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Beach Energy surges on profit growth

Beach Energy shares surged on Monday after it released its FY22 half-year results, in which a successful period of growth project execution helped the company deliver solid growth in profits.

Beach declared a statutory NPAT of $213 million, a 66% increase on the corresponding period, after it recorded production of 11.02 MMboe, as well as an EBITDA of $513 million at a revenue sales margin of 65%, buoyed by realised oil price of $113.6/bbl.

As a result, Beach’s production and financial guidance for FY22 remain unchanged.

The company said the first half of FY22 saw steady progress on Beach’s major growth projects in the Perth and Victorian Otway basins, as well as the Kupe gas plant returning to nameplate capacity.

The progress, along with a historic LNG agreement with bp connecting the first Otway offshore wells to the East Coast market, puts the Beach closer to their production target of 28 MMboe in FY24.

Beach said the second half of FY22 remains a busy period with activity across the portfolio, particularly a forthcoming Western Flank oil exploration campaign.

Beach is currently undertaking an extensive international search for a new Chief Executive Officer.

Beach Energy Acting Chief Executive Officer Morné Engelbrecht said “Despite the challenges in 2021, it is important to point out that Beach executed a significant portion of its organic growth platform. Our balance sheet remains in great shape as we retain a net cash position, and we are well placed to deliver on the next stage of our growth agenda.”

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