Key highlights

  • Beach Energy Ltd (ASX:BPT) shares closed at $0.905, up 4.02%, on 19 October 2026.
  • The FY26 results announcement dated 6 August 2026 reports production of 19.4 MMboe, underlying EBITDA of $1.0 billion and underlying NPAT of $355 million.
  • A final fully Franked Dividend of 2.0 cents per share was declared, and FY27 production is guided to 19.5 to 23.0 MMboe.

Beach Energy Ltd (ASX:BPT) is an Australian oil and gas producer with operations in the Cooper Basin, Western Australia’s Perth Basin and offshore Victoria. On 19 October 2026, the shares closed at $0.905, up 4.02%. In an ASX announcement dated 6 August 2026, the company reported its FY26 full year results, covering production, earnings, reserves, Capital management and guidance for FY27.

FY26 production and earnings

Production was 19.4 million barrels of oil equivalent (MMboe), helped by the start-up of the Waitsia Gas Plant, which reached its 250 TJ/day nameplate capacity in April. The company says Waitsia largely offset the effects of Cooper Basin flooding and lower Otway Basin output, and that it is working with the operator on performance issues through an upcoming shutdown.

Sales Revenue was $1.8 billion, including $343 million from six LNG cargoes, and the average realised gas price rose 7% to $11.5 per gigajoule. Underlying EBITDA was $1.0 billion and underlying NPAT was $355 million. Field operating expenses fell 3% to $244 million, and all-in free Cash Flow was positive at $146 million. Beach reports a free cash flow breakeven below its US$30 a barrel target.

Drilling, reserves and portfolio changes

The Western Flank oil appraisal and development campaign delivered a 100% success rate across its first nine wells, seven of which are online, while heavy rain delayed drilling and connections in the March quarter. The offshore Victoria Equinox rig campaign was materially completed within budget, including the Hercules exploration well, a new Thylacine West 1 interval and the Artisan discovery, and four wells were decommissioned.

2P reserves ended at 156 MMboe, down from 173 MMboe, as production of 19.4 MMboe was partly offset by positive revisions of 3.1 MMboe. 1P reserves were 82 MMboe and 2C contingent resources were 174 MMboe. Beach sold the VIC/L35 permit, freeing more than $500 million of near-term capital while retaining a production royalty, and it was awarded new acreage in Queensland’s Taroom Trough.

Capital management and FY27 guidance

A final fully franked dividend of 2.0 cents per share was declared, taking the full-year dividend to 3.0 cents. Available Liquidity was $983 million and net gearing 10.6%. For FY27, Beach guides production of 19.5 to 23.0 MMboe, total Capital Expenditure of $600 million to $700 million, sustaining capital below $450 million, abandonment expenditure of $100 million to $140 million and Depreciation and Amortisation of $500 million to $550 million. Planned work includes an eight-well Western Flank oil exploration campaign, a two-well Taroom Trough campaign, a two-well Perth Basin exploration campaign and a targeted final Investment decision on Waitsia Inlet Compression. The Annual General Meeting is on 11 November 2026.

The release adds that Beach worked through unusual weather and operational events in FY26: flooding in the Cooper Basin and lower Otway output were largely offset by Waitsia, while heavy rain delayed Western Flank drilling and connections in the March quarter. The company reports 18 months recordable injury free and no Tier 1 process safety events since 2020, across about 1.5 million work hours.

On the balance sheet, available liquidity was $983 million and net gearing 10.6%. The company says the sale of the VIC/L35 permit redirects more than $500 million of near-term capital, while it keeps economic exposure through a production royalty, and that its capital management framework prioritises Balance Sheet strength to fund growth in its resource base.

Sector backdrop

The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Energy rose 2.16%, the largest gain among the labelled segments. On the sector map for the session, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

Waitsia performance issues are still being addressed with the operator, and the FY27 production range is wide, from 19.5 to 23.0 MMboe. Reserves fell year on year, and the 2P CO₂ storage capacity also declined to 3.6 Mt from 4.1 Mt. The company flags continuing uncertainty around the Domestic Gas Reservation framework.

The FY27 plan depends on several drilling campaigns and project decisions, including final investment decisions that have not yet been taken. Weather has already delayed Western Flank work, and exploration wells carry the usual risk of dry holes. The dividend of 3.0 cents for the year reflects a revised capital management framework that prioritises balance sheet strength.

What’s next

Beach will complete the remaining three Western Flank wells and start an eight-well oil exploration campaign, progress the Taroom Trough and Perth Basin exploration programs, target FIDs for Waitsia Inlet Compression and the nearshore Otway campaign, and hold its AGM on 11 November 2026.