Beach Energy delivered a strong financial performance in FY26, posting underlying EBITDA of $1.0 billion and underlying net profit after tax of $355 million, underpinned by successful execution across its operational portfolio and the critical milestone of Waitsia Gas Plant reaching nameplate capacity. The start-up of the 250 TJ/day Waitsia facility marked a transformational moment for the company, adding significant production capacity despite temporary challenges that are being addressed through a scheduled shutdown to improve consistency.
Total production reached 19.4 MMboe for the financial year, with Waitsia’s contribution offsetting headwinds from flooding in the Cooper Basin and lower production from the Otway Basin. Beyond production growth, Beach demonstrated disciplined cost management with a 3% reduction in field operating expense to $244 million, a particularly impressive outcome given the integration of Waitsia operations into the cost base and ongoing offshore exploration programs.
The company’s commercial strategy delivered tangible results, with a 7% uplift in average realised gas price to $11.5/GJ reflecting targeted marketing efforts. Beach also achieved free cash flow breakeven above the guidance level, demonstrating cash generation capability at oil prices materially below the US$30 per barrel scenario that underpinned planning assumptions. This operational resilience provides significant downside protection for shareholders.
Capital discipline characterised the period, with management prioritising balance sheet strength while maintaining dividend returns. The company declared a final fully franked dividend of 2.0 cents per share, bringing total FY26 dividends to 3.0 cents per share. With $983 million in available liquidity and net gearing at 10.6%, Beach has substantial financial flexibility to pursue growth ambitions. The optimisation of the Otway portfolio through the VIC/L35 sale also freed over $500 million in capital for strategic redeployment.
The Equinox rig campaign completed materially within budget, delivering a 100% success rate across nine oil appraisal and development wells in the Western Flank. The company achieved an outstanding 18-month recordable injury free record across all operations while maintaining zero Tier 1 process safety events since 2020, reflecting a strong safety culture.
Looking ahead, Beach is positioning for the next phase of growth with active exploration programs across the Western Flank, Perth Basin and Taroom Trough. The company is targeting a final investment decision in the first half of FY27 for a two-well nearshore Otway drilling campaign while continuing to mature high-value backfill opportunities in the Perth Basin and pursuing multi-Tcf scale opportunities in the offshore Otway. Investors should monitor progress on these initiatives and the Waitsia shutdown outcomes to assess whether production consistency improves as expected. This announcement has been classified as price sensitive and flagged as material by the ASX.
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About Beach Energy Limited (ASX: BPT)
Beach Energy Limited is an oil and gas exploration and production company headquartered in Adelaide, South Australia. It produces gas, oil, and natural gas liquids from five basins across Australia and New Zealand. The company explores, develops, and transports hydrocarbons including liquified natural gas, liquified petroleum gas, condensate, and oil.
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