Beach Energy shares rebound on improved FY loss, dividend
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More news: Beach Energy shares lifted in early trading after the oil and gas company announced a full-year net loss of $43.8 million, improved from last year's loss of $475.3 million.
Beach shares were up 3.5% to $1.18 at 11am AEST, having shed around 15% in the previous three sessions. The recent selloff was partly spurred by the announcement of a $474 million impairment charge on Beach's West Australian and Victorian assets.
Beach Energy posts $44m loss but hikes dividend
The news: Oil and gas explorer Beach Energy has reported a full-year net loss of $43.8 million, an improvement on last year's loss of $475.3 million, after recording an after-tax impairment charge of $474 million related to a lower commodity price outlook.
The numbers: Underlying net profit after tax climbed 32% year on year to $450.5 million, while sales revenue rose 13% to $2.1 billion.
Beach declared a final dividend of 6 cents per share, taking total dividends to 9 cents per share, up from 4 cents per share last year.
The context: Managing director and chief executive Brett Woods said the financial year was one of "transformational change" for Beach, as the company increased its market share by supplying 19% of East Coast gas demand from its operated assets and non-operated equity interests.
The company has guided FY26 production of 19.7 to 22 million barrels of oil equivalent (MMboe), up from 19.7 MMboe recorded in FY25.
What they said: "FY26 will be a pivotal year in Beach's evolution," the company said. "Completion and ramp-up of the Waitsia Gas Plant will provide new gas for the domestic West Coast market and the global LBG market, and the Equinox rig campaign in offshore Victoria is targeting new gas supply for the East Coast market from 2028."
