Production Growth and Cost Reduction
Beach Energy reported a 15% increase in production and a 20% reduction in unit field operating costs. These achievements were driven by higher production in the Otway and Bass Basins, and successful cost-out initiatives.
Strong Financial Performance
The company recorded a 20% increase in underlying EBITDA to $587 million and a 37% increase in underlying NPAT to $237 million. Operating cash flow increased by 88% to $659 million.
Successful LNG Cargoes and Revenue Growth
Beach Energy lifted two LNG cargoes in the first half, contributing $139 million to revenue and supporting a 5% increase in total sales revenue to approximately $1 billion.
Environmental and Safety Achievements
The company reported no Tier 1 or Tier 2 process safety events and no significant environmental spills. The Moomba CCS project exceeded expectations, contributing to emissions reduction equivalent to taking 700,000 cars off the road annually.