Australia's Beach Energy hits over 16-month low on poor FY results, resource downgrade

Beach Energy

12/08/2024 02:02

** Shares of oil and gas explorer Beach Energy  BPT.AX  fall
as much as 9.5% to A$1.290, their lowest since late-March 2023
    ** Co posts an 11% drop in FY underlying NPAT to A$341 mln
($224.31 mln)
    ** Beach Energy says it ended FY24 with 205 million barrels
of oil equivalent (MMboe) of 2P oil and gas reserves vs 255
MMboe last year
    ** Adds net revision of 31.5 MMboe resulted mainly for
Enterprise field
    ** Citi says Enterprise's reservoir pressure has declined
more than anticipated, indicating smaller container size and
less recoverable resource
    ** Rapid degradation of portfolio quality would require
substantial M&A to dilute poor performing assets - Citi
    ** Stock top loser in ASX 200 benchmark index  .AXJO 
    ** As of last close, BPT stock down 10.9% YTD

   ($1 = 1.5202 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))