Ryan Stokes-chaired Beach Energy has narrowed its overall production guidance for the 2025 financial year, despite posting a higher first half profit.
Ryan Stokes-chaired Beach Energy has narrowed its overall production guidance for the 2025 financial year, despite posting a higher first half profit.
Guidance is now set between 18.5-20.5 millions of barrels of oil equivalent, after initially being set at 17.5-21.5 MMboe. The company’s capital expenditure range of $700-800 million remains unchanged.
Beach said its underlying profit rose by 37 per cent, or $64.2 million, to $236.9 million – on the back of greater production, coupled by Waitsia LNG swap cargoes – while its underlying earnings before interest, tax, depreciation and amortisation rose by 20 per cent to $587 million.
Total revenue also rose by 6 per cent to $1 billion.
The company declared a 2c per share fully franked dividend during the first half of the 2025 financial year, despite consensus it was initially going to be 3c.
"Beach’s pleasing half-year results demonstrate early turnaround signs following the strategic review initiatives announced last year," chief executive Brett Wood said.
"Over the past six months, we have worked hard to deliver the organisational reset, including a more than 30 per cent reduction in headcount and appointment of new executive leadership.
"Major projects have been completed and strong operations delivered with outstanding safety and environmental performance.
"This has underpinned growth in earnings and cash flow and a further strengthening of our financial position."
During the back end of 2024, Beach told the market it had installed Ryan Stokes as its permanent chair, after electing to suspend its search in filling the role.
Kerry Stokes-backed Beach also reiterated during Thursday's update it was targeting first gas sales from the Waitsia during the final quarter of the 2025 financial year, as the stage two of commissioning was under way.
Waitsia, a $1.2 billion joint venture project between Beach and Mitsui & Co, is located near Dongara in the state's mid-west.
Following a positive final investment decision in 2020, it was hoped first gas would be sold from the site in 2023, however a series of delays have impacted this timeline.
As of 10.16am AWST, Beach shares were down 4 per cent to $1.45.
