Beach Energy Limited (ASX:BPT) Announces FY25 Full Year Results

Financial Performance

Beach Energy Limited reported a 16% increase in sales volumes to 24.7 MMboe and a 13% rise in sales revenue to $2.0 billion. Underlying EBITDA grew by 20% to $1.1 billion and underlying NPAT increased by 32% to $451 million. The company declared a record fully franked final dividend of 6.0 cents per share, totaling 9.0 cents per share for FY25.

Operational Achievements

Production increased by 9% to 19.7 MMboe, supported by significant growth in the Otway and Bass Basins. The Thylacine West connection marked the completion of the largest offshore drilling campaign in the Otway Basin. The Moomba CCS project safely injected over one million tonnes of CO2. Major projects like the Waitsia Gas Plant were completed, with first sales gas expected in Q1 FY26.

Safety and Environmental Performance

Beach achieved its best personal safety performance in 14 years with no significant hydrocarbon spills. The company also made progress in its CO2 storage efforts through the Moomba CCS project, supporting Australia’s decarbonisation goals.

Future Outlook

FY26 guidance expects production between 19.7 and 22.0 MMboe, capital expenditure of $675–775 million, and abandonment expenditure of $200–250 million. Beach plans to ramp up production at Waitsia Stage 2 and commence the Equinox rig campaign, positioning itself for continued growth.

Executive Comments

Managing Director and Chief Executive Officer Brett Woods stated, “This past financial year was one of transformational change for Beach as we positioned ourselves as an increasingly important supplier of natural gas to Australia’s domestic markets and delivered on our key commitments. We increased our market share by supplying 19% of East Coast gas demand from Beach’s operated assets and non-operated equity interests. Our strategic pillars – Core Hubs, High Margins, Sustainable Growth – have established a clear framework to drive operational efficiencies, foster a culture of accountability and performance, and balance dividends with investment in growth. This is reflected in robust financial results and a strong financial position at year-end. Sales volumes rose 16% year-on-year to 24.7 MMboe, supported by higher production and five Waitsia LNG cargoes. The LNG cargoes delivered revenue of $352 million and contributed to a 13% increase in total sales revenue to $2.0 billion. Underlying EBITDA increased 20% year-on-year to $1.1 billion and underlying NPAT increased 32% to $451 million. Pre-growth free cash flow of $657 million enabled the Board to declare a record fully franked final dividend of 6.0 cents per share, bringing total FY25 dividends to a record 9.0 cents per share. Beach’s personal safety performance in FY25 was outstanding. We launched several targeted campaigns aimed at increasing awareness and strengthening compliance with critical safety procedures. Pleasingly, this helped deliver our best personal safety result in 14 years and no hydrocarbon spills of consequence. In the field, total production increased 9% to 19.7 MMboe, underpinned by a 64% increase in Otway Basin production following connection of the Enterprise and Thylacine West wells, and a 91% increase in Bass Basin production following successful well intervention initiatives. In the Cooper Basin, floods impacted production and activities towards the end of the financial year. Our teams worked diligently to maintain safe operations, minimise environmental impacts, and plan for restoration of production when waters subside. In the Otway Basin, connection of the Thylacine West 1 and 2 wells to the Otway Gas Plant marked the conclusion of the largest offshore drilling and development campaign ever undertaken in the basin. These wells allowed Beach to increase gas supply to the East Coast market during periods of peak demand, including the winter months and a three-day period during which Beach supplied over 20% of Victoria’s gas demand. A major achievement in the Cooper Basin was the successful commissioning of the Moomba CCS project, a landmark event for both Beach and Australia’s decarbonisation journey. Moomba CCS has now safely injected and stored over one million tonnes of CO2, equivalent to removing 400,000 cars from Australian roads. In the Western Flank, a 10-well development and appraisal drilling campaign is planned for H2 FY26 once flood waters subside. Exploration inventory has been refreshed, laying the groundwork for a potential drilling campaign commencing late in FY26. In the Perth Basin, mechanical completion of the Waitsia Gas Plant was achieved, a critical milestone as we move closer to first gas. More than 20 senior Beach personnel supported contractor Clough in progressing commissioning activities, leveraging our core technical and project execution capabilities. The final stages of the transformational Waitsia Stage 2 project include commissioning of the hot water, amine, MEG and sales gas compressor systems, and commissioning of the wells and gathering system. First sales gas from the Waitsia Gas Plant is expected during Q1 FY26. This was a year of transformation and delivery for Beach. We have emerged stronger, more focused and better positioned to navigate the evolving energy landscape. Our strategic pillars and owner’s mindset position Beach to deliver leading shareholder returns as we work towards our vision of becoming Australia’s leading domestic energy company.”

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