Beach Energy Limited · ASX:BPT
Beach Energy — Shareholder Meeting (November 2023)
44 slides from Beach Energy's shareholder meeting presentation, Nov 14, 2023
Slide 1: 2023 AGM addresses and presentation
Beach Energy Limited (ABN 20 007 617 969) | Level 8, 80 Flinders Street Adelaide, South Australia 5000 GPO Box 175, Adelaide, South Australia 5001 | beachenergy.com.au ASX Announcement 2023 AGM addresses and presentation Reference #049/23 Date 14 November 2023 To follow is the Chairman’s address, Ch
Slide 2: Chairman's Address
Beach Energy Limited (ABN 20 007 617 969) | Level 8, 80 Flinders Street Adelaide, South Australia 5000 GPO Box 175, Adelaide, South Australia 5001 | beachenergy.com.au Beach Energy 2023 AGM Chairman and CEO addresses Date 14 November 2023 Chairman’s Address Slide 1 – 2023 Annual General Meeting For
Slide 3: Chairman's Address (continued)
We received several questions from shareholders in advance of the meeting, which I will address later during the formal items of business. Slide 5 – Board and management It is important to first address the Board and leadership renewal process underway at Beach. My appointment as Interim Chairman fo
Slide 4: Chairman's Address: a clear strategy for sustainable growth
I note that Brett has joined us today so shareholders may have a chance to meet him later. I would like to thank Morné Engelbrecht for his time at Beach as CFO from 2016 and CEO from May 2022. Morné was an integral part of the transformational Lattice acquisition and led its successful integration i
Slide 5: Chairman's Address: energy markets and capital management
We are exposed to five energy markets with very strong fundamentals. We supply gas to markets on the Australian east and west coasts and New Zealand, and oil and liquids to global markets. We will also soon be supplying into the global LNG market from Waitsia. Each market has attractive fundamentals
Slide 6: Chairman's Address: gas outlook and regulation
However, the Australian East Coast gas outlook shows a growing chasm between forecast supply and demand to 2030 and beyond, as existing fields deplete and new supply is limited and hampered by the regulatory environment. Likewise on the West Coast, the retirement of coal-fired power generation coupl
Slide 7: CEO's Address
CEO’s Address Slide 8 – CEO’s address Thank you, Ryan, and hello everybody. My name is Bruce Clement and I am Beach’s Interim Chief Executive Officer and an executive director. It’s my pleasure to be speaking with you today. Before I begin, I would like to thank Glenn for his significant contributio
Slide 8: CEO's Address: FY23 challenges
outcome with the administrators. Ultimately, the Italian firm Webuild acquired Clough and our project is continuing, albeit with some delay and cost increases. When you consider the potential alternative outcomes, the acquisition of Clough by Webuild was the best result for Beach and the Joint Ventu
Slide 9: FY23 key milestones
Slide 12 – FY23 key milestones I will briefly recap on the key milestones we achieved in FY23. We made good progress on the Moomba Carbon Capture and Storage project with the operator, Santos, reporting the project as 75% complete at the end of September. This is a globally significant CCS project a
Slide 10: CEO's Address: Q1 FY24 production
It was disappointing to report that Beach’s total company production was down 10% for the first quarter of FY24. This was due to lower gas nominations being made by our Otway Basin customer, which saw over 10 PJ of gas supply available but not taken. Given Beach’s significant investment to develop g
Slide 11: Beach Energy value proposition
We will continue to focus on maximising the value of our existing assets and business. Slide 16 – Beach Energy value proposition I am enthusiastic about the future for Beach Energy. We have great assets and a great team to drive value from our assets. So let me finish with a quick reminder of our va
Slide 12: Beach Energy 2023 Annual General Meeting
Beach Energy For personal use only 2023 Annual General Meeting 14 November 2023
Slide 13: Acknowledgement of Country
Acknowledgement of Country For personal use only Respect is one of our core values at Beach and we respect the traditional custodians of the lands on which we operate and work across Australia and New Zealand. We acknowledge that we are meeting today on the traditional country of the Kaurna People o
Slide 14: Compliance statements
Compliance statements Disclaimer Assumptions This presentation contains forward-looking statements, including statements of current intention, opinion and predictions regarding FY24 guidance is uncertain and subject to change. FY24 guidance has been estimated on the basis of the following assumption
Slide 15: Chairman's address
2023 ANNUAL GENERAL MEETING Chairman’s address For personal use only
Slide 16: Board and management
Board and management Board of Directors For personal use only Ryan Stokes AO Dr Peter Moore Richard Richards Sally-Anne Layman Bruce Clement INTERIM NON-EXECUTIVE LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR INDEPENDENT EXECUTIVE DIRECTOR CHAIRMAN NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR Executive m
Slide 17: A clear strategy for sustainable growth
A clear strategy for sustainable growth For personal use only Growing Organic Unique Gas-supported production opportunities position transition ▪ Kupe development well ▪ Perth Basin exploration ▪ Supplying key markets ▪ Emissions intensity target ▪ Enterprise discovery ▪ Western Flank exploration ▪
Slide 18: Regulatory certainty is critical for much needed investment
Regulatory certainty is critical for much needed investment East Coast gas supply/demand1: Material shortfalls emerging Current regulatory challenges2 For personal use only Five 400 PJ/year Environmental Plans approved since Dec-22 300 42 Environmental Plans currently under assessment New supply req
Slide 19: CEO's address
2023 ANNUAL GENERAL MEETING CEO’s address For personal use only
Slide 20: Initial observations
Initial observations For personal use only ✓ Dedicated and talented team ✓ Valuable asset portfolio ✓ Near-term growth outlook ✓ Unique mid-cap ✓ Building a sustainable business 9
Slide 21: Safety takes precedence in everything we do
i STAND TOGETHER ays Always put (CO - safety first Sh Be prepared _ ——=S— = and manage risk bi “ ¢ You have the “Zr authority SAFETY takes precedence in everything we do
Slide 22: FY23 financial results
FY23 financial results For personal use only 19.5 MMboe $1.6 billion $1.0 billion Production Sales revenue Underlying EBITDA $385 million 4.0 cps $434m 4% Underlying NPAT Dividends declared Year-end Net gearing liquidity 11
Slide 23: FY23 key milestones
FY23 key milestones For personal use only Thylacine North 1 and 2 online Successful Cooper Basin drilling campaigns Moomba CCS progressing Waitsia development drilling completed Key Enterprise pipeline installed Perth Basin exploration underway milestones Waitsia Gas Plant under construction Rig mob
Slide 24: Otway Basin offshore development
Otway Basin offshore development For personal use only Four development wells Largest offshore connected to the drilling campaign Otway Gas Plant in the Otway Basin Well deliverability now ~170 TJ/day 13
Slide 25: FY23 Sustainability Report
From emissions reduction For personal use only to supporting communities, explore how Beach has the energy for the transition. Read our FY23 Sustainability Report at www.beachenergy.com.au 14
Slide 26: Progressing pipeline of opportunities
Progressing pipeline of opportunities Kupe South 9 For personal use only online (H2 FY24) Production / capacity catalysts Kupe Exploration, appraisal and development Kupe South 9 drill Ongoing well connections Western Flank Western Flank exploration and appraisal Western Flank follow-up appraisal an
Slide 27: Beach Energy value proposition
Beach Energy value proposition ✓ Material production growth from FY25 For personal use only ✓ Supplying key markets in need of our products ✓ Strong financial position ✓ Cash flows for growth and dividends ✓ Multiple organic growth opportunities ✓ CCS to support emissions reduction 16
Slide 28: Resolutions for voting
2023 ANNUAL GENERAL MEETING Resolutions for voting For personal use only
Slide 29: Proxy voting
Proxy voting Vote totals based on the first resolution For personal use only Valid proxy votes received 1,642,056,469 % of total votes 71.98% 18
Slide 30: Financial statements
Financial statements To receive and consider the financial statements and the reports of the For personal use only directors and auditors for the financial year ended 30 June 2023. There is no requirement for shareholders to approve the financial statements and reports. 19
Slide 31: Adoption of the remuneration report
Resolution 1 Adoption of the remuneration report To consider and put to a non-binding vote the following ordinary For personal use only resolution: “That, for the purposes of section 250R(2) of the Corporations Act, the remuneration report for the financial year ended 30 June 2023, as set out in Bea
Slide 32: Adoption of the remuneration report: results
Resolution 1 Adoption of the remuneration report Total Valid For personal use only For Against Open-Usable Abstain Available Votes 1,609,528,543 29,184,654 3,343,272 1,642,056,469 927,883 98.02% 1.78% 0.20% 100% 21
Slide 33: Election of Bruce Clement as a director
Resolution 2 Election of Bruce Clement as a director To consider and, if thought fit, pass the following For personal use only resolution as an ordinary resolution: “That Bruce Clement, who was appointed by the board as an additional director pursuant to rule 6.1(d) retires pursuant to rule 6.1(e) o
Slide 34: Election of Bruce Clement as a director: results
Resolution 2 Election of Bruce Clement as a director Total Valid For personal use only For Against Open-Usable Abstain Available Votes 1,606,229,077 32,799,669 3,568,894 1,642,597,640 874,765 97.78% 2.00% 0.22% 100% 23
Slide 35: Election of Ryan Stokes as a director
Resolution 3 Election of Ryan Stokes as a director To consider and, if thought fit, pass the following For personal use only resolution as an ordinary resolution: “That Ryan Stokes, who was appointed by the board as an additional director pursuant to rule 6.1(d) retires pursuant to rule 6.1(e) of th
Slide 36: Election of Ryan Stokes as a director: results
Resolution 3 Election of Ryan Stokes as a director Total Valid For personal use only For Against Open-Usable Abstain Available Votes 1,480,446,616 158,695,349 3,520,461 1,642,662,426 801,699 90.13% 9.66% 0.21% 100% 25
Slide 37: Re-election of Richard Richards as a director
Resolution 4 Re-election of Richard Richards as a director To consider and, if thought fit, pass the following For personal use only resolution as an ordinary resolution: “That Richard Richards, who retires by rotation pursuant to rule 6.1(f) of the Beach constitution and ASX Listing Rule 14.4 and,
Slide 38: Re-election of Richard Richards: results
Resolution 4 Re-election of Richard Richards as a director Total Valid For personal use only For Against Open-Usable Abstain Available Votes 1,359,984,606 279,091,269 3,527,699 1,642,603,574 868,831 82.80% 16.99% 0.21% 100% 27
Slide 39: Issue of securities to incoming CEO Brett Woods (LTI)
Resolution 5 Approval of the issue of securities to the incoming Managing Director and CEO, Brett Woods under the Beach 2023 Long Term Incentive Offer To consider and, if thought fit, pass the following resolution as an For personal use only ordinary resolution: “That for the purposes of ASX Listing
Slide 40: Issue of securities to Brett Woods (LTI): results
Resolution 5 Approval of the issue of securities to the incoming Managing Director and CEO, Brett Woods under the Beach 2023 Long Term Incentive Offer Total Valid For personal use only For Against Open-Usable Abstain Available Votes 1,609,065,428 30,275,035 3,301,323 1,642,641,786 830,619 97.96% 1.8
Slide 41: Issue of securities to Brett Woods (retention grant)
Resolution 6 Approval of the issue of securities to the incoming Managing Director and CEO, Brett Woods as a One-Off Retention Incentive Grant To consider and, if thought fit, pass the following resolution as an For personal use only ordinary resolution: “That for the purposes of ASX Listing Rule 10
Slide 42: Retention grant to Brett Woods: results
Resolution 6 Approval of the issue of securities to the incoming Managing Director and CEO, Brett Woods as a One-Off Retention Incentive Grant Total Valid For personal use only For Against Open-Usable Abstain Available Votes 1,396,912,993 242,278,733 3,293,578 1,642,485,304 987,101 85.05% 14.75% 0.2
Slide 43: Finalisation of polls
2023 ANNUAL GENERAL MEETING Finalisation of polls For personal use only
Slide 44: Beach Energy Limited contact details
Beach Energy Limited Level 8, 80 Flinders Street Adelaide SA 5000 Australia T: +61 8 8338 2833 For personal use only F: +61 8 8338 2336 beachenergy.com.au Investor Relations Derek Piper, General Manager Investor Relations T: +61 8 8338 2833