Beach Energy (ASX:BPT) held its 2026 Annual General Meeting on 11 November 2026, with Chairman Ryan Stokes and Managing Director and Chief Executive Officer Brett Woods delivering addresses covering the company's operational performance, safety record, strategy, and capital management framework.

Key Points

  • Beach Energy's 2026 AGM commenced at 10:30am ACDT on 11 November 2026, with the meeting webcast made available online.
  • In FY26, for the first time since 2011, no one working on a Beach operation suffered a recordable injury during the year.
  • FY26 production was 2% lower than the prior year, and the company produced more than it added to its reserves.
  • The Board declared a dividend of 3 cents per share for FY26, described as a deliberate choice to fund growth.
  • Beach agreed last month to farm into Elixir's core Taroom acreage, with Beach to operate a material position in the basin on completion.

Safety Record and Operational Performance

Chairman Ryan Stokes noted that in FY26, for the first time since 2011, no person working on a Beach operation suffered a recordable injury during the year. The Chairman acknowledged the contribution of Beach staff and contractors in achieving that outcome. On operational performance, the Chairman disclosed that FY26 production was 2% lower than the year before and that the company produced more than it added to its reserves. The Chairman also noted progress at the Waitsia project, operated by partner Mitsui, which is now producing as intended following a slower start.

Strategy and Reserve Replacement

The Chairman outlined the company's ambition to become Australia's leading, low-cost, returns-focused energy producer. The company has rebuilt its pipeline of opportunities, including low-cost onshore gas close to existing infrastructure, near-field exploration to refill plants, and offshore prospects where Beach intends to bring in a partner to share risk. The filing stated the company divested Artisan rather than investing to develop the field, and that Beach agreed last month to farm into Elixir's core Taroom acreage. On completion, Beach will operate a material position in the Taroom Trough. The company also indicated it will consider acquisitions where they deliver value to shareholders.

Capital Management and Dividend for FY26

The Chairman described Beach's capital allocation framework as prioritising safe and reliable operations first, followed by growth investment that clears the company's hurdle rates while maintaining a strong balance sheet, with surplus capital returned to shareholders through dividends. The FY26 dividend was set at 3 cents per share. The Chairman described this as a deliberate choice, with the Board's view that the best use of capital at this time is to fund Beach's growth. The filing also noted that over the last five years Beach has paid approximately $2.3 billion in taxes and royalties and invested approximately $3.5 billion in risk capital.