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Karoon Energy
Karoon Energy (KAR) investor relations material
Karoon Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Jan, 2026
Executive summary
Fourth quarter 2025 production was 2.37 MMboe (NRI), down from 2.59 MMboe in Q3, due to Baúna well downtime and natural decline; full-year 2025 production reached 10.3 MMboe, near the top of guidance and just below 2024's record.
Baúna FPSO efficiency hit a record 98.8% in Q4 and 95.1% for the year, up from 84.5% in 2024, reflecting maintenance improvements.
Sales volumes in Q4 were 2.65 MMboe, 5% higher than Q3, but revenue fell to $156.1M due to lower oil prices.
No recordable safety incidents or lost time injuries in the quarter; E6 sidetrack at Who Dat brought online below budget and met expectations.
New CEO and MD, Carri Lockhart, appointed in November 2025.
Financial highlights
Q4 sales revenue was $156.1M, down from $164.1M in Q3, reflecting lower realised oil prices despite higher sales volumes.
Full-year Baúna production was 7.67 MMbbl (+3% YoY); Who Dat NRI production was 2.60 MMboe (-10% YoY).
Average realised oil prices: Baúna $61.53/bbl (-10% QoQ), Who Dat $57.06/bbl (-8% QoQ).
Q4 capital expenditure was $44M, mainly for E6 sidetrack and Santos Basin signature bonuses; full-year capex $136.4M (+49% YoY).
Net debt at year-end was $143.9M, with $206.1M cash and $350M drawn debt; total liquidity $546.1M.
Outlook and guidance
2026 production guidance: 8.1–9.2 MMboe (NRI), with a stronger second half expected after Baúna investment program.
Unit production cost guidance for 2026: $12–15/boe (NWI), with costs expected to decline post-FPSO operatorship transition.
Capex guidance for 2026: $110–135M, including Baúna well interventions and Who Dat A1 sidetrack.
2025 capex (excluding FPSO acquisition) expected at $96–101M, lower than prior guidance.
Guidance excludes one-off items: flotel costs, FPSO transition costs, and corporate office relocation.
What free cash flow level supports buyback?
How does lower oil price impact Neon FID?
What are key risks to 2026 H2 Baúna ramp-up?
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Next Karoon Energy earnings date
H2 202525 Feb, 2026
Karoon Energy
Next Karoon Energy earnings date
H2 202525 Feb, 2026
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Frequently asked questions
Karoon Energy Ltd is an independent oil and gas exploration and production company. It primarily focuses on identifying, exploring, and developing energy projects, with a significant emphasis on oil and natural gas resources. The company's operations are predominantly based in South America, where it manages several offshore oil fields, particularly in Brazil. Karoon Energy Ltd employs various technologies and approaches to optimize the extraction and production of hydrocarbons, aiming to operate efficiently and sustainably within the energy sector. The company is headquartered in Melbourne, Victoria, and its shares are listed on the ASX.
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