Full Year 2024 Beach Energy Ltd Earnings Call Transcript
Key Points
- Beach Energy Ltd (BCHEY) reported a 9% increase in revenue to $1.8 billion, driven by higher realized oil and gas prices and the Waitsia LNG cargoes.
- The company maintained a strong financial position with $437 million of available liquidity and a net gearing of 15%.
- Beach Energy Ltd (BCHEY) achieved a 31% increase in Otway Basin production for the fourth quarter, supported by the connection to the Enterprise field.
- The Moomba CCS project reached mechanical completion, positioning Beach Energy Ltd (BCHEY) as a leader in decarbonization efforts.
- The company declared a final dividend of $0.02 per share, resulting in a full-year dividend of $0.04 per share, reflecting strong free cash flow of $163 million.
- Beach Energy Ltd (BCHEY) faced a significant reserve downgrade at the Enterprise field, impacting long-term production expectations.
- Production for FY24 was 7% below the prior year due to lower customer nominations in the Otway Basin, project delays, and weather events in the Cooper Basin.
- The company reported a non-cash impairment charge of approximately $1.1 billion, affecting producing and exploration assets.
- The Waitsia Stage 2 project experienced a delay, with first gas now expected in early calendar year 2025, eroding some of the project buffer.
- The Cooper Basin joint venture faced higher operating and capital costs, impacting overall financial performance.
Hello, and welcome to Beach Energy's FY24 full year results webcast. My name is Brett Woods, and I'm the Managing Director and Chief Executive Officer of Beach. Joining me today on the call is Anne-Marie, our Chief Financial Officer, and she will take us through the financials. For today's webcast. I'll provide an overview of the full year results, including progress over the past six months and an update on the outlook for FY25. Anne-Marie will go through the financial results, and we'll Finnish webcast with some Q&A.
But before I begin, I would like to take a moment to address the enterprise reserve revisions, as highlighted through the announcement this morning, it goes without saying that I'm extremely disappointed to have to convey this news, particularly after flagging reserve revisions two months ago at our strategic review.
The strategic review presentation occurred only four days after the enterprise field was bought online with strong production rates. Since then, we have accumulated
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