Total production reached 5.0 MMboe, a 5% decrease from Q1 FY25 due to maintenance in the Otway Basin but supported by improved performance in other regions.
Sales revenue surged by 32% quarter-on-quarter to $563 million, driven by strong LNG contributions:
Third and fourth Waitsia LNG swap cargoes contributed $139 million.
Realised LNG price averaged $17.3/MMBtu.
Operational Achievements:
Bass Basin: Production increased by 22% due to successful well interventions.
Western Flank: Maintained high reservoir performance and uptime.
Otway Basin: Completed Thylacine West development wells, restoring nameplate capacity at the Otway Gas Plant.
Waitsia Gas Plant: Transitioned to commissioning with first sales gas targeted in Q4 FY25.
Net debt reduced to $389 million from $555 million in Q1 FY25.
Net gearing fell to 10%, with total liquidity rising to $631 million.
Achieved 30% headcount reduction as part of cost optimization.
Production Overview:
Total Sales Volumes: Increased by 24% to 6.8 MMboe:
Oil: Slight growth (2%) driven by increased Cooper Basin output.
Gas: Decline (-5%) due to planned maintenance in the Otway Basin.
LNG: First cargoes lifted, contributing significantly to volume growth.
Projects Update:
Otway Basin:
Successfully completed the largest offshore drilling program in Beach’s history, enhancing gas supply for the East Coast market.
Waitsia Gas Plant (Perth Basin):
Encountered delays due to quality issues in flowline valve stations. Corrective measures are underway to meet the Q4 FY25 first gas target.
Exploration: Waitsia 16 and 17 wells drilled and suspended; Arenaria 1 exploration well to spud in Q3 FY25.
Moomba CCS:
Demonstrated robust performance, indicating long-term sustainability for capturing and storing 1.7 million tonnes CO2 annually.
Key Financial Metrics:
Metric
Q2 FY25
Change (QoQ)
Production (MMboe)
5.0
-5%
Sales Revenue ($M)
563
+32%
Net Debt ($M)
389
-30%
Realised Oil Price ($/bbl)
123
-3%
Average Gas Price ($/GJ)
10.7
+3%
Outlook:
Waitsia Gas Plant: Targeting first gas by Q4 FY25.
Moomba CCS: Positioned to contribute to Beach’s 2030 emissions reduction goals.
Exploration & Drilling: Arenaria 1 exploration and new Otway Basin campaigns planned for H2 FY25.
James Whitaker
As the Chief Analyst, James Whitaker brings a wealth of expertise and strategic insight to our investment news platform. With years of experience analysing global markets, James excels at identifying key trends and uncovering opportunities across diverse sectors. His analytical rigour and forward-thinking approach make him a trusted authority for both seasoned investors and newcomers alike. Passionate about empowering readers with actionable insights, James plays a pivotal role in shaping our market coverage and delivering unparalleled value to our audience.
