Beach Energy (BPT) Q1 2027 earnings summary

Executive summary

• Production rose 9% QoQ to 5.4 MMboe, with strong operated performance across the Otway, Western Flank and Bass basins.

• Sales revenue increased 41% QoQ to a record $565 million, supported by higher sales volumes, marketing outcomes and the timing of two LNG cargo liftings.

• Waitsia returned to full rates after its planned September shutdown; FY27 production and capex guidance remained unchanged.

Financial highlights

• Sales volumes rose 32% QoQ to 6,283 kboe, including 118% higher oil sales and 100% higher LNG sales, reflecting lifting timing and higher production.

• Average realised price across products increased 7% QoQ to $90/boe; realised gas price rose 7% to $11.9/GJ, while oil price fell 4% to $166/bbl.

• Two LNG cargoes generated $115 million in revenue at an average realised price of $15.2/MMBtu; one cargo is expected to be lifted in Q2 FY27.

Outlook and guidance

• FY27 production guidance remains 19.5–23.0 MMboe and capex guidance remains $600–700 million.

• One LNG cargo is expected to be lifted in Q2 FY27; the North West Shelf overlift position of 11 PJ is expected to unwind by end-FY27.

• Waitsia Inlet Compression is targeted to start up in FY29, with ~$120 million net capex split broadly equally across FY27 and FY28.

• Nearshore Otway drilling is planned for H1 FY28, with first gas targeted from FY29 subject to approvals and exploration success.