Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Oct 2022quarterly activities report▼ Bad
September quarter production fell 8% to 5.2 MMboe on field decline, Cooper Basin flooding and outages. Five of six Waitsia Stage 2 wells are drilled, bp LNG deal confirmed, net cash maintained. A $32m one-off non-cash revenue accounting change reduced reported sales revenue to $405m.
12 Oct 2022regulatory community update● Neutral
Beach completed a pre-feasibility study for a carbon capture facility next to its Victorian Otway operations (Beach 60%, O.G. Energy 40%), aiming to capture ~200kt CO2e a year. The assess/select phase is due by end FY23 and supports its 2030 emissions-intensity target.
10 Oct 2022director officer appointment● Neutral
Deputy chair Colin Beckett (director since 2015) and Robert Jager (since December 2021, citing family health issues) will retire from the board at the 16 November 2022 AGM. A new Remuneration & Nomination Committee chair will be appointed.
23 Sept 2022director officer appointment● Neutral
Company Secretary Daniel Murnane resigned to pursue a new opportunity. General Counsel Susan Jones was appointed interim Company Secretary immediately, until a permanent appointment is announced.
16 Aug 2022admin correction● Neutral
Amended Appendix 4G governance checklist lodged a day after the original, dated 16 August. The extract shows no visible change from the original; administrative.
15 Aug 2022other● Neutral
Annual corporate governance statement, approved by the board 12 August 2022. It describes board roles and skills and notes eight directors. Administrative, no new substance.
15 Aug 2022annual report▲ Good
Appendix 4E: FY22 revenue up 13% to $1,771m and NPAT up 58% to $500.8m (underlying $504.3m, +39%). Final dividend 1.0c fully franked, paid 30 September 2022. Net tangible assets $1.50 per share.
15 Aug 2022other● Neutral
Appendix 4G governance checklist lodged with the annual report, signed by the company secretary. Administrative filing, no substance.
15 Aug 2022annual report● Neutral
The 2022 Annual Report restates FY22 results and project progress already announced: Otway drilling complete, Waitsia Stage 2 under construction, Moomba CCS approved. AGM set for 16 November 2022. No new information in the extract.
15 Aug 2022regulatory community update● Neutral
2022 Sustainability Report sets a new target to cut scope 1 and 2 emissions intensity 35% by 2030 versus 2018, including non-operated assets. Moomba CCS, approved Nov 2021, targets up to 1.7 million tonnes of CO2 stored a year from 2024.
15 Aug 2022annual report▲ Good
FY22 underlying NPAT rose 39% to $504m on revenue of $1.8bn despite lower production, with $765m liquidity. New target to cut emissions intensity 35% by 2030. Waitsia Stage 2 and Thylacine/Enterprise connections remain on track; reserves independently audited.
15 Aug 2022investor presentation● Neutral
Results presentation slides accompanying the FY22 results released the same day. The extract is compliance statements and assumptions, including Brent at US$95/bbl for FY23. No new information.
8 Aug 2022material agreement▲ GoodMajor
Beach signed the LNG sale agreement with bp for all 3.75 million tonnes of its Waitsia Stage 2 LNG, supply from H2 2023 for about five years. Pricing links to Brent and JKM with downside protection. Resolves the September 2021 heads of agreement.
8 Aug 2022other● Neutral
Notice that FY22 results will be released on 15 August 2022, with a webcast. Timing only, no substance.
20 July 2022quarterly activities report▲ Good
June quarter production rose 9% to 5.6 MMboe and revenue 10% to $504m; FY22 production 21.8 MMboe. Offshore Otway campaign finished and net cash rose to $165m. Western Flank exploration ended with two commercial discoveries from 10 wells; Yolla West drilling may be deferred for lack of a rig.
12 July 2022drilling result▲ GoodMajor
Beach completed its seven-well offshore Otway campaign, with Thylacine North 2 finishing in July 2022: one gas discovery at Artisan and six successful development wells, all at or above expectations. Thylacine wells are due online by mid-2023, lifting the Otway Gas Plant towards 205 TJ/d.
11 July 2022director officer appointment● Neutral
Anne-Marie Barbaro, acting CFO since November 2021, was appointed permanent Chief Financial Officer. An internal promotion that completes the leadership line-up after Engelbrecht's CEO appointment.
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.
26 Apr 2022quarterly activities report▲ Good
March quarter production was 5.2 MMboe (-3%) with revenue up 15% to $458m on a realised oil price of $176.5/bbl. Capex guidance cut to $900-1,000m on deferral to FY23. Enterprise pipeline FID taken; Waitsia drilling started; bp LNG agreement expected in Q4.
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).
