Half Year 2024 Karoon Energy Ltd Earnings Call Transcript
Key Points
- Karoon Energy Ltd (KRNGF) completed the three-week shutdown of the Bauna FPSO as scheduled, with production currently around 25,000 to 26,000 barrels of oil per day.
- Who Dat production reached over 42,000 barrels of oil equivalent per day gross at the end of June.
- The company declared its first-ever dividend of AUD0.04496 per share, fully franked, representing a payout ratio of over 21% of underlying earnings.
- Karoon Energy Ltd (KRNGF) has a robust financial position with low gearing and strong liquidity.
- No environmental spills were recorded in the first half of 2024, highlighting strong environmental performance.
- The company experienced a lost time injury and a medical treatment case in the first half of 2024, the first in over 18 months.
- First half 2024 production at Bauna was lower than expected due to a three-week shutdown and FPSO reliability issues.
- Operating costs increased due to higher transportation costs and production costs at Who Dat.
- Finance costs were higher in the first half of 2024, reflecting the cost of debt used to acquire Who Dat.
- The company faced delays in bringing new wells on stream at Who Dat, impacting production rates.
Good morning, everyone, and thank you for joining our 2024 half year results webcast. My name's Julian Fowles and I'm the CEO of Karoon and I have with me this morning Ray Church, CFO; and Ann Diamant, Head of IR.
Earlier this morning, we released 2024 half year report and presentation to the market, which we are now going to talk through. Noticing the disclaimers on slide 2, I'll move through to slide 4, which provides an overview of the first half of 2024.
Karoon's main focus during this period was on ensuring the safety and reliability and production from our base assets to support sustainable shareholder returns. We also progressed our organic growth opportunities in both Brazil and in the USA.
The three-week shutdown of the Bauna FPSO was completed as scheduled, and production is currently around 25,000 to 26,000 barrels of oil per day, in line with our expectations. Meanwhile, Who Dat production reached more than 42,000 barrels of oil equivalent per day gross at the end of
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
