BPT +10.53%: the standout in a weak day today, Beach was helped by surging energy prices as well as a strong showing at their investor day. Beach talking to FY24 production of 28mboe, up from Fy21 25.6mboe. Importantly this target is fully funded and comes from current assets, excluding a number of projects in the pipeline. Gearing is set to peak below 10% in FY22 showing the balance sheet strength, likely the best of their ASX listed peers. They are also guiding to fully offsetting their carbon footprint by 2050 in an effort to alleviate concerns around ESG investment forcing cost of fund higher. It’s been a long while since BPT delivered an optimistic update – it still doesn’t convince us though.
MM is bullish the sector, preferring STO
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