Beach Energy Limited (ASX:BPT) Quarterly Report Highlights Robust Performance
Production and Sales Growth
Beach Energy Limited (ASX:BPT) achieved production of 5.0 million barrels of oil equivalent (MMboe) in Q2 FY25, reflecting a 22% increase in Bass Basin production resulting from successful wellbore interventions. The company reported sales revenue of $563 million, a 32% increase from the previous quarter, driven by strong LNG sales and high facility uptime in the Western Flank.
Financial Performance and Liquidity
The company’s financial performance showed continued improvement, with net debt decreasing significantly from $555 million to $389 million and cash reserves at $631 million at the end of the quarter. The net gearing ratio fell from 14% to 10%, demonstrating strengthened liquidity and financial resilience.
Operational Achievements
Beach brought Thylacine West 1 and 2 online, restoring well deliverability for the Otway Gas Plant to nameplate capacity, supporting domestic gas supply needs in eastern Australia. Additionally, the Waitsia Stage 2 project transitioned to the commissioning phase, with first sales gas targeted for Q4 FY25.
CEO Comments
Managing Director and CEO Mr Brett Woods stated, “Major project delivery, reliable and safe operations, and strong free cash flow generation underpinned Beach’s pleasing results for the second quarter of FY25.” He highlighted the importance of the Moomba CCS project, noting its role in emissions reduction, alongside plans for new gas supply to the East Coast market.
Upcoming Results
Beach Energy is set to release its FY25 half-year results on 6 February 2025, expected to provide further insights into the company’s ongoing performance and future outlook.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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