Underlying Fiscal 2016 NPAT in Line with Expectations, No Change in View
We make no change to our AUD 0.63 per share fair value estimate. Underlying fiscal 2016 NPAT fell 61% to AUD 35.7 million, in line with expectations. Our fiscal 2017 earnings forecast is little changed at AUD 0.039 per share. The surprise, if any, was payment of a final AUD 0.5 cents per share fully franked dividend where we had assumed none. We'd anticipated cash reserves to take precedence given uncertain oil markets. The payout of just 23% of underlying full-year earnings is not particularly ...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.
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