Karoon Energy, an oil producer focused on Brazilian operations, has reported a 2 per cent decrease in net profit to $US125.5 million ($176.3 million) for the full year. The decline comes as sales volumes slipped and oil prices softened. Profit before one-off items also slumped 50 per cent to $US107.5 million for the year ending December 31, a drop from $US214 million the previous year. Revenue saw a 19 per cent decrease, falling to $US628.6 million. Karoon Energy focuses on the exploration and production of oil and gas, primarily in Brazil. The company aims to create value through the development of its assets and strategic acquisitions.
The company, which currently holds a market value of approximately $1.2 billion, has declared a final dividend of 3.1¢ a share, a decrease from the 5¢ dividend issued at the same time last year. Chief executive Carri Lockhart, who joined Karoon late last year, characterised the company’s operational performance as “solid”. She attributed the decrease in profitability to weaker commodity prices impacting the company’s bottom line.
Lockhart highlighted that the first half of 2026 will be a crucial period for Karoon Energy. The company anticipates assuming full control of the Bauna production ship at its key offshore Brazil venture. Additionally, the company plans to restore full production from two wells at the venture by mid-year. These developments are expected to result in a “materially better” production performance at Bauna, contributing to improved financial results for Karoon.
