Beach Energy Limited (BPT.AX): JunQ First Take: Prod’n, sales miss driven by Cooper Basin softness, cargo timing. Net debt better than expected

Research evidence excerpt

Beach Energy Limited (BPT.AX): JunQ First Take: Prod’n, sales miss driven by Cooper Basin softness, cargo timing. Net debt better than expected

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21 Jul 2026 20:28:43 ET │ 11 pages

Beach Energy Limited (BPT.AX)

JunQ First Take: Prodn, sales miss driven by Cooper Basin softness,

cargo timing. Net debt better than expected

CITI'S TAKE Sell

Price (21 Jul 26 16:00) A$0.87 BPT reported a production miss of 4% vs CitiE estimates and 3% vs VA

Target price A$0.80 consensus driven by lower output at the Cooper Basin due to a

maintenance program and the ongoing recovery of volumes following Expected share price return -8.0%

recent flooding. Sales also missed expectations reflecting both lower Expected dividend yield 4.6%

production and the timing of cargo liftings. While Waitsia momentarily Expected total return -3.4%

achieved its nameplate capacity of 250TJ/day, compressor issues have Market Cap A$1,985M

constrained output. Management expects these issues to be resolved US$1,389M

during a 24 day shutdown scheduled for September. BPT's approximately

~8PJ overlift position at Waitsia is expected to reduce production

available to BPT from FY27+. FY26 net debt was better than both Citi and

consensus expectations. While upside opportunities in the Otway Basin Tom WallingtonAC

and Taroom Trough could support medium-term growth, we expect +61-282-254-326

today's production miss and ongoing operational challenges at Waitsia to tom.wallington@citi.com

weigh on confidence.

JunQ Result – BPT reported JunQ production of 4.9mmboe, a ~4% miss vs Citi's

forecast of 5.1mmboe and a ~3% miss versus VA of 5.1mmboe. The miss relative to

Citi was driven by a slower-than-expected recovery in Cooper Basin production

following recent flooding, as well as a planned maintenance program at the