Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 May 2022resource reserve update▼ BadMajor
Beach deferred the Trefoil development decision in the Bass Basin and will reclassify its reserves to contingent resources at 30 June 2022. It instead prioritises a newly identified Yolla West target, drilling targeted summer 2022/23, with about 50% chance of success.
19 May 2022director officer appointment▲ GoodMajor
Morné Engelbrecht was appointed permanent CEO on a fixed salary of $1.266m, after an international search. He had been acting CEO since Matt Kay resigned in November 2021. Resolves the open CEO search.
4 May 2022investor presentation● Neutral
Conference presentation restating the growth story: FY22 guidance of 21-23 MMboe on track, 28 MMboe FY24 target, Waitsia about 50% complete. Repeats known facts; no new announcement.
29 Mar 2022asset acquisition disposition● Neutral
Vintage and its joint venture partners will buy Beach's 15% interest in PRL 211 (Odin gas field), subject to ministerial approval. Payment is $1m upfront plus $1.25m on production milestones. Beach exits a small Cooper Basin stake.
2 Mar 2022asset acquisition disposition● Neutral
Bass Oil agreed to buy Beach's interests in eight small Cooper Basin tenements, including the Worrior and Padulla oil fields, for A$650,000 plus restoration liabilities. A small disposal of non-core Cooper assets by Beach, conditional on approvals.
14 Feb 2022investor presentation● Neutral
Half-year results slides restate NPAT up 66% to $213m, EBITDA $513m, $73m net cash, and growth project progress (Waitsia Stage 2 42% complete). Repeats the results announced the same day; no new information.
14 Feb 2022half year report▲ Good
Beach reported H1 FY22 NPAT of $213m (+66%), EBITDA $513m and net cash $73m, with a 1.0c interim dividend and unchanged FY22 guidance (21-23 MMboe). Progress on the 28 MMboe FY24 target; CEO search continues.
14 Feb 2022half year report▲ Good
Half-year NPAT rose 66% to $213m on revenue of $797m, though production fell 15% to 11.0 MMboe. Interim dividend 1.0c, net cash $73m, FY22 guidance unchanged. Confirms the Dec-quarter figures already reported.
7 Feb 2022other● Neutral
Beach announced its FY22 half-year results will be released on 14 February 2022, with a webcast call. Notice of timing only, no substance.
25 Jan 2022quarterly activities report▲ GoodMajor
December quarter production was 5.3 MMboe, down 7%, with revenue of $398m (+3%) and net cash of $73m. First gas flowed from the offshore Otway campaign via Geographe 4 and 5, and Thylacine North 1 was drilled in line with expectations.
14 Dec 2021director officer appointment● Neutral
Rob Jager appointed independent non-executive director from 14 December 2021. He had a 40-year career with Shell, most recently running the Prelude project, and was previously an Air New Zealand director.
2 Dec 2021director officer appointment● Neutral
Ryan Stokes, who has left the board, was appointed alternate director for Margaret Hall from 1 December 2021. He is CEO of Seven Group Holdings and holds no Beach shares directly (per the Appendix 3X).
26 Nov 2021other▼ Bad
A second, broadly similar class action was served, filed in the Federal Court (NSW) by Shine Lawyers. Beach again denies liability and will vigorously defend. Adds to the Victorian claim announced the day before.
25 Nov 2021other▼ BadMajor
Beach was served with a Victorian Supreme Court class action by Slater & Gordon for shareholders who bought between 17 August 2020 and 29 April 2021. Beach denies liability and will defend. No claim amount is given.
16 Nov 2021director officer appointment● Neutral
Anne-Marie Barbaro, previously General Manager Finance, appointed acting CFO following Morné Engelbrecht's move to acting CEO. Fills the finance seat while the CEO search continues.
12 Nov 2021other● Neutral
Legally required notice: Beach received JobKeeper payments of $2.96m in FY20 and $4.60m in FY21, and has made no voluntary repayments. Disclosure only, no change to operations.
2 Nov 2021director officer appointment▼ BadMajor
Managing Director and CEO Matt Kay resigned after nearly six years to pursue other opportunities. CFO Morné Engelbrecht becomes acting CEO immediately while a search for a replacement runs. Leadership change comes as the 28 MMboe FY24 growth program is under way.
1 Nov 2021joint venture update▲ GoodMajor
Santos and Beach took final investment decision on the US$165m (A$220m) Moomba carbon capture project, startup expected 2024, storing 1.7 million tonnes of CO2 a year. Santos holds 66.7% and Beach the rest. Resolves the FEED and registration thread.
28 Sept 2021director officer appointment● Neutral
Directors Joycelyn Morton and Ryan Stokes will retire at the 10 November 2021 AGM. Seven Group, with a 30.02% interest, nominates Margaret Hall (currently Stokes' alternate) to replace Stokes. Phil Bainbridge to replace Morton on the Audit Committee.
28 Sept 2021investor presentation● Neutral
Slides for the 2021 Investor Update, repeating the 28 MMboe FY24 target and growth plans. Notes reserves at 30 June 2021 were audited by RISC, covering 52% of 2P reserves. Text provided is mostly compliance statements and agenda, with no new figures.
28 Sept 2021investor presentation▲ GoodMajor
Investor update sets a base-case production target of 28 MMboe in FY24 (13% annual growth), excluding exploration success and pre-FID projects. Geographe 4 and 5 met expectations; revolving debt facility upsized to $600m, liquidity about $650m; net gearing expected to peak below 10% in FY22.
27 Sept 2021material agreement▲ GoodMajor
Beach signed a heads of agreement with bp for bp to buy all 3.75 million tonnes of Beach's expected Waitsia Stage 2 LNG, with supply forecast from H2 2023. The price is linked to Brent and JKM with downside protection, and a full contract is targeted in H2 FY22.
3 Sept 2021other▼ Bad
S&P Dow Jones (not Beach) said Beach will be removed from the S&P/ASX 100 from 20 September 2021. It stays in the wider indices, which the text does not show it leaving. This may mean less index-fund demand (inference).
18 Aug 2021annual report● Neutral
2021 Sustainability Report: safest year on record, three million hours without a lost-time injury, and emissions about 12% below FY18 against the 25% by FY25 target. It repeats the net zero 2050 aspiration. Largely a restatement of known points.
16 Aug 2021other● Neutral
Annual corporate governance statement, current at 13 August 2021, describing board roles and skills. The board has nine directors. Administrative disclosure with no new business information.
16 Aug 2021annual report● Neutral
Appendix 4E: FY21 revenue fell 10% to $1,562.0m and net profit after tax fell 37% to $316.5m (underlying $363.0m, down 21%). Final dividend 1.0c fully franked, paid 30 September 2021, matching the interim.
16 Aug 2021annual report● Neutral
The 2021 Annual Report covers the year to 30 June 2021: 25.61 MMboe production, gas 55% of output. It repeats results already released. AGM is set for 10 November 2021. No new information in the text provided.
16 Aug 2021annual report● NeutralMajor
FY21 profit was $317m after a $117m impairment (underlying $363m); production 25.6 MMboe, down 4% on lower Western Flank oil. Net debt $48m, final dividend 1.0c held. Net zero 2050 aspiration announced; LNG sales contract targeted in FY22.
16 Aug 2021investor presentation● Neutral
Presentation accompanying FY21 results, repeating known points: Waitsia Stage 2 FID, Otway campaign progress, strong balance sheet and emissions work. No new substance in the text provided.
16 Aug 2021other● Neutral
Appendix 4G, a required form pointing to Beach's corporate governance statement for FY21. Administrative filing with no business substance.
