Karoon Energy (ASX:KAR) Announces 2024 Financial Results
Financial Performance
Karoon Energy reported an underlying net profit after tax (NPAT) of US$214 million for 2024, a 3% increase compared to 2023. Sales revenue on NRI basis totaled US$776.5 million, up by 14%. Unit production costs rose from US$12.4 per boe to US$13.6 per boe.
Production and Operations
Production reached a record 10.4 MMboe, with sales volume on an NRI basis increasing 23% to 10.7 MMboe. The 2C Contingent Resources grew by 17% to 121.4 MMboe, driven by the successful Who Dat drilling campaign.
Shareholder Returns
The Board declared a final dividend of 5.0 Australian cents per share, bringing total dividends to 9.496 Australian cents per share, equivalent to 23% of underlying NPAT. Total capital returns for 2024 amounted to US$85.7 million, including , including dividends and on-market share buybacks completed in 2024.
Future Outlook
Guidance for 2025 remains unchanged, with production expected between 9.0 and 10.5 MMboe.
Executive Comments
CEO and Managing Director, Dr Julian Fowles, stated, “Despite many challenges in 2024, Karoon’s 2024 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.”
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