Beach Energy shares lift on positive first quarter update
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More news: Shares in Beach Energy are up 1.5% to $1.24 after the oil and gas producer recorded a 10% increase in September quarter production from the prior corresponding period, with quarterly revenue of $427 million was in-line with the prior quarter.
Beach also said its Waitsia gas plant in Western Australia remains on track for first production in early 2025.
Beach Energy appoints Ryan Stokes as permanent chair
The news: Beach Energy has suspended the search for an independent chair and appointed its interim chair Ryan Stokes as its permanent chair.
The numbers: Stokes has acted in the role of interim chair since Beach’s 2023 annual general meeting, and has been managing director and CEO of the company's largest shareholder Seven Group since July 2015.
The announcement of Stokes’ appointment came as part of Beach’s first quarter activities report. The oil and gas company recorded a 10% increase in production compared to the prior corresponding period, with quarterly output totalling 5.2 million barrels of oil equivalent per day. Quarterly revenue of $427 million was in-line with the prior quarter.
The context: On the Q1 result, Beach managing director and CEO Brett Woods noted that "progress in project execution coupled with production enhancement initiatives" drove the increase in production. He said that the company’s Waitsia gas plant in Western Australia remains on track for first gas in early 2025.
Meanwhile, Stokes, who is also chair of Seven-controlled WesTrac, Coates and Boral, will begin as permanent chair of Beach immediately.
What they said: "In the immediate future, the board’s focus is on improving the operational performance of Beach in the interest of all shareholders," Beach’s lead independent director Peter Moore said.
"The board of Beach remains majority independent and this appointment provides clarity and stability for the company as we progress through a period of significant change."
Stokes said: "The board is working well together to deliver value for shareholders. It is my intention to search for an independent successor chair once Beach has made progress on the current priorities and achieved key Waitsia production".
The source: ASX announcement
