Karoon Energy reported a 275% increase in its NPAT in FY23 Half Year result

On 22 February 2023, Karoon Energy Limited (ASX: KAR) announces FY23 half year results, showing:

• The company's underlying net profit after tax (NPAT) rose significantly by 275% to reach US$82.4 million, driven by a 33% surge in sales volumes.
•  The statutory NPAT amounted to US$77.6 million, representing a significant improvement from the previous corresponding period's loss of US$97.7 million that was affected by a US$121.3 million non-cash adjustment.
• Moreover, the company managed to lower unit production costs by 26% to US$17.30/bbl due to higher production over a largely fixed cost base.
• In contrast, unit depreciation and amortization for the period amounted to US$14.09/bbl, while other costs were consistent with the half-year guidance outlined in the December 2022 quarterly report.
• As of 31 December 2022, the company had US$163.2 million in cash and cash equivalents, with US$180 million of undrawn debt.
• Finally, the company's FY2023 key metrics guidance remains unchanged from that presented in the December 2022 quarterly report.

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