Beach Energy Limited (BEPTF) Q2 2025 Earnings Call Transcript

2025-02-05 19:29:22 ET

Beach Energy Limited (BEPTF)

Q2 2025 Earnings Conference Call

February 05, 2025 05:30 PM ET

Company Participants

Brett Woods - Managing Director & Chief Executive Officer

Anne-Marie Barbaro - Chief Financial Officer

Conference Call Participants

Tom Allen - UBS

Adam Martin - E&P

Dale Koenders - Barrenjoey

Henry Meyer - Goldman Sachs

James Byrne - Citi

Gordon Ramsay - RBC Capital Markets

Nik Burns - Jarden Australia

Saul Kavonic - MST Marquee

Rob Koh - Morgan Stanley

Mark Wiseman - Macquarie

Presentation

Operator

Thank you for standby. And welcome to the Beach Energy Limited FY 2025 Half Year Results. All participants are in a listen-only mode. There will be a presentation, followed by a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Mr. Brett Woods, Managing Director and Chief Executive Officer. Please go ahead.

Brett Woods

Good morning, everyone, and welcome to Beach Energy's FY '25 Half Year Results Presentation. Joining me today is Anne-Marie Barbaro, our Chief Financial Officer. Together, we will take you through our half year results and provide an update on the outlook for the remainder of FY '25 before we open up for Q&A.

Before I begin, I'd like to acknowledge the hard work and dedication of the entire Beach team. You'll recall that we announced our strategic review towards the end of last financial year. And since then, we've been extremely busy with the organizational reset and implementing a rank initiatives, while keeping focused on safe delivery of operations and major projects.

Today, it's pleasing to announce a set of results, which reflects initial outcomes from that strategic review. I believe the results demonstrate good solid progress and early signs of what is ahead for Beach; production growth, cost reductions and increases in earnings, cash flow and dividends are key themes for today. Importantly, we have achieved these results with outstanding safety and environmental performance.

Slide 2 sets out our compliance statements, which I'll leave for you to read at your leisure.

Slide 3 lists the key milestones for the first half. The organizational elements of the strategic review have been completed. The business has been restructured, and we achieved our target 30% head count reduction. In fact, we've exceeded that target and currently have 32% less head count than at our peak last year.

The appointment of my executive leadership team is also complete, and I'm glad that many of you got to meet them during the Waitsia visit in December. It is great to see the vigor in which the ExCo are chasing our opportunities in implementing our strategic initiatives.

In the field, this half saw completion of two major projects and progress on Waitsia. Successful connection of the Thylacine West wells and completed the offshore Otway program and commissioning and ramp-up of Moomba CCS completed the SLMACC emissions reduction project. I'll talk to our major projects in more detail shortly....

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