Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Aug 2019annual report▲ Good
The 2019 Annual Report repeats the FY19 results: record production of 29.4 MMboe, sales revenue of $1,925m and underlying NPAT of $560m. It also reports a safest year on record and sets out the 26 November 2019 AGM date. No new announcement in the extracted text.
19 Aug 2019other● Neutral
Appendix 4G, the standard key to Beach's corporate governance disclosures for FY19, lodged with the annual report. Administrative filing with no substance.
19 Aug 2019half year report▲ GoodMajor
FY19 results: production 29.4 MMboe, underlying NPAT $560m, net cash two years early. 2P reserves rose to 326 MMboe (204% replacement). FY20 guidance is 27-29 MMboe; the five-year target was lifted to 34-40 MMboe (from 30-36) and FCF to $2.7bn.
19 Aug 2019annual report▲ Good
Appendix 4E for FY19: revenue rose 64% to $2,078m and NPAT rose 190% to $577m, with underlying NPAT up 86% to $560m. A 1.0 cent fully franked final dividend is payable 30 September 2019.
19 Aug 2019other● Neutral
2019 Corporate Governance Statement, approved by the board on 16 August 2019. It describes board roles and skills; the board has nine directors. Administrative disclosure with no operational or financial news.
19 Aug 2019investor presentation● Neutral
FY19 results presentation repeating the same-day results: 29.4 MMboe, underlying NPAT $560m, 194 wells targeted in FY20 and the raised five-year outlook. No new information evident in the text provided.
7 Aug 2019other● Neutral
Notice that Beach will release its FY19 results on 19 August 2019, followed by a conference call. Administrative notice with no substance.
30 July 2019drilling spud● Neutral
Cooper Energy (not Beach) reported the Parsons-6 spud, the first of three oil appraisal wells in PEL 92, operated by Beach (75%, Cooper 25%). The wells test the field's extent, and successful wells could produce in Q4 2019.
24 July 2019quarterly activities report▲ Good
FY19 production was a record 29.4 MMboe on sales revenue of $1.9bn and free cash flow of $557m. Beach reached net cash of $172m at 30 June 2019, two years earlier than initially expected. Haselgrove-4 will be production tested in Q1 FY20.
3 July 2019joint venture update▲ GoodMajor
Beach agreed to sell a 17% interest in Beharra Springs, EP 320 and PL 18 to Mitsui's MEPAU, moving to 50:50 and keeping operatorship. It also signed a 20 TJ/day Waitsia gas deal with Alinta from July 2020 for 4.5 years, with Stage 1 expansion approved.
14 June 2019other▲ Good
S&P Dow Jones Indices announced Beach will be added to the S&P/ASX 100 from 24 June 2019. An index change that does not alter the company's operations or assets.
7 June 2019farm in farm out completion▲ GoodMajor
Cue (not Beach) announced completion of the Ironbark agreements. Beach now holds 21% of WA-359-P alongside BP (42.5%, operator), Cue (21.5%) and NZOG (15%). The Ironbark-1 well is scheduled for late 2020. This completes the thread open since October 2018.
31 May 2019asset acquisition disposition▲ GoodMajor
The sale of 40% of Beach's Victorian Otway assets to O.G. Energy completed, with a $262m payment received ($344m price less $82m adjustments). Beach keeps 60% and operatorship, moves to net cash, and will transfer 40% of La Bella to O.G. Energy.
23 May 2019regulatory community update▲ Good
Cue (not Beach) reported NOPTA approved the WA-359-P title transfers, satisfying the final conditions of the Ironbark agreements. Beach's 21% interest is set, with completion expected shortly and the well due late 2020.
1 May 2019investor presentation● Neutral
Macquarie conference presentation repeating known targets: FY23 production of 30-36 MMboe, over 100% reserves replacement and over $2.6bn cumulative free cash flow. Otway sale completion is still assumed. No new announcements evident in the text provided.
30 Apr 2019quarterly activities report▲ Good
March quarter production was 7.23 MMboe, revenue $470m, and net debt fell to $219m. Record Western Flank oil output; FY19 production and EBITDA are guided towards the top of range. Beach was awarded VIC/P73 (La Bella gas discovery) and a key Ironbark condition was met.
16 Apr 2019other● Neutral
Beach advised that 414,547 shares held in voluntary escrow will be released on 3 May 2019. Administrative notice with no substance beyond the share count.
10 Apr 2019regulatory community update▲ Good
Cue (not Beach) announced a 24-month suspension and extension for WA-359-P was granted, to 25 April 2021. This satisfies the permit condition in the Ironbark farm-in, in which Beach is to hold 21%. Drilling is planned for late 2020.
21 Mar 2019asset acquisition disposition▲ GoodMajor
Red Sky (not Beach) received South Australian ministerial consent and completed the transfer of the Innamincka Dome licences from Beach's subsidiary. This closes the exit from these shut-in Cooper Basin assets, pending since January 2019. No sale price is stated.
11 Mar 2019material agreement● Neutral
Key Petroleum (not Beach) signed a non-binding MoU with Santos and Beach subsidiaries for processing its Tanbar gas at Moomba. Beach is a counterparty as Moomba co-owner; terms are confidential and no direct impact on Beach is stated.
8 Mar 2019asset acquisition disposition● Neutral
Red Sky (not Beach) amended its Innamincka Dome purchase so Beach keeps providing financial security for the licences, and applied for Ministerial consent. All SPA conditions are then satisfied. Red Sky is raising about $342,000 at 0.18 cents per share.
28 Feb 2019investor presentation● Neutral
Asia roadshow presentation for Singapore and Hong Kong investors, repeating known themes such as the 30-36 MMboe FY23 target and the Otway sale assumed to complete at end Q3 FY19. No new announcements evident in the text provided.
26 Feb 2019director officer appointment● NeutralMajor
Sally-Anne Layman joined the board as an independent non-executive director from 25 February 2019, meeting the long-sought female director goal. CEO Matt Kay was also made a director and Managing Director from the same date.
18 Feb 2019joint venture update▲ GoodMajor
Santos announced it will align interests with Beach as 50/50 partners across four Bonaparte Basin permits (NT/P82, NT/P85, NT/P84, WA-454-P), with Santos operating. This resolves the open Bonaparte farm-down thread. Next step is seismic evaluation, with drilling possible within a few years.
13 Feb 2019half year report▲ Good
Half-year report for the six months to 31 December 2018: revenue up 169% to $1,057m and NPAT up 196% to $283m. Interim dividend is 1.0 cent fully franked, unchanged from the prior year. Full-report detail matches the results release.
13 Feb 2019half year report▲ GoodMajor
H1 FY19 underlying NPAT rose 199% to $279m on sales revenue of $955m, with a 1.0 cent interim dividend. FY19 EBITDA guidance was lifted by $200m to $1.25-1.35bn. Net cash is expected by end Q3 FY19; La Bella gas field was secured.
7 Feb 2019other● Neutral
Notice that Beach will release its half-year results and presentation on 13 February 2019, with a conference call at 11am AEDT. Administrative notice with no substance.
5 Feb 2019asset acquisition disposition● Neutral
Red Sky (not Beach) again extended its deadline, to 14 February 2019, to buy Beach subsidiary Acer's Innamincka Dome tenements. Completion is now conditional on Ministerial consent. Beach's exit from these shut-in Cooper Basin assets is still not complete.
31 Jan 2019production update▲ GoodMajor
FY19 production guidance raised to 28-29 MMboe (from 25-27) on strong H1 output of 15.2 MMboe and higher Bauer oil. Capex narrowed to $450-500m. Otway sale completion now expected 31 March 2019, not 31 December 2018, adding 0.7-0.9 MMboe.
31 Jan 2019quarterly activities report▲ Good
December quarter production was 7.4 MMboe (down 4%), revenue $441m, and net debt fell to $331m (gearing under 14%). Lattice integration is complete, with $56m synergy run rate against a $60m target. Debt-free is targeted on Otway sale completion, expected by end March 2019.
