Beach Energy has reported underlying earnings of AU$1 billion and underlying net profit after tax of AU$355 million for the 2026 financial year, underpinned by major project delivery and steady production.
Total production reached 19.4 million barrels of oil equivalent (MMboe), buoyed by the commissioning of the 250 terajoules-per-day Waitsia gas plant in Western Australia, which reached nameplate capacity in April.
The Waitsia startup helped offset lower Otway Basin volumes and operational disruptions caused by Cooper Basin flooding.
A targeted gas marketing strategy pushed Beach’s average realised gas price up 7 per cent to AU$11.50 per gigajoule, while sales of six LNG cargoes generated AU$343 million in revenue. Total sales revenue reached AU$1.8 billion, generating AU$146 million in all-in free cash flow.
In the field, Beach achieved a 100 per cent success rate across nine oil appraisal and development wells drilled in the Western Flank.
Field operating expenses fell 3 per cent to AU$244 million, outperforming the company’s free cash flow breakeven target of US$30 per barrel.
Beach Energy CEO Brett Woods described fiscal 2026 as a pivotal execution period for the business.
“The team delivered major offshore projects and supported the operator to deliver first gas at Waitsia. We maintained our disciplined operational performance and advanced our commercial strategy,” Woods said.
Beach maintained a strong financial foundation, closing the year with AU$983 million in available liquidity, a net gearing ratio of 10.6 per cent, and declaring a final fully franked dividend of 2 cents per share.
Looking ahead to fiscal 2027, Beach targets production between 19.5 and 23 MMboe with capital expenditure guidance set at AU$600 to AU$700 million. Key growth initiatives include an eight-well exploration campaign in the Western Flank, active drilling programs in the Perth Basin and Taroom Trough, and a final investment decision on a two-well nearshore Otway campaign in early fiscal 2027.
“Beach enters fiscal 2027 with strong momentum and an owner’s mindset,” Woods said.
“We have identified opportunities of scale within tie-back distance to our existing infrastructure base in Western Australia and Victoria, creating a clear pathway to build the resource base that will underpin Beach’s next phase of growth.”
