Beach Energy (BPT) H1 2026 earnings summary

Executive summary

• Achieved first gas at Waitsia Gas Plant, ramping up with two compressors online and peak rates of 165 TJ/day; four LNG cargoes delivered $233 million revenue, with third compressor commissioning soon and nameplate capacity targeted at 250 TJ/day.

• Total revenue for H1 FY26 reached $1 billion, supported by LNG cargoes and a 13% increase in realized gas prices year-over-year.

• Production was 9.5 MMboe, down 7% year-over-year due to Cooper Basin floods, but 97% of flood-impacted output was restored by December.

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

• Liquidity strengthened to $925 million, with a $300 million term loan secured and interim dividend of 1.0 cent per share declared.

Financial highlights

• Sales revenue reached $982 million, with $233 million from four Waitsia LNG cargoes.

• Realized gas prices up 13% to $11.80/GJ; realized oil price down 12% to $110/bbl; average realized liquids price fell 20% to US$57.54/boe.

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

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

• Interim dividend declared at 1.0 cent per share.

Outlook and guidance

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

• Second-half priorities: ramp-up Waitsia to nameplate, phase two Equinox campaign, Western Flank drilling, Moomba Central Optimisation.

• Sustaining capital expenditure guidance remains below $450 million.

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

• One-off expense items for H1 FY26 included $33 million for unavoidable LNG costs and $8 million for Cooper Basin flood remediation.