Beach Energy Limited · ASX:BPT
Beach Energy — Shareholder Meeting (November 2024)
38 slides from Beach Energy's shareholder meeting presentation, Nov 13, 2024
Slide 1: 2024 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 2024 AGM addresses and presentation Reference #049/24 Date 13 November 2024 The following is the Chairman’s address
Slide 2: 2024 AGM Chairman and CEO addresses
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 2024 AGM Chairman and CEO addresses Date 13 November 2024 Chairman’s Address Slide 1 – 2024 Annual General Meeting Good
Slide 3: Board and management
Slide 4 – Board and management This time last year I spoke to the Board and leadership changes that were underway at Beach, and I am pleased to provide an update on the strong progress we have made over the past year. Our Board has achieved greater diversification of backgrounds and experience with
Slide 4: Capital management and organic growth progress
Ultimately, our objective is to deliver higher returns for shareholders through disciplined operations and capital allocation. Our capital management framework supports this objective and sets out the parameters to maintain a strong balance sheet, deliver disciplined growth, and increase dividends t
Slide 5: Government gas permits and industry headwinds
• The Federal Government also awarded gas exploration permits in the waters off Victoria and Tasmania. This is an encouraging step toward increasing supply, but one which requires significant capital investment and lengthy approval processes to bring new gas to market. • In Victoria, we saw the Gove
Slide 6: CEO's Address
CEO’s Address Slide 7 – CEO’s address Thank you, Ryan, and hello everybody. This time last year I was with you in the audience, eagerly awaiting my first day in the role. Since then and after 10 months with Beach, I am extremely proud to be standing here and reporting on what was an important year f
Slide 7: FY24 financial results and milestones
Underlying EBITDA of $950 million was broadly in line with the prior year and Underlying NPAT of $341 million was 11% below the prior year. Pre-growth free cash flow was $163 million and allowed the Board to declare a final dividend of 2.0 cents per share, resulting in full year dividends of 4.0 cen
Slide 8: Safety and environment outcomes
Moomba CCS, while driving material cost and capital out of the business. I am confident in saying that Beach has taken the initial steps to deliver sustainable value creation for our shareholders. Slide 11 – Improving safety and environment outcomes Turning now to safety and the environment. Our per
Slide 9: Waitsia Gas Plant commissioning
Since then, the quality and execution issues have been addressed, the plant is now effectively constructed and it is in full commissioning custody control. While this is good news, onsite productivity is not at the level it should be. In our most recent quarterly report, we announced that 15 senior
Slide 10: Beach Energy 2024 Annual General Meeting
Beach Energy 2024 Annual General Meeting 13 November 2024
Slide 11: 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 12: Chairman's address
2024 ANNUAL GENERAL MEETING Chairman’s address
Slide 13: Board and management
Board and management Board of Directors Ryan Stokes AO Brett Woods Bruce Clement Sally-Anne Layman Sally Martin Dr Peter Moore Richard Richards NON-EXECUTIVE MANAGING DIRECTOR INDEPENDENT INDEPENDENT INDEPENDENT LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR & & CHIEF EXECUTIVE NON-EXECUTIVE NON-EXECUTIVE
Slide 14: A refreshed strategy to drive shareholder returns
A refreshed strategy to drive shareholder returns CORE HUBS HIGH MARGINS SUSTAINABLE GROWTH Eastern Australia and Owner’s mindset Pivot to long-life, resilient assets Western Australia Low-cost operations Climate Transition Action Plan Grow share of East and West Coast gas markets Structural cost re
Slide 15: More to be done to support gas as a transitional energy source
More to be done to support gas as a transitional energy source Progress is being made… …however major headwinds remain East Coast gas supply and demand1 500 PJ ✓ Future Gas Strategy ➢ Environment planning and approval 400 processes 300 ✓ Acknowledgment of gas as a 200 transitional energy source ➢ Ac
Slide 16: CEO's address
2024 ANNUAL GENERAL MEETING CEO’s address
Slide 17: Pathway established to pursue sustainable growth
Pathway established to pursue sustainable growth 2024 milestones Strategic objectives ✓ Refreshed strategy ➢ Further cost and capital reduction targets ✓ New asset-based organisational structure o Reach 30% headcount reduction target by end-CY2024 ✓ Core hubs and identification of non-core assets o
Slide 18: FY24 headline results
FY24 headline results 18.2 MMboe 7% $1.8 billion 9% $950 million 3% Production Sales revenue Underlying EBITDA $9.5 /GJ 8% 2.0 cps No change $437m 15% Average realised Final dividend Liquidity Net gearing1 gas and ethane price 9 1. Net gearing defined as Net Debt / (Net Debt + Equity)
Slide 19: 2024 key milestones
2024 key milestones Strategic review completed New asset-based organisational structure Early Waitsia cargoes Waitsia Gas Plant progressed Enterprise development completed Key Thylacine West completed milestones Perth Basin gas discoveries Cooper Basin drilling campaigns Inaugural CTAP released Moom
Slide 20: Improving safety and environment outcomes
Improving safety and environment outcomes Personal safety performance Key highlights 8 FY24 FY25 400 ▪ Start Strong campaign driving outstanding safety performance Thousand hours 6 4.6 300 o Record 11 months with no recordable injuries 3.4 TRIFR 4 200 2 100 o 27 months with no Tier 1 / 2 process saf
Slide 21: Successful commissioning of Moomba CCS
Successful commissioning of Moomba CCS Highlights ▪ First CO2 injection in September; capacity injection rates reached in October ▪ Exceeded expectations for the commissioning phase ▪ One of the world’s largest CCS projects comprising four-stage compressor, five injection wells and CO2 pipelines and
Slide 22: Waitsia Gas Plant in commissioning phase
Waitsia Gas Plant in commissioning phase ▪ Waitsia Joint Venture increasing representation and control of commissioning activities ▪ 15 senior Beach operations and commissioning specialists seconded to support the final stages of the project ▪ Running 12-hour shifts, 24 hours a day for commissioning
Slide 23: Beach Energy value proposition
Beach Energy value proposition Becoming Australia’s leading ✓ domestic energy company ✓ Supplying key markets ✓ Strong financial position Increasing free cash flow for ✓ dividends and growth Multiple near and medium- ✓ term value catalysts CCS to support emissions ✓ reduction 14
Slide 24: Resolutions for voting
2024 ANNUAL GENERAL MEETING Resolutions for voting
Slide 25: Proxy voting
Proxy voting Vote totals based on the first resolution Valid proxy votes received 1,573,782,292 % of total votes 68.99% 16
Slide 26: Financial statements
Financial statements To receive and consider the financial statements and the reports of the directors and auditors for the financial year ended 30 June 2024. There is no requirement for shareholders to approve the financial statements and reports. 17
Slide 27: Resolution 1: Adoption of the remuneration report
Resolution 1 Adoption of the remuneration report To consider and put to a non-binding vote the following ordinary resolution: “That, for the purposes of section 250R(2) of the Corporations Act, the remuneration report for the financial year ended 30 June 2024, as set out in Beach’s 2024 Annual Repor
Slide 28: Resolution 1: Adoption of the remuneration report
Resolution 1 Adoption of the remuneration report Total Valid For Against Open-Usable Abstain Available Votes 1,555,595,183 14,621,985 3,565,124 1,573,782,292 1,286,155 98.84% 0.93% 0.23% 100% 19
Slide 29: Resolution 2: Election of Sally Martin as a director
Resolution 2 Election of Sally Martin1 as a director To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That Sally Martin, who was appointed by the board as an additional director pursuant to rule 6.1(d) retires pursuant to rule 6.1(e) of the Beach constitutio
Slide 30: Resolution 2: Election of Sally Martin as a director
Resolution 2 Election of Sally Martin1 as a director Total Valid For Against Open-Usable Abstain Available Votes 1,566,395,306 4,666,174 3,579,489 1,574,640,969 927,988 99.47% 0.30% 0.23% 100% 21 1. Also known as Sarah Jean Martin
Slide 31: Resolution 3: Re-election of Peter Moore as a director
Resolution 3 Re-election of Peter Moore as a director To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That Peter Moore, who retires by rotation pursuant to rule 6.1 of the Beach constitution and, being eligible, offers himself for re-election, is re-elected
Slide 32: Resolution 3: Re-election of Peter Moore as a director
Resolution 3 Re-election of Peter Moore as a director Total Valid For Against Open-Usable Abstain Available Votes 1,485,489,152 85,756,081 3,621,384 1,574,866,617 702,340 94.32% 5.45% 0.23% 100% 23
Slide 33: Resolution 4: Performance rights to Managing Director and CEO (LTI)
Resolution 4 Approval of the issue of performance rights to the Managing Director and CEO, Brett Woods under the Beach 2024 Long Term Incentive Offer To consider and, if thought fit, pass the following ordinary resolution: “That for the purposes of ASX Listing Rule 10.14 and for all other purposes,
Slide 34: Resolution 4: Performance rights to Managing Director and CEO (LTI)
Resolution 4 Approval of the issue of performance rights to the Managing Director and CEO, Brett Woods under the Beach 2024 Long Term Incentive Offer Total Valid For Against Open-Usable Abstain Available Votes 1,535,272,923 35,603,168 3,424,944 1,574,301,035 780,060 97.52% 2.26% 0.22% 100% 25
Slide 35: Resolution 5: Performance rights to Managing Director and CEO (STI)
Resolution 5 Approval of the issue of performance rights to the Managing Director and CEO, Brett Woods under the Beach FY24 Short Term Incentive Offer To consider and, if thought fit, pass the following ordinary resolution: “That for the purposes of ASX Listing Rule 10.14 and for all other purposes,
Slide 36: Resolution 5: Performance rights to Managing Director and CEO (STI)
Resolution 5 Approval of the issue of performance rights to the Managing Director and CEO, Brett Woods under the Beach FY24 Short Term Incentive Offer Total Valid For Against Open-Usable Abstain Available Votes 1,473,948,422 36,879,132 3,487,035 1,514,314,589 766,315 97.33% 2.44% 0.23% 100% 27
Slide 37: Finalisation of Polls
2024 ANNUAL GENERAL MEETING Finalisation of Polls
Slide 38: Beach Energy Limited contact details
Beach Energy Limited Level 8, 80 Flinders Street Adelaide SA 5000 Australia T: +61 8 8338 2833 F: +61 8 8338 2336 beachenergy.com.au Investor Relations Derek Piper, General Manager Investor Relations & Treasury T: +61 8 8338 2833