4 ASX energy shares heating up on quarterly reports today

The Australian share market is making another move higher today, bringing returns from the S&P/ASX 200 Index (ASX: XJO) to 7.8% so far this year. Today’s enthusiasm is being felt across ASX energy shares, with the sector’s performance peaking in early afternoon trade.

While the energising segment is on the move, there are a handful of energy companies that are receiving heightened attention on Tuesday. Juiced-up trading volume can be found in several names following the release of their quarterly reports.

Here’s a quick summary of the results.

Drilling down into these ASX energy shares

Warrego Energy Ltd (ASX: WGO)

The $478 million oil and gas explorer released its quarterly cash flow and activities report today for the three months ending 31 December 2022. In response, investors have pushed shares in the ASX energy company up 1.3% to 39.5 cents apiece.

According to the cash flow report, Warrego pulled in $1.26 million in cash receipts from customers during the quarter. However, the company experienced a net operating cash outflow of $4.49 million after expenses.

Notably, Warrego’s made further progress on its host of projects during the quarter while fielding an ongoing takeover war from Hancock Energy and Strike Energy.

Cooper Energy Ltd (ASX: COE)

Next up is Cooper Energy, a $513 million ASX energy share that is on the way down on Tuesday. The market appears to be unimpressed by the company’s figures for the second quarter.

According to its release, Cooper Energy achieved record year-to-date production and revenue. Production increased by 16% to 1.82 million barrels of oil equivalent (MMboe). However, production and revenue fell 16% and 17% respectively in Q2 compared to the prior corresponding period.

Shares in the company are currently 1.54% below yesterday’s closing price, swapping hands at 19.2 cents apiece.

Karoon Energy Ltd (ASX: KAR)

Back to ASX energy shares that are in the green. Karoon Energy has settled 0.22% higher at $2.325 a share in late afternoon trading as the market digests its latest update. Earlier today, it hit a high of $2.38 a share, or 2.6% higher.

The two major positives to take from Karoon’s quarterly are its 62% increase in production — reaching 2.08 MMboe — and its 34% lift in oil sales. The elevated sales helped the ASX energy share secure US$159.2 million in oil sales revenue.

Melbana Energy Ltd (ASX: MAY)

Last but not least is the best performing of the bunch, Melbana Energy. Shares in the small-cap energy company shot 15.6% higher at one stage today, hitting 8.9 cents a share. Melbana shares are currently trading at 8.1 cents each, up 5.2%.

This ASX energy share actually released its quarterly report after the market close yesterday. Although, the report largely covered the status of its Zapato-1st exploration well and its plans for well appraisals.

Today, Melbana revealed independent assessments estimate volumes of 1.9 billion barrels of oil in place at Amistad structure in Block 9. The company will now move to evaluate the quality and performance of this formation.

The post 4 ASX energy shares heating up on quarterly reports today appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler 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.

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