Karoon Energy Ltd (KAR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you. Good morning, everyone, and thank you for joining our 2025 Full-Year Results webcast. My name is Carrie Lockhart, CEO and Managing Director of Karun. I have with me this morning Ray Church, our CFO, and Anne Diamond, our SVP of Investor Relations. Earlier this morning, we released our 2025 Full-Year Results to the market. This presentation should be read in conjunction with the ASX announcement And I draw your attention to the disclaimers on slide two and notes and definitions on slide three. I will move directly to slide five, which provides an overview of 2025. We are pleased with Karun's performance during 2025. We produced 10.3 million BOEs, which was nearly on par with last year, despite well issues and natural decline. While our sale revenue and NPAT were lower in 2025, largely due to the softer oil prices, our low costs high margin assets generated $231 million of operating cash flows, demonstrating the robustness of our business. These cash flows underpin the discipline investment in our organic growth opportunities and healthy returns to shareholders. We paid shareholders $80 million, which includes $35 million in dividends and $45 million in buybacks. Since the second half of 2024, we have purchased and counseled 11% of shares on issue, delivering solid returns to our shareholders. I will share more about our operations reserve and resource base and projects while Ray Church will discuss the 2025 results later in the presentation. Slide six summarizes our good safety record and sustainability initiative. We achieved year-on-year improvement in both personal and process safety, which are core to how we run our business. We also reduced our flaring by 41% compared to 2024 as we improved operations and FPSO reliability. We do remain committed to bei...