Beach Energy: Perth Basin and Cooper Basin assets | Australian Markets
Beach Energy has copped a $674 million writedown due to decrease sale costs and poorer than anticipated efficiency of Perth Basin assets.
The Adelaide-based company revealed the impairment to the market on Thursday and shares dropped 9.5 per cent to $1.17 every simply earlier than the close.
Lower oil and gasoline sale costs and flooding weighed on the company’s Cooper Basin assets, with a hit of about $487m earlier than tax.
In the Perth Basin, Beach pointed the finger at larger capital prices for future development of the Waitsia project and reserve downgrades at Beharra Springs Deep 3. The Perth Basin writedown was $187m.
Beach boss Brett Woods labelled drilling outcomes on the Beharra properly — close to Dongara — “disappointing” because the company shaved about 10 million barrels of oil off reserves on the subject.
It comes after a write-down of up to $400m flagged in June final 12 months.
The Waitsia three way partnership with Mitsui & Co is anticipated to supply first gasoline earlier than the tip of September. About 5 LNG swap cargoes have been offered by way of Waitsia’s deal with the North West Shelf Venture by way of the 12 months, utilizing gasoline from the native market.
“In the West, good progress was made with the final stages of the Waitsia Stage 2 project with construction of the Waitsia Gas Plant complete and commissioning well progressed as we work towards first gas during (the first quarter of the 2026 financial year),” Mr Woods informed buyers.
“Beach ended the financial year with strong results for the fourth quarter, material growth in production and revenue for full year FY25 and a strengthened balance sheet to pursue growth opportunities.”
Annual gross sales income lifted 13 per cent to $2 billion.
Beach Energy is partly owned by SGH, a main shareholder in Seven West Media.
Stay up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We present each day updates to make sure you have entry to the freshest data on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Explore how these trends are shaping the long run of Australia’s economic system! Visit us usually for essentially the most partaking and informative market content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory adjustments, and pivotal moments within the Australian financial panorama.
