Beach Energy (ASX: BPT) has reported a robust first-half FY25 performance, with a 15% increase in production and a 37% rise in underlying NPAT. The company also announced a 50% increase in its interim dividend to 3.0 cents per share, reflecting strong earnings growth and cash flow generation.
Key Financial Highlights
- Production: 10.2 MMboe, up 15% year-on-year
- Sales Revenue: $990 million, up 5%
- Underlying NPAT: $237 million, up 37%
- EBITDA: $587 million, up 20%
- Average Gas Price: $10.5/GJ, up 18%
- Operating Cash Flow: $659 million, up 88%
- Net Debt: Down 33% to $389 million
- Cash Reserves & Facilities: $631 million
- Net Gearing: Reduced to 10% (from 15%)
Operational Strength Driving Growth
- Otway Basin production up 118%, driven by Thylacine West and Enterprise connections
- Bass Basin production up 67%, following successful wellbore interventions
- Western Flank delivering strong performance, supported by high facility uptime
Major Projects & Strategic Progress
- Moomba CCS project commissioned, sequestering 340,000 tonnes of CO2 in first 3 months
- Thylacine West connections completed, marking the largest-ever offshore Otway Basin campaign
- 30% headcount reduction exceeded, as part of cost-efficiency measures
- New executive leadership team in place, following last year’s strategic review
Second Half FY25 Outlook
- Waitsia Stage 2 commissioning underway, targeting first sales gas in Q4 FY25
- Hercules gas exploration well in Offshore Gas Victoria, expected to commence in Q4
- Western Flank 10-well oil development campaign, starting Q4
FY25 Guidance
| Metric | FY25 Guidance | H1 FY25 Actuals |
|---|---|---|
| Production | 18.5 – 20.5 MMboe | 10.2 MMboe |
| Capex | $700 – 800M | $363M |
| D&A | $400 – 450M | $223M |
| FCF Breakeven Oil Price | ~US$30/bbl | On track |
CEO Commentary
Brett Woods, Managing Director & CEO:
“These results highlight Beach Energy’s turnaround, with production growth, strong financials, and major projects delivering value. Our increased dividend and improved balance sheet reinforce confidence in our strategy to become Australia’s leading domestic energy company.”
With strong momentum heading into H2 FY25, Beach Energy remains on track to meet or exceed full-year targets, while advancing key growth initiatives across its Core Hubs, High Margins, and Sustainable Growth strategy.
