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Beach Energy Ltd (ASX:BPT) has seen its production rise to over 10.2 million barrels of oil equivalent during the first half of the 2025 fiscal year – a 15% lift from H1 FY2024.
The number was underpinned by strong performances at South Australia’s Otway Basin, which recorded a rise of 118% as Thylacine West and Enterprise came online as well as an increase of 67% at Bass Basin in Victoria.
Successful wellbore interventions, and a strong reservoir performance at Western Flank, also in South Australia, also helped bump the numbers up.
The company did revise its guidance for the whole of the 2025 fiscal year though; it’s now set between 18.5 and 20.5 MMboe (it had previously been 17.5 to 21.5).
Beach said its financials had also been strong, with underlying NPAT (net profit after tax) up 37% during the period to $237 million based on higher production and Waitsia LNG swap cargoes. Its interim dividend had also risen by 50%, to 3cps.
Managing director and CEO Brett Woods said the half-year numbers demonstrated a pleasing shift for Beach and said it demonstrates “early turnaround signs following the strategic review initiatives announced last year.”
“Over the past six months, we have worked hard to deliver the organisational reset, including a more than 30% reduction in headcount and appointment of new executive leadership,” he explained.
“Major projects have been completed and strong operations delivered with outstanding safety and environmental performance.”
At 14:43 AEDT, Beach shares were trading at $1.46 – a fall of 3.47% since the market opened.
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