Beach Energy FY24 Full Year Results: A Year of Solid Performance and Strategic Progress
BPT (BPT) Share Update August 2024 Sunday 11th
Beach Energy Announces FY24 Full Year Results
Beach Energy Limited (ASX: BPT) has announced its FY24 full-year results, showcasing strong financial performance, significant project milestones, and a strategic focus on sustainable growth and emissions reduction.
Instant Summary:
- Reported $950 million in underlying EBITDA.
- Achieved $1.8 billion in sales revenue.
- Produced 18.2 MMboe.
- Declared a final dividend of 2.0 cps.
- Progressed key projects including the Waitsia Gas Plant and Moomba CCS.
- Strategic review completed with a focus on core hubs and emissions reduction.
Financial Performance
Beach Energy reported an underlying EBITDA of $950 million and sales revenue of $1.8 billion for FY24. The company produced 18.2 MMboe, reflecting its strong operational capabilities. Despite a 7% decline in production compared to FY23, Beach Energy maintained robust financial health.
The company's net gearing stood at 15%, and it declared a final dividend of 2.0 cps. Beach Energy's liquidity remained strong at $437 million, providing flexibility for future growth and investment.
Key Project Milestones
Beach Energy achieved significant progress on key projects. The Waitsia Gas Plant in Western Australia is nearing mechanical completion, with first gas targeted for early CY2025. The Moomba CCS project also progressed, aiming for the first CO2 injection in H1 FY25.
Additionally, the company completed the Enterprise development and signed new gas sale agreements in the Otway Basin. The strategic review identified core hubs in Eastern and Western Australia, focusing on long-life, resilient assets.
Sustainability and Emissions Reduction
Beach Energy released its inaugural Climate Transition Action Plan, targeting net zero Scope 1 and 2 emissions by 2050. The company aims to reduce emissions intensity by 35% by 2030 and achieve <0.2% methane emissions intensity by 2025.
Beach Energy also emphasized its commitment to social and governance aspects, with initiatives such as the Indigenous Participation Policy and the upcoming Reconciliation Action Plan.
The strong financial performance and strategic progress are likely to positively impact Beach Energy's stock. The company's focus on sustainable growth and emissions reduction aligns with investor expectations for responsible energy production. The upcoming milestones for the Waitsia Gas Plant and Moomba CCS project will be closely watched by investors.
Investor Reaction:
Analysts are expected to react positively to Beach Energy's solid financial results and strategic focus. The company's commitment to emissions reduction and sustainable growth may attract ESG-focused investors. However, the market will be cautious about the timing and execution of key projects.
Conclusion:
Investors should keep an eye on Beach Energy's progress on key projects and its strategic initiatives. The company's strong financial position and focus on sustainability make it a compelling investment in the energy sector. Subscribe to our newsletter for regular updates on Beach Energy and other stock market news.