Karoon Energy shares fall amid year-on-year dip in Q2 revenue
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The news: Oil and gas business Karoon Energy has reported a 24.9% slide in revenue in the June quarter 2025 year-on-year, despite posting increased production.
The numbers: Shares in Karoon Energy had slipped 1.3% to $1.94 at 11:00am AEST.
Compared to the same period in 2024 revenue has fallen by 4.4% even though production was up 37.3%. Average realised prices for oil from the Baúna project were USD64.15 per barrel in the three months to June 2025, down from USD82.55 per barrel year-on-year.
However, production in the three months ending in June had increased by 25% to 2.94 million barrels of oil equivalent compared to the March quarter, while sales were 21% higher.
Capex was also 97% higher than the March quarter and net debt had increased by 49% to USD237.9 million. This is 250.9% greater year-on-year.
The context: The results in the three months to June quarter were affected due to a planned 20-day maintenance shutdown at its Baúna Project and the SPS-88 well was brought back online in March. Meanwhile, production at the Who Dat field in the Gulf of Mexico was 6% lower than the prior quarter.
Who Dat East has entered the Define phase, including FEED activities, to be completed over 2H25 ahead of a potential final investment decision for a single well development by late 2025 or early-2026.
The company also commenced the relocation of its corporate head office roles from Melbourne to Houston and Rio de Janeiro in the quarter.
Financial results for the first-half of 2025 will be released on 27 August.
The source: ASX
