Resources saw a 17% increase to 121.4 MMboe, largely attributed to the successful Who Dat drilling campaign, which played a key role in strengthening reserves.
While production growth remained strong, unit production costs experienced a slight uptick from US$12.4 per boe to US$13.6 per boe. This reflects operational adjustments and market-driven cost changes, which the company aims to optimize moving forward.
Shareholder Returns and Capital Management
Karoon Energy reinforced its commitment to returning value to shareholders by announcing a final dividend of 5.0 Australian cents per share, bringing the total dividend payout for 2024 to 9.496 Australian cents per share. This represents 23% of the underlying NPAT, demonstrating a balanced approach to growth and shareholder engagement.
Total capital returns for the year, including dividends and on-market share buybacks, amounted to US$85.7 million. These measures highlight the company’s strong cash flow position and disciplined capital management.
Future Outlook and CEO Insights
Looking ahead, Karoon Energy has maintained its 2025 production guidance at 9.0 to 10.5 MMboe. This stable outlook reflects confidence in the company’s ability to manage operations effectively while navigating industry challenges.
CEO and Managing Director Dr. Julian Fowles acknowledged the complexities faced in 2024 but emphasized Karoon Energy’s resilience and growth strategy. He stated, “Despite many challenges in 2024, Karoon’s full-year results demonstrate the strength of our more diversified production base and competitive cost structure. We are committed to addressing operational issues and restoring reliable operations.”
With solid financial performance, record-breaking production, and a focus on shareholder value, Karoon Energy remains positioned for continued success in the coming year.
