• Production up 15% to 10.2 MMboe
• Underlying NPAT up 37% to $237 million
• Interim dividend up 50% to 3.0 cps

Beach Energy Limited (ASX: BPT, Beach) today announced robust results for the first half of FY25. Production increased 15% to 10.2 MMboe, underpinned by strong operational performance across the Otway Basin, Bass Basin, and Western Flank. Otway Basin production more than doubled following the connection of Thylacine West and Enterprise, while Bass Basin production increased 67% due to successful wellbore interventions. The Western Flank continued to deliver strong reservoir performance and high facility uptime. The higher production, along with cost-out initiatives and two Waitsia LNG swap cargoes, drove a material increase in first half earnings. Sales revenue increased 5% to $990 million, underlying EBITDA increased 20% to $587 million, and underlying NPAT increased 37% to $237 million. The higher earnings supported an 88% increase in operating cash flow to $659 million and a reduction in net debt by 33% to $389 million. The Board declared a fully franked interim dividend of 3.0 cents per share, a 50% increase from the prior corresponding period. During the half, Beach successfully commissioned the Moomba CCS project, which has the capacity to inject and store all produced reservoir CO2 from the Moomba Gas Plant. Looking ahead, Beach expects a busy second half of FY25, with the commissioning of the Waitsia Gas Plant, the commencement of Offshore Gas Victoria activities, and a 10-well oil development and appraisal campaign in the Western Flank.

FY25 production guidance: 18.5 - 20.5 MMboe (previously 17.5 - 21.5 MMboe) FY25 capital expenditure: $700 - 800 million (no change)

Beach's aspiration is to become Australia's leading domestic energy company. The turnaround in Beach's performance is now underway, validating the strategic pillars of Core Hubs, High Margins and Sustainable Growth.