Beach Energy (BPT) Q2 2026 earnings summary

Executive summary

• Achieved key milestones including Waitsia Gas Plant completion and first gas export, supporting Western Australian gas market supply.

• Majority of flood-impacted production in Western Flank and Cooper Basin JV restored, driving sequential production increases in these regions.

• Maintained strong safety performance, with 12 months injury-free across operated assets.

Financial highlights

• Quarterly production down 9% to 4.5 MMboe, mainly due to Otway Basin maintenance and lower customer nominations.

• Sales volumes fell 13% to 5.9 MMboe; sales revenue declined 17% to $445 million compared to the prior quarter.

• Realised average gas price increased 2% to $11.9/GJ; oil price decreased 7% to $105/bbl.

• Two Waitsia LNG cargoes delivered $111 million in revenue at $13.9/MMBtu.

• Positive free cash flow reduced net debt; liquidity at $925 million, including $235 million cash and $690 million undrawn facilities.

Outlook and guidance

• Waitsia Gas Plant ramp-up ongoing, targeting nameplate capacity in Q3 FY26.

• Western Flank and Cooper Basin JV flood recovery to continue, with remaining wells expected online in Q3 FY26.

• 10-well oil exploration campaign planned for late FY26 into FY27.

• Second phase of Equinox rig campaign to commence late Q3 FY26, including further well interventions and development drilling.