Beach Energy (BPT) AGM 2024 summary

Opening remarks and agenda

• Chairman opened the AGM, confirmed quorum, and outlined housekeeping and compliance matters.

• Meeting was webcast for remote shareholders, and compliance statements were referenced.

• Chairman and CEO delivered addresses outlining the meeting's focus and strategic direction.

Board and executive committee updates

• Board diversification improved with appointments of Sally Martin and Brett Woods, both bringing significant industry and ESG experience.

• Sally Martin elected as director with 99.47% support; Brett Woods joined as CEO.

• Board led by Chairman Ryan Stokes AO and CEO Brett Woods, with several independent non-executive directors and a refreshed executive team.

• Chairman's position reaffirmed by the board.

Strategic initiatives and plans

• Refreshed strategy focuses on core hubs in Eastern and Western Australia, high margins, and sustainable growth.

• Achieved ~$135 million in operating and capital reductions, with a 27% headcount reduction and further targets set.

• New organizational structure and leadership team implemented, targeting low-cost, disciplined operations.

• Emphasis on value over volume, emissions reduction, and a Climate Transition Action Plan.

• Waitsia Gas Plant commissioning underway, targeting first sales gas in early CY2025, with increased oversight and staff involvement.

• Moomba CCS project successfully commissioned, supporting emissions reduction goals.

• Gas storage and peaking power generation identified as medium- and long-term priorities.