Company Reports

Midsize Australian oil and gas company Beach Energy reported a 15% decline in underlying fiscal 2026 net profit after tax to USD 243 million. This reflected an 11% decline in sales volumes to 18.5 million barrels of oil equivalent and a 6% increase in average price.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million barrels of oil equivalent following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale-enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million barrels of oil equivalent, or boe, following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale-enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Midsize Australian oil and gas company Beach Energy reported steady fourth-quarter fiscal 2026 production of 4.9 million barrels of oil equivalent. Sales revenue declined 5% to about AUD 400 million including an 11% drop in sales volumes, but 8% improved average pricing on strong oil.

Midsized Australian oil and gas company Beach has agreed to sell its entire 60% interest in Otway Basin permit VIC/P43, which contains Artisan gas discovery. Artisan was considered a promising tie-in opportunity for existing infrastructure, though it required capital-intensive subsea development.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million barrels of oil equivalent, or boe, following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale-enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million boe following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Midsize Australian oil and gas company Beach Energy reported a 7% increase in third-quarter fiscal 2026 production to 4.8 million barrels of oil equivalent, with Waitsia gas reaching 94% of nameplate capacity. Perth Basin production jumped 174%. Net debt declined 11% to USD 277 million.

The war in the Middle East, which started on Feb. 28, 2026, is a highly dynamic situation. While the US and Israel have achieved clear air superiority, Iran has effectively choked the Strait of Hormuz, threatening shipping deemed allied to the coalition forces.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million boe following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Midsize Australian oil and gas company Beach Energy reported a 9% decline in first-half fiscal 2026 underlying net profit after tax to USD 144 million or AUD 0.095 per share, and declared a AUD 1.0 cent fully franked interim dividend, down 66%. Net operating cash flow fell 43% to USD 212 million.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million boe following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Midsize Australian oil and gas company Beach Energy reported a 9% decline in fiscal 2026 second-quarter production to 4.5 million barrels of oil equivalent, or mmboe, affected by Otway maintenance. The Waitsia Stage 2 gas project is online, with production ramping up.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million boe following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million boe following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Midsize Australian oil and gas company Beach Energy reported an 8% increase in fiscal 2026 first-quarter production to 5.0 million barrels of oil equivalent. Final start-up procedures are underway for the Waitsia Stage 2 gas project with gas introduction imminent.

We've updated our midcycle oil price assumption. Our 10-year forecast marries our bullish in-house oil demand view with Rystad's supply projections, which aligns with our revised, long-term take.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million boe following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.

Midsize Australian oil and gas firm Beach Energy reported a 32% increase in underlying fiscal 2025 net profit after tax to USD 285 million. It declared a record USD 5.8 cent fully franked dividend, up 122%. Net operating cash flow rose 90% to USD 620 million.

Beach Energy produces oil, gas, and gas liquids from multiple wholly owned projects and joint ventures in the onshore Cooper, Perth, and Eromanga basins, and offshore in the Otway, Bass, and Taranaki basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million boe following the purchase of Lattice from Origin Energy in 2018. Lattice’s scale enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, resulted in an increase in EBITDA margins. But even with Lattice, our no-moat rating stands. Despite Lattice’s advantages, Beach does not have sufficient resource life beyond 15 years.