Beach Energy (BPT) H1 2026 earnings summary

Executive summary

• Total revenue for H1 FY26 reached approximately $1 billion, driven by LNG cargoes and a 13% increase in realized gas prices, despite a 7% production decline to 9.5 MMboe due to Cooper Basin flooding.

• Underlying EBITDA was $558 million (down 5% year-over-year), and underlying NPAT was $219 million (down 8%), while statutory NPAT was $150.2 million, down 32% year-over-year.

• Waitsia Gas Plant achieved first gas, ramped up to 165 TJ/day, and delivered four LNG cargoes generating $233 million in revenue.

• Moomba CCS project safely stored over 1.5 million tons of CO2 and received over 300,000 ACCUs for FY25.

• Liquidity strengthened to $925 million, supported by refinancing and a new $300 million Asian term loan.

Financial highlights

• Sales revenue was $982 million, with $233 million from four Waitsia LNG cargoes; sales volumes increased 3% to 12.7 MMboe.

• Operating cash flow was $442 million, down 33% year-over-year; free cash flow was $61 million.

• Interim dividend of 1.0 cent per share declared, with total dividends paid and announced at 7.0 cents per share.

• Field operating costs reduced by 7–8% year-over-year; unit operating cost at $10/boe.

• Net gearing at 12% at period end, with cash reserves at $235 million.

Outlook and guidance

• FY26 production guidance maintained at 19.7–22.0 MMboe; capital expenditure guidance unchanged at $675–775 million.

• Second-half priorities include ramping up Waitsia Gas Plant, phase two of the Equinox campaign, and Western Flank drilling.

• Flood recovery largely complete, with remaining impacted production expected to recover in Q3 FY26.

• One-off expense items for H1 FY26 totaled $41 million, including $33 million for unavoidable LNG costs and $8 million for flood remediation.