15 AUGUST 2022 FY22 full-year results Delivering energy security
Key takeaways Delivering the foundation for sustainable growth Growing Growing Growing Growing Gas Supply in Key Markets Free Cash Flow Sustainably 7 well offshore Otway Targeting 4 gas markets 1.2 billion operating New target for…
Key project milestones delivered De-risking growth Geographe 4 and 5 connected to the Otway Gas Plant SPA with bp for Waitsia Stage 2 LNG Otway production up 47% to 4.1 MMboe Waitsia Stage 2 commenced FY22 milestones…
Strong financial results in FY22 Strengthening cash flows and financial position 21.8 MMboe 15% 1.1 billion 17% 504 million 39% Production Underlying EBITDA Underlying NPAT (64% margin) 752 million 73% 765 million +363m…
Growing gas into existing and new markets Focused on delivering growth projects Objectives FY23 focus Complete tie-in of the Thylacine 1, 2, 3 and 4 wells - Targeting first gas mid-20231 Complete Enterprise pipeline construction -…
East Coast gas market Gas prices continue to rise as demand and supply challenges persist Reducing coal-fired power, intermittent renewable supply Beach contracted vs uncontracted East Coast gas volumes1 and grid network instability…
LNG sale agreement with bp signed Targeting first LNG sales in H2 2023 Beach a new entrant in the global LNG market Sale and Purchase Agreement with bp signed bp to acquire all 3.75 Mt of Beach LNG from Waitsia over 5 years Up…
Major projects underpin production growth Completion of major projects to deliver production target Delivery target Key target drivers FY24 delivery risks FY23 Otway customer Thylacine well connections delayed beyond 1 July 2023…
Reserves and resources 2P Reserves impacted by Trefoil development deferral and limited exploration MMboe 30-Jun-21 30-Jun-22 Change Decline in 2P reserves primarily driven by production (-22 MMboe) and Bass Basin revisions (-25 MMboe)…
Health, safety and environment Focused on continual improvement Safety performance FY22 highlights 16 15.6 14.5 2021 IADC Safety Award 12 7.9 Outstanding safety performance for the Otway Basin Total Recordable Injuries 8 13…
F Y 2 2 F U L L - Y E A R R E S U LT S Financial results
FY22 financial highlights A strengthened financial position to deliver sustainable growth Growing Fully Funded Capital Free Cash Flow Growth Management 1.2 billion operating cash flow 765 million liquidity at year- Demonstrated…
Production diversity from multi-basin strategy Investing to produce more gas for supply-constrained domestic and LNG markets FY22 production: 21.8 MMboe1 Liquids Oil 35% 20% East Coast gas Condensate 7% 21.8 MMboe 50% 8%…
Underlying Net Profit After Tax1 Strong FY22 earnings growth million Underlying NPAT up 39% due to: (30) (8) Higher realised prices and revenue 57 (119) Reduced depreciation from lower production (62) 53 40 Minimal exploration…
Cash flow movements A strengthened financial position supports delivery of the FY23 capital program million Cash reserves up 100% to 255 million (402) 242 million free cash flow generated1 6.2% free cash flow yield2 752 million…
Fully funded to deliver major capital programs Targeting a net cash position throughout FY23 Available Liquidity ( million) 765 Successful debt facility refinance to 600 million A strengthened financial position 500 Provides…
F Y 2 2 F U L L - Y E A R R E S U LT S Sustainability
Sustainability at Beach Environment, Social and Governance (ESG) Environment Social Governance Reporting Aspiration to reach net zero 4.1m contributions (monetary and Board committees for oversight Several reports and statements…
New emissions intensity reduction target Targeting 35% reduction by 2030 New emissions intensity reduction target Beach is committed to the emissions reduction journey Dedicated sustainability team focused on emissions reduction…
Moomba CCS to deliver material CO2 reductions A globally significant Carbon Capture and Storage project Targeting up to 1.7 Mt of CO2 storage annually (0.5 Mtpa net to Beach) Depleted reservoirs with proven rock seal across the Cooper…
F Y 2 2 F U L L - Y E A R R E S U LT S Markets
Exposure to five markets with strong fundamentals Underinvestment in new supply, strengthening demand and energy security concerns East Coast gas market Global oil and liquids West Coast gas market NZ gas market Global LNG…
East Coast gas market Gas prices continue to rise as demand and supply challenges persist Reducing coal-fired power, intermittent renewable supply Upward pressure on term contract prices and grid network instability support gas demand…
Western Australia domestic gas market Market expected to tighten further from mid-2020s Demand forecast to exceed supply in the mid-2020s, coinciding Domestic gas prices have strengthened while remaining with rising uncontracted demand…
Global LNG market Increasing demand and geopolitical uncertainty driving prices higher Geopolitical / energy security concerns highlight Tightening global LNG market importance of LNG 600 LNG (Mtpa) Increased European demand…
F Y 2 2 F U L L - Y E A R R E S U LT S Outlook
FY23 guidance Optimising production performance ahead of growth in FY24 FY23 production guidance: 20.0 22.5 MMboe 12.5% 10% FY23 highly dependent on Otway customer nominations 22.5% 10% Cooper Basin JV Oil 35% Western Flank…
FY23 guidance Otway and Perth basin developments underpin growth in FY24 FY23 production assumptions (20.0 22.5 MMboe) FY23 capital expenditure assumptions (800 1,000 million) Otway Basin: Sales gas outlook based on offshore well…
Perth Basin Targeting commencement of LNG sales in H2 2023 Asset overview Elegans Interests: 50% interest and operator of Beharra Springs (Mitsui 50%); 50% interest in Waitsia (Mitsui 50% and operator) Synaphea Assets: Beharra…
Otway Basin Investing in new gas supply to support the East Coast market Asset overview Interest: 60% interest and operator (O.G. Energy 40%) Assets: Otway Gas Plant (205 TJ/day capacity); Thylacine, Geographe, Speculant, Halladale…
Offshore Otway Basin exploration Multiple seismic-amplitude supported prospects Artisan 100% success rate from seismic amplitude supported wells in Beach acreage1, including: Offshore Otway Basin Acreage2 La Bella, Geographe,…
Nearshore Otway Basin exploration Short-cycle opportunities; 3D seismic planning underway Nearshore Otway Basin Acreage1 Enterprise discovery drilled from onshore well pad to offshore reservoir 4.9 km directional well High-value…
Taranaki Basin Planning for development drilling in FY24 Asset overview Interest: 50% interest and operator (Genesis Energy 46%, NZOG 4%) Assets: Kupe Gas Plant (77 TJ/day capacity); Kupe gas field FY22 highlights Completion of…
Bass Basin Planning developments to increase production and extend asset life Asset overview Interest: 88.75% interest and operator of BassGas (Prize Petroleum 11.25%); 90.25% interest and operator of Trefoil (Prize Petroleum 9.75%)…
Western Flank oil and gas Active drilling and workovers to target flat oil production in FY23 FY22 drilling highlights 40% exploration and appraisal drilling success rate (total 20 wells) Two oil discoveries (Bangalee, Coorong); one…
Cooper Basin JV Five-rig drilling campaign targeting stable production in FY23 Asset overview Interest: Various non-operated interests (Santos operator) Assets: Moomba Gas Plant 400 TJ/day capacity; 190 producing oil and gas fields;…
Key takeaways Delivering the foundation for sustainable growth Growing Growing Growing Growing Gas Supply in Key Markets Free Cash Flow Sustainably 7 well offshore Otway Targeting 4 gas markets 1.2 billion operating New target for…
F Y 2 2 F U L L - Y E A R R E S U LT S Q&A and appendix
Other financial statement impacts Reconciliation of EBITDA and NPAT million FY21 FY22 Change Underlying EBITDA 953 1,111 +17% Legal cost provision for shareholder class actions - (5) Gain on reversal of acquired liabilities 35 -…
Beach Energy Limited Level 8, 80 Flinders Street Adelaide SA 5000 Australia T: +61 8 8338 2833 F: +61 8 8338 2336 beachenergy.com.au Investor Relations Derek Piper, General Manager Investor Relations T: +61 8 8338 2833
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