Beach Energy Stock Earnings Reports

Beach Energy delivered a strong FY'25 driven by operated assets, cost reductions and higher gas sales. Key financials: sales revenue up 13% to A$2.0bn, underlying EBITDA up 20% to A$1.1bn, underlying NPAT up 32% to A$451m, and pre-growth free cash flow of A$657m (4x increase). The Board declared a record full-year dividend of A$0.09 per share (final A$0.06). Operational highlights include a 23% increase in East Coast production, Beach supplying ~19% of East Coast gas demand from its operated and non-operated interests, completion and commissioning of Moomba CCS (>1Mt CO2 stored), improved safety metrics, and delivery of 5 Waitsia LNG swap cargoes. The company reduced costs (A$130m of structural savings) and lowered unit operating costs (operated assets at A$10.68/boe), with a FY'25 pre-growth breakeven oil price well below US$30/bbl and net gearing of 10% (liquidity A$652m). A non-cash impairment of A$474m post-tax was recorded for Cooper and Perth basins due to lower near-term price outlooks, reserve revisions (notably Beharra Springs Deep 3) and some cost inflation assumptions. FY'26 guidance: production 19.7–22.0mmboe, CapEx A$675–775m, abandonment A$200–250m, and continued drilling/rig campaigns (Equinox) plus Waitsia start-up expected this quarter. Management reiterated disciplined growth: focus on domestic (East & West Coast) opportunities only, investment hurdle rates (north of ~12% for gas), a commitment to the 40–50% payout policy in principle but retaining Board discretion to balance dividends, capital and opportunistic M&A, and cautious use of leverage (willing to stretch for the right assets).