Beach Energy (BPT) H1 2026 earnings summary

Executive summary

• Total revenue for H1 FY26 was $1 billion, supported by LNG cargoes and higher gas prices, despite lower oil prices and production declines from flooding.

• Underlying NPAT was $219 million, down 8% year-over-year; statutory NPAT was $150.2 million, down 32%.

• Sales volumes increased 3% to 12.7 MMboe, with production at 9.5 MMboe, down 7% year-over-year due to flooding.

• Liquidity improved to $925 million after securing a $300 million term loan and refinancing maturities.

• Fully franked interim dividend of 1.0 cent per share declared.

Financial highlights

• Average realized gas price rose 13% to $11.82/GJ; oil price fell 12% to $110/bbl.

• Operating cash flow was $442 million, down 33% year-over-year; free cash flow was $61 million, down 75%.

• Net gearing at 12% at period end, reflecting a low leverage position.

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

• Interim dividend reflects prudent capital management amid heightened capital activity.

Outlook and guidance

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

• Key H2 activities: Waitsia Gas Plant ramp-up, Equinox phase two, continued Western Flank drilling, and Moomba Central Optimisation.

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