Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 June 2024production update▲ GoodMajor
First sales gas from the Enterprise field reached the Otway Gas Plant on 12 June 2024. The field, discovered in FY21, carries 2P reserves of 34 MMboe gross (20 MMboe net) and supplies gas under the Origin GSA to end-CY2026. This completes the Enterprise development thread.
11 June 2024asset acquisition disposition▼ BadMajor
Beach expects a $365-400m pre-tax non-cash impairment in FY24: Taranaki (Kupe South 9 recovery lower) $115-125m, Bass Basin $250-275m. Bass Basin discoveries (Trefoil, Bass, White Ibis, Yolla West) will not be developed for now, and development planning has ceased.
20 May 2024other● Neutral
Beach will announce the outcomes of its strategic review on 18 June 2024, with a webcast led by Brett Woods. Scheduling notice only.
13 May 2024other● Neutral
Beach moves its share registry from Computershare to Boardroom from 13 May 2024. No action is required by shareholders, though issuer-sponsored holders' reference numbers gain an '8' prefix. Administrative.
24 Apr 2024quarterly activities report▼ BadMajor
March quarter production rose 4% to 4.5 MMboe; revenue fell 28% to $392m. Redback Deep 1 found 28 m of net pay. FY24 production guidance cut to 18.0-18.5 MMboe. Waitsia guidance of early CY2025 maintained; Enterprise approval received.
8 Apr 2024joint venture update▼ BadMajor
Waitsia Stage 2 slips again: first gas now early CY2025 (was mid-CY2024) and net capex rises to $600-650m (was $450-500m), after further quality issues in pre-commissioning. This follows earlier delays and cost increases.
2 Apr 2024regulatory community update● Neutral
Beach releases its first Climate Transition Action Plan, adding a target of under 0.2% methane intensity by 2025. It keeps the 35% emissions intensity cut by 2030 and net zero 2050 ambition. It also pursues executive pay linked to these targets.
28 Mar 2024other● NeutralMajor
The first stage of the strategic review is complete, with a new asset-based structure from 8 April 2024. Beach will cut headcount by 30% and several executives will leave. This is a strategy shift under the new CEO, aimed at lower costs.
12 Mar 2024director officer appointment● Neutral
Former Shell executive Sally Martin joins as an independent non-executive director from 11 March 2024. The chair links her appointment to a comprehensive review of Beach's structure, cost base and strategy.
12 Feb 2024half year report▼ BadMajor
H1 FY24 sales revenue rose 16% to $941m, but production fell 11% to 8.8 MMboe and underlying NPAT fell 10% to $173m. A $721m impairment drove a statutory loss. Net gearing is 12%, debt facility $920m, FY24 production guidance 18-20 MMboe.
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.
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 2023agm notice● Neutral
Results of the 14 November 2023 AGM are announced, but the extract shows no vote counts or resolution outcomes. Nothing can be said about how shareholders voted.
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.
25 Oct 2023quarterly activities report▼ Bad
September quarter production fell 10% to 4.5 MMboe and revenue fell 12% to $397m, as Origin's lower Otway gas nominations left over 10 PJ untaken. Debt facility upsized to $920m; Waitsia still targets mid-2024 and Enterprise first gas in Q4 FY24.
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.
