Beach Energy Limited · ASX:BPT
Beach Energy — H1 FY25 Earnings Presentation
28 slides from Beach Energy's earnings presentation, Feb 6, 2025
Slide 1: FY25 Half Year Results
FY25 Half Year Results rsonal use only 6 February 2025 Waitsia Gas Plant, Western Australia
Slide 2: Compliance statements
Compliance statements Disclaimer Assumptions This presentation contains forward-looking statements, including statements of current intention, opinion and predictions regarding Guidance is uncertain and subject to change. Guidance has been estimated on the basis of the following assumptions: 1. vari
Slide 3: H1 FY25 milestones
H1 FY25 milestones Key projects completed and strategic objectives progressed rsonal use only New executive leadership team Thylacine West 1 and 2 connected 30% headcount reduction exceeded Otway Gas Plant capacity restored Waitsia Phase 2 development Bass Basin well interventions drilling complete
Slide 4: H1 FY25 headline results
H1 FY25 headline results Improved financial results support an increased interim dividend rsonal use only 10.2 MMboe 15% $990 million 5% $587 million 20% Production Sales revenue Underlying EBITDA $10.5 /GJ 18% 3.0 cps 50% $431 million >10x Average realised Fully franked Pre-growth gas and ethane pr
Slide 5: Health, safety and environment
Health, safety and environment Ongoing focus on safety and wellbeing culture Personal safety performance Key highlights rsonal use only 16 5 4.4 ▪ Safety programs delivering improved outcomes 3.4 4 12 Total Recordable Injuries 2.4 3 ▪ One recordable injury in last 12 months 8 2.1 12 2 ▪ Zero Tier 1
Slide 6: Completion of major projects
Completion of major projects Delivering new gas and reducing emissions Otway Basin drilling and development program Moomba Carbon Capture and Storage project rsonal use only Nameplate capacity (~4.6 Kt/d) Otway Gas Plant production Planned maintenance, TW connections CO2 injection (kt/d, gross) 159
Slide 7: Waitsia Stage 2
Waitsia Stage 2 Targeting first sales gas in Q4 FY25 ▪ Waitsia Gas Plant transitioned from construction phase to rsonal use only commissioning phase ▪ 20 senior Beach personnel seconded to support commissioning ▪ Four Beach LNG swap cargoes lifted to 31 December 2024 ▪ $293 million total revenue; A$
Slide 8: Second half focus
Second half focus Active work programs across core East and West Coast acreage Supporting Operator for Waitsia Gas Plant commissioning rsonal use only and first gas target Arenaria gas exploration well and Beharra Springs Deep 3 development well in the Perth Basin Hercules gas exploration well in th
Slide 9: Financial results
F Y 2 5 H A L F Y E A R R E S U LT S Financial results rsonal use only Perth Basin, Western Australia
Slide 10: Headline financial metrics
Headline financial metrics Strong Otway production and Waitsia LNG swap cargoes underpin 37% earnings growth $ million (unless otherwise indicated) H1 FY24 H1 FY25 Change H1 FY25 sales revenue: $990 million rsonal use only Production (MMboe) 8.9 10.2 15% Sales volumes (MMboe) 11.0 12.3 12% East Coas
Slide 11: Underlying Net Profit After Tax
Underlying Net Profit After Tax1 Material growth in underlying earnings $ million ▪ Higher Otway production and Waitsia LNG swap rsonal use only cargoes underpinned revenue growth 28 42 ▪ Lower liquids pricing offset an 18% increase in the 5 3 average realised gas price 4 ▪ Lower cash costs ▪ Outcom
Slide 12: Cash reserves movements
Cash reserves movements Higher operating cash flow and lower capital expenditure $ million ▪ 88% increase in operating cash flow to rsonal use only $659 million (191) Growth capital expenditure ▪ Net operating receipts up 59% to $753 million ▪ Income tax down 26% to $60 million Sustaining capital ex
Slide 13: Financial position
Financial position Strengthened liquidity position from higher free cash flow generation Available Liquidity ($ million) 631 rsonal use only 446 437 ▪ Material growth in free cash flow generation from higher 380 production and Waitsia LNG swap cargoes 220 265 ▪ Strong free cash flow enabling $115 mi
Slide 14: Outlook
F Y 2 5 H A L F Y E A R R E S U LT S Outlook rsonal use only Thylacine Platform, Victoria
Slide 15: FY25 full year guidance update
FY25 full year guidance update Production guidance narrowed; capital expenditure guidance unchanged Production: 18.5 – 20.5 MMboe (from 17.5 – 21.5 MMboe) Capital expenditure2: $700 – 800 million (no change) rsonal use only 12.5% 12.5% 15% ~5% Cooper Basin JV Cooper Basin JV Oil 32.5% 10% Western Fl
Slide 16: FY25 targets
FY25 targets Delivering financial targets through strong momentum in first half Field operating costs: ~$14/boe1 Free cash flow breakeven oil price: ~US$30/bbl rsonal use only ~10% ~20% ➢ Operated plus non-operated field operating costs ~44% ➢ Average annual oil price at which ➢ Excludes tariffs, ro
Slide 17: Equinox rig campaign
Equinox rig campaign Offshore Gas Victoria activities to commence in Q4 FY25 rsonal use only Equinox rig contract FY25 activity FY26 activity • Consortium rig contract1 • Otway Basin plug and abandonment • Campaign expected to include: • 380 firm days • Thylacine 1 and Geographe 1 • Bass Basin plug
Slide 18: Equinox rig campaign: exploration
Equinox rig campaign Exploration to test material new gas volumes and derisk nearby prospects Hercules gas exploration prospect rsonal use only ▪ Prospect located 5 km south of Artisan in VIC/P431 ▪ Waare C primary target ▪ Large three-way fault bound structure ▪ Seismic amplitude support ▪ Mean pro
Slide 19: Wrap-up and Q&A
F Y 2 5 H A L F Y E A R R E S U LT S Wrap-up and Q&A rsonal use only Beharra Springs, Western Australia
Slide 20: Disciplined focus to progress strategic objectives
Disciplined focus to progress strategic objectives Waitsia commissioning and ✓ further LNG swap cargoes rsonal use only Rig mobilisations to Otway ✓ Basin and Western Flank Mature Western Flank ✓ exploration inventory Mature Perth Basin ✓ development pathways Ongoing cost out progress, ✓ including C
Slide 21: Appendix
F Y 2 5 H A L F Y E A R R E S U LT S Appendix rsonal use only Otway Gas Plant, Victoria
Slide 22: Other financial statement impacts
Other financial statement impacts Reconciliation of EBITDA and NPAT $ million H1 FY24 H1 FY25 Change rsonal use only Underlying EBITDA 488 587 20% Impairment of non-current assets (721) - Tariff and tolls related to unutilised NWS capacity (21) (21) Insurance recoveries 16 2 Loss on disposal of non-
Slide 23: Perth Basin
Perth Basin Mechanical completion achieved for the Waitsia Gas Plant Asset overview rsonal use only ▪ Interests: 50% interest and operator of L11 and L22 (Mitsui 50%); 50% interest in L1 and L2 (Mitsui 50% and operator) ▪ Assets: Waitsia Gas Plant (250 TJ/day capacity, under construction); Beharra S
Slide 24: Otway Basin
Otway Basin Well deliverability for the Otway Gas Plant restored to nameplate capacity Asset overview rsonal use only ▪ Interest: 60% interest and operator (O.G. Energy 40%) ▪ Assets: Otway Gas Plant (205 TJ/day capacity); Black Watch, Enterprise, Geographe, Halladale, Speculant and Thylacine gas fi
Slide 25: Western Flank
Western Flank Preparing for next oil development and appraisal campaign Asset overview rsonal use only ▪ Interests: 100% interest and operator of PEL 91, PEL 104/111 and PEL 106; 75% interest and operator of PEL 92 (Amplitude Energy 25%) ▪ Assets: Middleton Gas Plant (22 TJ/day capacity); 29 produci
Slide 26: Cooper Basin JV
Cooper Basin JV Moomba CCS project successfully commissioned Asset overview rsonal use only ▪ Interest: Various non-operated interests (Santos operator)1 ▪ Assets: Moomba Gas Plant (310 TJ/day capacity); Moomba CCS (up to 1.7 Mtpa CO2 injection capacity); ~200 producing oil and gas fields ▪ H1 FY25
Slide 27: Bass Basin and Taranaki Basin
Bass Basin Taranaki Basin Non-core asset operating philosophy rsonal use only ▪ Safety takes precedence ▪ Small, focused operational teams ▪ Target self-sustaining / self-funding operations ▪ Compliant with strict operating principles ▪ Selective capital investment only Interests: 100% interest and
Slide 28: Beach Energy Limited contact details
Beach Energy Limited Level 8, 80 Flinders Street Adelaide SA 5000 Australia T: +61 8 8338 2833 rsonal use only F: +61 8 8338 2336 beachenergy.com.au Investor Relations Derek Piper, General Manager Investor Relations & Treasury T: +61 8 8338 2833