Beach Energy is a mid-cap, largely gas-weighted Australian upstream E&P built on the Cooper Basin (Western Flank oil plus the Santos-operated gas joint ventures), the offshore Otway and Bass Basins supplying east-coast and Tasmanian domestic gas, the Perth Basin (including the Waitsia gas project) and NZ's Kupe field. FY2025 (year ended June 2025) production was roughly 18.0 MMboe (~49,000 boe/d), with revenue of about US$1.39bn (AUD 2,106M) and EBITDA near US$0.69bn (AUD 1,048M, ~50% margin). Statutory net income was a small loss (~AUD -44M) on impairments, a sharp improvement on FY2024's ~AUD -475M loss, while free cash flow rebounded to positive ~US$0.22bn (AUD 341M) as the heavy Waitsia investment phase peaked.
The investment case hinges on Waitsia Stage 2 in the Perth Basin, a growth project with LNG-linked offtake through the North West Shelf that is scheduled to deliver first gas around 2025/26 and materially lift production and cash flow into FY2026-27; against this sits a mature, declining Western Flank oil base and Cooper gas that require continued drilling to sustain. Balance sheet gearing is moderate (net debt ~US$0.3bn, ~12% net debt/equity) and the interim dividend was cut to fund capex. Key sensitivities are Australian domestic gas contract prices and LNG spreads, Western Flank oil decline rates, and Waitsia ramp execution; the bull case is a re-rating as Waitsia delivers and free cash flow inflects, with single-country concentration and project delivery the main risks.
Its EV/EBITDA of 2.6x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 13.4% is higher than the 6.5% median, and at $20.22/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Beach Energy scores 55/100, strongest on safety (78/100). Sub-scores: value 75, quality 22, growth 28, risk 22 (higher = riskier).
Beach Energy holds approximately 0.09 billion boe of proved (1P) reserves with FY2025 production of about 54 thousand boe/d (27% liquids), a reserve life of roughly 4.7 years. Break-even: ~$40 (corporate FCF breakeven) — High-margin Western Flank (Cooper Basin) oil and low-cost, long-contracted domestic gas give Beach a corporate free-cash-flow breakeven around US$40/bbl WTI-equivalent; cash flow is increasingly gas-weighted, so realized Australian domestic gas prices and Waitsia LNG-linked offtake matter as much as oil for through-cycle economics.
For Beach Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Australia | 95% | 10 | Stable; rising carbon/PRRT tax scrutiny and approvals delays. |
| New Zealand | 5% | 2 | Stable; exploration ban reversal politics, small sector. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Western Flank (Cooper Basin) | Australia | Oil | core high-margin light-oil pools; Beach's principal cash engine, now in managed decline |
| Cooper Basin JV | Australia | Gas + oil | SACB/SWQ joint ventures operated with Santos; gas plus associated liquids |
| Otway Basin | Australia | Gas | offshore Victoria gas (Enterprise, Thylacine, Geographe) supplying the east-coast domestic market |
| Waitsia Stage 2 (Perth Basin) | Australia | Gas | flagship growth project; LNG-linked offtake via NWS, first gas ~2025/26, major FY26-27 volume uplift |
| Perth Basin (onshore) | Australia | Gas | conventional gas feeding WA domestic market and Waitsia processing |
| Bass Basin (Yolla) | Australia | Gas | offshore gas supplying Tasmania and Victoria |
| Kupe | New Zealand | Gas + condensate | offshore NZ gas and condensate field, ~50% Beach-operated |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 70 | 59 | 55 | 50 | 54 |
| Proved reserves (bnboe) | 0.15 | 0.14 | 0.14 | 0.13 | 0.09 |
| Revenue ($bn) | 1.0 | 1.2 | 1.1 | 1.2 | 1.4 |
| EBITDA ($bn) | 0.6 | 0.7 | 0.6 | 0.6 | 0.7 |
| Net income ($bn) | 0.2 | 0.3 | 0.3 | -0.3 | -0.0 |
| Free cash flow ($bn) | 0.1 | 0.2 | -0.2 | -0.2 | 0.2 |
Enter your email and we'll open a print-ready one-page tearsheet for Beach Energy — and add you to the monthly oil & gas valuation screen.
✓ FY2025 figures verified against primary sources: