12 Feb 2024investor presentation● Neutral
Slides for the H1 FY24 results released the same day. The extract shows only disclaimers and assumptions (Brent US$76.5/bbl for the rest of FY24); no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2024half year report▼ Bad
Half-year report to 31 December 2023: a statutory loss of $345.1m after the impairment, underlying NPAT $173m (down 10%), and a 2.0c interim dividend. Mostly full-form detail of the results announced the same day.
5 Feb 2024other● Neutral
Notice that half-year results will be released 12 February 2024, with a webcast led by new CEO Brett Woods and CFO Anne-Marie Barbaro. Administrative.
25 Jan 2024quarterly activities report▼ BadMajor
December quarter production fell 4% to 4.3 MMboe, but revenue rose 37% to $544m on the first Waitsia LNG cargo. A ~$721m non-cash impairment (Cooper Basin) is flagged, Origin Otway price review settled, FY24 production guidance trimmed to 18-20 MMboe.
10 Jan 2024director officer appointment● Neutral
Brett Woods will start as Managing Director and CEO on 29 January 2024, about three weeks earlier than planned. Interim CEO Bruce Clement stays until 28 January, then remains as a non-executive director.
14 Nov 2023other● Neutral
AGM addresses and slides. Interim Chair Ryan Stokes thanks retiring chair Glenn Davis and says chair talks are well progressed. He confirms Brett Woods starts as CEO in February 2024. Nothing new on results or operations in the extract.
18 Oct 2023drilling result▲ GoodMajor
Tarantula Deep 1 in the Perth Basin is a gas discovery, with 10 m net gas pay above a gas-water contact in 63 m of Kingia Sandstone, at 4,121 m. Results are in line with pre-drill estimates; the well will be suspended for future development.
12 Oct 2023director officer appointment● NeutralMajor
Chairman Glenn Davis, a director since 2007 and chair since 2012, will retire at the 14 November 2023 AGM. Ryan Stokes of Seven Group (about 30% holder) becomes interim chair, with Peter Moore as lead independent director; a preferred permanent chair candidate is in advanced talks.
21 Aug 2023drilling result▲ GoodMajor
Trigg Northwest 1 in the Perth Basin found gas in the Kingia Sandstone: 6 m net pay over a 49 m gross section, at 5,000 m depth. It follows the dry Trigg 1; commerciality is yet to be tested, with two discoveries from the first four wells.
14 Aug 2023annual report● NeutralMajor
FY23 production fell 11% to 19.5 MMboe; revenue $1,617m, underlying NPAT $385m (down 24%). Waitsia Stage 2 first gas now mid-CY2024 with $450-500m net capex, replacing the earlier end-2023 target and $400-450m. FY24 guidance: 18-21 MMboe, capex $850m-1bn.
14 Aug 2023annual report● Neutral
Appendix 4E for FY23: revenue down 7% to $1,646.4m, NPAT down 20% to $400.8m, underlying NPAT down 24% to $384.8m. Final dividend 2.0c fully franked, paid 3 October 2023 (record date 5 September).
14 Aug 2023annual report● Neutral
The 2023 Annual Report restates known FY23 results: revenue $1,617m, underlying NPAT $385m, 4.0c dividends declared and $434m liquidity. The AGM is set for 14 November 2023. The extract shows nothing new.
14 Aug 2023other● Neutral
Appendix 4G, a checklist pointing to Beach's corporate governance disclosures for FY23. Administrative; no new substance.
14 Aug 2023investor presentation● Neutral
Slides for the FY23 results, released the same day. The extract shows only disclaimers and assumptions (Brent US$79.5/bbl for FY24); nothing new beyond the results announcement.
14 Aug 2023annual report● Neutral
The 2023 Sustainability Report covers FY23 safety, emissions and community performance, with Ernst & Young limited assurance on some metrics. The extract contains no new financial or operating news.
14 Aug 2023other● Neutral
The 2023 Corporate Governance Statement, effective 11 August 2023, describes board practices. It states the board has six directors. Administrative compliance document.
9 Aug 2023director officer appointment● NeutralMajor
Beach appoints ex-Santos executive Brett Woods as Managing Director and CEO from 21 February 2024. Morné Engelbrecht leaves as CEO immediately; director Bruce Clement becomes interim CEO on $1.25m a year.
7 Aug 2023other● Neutral
Beach will release FY23 full-year results on 14 August 2023, with a webcast led by the CEO and CFO that morning. Administrative notice only; no results content.
24 July 2023director officer appointment● Neutral
Ryan Stokes, CEO of Seven Group Holdings (which has a relevant interest in 30.02% of Beach), joins the board from 23 July 2023. Margaret Hall retires as a director and becomes his alternate.
7 June 2023drilling result▼ BadMajor
Trigg 1, the first Beach-operated Perth Basin exploration well (Beach 50%), reached 4,914 m but the Kingia reservoir was too tight to flow gas. It will be plugged and abandoned and the Trigg 2 side-track will not be drilled. A dry hole.
18 May 2023joint venture update▼ BadMajor
Beach says a tight Western Australian labour market has slowed Waitsia Stage 2 construction, so it no longer considers the earlier end-2023 first gas target and $400-450m net capex estimate prudent. A cost and schedule review is ongoing. Contradicts the February 2023 targets.
17 May 2023production update▲ GoodMajor
Beach connected the Thylacine North 1 and 2 wells to the Otway Gas Plant, adding gas to the East Coast market; four of six Otway development wells are now connected. The last two need a flowline repaired or replaced, with a review under way.
9 May 2023director officer appointment● Neutral
Bruce Clement was appointed an independent non-executive director from 8 May 2023. He has over 40 years' energy industry experience, including overseeing the Waitsia gas discovery as Managing Director of AWE.
27 Mar 2023director officer appointment● Neutral
Director Phil Bainbridge, on the board since March 2016, retires on 31 March 2023. Beach says a recruitment process is underway for board vacancies.
13 Feb 2023half year report● Neutral
Half-year financial report to 31 December 2022: revenue $827.0m, NPAT $207.2m (down 3%), underlying NPAT $191.2m. A 2.0c fully franked interim dividend is payable 31 March 2023. Detail is covered by the same-day results announcement.
13 Feb 2023investor presentation● Neutral
Slides accompanying the FY23 half-year results released the same day. Repeats the known results, dividend policy and guidance update; the extract shows nothing new.
13 Feb 2023half year report● NeutralMajor
First-half sales revenue rose 3% to $813m, but underlying NPAT fell 10% to $191m. New dividend policy targets 40-50% of pre-growth free cash flow; 2c interim declared. FY23 production guidance cut to 19.0-20.5 MMboe from 20.0-22.5; capex $900m-1bn.
10 Feb 2023director officer appointment● Neutral
David Lim is appointed Company Secretary, joining Susan Jones as ASX contacts. Administrative.
6 Feb 2023other● Neutral
Notice of a webcast on 13 February 2023 for the half-year results. No new information.
6 Feb 2023material agreement▼ BadMajor
Beach and Mitsui agreed for Webuild to complete Waitsia Stage 2 after Clough's collapse, targeting first gas by end of 2023. Beach's net capex estimate rises to $400-450m from $350-400m, resolving the contractor uncertainty at a higher cost.