2 ASX energy shares going gangbusters on today's earnings results

The ASX energy shares are drawing investor interest today after releasing their half-year earnings results.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Two ASX energy shares are setting the bar high today.

In afternoon trade on Thursday, the All Ordinaries Index (ASX: XAO) is down 0.1%.

But energy stocks Karoon Energy Ltd (ASX: KAR) and Cue Energy Resources Ltd (ASX: CUE) are up 3% and 40% respectively following the release of their half-year earnings results.

Here's what they reported.

Two workers at an oil rig discuss operations.

Image source: Getty Images

Karoon share price lifts on profit boost

The Karoon share price is marching higher after the ASX energy share reported underlying net profit after tax (NPAT) of US$145 million, up 129% from the prior six months.

The company attributed the boost in profits to higher hydrocarbon sales, improved oil price realisations and lower unit production costs.

Statutory NPAT of US$122.5 million was up 43% from US$85.4 million in the prior half year. This included one-off costs relating to Karoon's Who Dat acquisition, along with hedging and foreign exchange losses.

Sales revenue of US$413 million increased 54.5% from the previous half-year. While underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$283 million increased by 94%.

Karoon held cash and cash equivalents at 31 December of US$170 million.

Commenting on the results lifting the ASX energy share today, CEO Julian Fowles said:

Karoon achieved underlying NPAT of US$144.7 million, which was a record for the company for a six-month period. Baúna Project sales volumes and realised oil prices both increased, up 36% and 13% respectively when compared to the prior six months.

In addition, we received the first contributions from the Who Dat acquisition in the US Gulf of Mexico, albeit for only 11 days.

Which brings us to…

ASX energy share Cue rockets amid special dividend

The Cue Energy share price is shooting out the lights today on the heels of the company's own half-year results (1H FY 2024).

The ASX energy share achieved a 22% year on year increase in six-month revenue to $29 million.

Underlying EBITDAX (which excludes items like exploration costs) came in at $19 million, up 21% from 1H FY 2023.

And NPAT leapt 34% year on year to $9 million.

This saw management declare a 2 cent per share special dividend, which they said was supported by strong cash flow and cash reserves.

Cue had a cash balance of $23 million as at 31 December, up from $15 million at 30 June.

Commenting on the strong results sending the ASX energy share rocketing today, Cue CEO Matthew Boyall said, "We're building on a consistent trend of growth, with revenue increasing more than 200% over the past four years."

Boyall added:

This success is fuelled by several key factors including strong production performance, disciplined reinvestment and an ongoing focus on lowering costs. Our Indonesian assets, particularly the Mahato PSC, were significant contributors, generating $16.4 million in revenue.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Earnings Results

Woman sits cross legged on bed drinking a glassing of wine and holdaing TV remote control.
Earnings Results

Dan Murphy's owner Endeavour tumbles on results day

The Dan Murphy's owner has released its results today.

Read more »

Two workers working with a large copper coil in a factory.
Earnings Results

ASX copper producer falls after record Q4 performance

Record production and earnings fail to lift Capstone shares.

Read more »

Smiling young parents with their daughter dream of success.
Technology Shares

Why are Life360 shares jumping 15% today?

This tech stock delivered another strong result in FY 2025. Here's what it reported.

Read more »

A smiling businessman in the city looks at his phone and punches the air in celebration of good news.
Earnings Results

Life360 FY25 earnings: revenue jumps, positive outlook for FY26

The Life360 saw revenue jump 32% in FY25.

Read more »

A young woman's hands are shown close up with many blingy gold rings on her fingers and two large gold chains around her neck with dollar signs on them.
Earnings Results

Michael Hill shares hit 12-month high after first-half profit jump

Michael Hill profit jumps 28% as its shares hit a 12-month high.

Read more »

young female doctor with digital tablet looking confused.
Earnings Results

Neuren shares dip after FY25 result. Here's what stood out

Royalties rise at Neuren, but total income falls for FY25.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Earnings Results

Why TPG shares are down on strong full-year results

Were investors expecting more from the telco's turnaround?

Read more »

A worried man chews his fingers.
Earnings Results

Bapcor shares crash 49% after shock loss and $200m emergency capital raise

Bapcor shares plunge after reporting heavy losses and a deeply discounted capital raise.

Read more »