Viva Energy (ASX:VEA), Karoon Energy (ASX:KAR) and Strike Energy (ASX:STX) operate across different parts of the Australian energy sector. Viva Energy combines refining, fuel distribution and convenience retailing, Karoon produces offshore oil from Brazil and the US Gulf of Mexico, while Strike Energy is progressing gas and power projects in Western Australia’s Perth Basin.

Their 2026 company updates cover refining operations, offshore production, project financing, gas development and Capital management.

Viva Energy (ASX:VEA)

Viva Energy (ASX:VEA) operates the Geelong refinery in Victoria alongside a national fuels distribution and convenience retail network. Its operations include retail fuel sites, commercial and industrial fuel Supply and the OTR convenience business.

For the six months ended 30 June 2026, Viva reported replacement-cost EBITDA of approximately A$774 million and replacement-cost net profit after tax of around A$371 million. Net Debt declined to approximately A$1.7 billion at the end of June 2026.

The refining Business benefited from a Geelong refining Margin averaging above US$21 per barrel during the half. Convenience & Mobility EBITDA reached approximately A$139 million, while the Commercial & Industrial division supplied around 5.9 billion litres of fuel during the period.

Karoon Energy (ASX:KAR)

Karoon Energy (ASX:KAR) is an offshore oil producer with operations centred on the Baúna project in Brazil and an interest in the Who Dat Assets in the US Gulf of Mexico.

For the six months ended 30 June 2026, Karoon reported Revenue of approximately US$244.9 million, statutory net profit after tax of US$26.7 million and underlying net profit after tax of around US$29.2 million. Underlying EBITDAX was approximately US$129.7 million.

Baúna contributed approximately 3.17 million barrels of oil equivalent on a net working-interest basis during the half. Combined net revenue-interest sales across Karoon’s portfolio were approximately 3.08 million barrels of oil equivalent.

Net debt stood at approximately US$269.7 million at 30 June 2026. Karoon also continued its on-market share buyback during the half and declared an Interim Dividend of 1.2 Australian cents per share.

For calendar 2026, Karoon provided Brazilian production guidance of 6.0 million to 6.7 million barrels and Who Dat net revenue-interest volumes of 1.2 million to 1.5 million barrels of oil equivalent. Total guided production was therefore 7.2 million to 8.2 million barrels of oil equivalent.

Strike Energy (ASX:STX)

Strike Energy (ASX:STX) is developing gas resources in Western Australia’s Perth Basin. Its portfolio includes the producing Walyering project and development assets at South Erregulla and West Erregulla.

During 2026, Strike progressed the South Erregulla gas-fired power project. The Facility is designed to provide approximately 85 MW of generation capacity and has an estimated project cost of around A$137 million. Financing arrangements include approximately A$217 million from Macquarie Bank, together with Cash Flow generated from Walyering.

The South Erregulla development is designed to connect gas production with electricity generation in the South West Interconnected System. Commissioning had been scheduled ahead of October 2026, with energy and capacity sales planned for the 2026–27 capacity year.

Strike also continued work on West Erregulla. The company reached an agreement covering gas processing through Hancock Energy’s proposed Belisama processing facility. The arrangement includes up to A$30 million of funding support alongside amended financing facilities.

Energy Sector Activity

Viva Energy (ASX:VEA), Karoon Energy (ASX:KAR) and Strike Energy (ASX:STX) have different operating structures despite their common exposure to energy markets.

Viva combines refining with fuel distribution and convenience retailing. Karoon’s activities are centred on offshore oil production, while Strike is progressing Perth Basin gas and power developments.

Refining margins, production volumes, oil and gas prices, project schedules and financing remain relevant operating variables across these businesses.

Key Risks

Viva Energy remains exposed to refining margin movements, operating reliability at Geelong and the timing and cost of remediation following the April 2026 incident. Retail fuel volumes and convenience operations also influence group performance.

Karoon Energy is exposed to oil-price movements and production performance at Baúna and Who Dat. Its unhedged production profile means realised revenue can vary with changes in Crude Oil prices. Offshore operating interruptions and changes in net debt are additional considerations.

Strike Energy remains exposed to project financing, construction schedules and commissioning at South Erregulla. West Erregulla also requires further development work and a final Investment decision before commercial production can commence.

What Investors May Watch Next

For Viva Energy (ASX:VEA), subsequent company disclosures may provide further information on Geelong refinery remediation, refinery utilisation and performance across Convenience & Mobility.

For Karoon Energy (ASX:KAR), quarterly production reports will provide information on Baúna operations, Who Dat volumes, realised oil pricing and progress against full-year production guidance.

For Strike Energy (ASX:STX), scheduled milestones include commissioning and operation of the South Erregulla power project and further progress toward a West Erregulla final investment decision.