Beach Energy (BPT) H1 2026 earnings summary

Executive summary

• Total revenue for H1 FY26 reached AUD 1 billion, supported by LNG cargoes and higher gas prices, despite lower oil prices and production declines in some basins.

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

• Production was 9.5 MMboe, down 7% year-over-year, with sales volumes up 3% to 12.7 MMboe; 97% of flood-impacted Cooper Basin production restored.

• Liquidity improved to AUD 925 million after refinancing and a new AUD 300 million term loan; interim dividend of AUD 0.01 per share declared.

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

Financial highlights

• Average realized gas price rose 13% to $11.8/GJ, while oil price fell 12% to $110/bbl; sales revenue was $981.7 million, down 1% year-over-year.

• Gross profit fell 19% to $294.3 million due to higher costs and lower sales; cost of sales increased 10% to $745.7 million.

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

• Net gearing at 12% at period end; net tangible asset backing per share was $1.37.

• Interim dividend of AUD 0.01 per share declared, with total dividends paid and announced at 7.0 cents per share.

Outlook and guidance

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

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

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

• One-off expense items included $33 million for unavoidable LNG costs and $8 million for flood remediation.