Latest news with #BeachEnergy
Sky News AU
01-06-2025
- Business
- Sky News AU
Beach Energy boss Brett Woods slams Victoria's gas policy after Santos CEO Kevin Gallagher likens state to North Korea
Another CEO of a major Australian energy company has torn into the Victorian government's gas policy after the state was compared to North Korea last week. Victoria's handling of gas development and the state government's attitude towards investment came under fire when Santos chief executive Kevin Gallagher lashed out at a conference in Brisbane. 'If I think about Queensland, South Australia, Western Australia – these are very supportive, very development-friendly jurisdictions,' Mr Gallagher said. 'Victoria? North Korea. They're different altogether.' On the sidelines of the same conference, Beach Energy CEO Brett Woods said getting gas projects approved in Victoria had 'been a challenge'. 'Victoria still have had quite a negative policy in terms of what the role of gas is in the state,' Mr Woods said on Sky News' Business Weekend. 'I think the recognition now, with industry shutting down and foreclosures and other things, (is) that they need more gas. 'We're ready to help, we just want to get after our projects so we can move them forward.' Victoria continues to be the most gas-dependent state in the country as the fuel is critical for warming homes and businesses during winter. However, a green energy focus, depleting offshore gas supplies and historical moratorium banning gas exploration, which was lifted in 2022, means Victoria faces looming shortfalls and may have to begin importing liquefied natural gas in the coming years. Mr Woods said red tape and delays meant it took more than 40 approvals to get a single gas well online in Victoria. 'That was challenging. It took considerable time,' he said. 'That really challenges our ability to continue to explore and invest. I think in recent months we've seen positive energy out of Victoria to see more gas, so that's been great. 'But when you have these challenges, it's hard to bring shareholders and boards along to the journey about deploying company capital.' Victoria was formerly a major gas powerhouse and exported the fuel source to NSW and South Australia, however, concerns about the future of gas in the state are now common. The Australian Competition and Consumer Commission earlier this year warned about winter shortfalls in south-eastern states, while the Australian Energy Market Operator (AEMO) projects shortfalls during peak demand from 2028. AEMO also forecasted annual supply gaps from 2029. While some smaller players look for gas onshore, the major players are avoiding this and looking towards more development of offshore gas. ExxonMobil and Woodside have recently approved a $350m investment to launch new drilling projects in the Bass Strait, while ConocoPhillips will spend more than $100m on drilling two exploration wells in the area.
West Australian
20-05-2025
- Health
- West Australian
St John WA delivers free first aid training to Mid West schools thanks to Beach Energy, Mitsui E&P Australia
Hundreds of students across the Mid West have been empowered to know what to do in an emergency — with some even inspired to pursue a career in health — after taking part a free first aid training program. The free, age-appropriate First Aid Focus initiative was delivered to more than 400 students at three primary schools and two high schools in Mingenew, Three Springs, Eneabba, Morawa and Carnamah thanks to almost $30,000 donated by Beach Energy and Mitsui E&P Australia. The funding has also resulted in two accredited adult first aid courses to train community first responders, and will go towards the servicing of 86 automated external defibrillators across the North Midlands area and installation of four new publicly available AEDs in Dongara. The program targets students from pre-kindy to Year 12. Dongara District High School deputy principal Robyn Niemack said the training had inspired future paramedics, doctors and nurses. 'The visit from St John WA's youth and community trainer Rachel was enjoyed by all, and the children took away so much valuable information,' she said. 'In addition to this, after talking to many of the students, it seems that Rachel has also inspired some of them to pursue careers in health. What an impact she has had.' St John WA social sustainability manager Angel Robins said corporate support was gratefully received and would help regional people 'have the confidence to step forward in a life-threatening emergency, call triple-0 and assist until the ambulance arrives'. 'By strengthening CPR skills and providing AEDs to help monitor hearts, the odds of survival increases — we call it the chain of survival and without the community, the chain would be broken,' she said. Beach Energy executive vice-president onshore and offshore assets Glenn Watt said the company was proud to support St John WA to deliver vital services to local communities. 'Together with Mitsui, our partnership with St John WA is one of more than a dozen we have with local Mid West organisations focusing on health, education, First Nations ranger programs, and business development initiatives,' he said. St John WA's North Midlands sub centre also provides free first aid training to more than 860 residents through an annual Three Springs Golf Club fundraiser in July each year. Seven Group Holdings is a major shareholder of Beach Energy and Seven West Media. Seven West Media is the owner of West Australian Newspapers, which publishes The Midwest Times.
Sky News AU
12-05-2025
- Business
- Sky News AU
ASX 200 up slightly as US, Chinese officials report making 'substantial progress' on trade discussions in Switzerland
Aussie stocks have nudged up on Monday as investor rally on hopes of the US-China trade war simmering after the two world's largest superpowers met to discuss tariffs over the weekend. The ASX 200 is up about 0.5 per cent so far with nine of the 11 sectors increasing. Energy and real estate stocks are leading the charge with Beach Energy up 3.3 per cent and property investor HMC Capital surging 2.9 per cent on Monday. It comes as Chinese and US officials reported achieving 'substantial progress' on trade discussions in Switzerland as the global superpowers move towards de-escalating the hefty tariffs both have on each other. US Treasury Secretary Scott Bessent and trade representative Jamieson Greer both attended meetings with Chinese officials, with Mr Greer lauding the negotiations between the economic superpowers. 'It's important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought,' Mr Greer told reporters. 'That being said, there was a lot of groundwork that went into these two days.' Chinese Vice-Premier He Lifeng similarly praised the discussions, which he described as "candid, in-depth and constructive on issues of concern to both countries". "The meeting achieved substantial progress and reached important consensus," Mr He said. The discussions could help reduce the 145 per cent tariff the US has on Chinese goods and the reciprocal 125 per cent tariffs Beijing has on US exports. Sky News' Business Editor Ross Greenwood said there was speculation that these discussion were not indicative of an actual trade deal, but noted investors would be encouraged by the news regardless. "(The market) started out pretty well and that is off the back of that trade deal between China and the United States and there is real speculation that this won't last and the cessation of tariffs between the two is not real necessarily, but the stock market has grabbed onto it," Greenwood said. He added that new unemployment and wage numbers from the Australian Bureau of Statistics due this week will also play a key role in future growth on the ASX, with the unemployment rate expected to maintain at 4.1 per cent. "If we do see those unemployment numbers ... come in as expected then this run is likely to continue," he said. On Wall Street, the S&P 500 fell 0.1 per cent on Friday while the Dow Jones sank 0.3 per cent and the Nasdaq finished flat. London's FTSE 250 rose 0.2 per cent, Germany's Dax jumped 0.6 per cent and the EURO STOXX 50 Index finished up 0.4 per cent on Friday. New Zealand's NZX 50 has risen 0.3 per cent since trading began on Monday.
Sky News AU
30-04-2025
- Business
- Sky News AU
ASX climbs amid steady inflation at 2.4 per cent
The ASX 200 increased by 0.69 per cent to 8,126.20 basis points amid a steady consumer price index of 2.4 per cent. Tech stocks and discretionary retailers such as EML Payments and GPT Group were top performers at 3.17 per cent and 1.31 per cent, respectively. Energy stocks such as Beach Energy and Origin Energy dropped by 3.69 per cent and 1.39 per cent, respectively.
Business Insider
30-04-2025
- Business
- Business Insider
Citi Keeps Their Sell Rating on Beach Energy (BEPTF)
Citi analyst James Byrne CFA maintained a Sell rating on Beach Energy (BEPTF – Research Report) today and set a price target of A$1.15. Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. According to TipRanks, Byrne CFA is a 2-star analyst with an average return of -0.6% and a 44.00% success rate. Byrne CFA covers the Energy sector, focusing on stocks such as Origin Energy Limited, Beach Energy , and Karoon Energy Ltd. Currently, the analyst consensus on Beach Energy is a Hold with an average price target of $0.92. Based on Beach Energy 's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.04 billion and a net profit of $222.3 million. In comparison, last year the company earned a revenue of $953.9 million and had a GAAP net loss of $345.1 million
