Report
Mark Taylor
EUR 100.00 For Business Accounts Only

Strong 4Q Free Cash Flows Set No-Moat Beach Up for Delivery on Production Expansion.

We make no change to our AUD 2.25 per share fair value estimate for no-moat Beach Energy. Fourth-quarter fiscal 2019 production marginally exceeded expectations, down just 4% to 7.0 million barrels of oil equivalent, or mmboe. Decline was expected given the sale of 40% of Otway, but Western Flank output ballooned 32% after successful expansion of liquids handling infrastructure. The application of horizontal drilling further boosted Western Flank oil output. Group fourth-quarter sales revenue in...
Underlying
Beach Energy Limited

Beach Energy is engaged in oil and gas exploration, development and production and investment in the resources industry. Co.'s operating segments include Cooper Basin, which includes oil and gas sales from Australian production; Other Australia, which includes Co.'s interest in all on-shore and off-shore production and exploration tenements within Australia other than the Cooper Basin; and International interests, which includes Co.'s interests in all areas outside Australia and oil and gas sales from Egyptian production. As of June 30 2016, Co. had total proved and probable reserve estimate of 69.8 million barrels of oil equivalent.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Mark Taylor

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