Horizon Oil (ASX: $HZN) Half-Year 2024 Results Overview

Horizon Oil Limited (ASX: $HZN) has reported a statutory profit after tax of US$18.3 million, with an interim FY24 distribution to shareholders of AUD 1.51 cps (~US$16 million). The company achieved net cash of US$45.1 million and sales revenue of US$66.1 million, with sales volume reaching 757,784 bbls. Additionally, the company generated EBITDAX of US$44.0 million and demonstrated a continued focus on ESG performance.

Executive Commentary on Half-Year 2024 Results

The company's CEO, Richard Beament, highlighted the strong performance in the half-year 2024 results, emphasizing the record production and sales volumes, robust cashflow, and the company's continued commitment to ESG performance. Beament also expressed satisfaction with the strategic asset position in the Australian NT and access to the East Coast, particularly noting the recent offtake agreement with Arafura Rare Earths Ltd as a demonstration of Mereenie's strategic value in supporting the energy transition.

Summary of Half-Year 2024 Results and Outlook

Horizon Oil (ASX: $HZN) has delivered a strong performance in the half-year 2024 results, with record production and sales volumes, robust cashflow, and a continued focus on ESG performance. The company's strategic asset position in the Australian NT and access to the East Coast, along with the announced Mereenie transaction, are expected to contribute to stable production and cash flows. The company aims to continue maximizing free cashflow, delivering further distributions to shareholders, and investing in production growth. Horizon Oil's guidance for FY24 anticipates a strong end to the financial year, driven by production and oil price, with a focus on cost control and other initiatives to maximize earnings.