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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
10 Nov 2021agm notice● Neutral
Both AGM resolutions passed: the remuneration report with about 95% in favour, and Margaret Hall's election as director with about 98% in favour. Routine outcome.
10 Nov 2021agm notice● Neutral
Release of the chairman's and acting CEO's addresses and slides for the 10 November 2021 AGM. The text provided is mainly meeting procedure and confirms Resolution 3 was withdrawn. Routine meeting material.
4 Nov 2021agm notice● Neutral
Beach withdrew AGM Resolution 3, the long-term incentive share issue to Matt Kay, by order of the board. Follows Kay's resignation announced two days earlier (the text does not state the link). Other resolutions unaffected.
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.
20 Oct 2021quarterly activities report● Neutral
September quarter production was 5.7 MMboe, down 4%, with revenue of $388m (-8%). Geographe 5 finished, Kupe compression delivered first gas, and net cash was $43m with liquidity of $643m. Two Western Flank gas discoveries (Rosebay, Lowry South) were made.
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.
20 Sept 2021agm notice● Neutral
Beach will hold a virtual investor briefing on 28 September 2021 and expects to release the AGM notice on 8 October 2021. Administrative notice only.
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.
10 Aug 2021other● Neutral
Beach announced that its FY21 full-year results and a conference call would come on 16 August 2021. Notice of timing only, no substance.
21 July 2021quarterly activities report● Neutral
June quarter production was 5.96 MMboe, flat on the prior quarter, with FY21 output of 25.6 MMboe and revenue of $421m (+7%). Net debt was $48m. Geographe 4 was drilled as expected; seven-well Western Flank drilling resumes from July after the April downgrade.
4 May 2021investor presentation● Neutral
Macquarie conference presentation repeating known points, including the 18.4 MMboe Western Flank reserve downgrade. No new substance in the text provided.
3 May 2021director officer appointment● Neutral
Margaret Hall, CEO of Seven Group Holdings Energy, was appointed alternate director for Ryan Stokes for up to one year. Seven Group is Beach's largest shareholder (about 25.6%). She holds 17,068 shares indirectly.
30 Apr 2021resource reserve update▼ BadMajor
Beach cut Western Flank 2P reserves by 18.4 MMboe net (17.6 MMbbl oil, 7.2 MMboe gas), partly offset by Senex assets. FY21 production guidance fell to 25.2-25.7 MMboe from 26.5-27.5, and the five-year outlook was withdrawn.
30 Apr 2021investor presentation● Neutral
Presentation accompanying the 30 April business update and quarterly report, repeating the Western Flank downgrade and lower guidance already announced. No new information in the text provided.
30 Apr 2021quarterly activities report▼ Bad
March quarter production was 5.9 MMboe, down 5%, with revenue up 14% to $393m on higher prices. Net debt fell to $20m. Reports the Western Flank downgrade, Artisan discovery and Otway price outcome already announced.