BEACH ENERGY LIMITED

Half Year Report

For the six months ended 31 December 2024

Beach Energy Limited ABN 20 007 617 969

ontents	ontents	ontents	ontents	ontents
Appendix 4D 3
	Directors’ Report 4
	Auditor’s Independence Declaration 12 Consolidated Statement of Proft or Loss and Other Comprehensive Income 14 Consolidated Statement of Financial Position 15 Consolidated Statement of Changes in Equity 16 Consolidated Statement of Cash Flows 17 Notes to the Half Year Consolidated Financial Statements 18 Directors’ Declaration 30 Independent Auditor’s Review Report 31 Glossary 33
		Consolidated Statement of Financial Position 15 Consolidated Statement of Changes in Equity 16 Consolidated Statement of Cash Flows 17 Notes to the Half Year Consolidated Financial Statements 18 Directors’ Declaration 30 Independent Auditor’s Review Report 31 Glossary 33
			Consolidated Statement of Changes in Equity 16
			Consolidated Statement of Cash Flows 17 Notes to the Half Year Consolidated Financial Statements 18 Directors’ Declaration 30 Independent Auditor’s Review Report 31 Glossary 33
				Directors’ Declaration 30
				Independent Auditor’s Review Report 31 Glossary 33

Corporate Directory

Chairman

Ryan Stokes, AO BComm, FAIM Non-executive

Directors

Brett Woods

BSc (Hons) Geology and Geophysics Managing Director and Chief Executive Officer

Bruce Clement

BEng (Civil) Hons, BSc, MBA

Independent non-executive

Sally-Anne Layman

BEng (Mining) Hons, BCom, CPA, MAICD Independent non-executive

Sally Martin

BE (Elec), GAICD Independent non-executive

Peter Moore

PhD, BSc (Hons), MBA, GAICD

Lead independent non-executive

Richard Richards

BComs/Law (Hons), LLM, MAppFIN, CA, Admitted Solicitor

Non-executive

Margaret Hall

BEng (Met) Hons, MIEAust, GAICD, SPE Alternate (non-executive) director for Ryan Stokes

Joint Company Secretaries

Christian Paech LLB (Hons), B.Com, GAICD

David Lim LLB, BEc

Registered Office

Level 8, 80 Flinders Street Adelaide SA 5000 Telephone: (08) 8338 2833 Facsimile: (08) 8338 2336 Email: [email protected]

Share Registry

Boardroom Pty Ltd Level 8, 210 George Street Sydney, NSW 2000 Telephone: 1300 737 760 (in Australia)

+61 2 9290 9600 (International) Email: [email protected] Web: www.boardroomlimited.com.au

Auditors

Ernst & Young Level 12/121 King William Street Adelaide SA 5000

Securities Exchange Listing

Beach Energy Limited shares are listed on the Australian Securities Exchange (ASX Code: BPT)

ABN 20 007 617 969

Website

www.beachenergy.com.au

Cover image Cooper Basin, South Australia

Beach Energy Limited Half Year Report

APPENDIX 4D

For the half year ended 31 December 2024 (Rule 4.2A)

ABN	Previous Corresponding Period	Previous Corresponding Period
20 007 617 969	31 December	2023
Results for announcement to the market
				$A million
Revenues from ordinary activities	Increased	6%	to	1,043.6
Net proft/(loss) from ordinary activities after tax (NPAT) attributable to members	Increased	164%	to	222.3
NPAT for the period attributable to members	Increased	164%	to	222.3
Underlying NPAT(1)	Increased	37%	to	236.9

(1) Underlying results in this report are categorised as non-IFRS financial information provided to assist readers to better understand the financial performance of the underlying operating business. They have not been subject to audit or review by Beach’s external auditors.

Dividends	Amount per Security	Franked amount per Security
Fully franked fnal dividend paid (on 30 September 2024)	2.00 cents	2.00 cents
Fully franked interim dividend to be paid	3.00 cents	3.00 cents
Record date for determining entitlements to the interim dividend		28 February 2025
Payment date for interim dividend		31 March 2025

This Half Year Report is to be read in conjunction with the 2024 Annual Report.

Net tangible asset backing

Net tangible asset backing
	Current Period	Previous Corresponding Period
Net tangible asset backing per ordinarysecurity(2)	$1.50	$1.49
(2) Net assets excluding intangibles and lease assets.
Change in ownership of controlled entities
Control gained over entities having material efect		Not applicable
Loss of control of entities havingmaterial efect		Not applicable

Dividends

Dividends
	Current Period	Previous Corresponding Period
	$million	$million
OrdinarySecurities	45.6	45.6

None of these dividends are foreign sourced.

Beach Energy Limited Half Year Report 3

Directors’ Report

For the half year ended 31 December 2024

The directors of Beach Energy Limited (Beach or the Company) present their report for the half year ended 31 December 2024 and the state of affairs of the Company at that date. The Company’s consolidated financial statements for the half year ended 31 December 2024, presented on pages 14–29, form part of this report.

Operating results, review of operations, state of affairs and likely developments

Financial results from the half year are summarised below:

Group profit attributable to equity holders of Beach was $222.3 million (H1 FY24 $345.1 million loss).
The net profit after tax of $222.3 million reflects higher sales revenue, lower cost of sales and other expenses, partly offset by higher tax expenses.
Sales revenue was up 5% from H1 FY24 to $989.8 million driven by higher Otway and Bass basin production, an additional Waitsia LNG swap cargo and higher gas prices, partly offset by lower third party sales and unfavourable liquids prices.
Cost of sales were down 5% from H1 FY24 to $680.7 million, mainly driven by lower third party purchases and field operating costs partly offset by higher tolling expense.

		H1 FY25	H1 FY24	Change
Operations
Production	MMboe	10.2	8.9	15%
Sales	MMboe	12.3	11.0	12%
Capital expenditure	$m	(363.3)	(529.7)	31%
Income
Sales revenue	$m	989.8	941.0	5%
Total revenue	$m	1,043.6	982.0	6%
Cost of sales	$m	(680.7)	(717.5)	5%
Gross proft	$m	362.9	264.5	37%
Other income	$m	4.4	20.0	(78%)
Other expenses	$m	(29.0)	(759.6)	96%
Net proft after tax (NPAT)	$m	222.3	(345.1)	164%
Underlying NPAT(1)	$m	236.9	172.7	37%
Dividends paid	cps	2.00	2.00	0%
Dividends announced	cps	3.00	2.00	50%
Basic EPS	cps	9.75	(15.14)	164%
Underlying EPS(1)	cps	10.39	7.57	37%
Cash fows
Operating cash fow	$m	659.0	350.1	88%
Investing cash fow	$m	(413.3)	(602.5)	31%
		As at	As at
		31 December	30 June
		2024	2024	Change
Financial Position
Net assets	$m	3,488.7	3,312.5	5%
Cash balance	$m	250.7	172.0	46%

(1) Underlying results in the table above are categorised as non-IFRS financial information provided to assist readers to better understand the financial performance of the underlying operating business. They have not been subject to audit or review by Beach’s external auditors. Please refer to the table on page 6 for a reconciliation of this information to the financial report.

Beach Energy Limited Half Year Report 4

Directors’ Report

For the half year ended 31 December 2024

Revenue

Sales revenue of $989.8 million in H1 FY25 was $48.8 million or 5% higher than H1 FY24, driven by higher Otway and Bass basin production, an additional Waitsia LNG swap cargo and higher realised gas prices, partly offset by unfavourable oil and liquids prices and lower third party sales. Higher production in the Otway and Bass basins, in addition to two LNG cargoes (H1 FY24: one LNG cargo), partly fulfilled using gas swaps, contributed $75.7 million. Higher gas prices lifted revenues by $70.7 million with realised gas prices increasing 18% to $10.48/GJ. This was partly offset by lower sales volumes from third party product purchases ($58.9 million), lower oil and liquid prices ($33.4 million), average realised liquid prices decreasing 12% to US$71.97/boe, and unfavourable FX movements ($5.3 million).

Sales Revenue Comparison ($m)

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70.7 (5.3) (33.4)
1,100 (58.9)
1,000900 941.0 Volume/ 75.7 mix ethane pricesA$/GJGas/ H1 FY25 $0.662H1 FY24 $0.653A$/US$FX rates H1 FY24 $81.53liquids pricesUS$/boeOil and Third partysales 989.8
800 H1 FY24 $8.90 H1 FY25 $71.97
700 H1 FY25 $10.48
600
500
400
300
5%
200
$48.8 million
100
total increase
0
H1 FY24 H1 FY25
Average price Average price
A$85.46/boe A$80.24/boe
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Gross Profit

Gross profit for H1 FY25 of $362.9 million (H1 FY24 $264.5 million) was $98.4 million or 37% higher than H1 FY24, driven by an increase in sales and other revenue and a $36.8 million reduction in cost of sales. The reduction in cost of sales was primarily due to lower third-party purchases of $58.8 million, due to the prior corresponding period's LNG and condensate purchases to fulfil cargoes, and cost reduction activity driving lower current period field operating costs by $10.0 million, partly offset by higher tariffs and tolls ($35.1 million) and depreciation charges.

Gross Profit Comparison ($m)

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400 58.8 0.4 (5.3) (17.1)
362.9
Inventory Depreciation
350 61.6 Total Operating
Costs
Third Party
300 264.5 Purchases
250 Sales and
other revenue
200
Cost of Sales $36.8 million
150
100
37%
50 $98.4 million
total increase
0
H1 FY24 H1 FY25
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Beach Energy Limited Half Year Report 5

Directors’ Report

For the half year ended 31 December 2024

Net Profit Result

Other expenses of $29.0 million were $730.6 million lower than H1 FY24 with the prior period including the $721.2 million impairment of non-current assets.

The reported net profit after income tax of $222.3 million is $567.4 million higher than H1 FY24, due to lower other expenses and higher revenues, partly offset by higher income tax corresponding with higher profits.

By adjusting the reported net profit after income tax for the one-off items below, Beach's underlying net profit after tax is $236.9 million. Tariffs incurred for unutilised capacity in relation to the NWS processing of $20.9 million as well as legal costs and insurance recoveries related to the class action defence costs included in the reported result have been excluded from the calculation of underlying net profit after tax.

			Movement
	H1 FY25	H1 FY24	from PCP
Comparison of underlying proft	$million	$million	$million
Netproft/(loss) after tax	222.3	(345.1)	567.4	164%
Adjusted for:
Impairment of non-current assets	–	721.2	(721.2)
Tarifs and tolls related to unutilised NWS capacity	20.9	20.8	0.1
Loss on disposal of non-current assets	–	12.4	(12.4)
Insurance recoveries	(2.1)	(16.2)	14.1
Legal costs related to shareholder class action	2.1	1.4	0.7
Tax impact of above changes	(6.3)	(221.8)	215.5
Underlying net proft/(loss) after tax(1)	236.9	172.7	64.2	37%

Underlying Net Profit After Tax Comparison ($m)

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280 98.5 (2.7) (3.8) (27.8)
Net financing costs Other 236.9
240 expenses
and income Tax
200 172.7
160 Gross profit
120
80
37%
40 $64.2 million
total increase
0
H1 FY24 H1 FY25
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Beach Energy Limited Half Year Report 6

Directors’ Report

For the half year ended 31 December 2024

Financial Position

Assets

Total assets increased by $232.9 million to $5,732.1 million during the period. Cash balances increased by $78.7 million to $250.7 million, primarily due to:

Cash inflow from operations of $659.0 million, offset by,
Cash outflow from investing activities of $413.3 million, and
Cash outflow from financing activities of $167.0 million.

Receivables decreased by $47.6 million primarily due to the timing of product sales in Waitsia, Cooper Basin and Bass Basin.

Total non-current assets increased by $204.2 million driven by capital expenditure of $361.5 million during the period, increase in restoration of $60.1 million and borrowing costs capitalised $22.4 million partly offset by depreciation and amortisation of $218.1 million.

Liabilities

Total liabilities increased by $56.7 million to $2,243.4 million primarily due to an increase in payables of $75.1 million and the restoration provision of $67.1 million, offset by debt repayments of $114.0 million, as a result of strong cash flows during the period.

Equity

Total equity increased by $176.2 million, driven by a net profit after tax of $222.3 million, partly offset by dividends paid during the period of $45.6 million.

Dividends

During H1 FY25, the Directors declared and paid a 2.0 cent per share fully franked dividend. The Company will also pay a fully franked interim dividend of 3.0 cents per share for the current financial year.

Operations overview

Production performance, drilling and development activities are summarised below. Further information can be found in Beach’s quarterly activity reports.

Production (net to Beach)

Production (net to Beach)
	H1 FY24 H1 FY25 Oil equivalent (MMboe) Oil (MMbbl) Sales Gas (PJ) LPG (kt) Condensate (kbbl) Oil equivalent (MMboe) Change
Perth Basin Otway Basin Cooper Basin JV Western Flank Bass Basin Taranaki Basin	0.8 – 4.8 – – 0.8 0% 1.6 – 17.0 28 286 3.4 118% 3.4 0.4 13.9 25 185 3.2 (7%) 1.9 0.9 1.4 7 49 1.3 (31%) 0.4 – 3.1 6 107 0.7 67% 0.7 – 3.6 16 77 0.8 10%
Total Production	8.9 1.3 44 83 705 10.2 15%

Note that due to rounding, figures may not reconcile to totals.

Drilling

Drilling
Basin	Target Type Wells drilled(1) Successful Wells (2) Success rate
Cooper Basin	Oil Exploration 2 1 50% Appraisal 6 2 33% Development 11 9 82%
	Gas Exploration 3 3 100% Appraisal 10 10 100% Development 24 22 92%
Perth Basin	Gas Appraisal 1 – 0% Development 3 3 100%
Total wells	60 50 83%

(1) Denotes wells completed during the period, excluding CO2 injector wells.

(2) Successful wells defined as wells cased and suspended or completed as future producers.

Beach Energy Limited Half Year Report 7

Directors’ Report

For the half year ended 31 December 2024

Perth Basin

Production

Total production of 0.8 MMboe was in-line with the prior corresponding period (H1 FY24: 0.8 MMboe) and comprised 4.8 PJ of sales gas. The Beharra Springs and Xyris gas plants operated steadily at average rates of 23 TJ/day gross and 29 TJ/day gross, respectively.

Waitsia Stage 2

The 250 TJ/day Waitsia Gas Plant reached mechanical completion during the period and completed the transition from the construction phase to the commissioning phase.

As announced on 9 December 2024, quality issues identified at the Xyris to Waitsia flowline valve station delayed the introduction of fuel gas into the Waitsia Gas Plant. These identified quality issues are being addressed and introduction of fuel gas is now expected in Q3 FY25.

The Waitsia Joint Venture is working closely with contractor Clough to mitigate potential for further schedule delays. Beach has seconded 20 senior personnel to the project and early initiatives have been identified to streamline commissioning.

Otway Basin

Production

Total production of 3.4 MMboe was 118% above the prior corresponding period (H1 FY24: 1.6 MMboe) and comprised 17.0 PJ of sales gas (+121%), 28 kt of LPG (+82%) and 286 kbbl of condensate (+129%). The increase in production was mostly due to connection to the Otway Gas Plant of the Enterprise gas field in June 2024 and the Thylacine West 1 and 2 development wells in October 2024 and higher customer nominations, resulting from an uplift in take-or-pay volume.

Exploration, appraisal and development

Beach completed the offshore Otway development program with the Thylacine West 1 and 2 development wells brought online in October 2024. Well deliverability for the Otway Gas Plant has been restored to nameplate capacity, which provides greater flexibility to service East Coast gas demand. This marked completion of the largest ever offshore drilling and development program in the Otway Basin.

Planning, contracting, regulatory approvals and community consultation for the next phase of offshore Victoria activity progressed during the period.

First sales gas from the Waitsia Gas Plant in Q4 FY25 is targeted.

Acreage description

Exploration, appraisal and development

Following completion of abandonment activity in the Waitsia L1 permit and a third-party assignment, the Ventia 106 rig commenced the next phase of development drilling in the Waitsia field with three wells drilled during the period. Waitsia 12 intersected 37 metres of net gas pay across a 68-metre gross section of Kingia reservoir. Waitsia 16 intersected 20 metres of net gas pay across a 110-metre gross section of the Kingia and High Cliff reservoirs. Waitsia 17 intersected 26 metres of net gas pay across a 79-metre gross section of the Kingia and Highcliff reservoirs. The wells were completed and suspended for future connection to the Waitsia Gas Plant.

The WA 1 appraisal well spudded in mid-December 2024 and reached total measured depth of 3,447 metres after half year-end. Poor reservoir development was encountered at the objective levels and the well did not meet modelled deliverability thresholds required for completion. The well was plugged and suspended after quarter-end for a potential future side-track.

The Ventia 106 rig will next conduct the nearby Eremia decommissioning program and then mobilise to drill the Arenaria 1 exploration well from the L1 permit. The well will target the Kingia reservoir and, if successful, production volumes may be available for LNG export under the existing Waitsia export licence. Arenaria 1 is expected to spud in Q3 FY25.

Commercial

Production from the Xyris Gas Plant and third-party gas sourced via swap arrangements enabled processing and lifting of the third and fourth Waitsia LNG swap cargoes at the North West Shelf. The cargoes were sold to bp under the existing LNG SPA at an average realised price of $17.3 per MMBtu, delivering revenue of $139 million.

Otway Basin (Victoria) (Beach 60% and operator, OGOG (Otway) Pty Ltd 40%) includes producing nearshore licence VIC/L1(V) which contains the Halladale, Black Watch and Speculant gas fields, nearshore production licence VIC/L007745(V), containing the Enterprise gas field, and offshore licences VIC/L23, T/L2, T/L3 and T/L4 which contain the Geographe and Thylacine gas fields. Gas from all producing fields is processed at the Otway Gas Plant.

Otway Basin (Victoria) also comprises non-producing nearshore VIC/P42(V) (Beach 60% and operator, OGOG (Otway) Pty Ltd 40%), and offshore exploration licences VIC/P43 and VIC/P73 (Beach 60% and operator, OGOG (Otway) Pty Ltd 40%), offshore non-producing licences VIC/L35 containing the Artisan gas field and VIC/L36 containing the La Bella gas field (Beach 60% and operator, OGOG (Otway) Pty Ltd 40%), and T/30P and T/50P (Beach 100%). It also comprises the nearshore exploration permit VIC/P007192(V) (Beach 60% and operator, OGOG (Otway) Pty Ltd 40%), onshore exploration permit PEP 168 (Beach 50% and operator, Essential Petroleum Exploration 50%), and onshore production licences PPLs 6 and 9 (Lochard Energy 90% and operator, Beach 10%). Beach also holds 100% interest in Greenhouse Gas Assessment permits G-16-AP and G-21-AP in the Otway Basin.

Otway Basin (South Australia) comprises producing licences PPLs 62, 168 and 202 (Beach 100%), retention licences PRL 32 (Beach 70% and Amplitude Energy 30%) and PRLs 1 and 2 (Beach 100%), exploration licences PEL 494, which contains the Dombey gas field, and PEL 680 (Beach 70% and Amplitude Energy 30%). Otway Basin (South Australia) also comprises gas storage licences GSEL 654 (Beach 70% and Amplitude Energy 30%) and GSRL 27 (Beach 100%), as well as a geothermal licence GEL 780 (Beach 100%).

Acreage description

Perth Basin producing licence areas include Waitsia (Beach 50%, MEPAU 50% and operator) in licences L 1 and L 2, and Beharra Springs (Beach 50% and operator, MEPAU 50%) in licences L 11 and L 22. The exploration permit is EP 320 (Beach 50% and operator, MEPAU 50%).

Beach Energy Limited Half Year Report 8

Directors’ Report

For the half year ended 31 December 2024

Cooper Basin JV

Production

Total production of 3.2 MMboe was 7% below the prior corresponding period (H1 FY24: 3.4 MMboe) and comprised 0.4 MMbbl of oil (-12%), 13.9 PJ of sales gas (-5%), 25 kt of LPG (-16%) and 185 kbbl of condensate (-7%).

Exploration, appraisal and development

Beach participated in 59 wells including one CO2 injector well and two wells in-progress at half year-end. An overall success rate of 84% was achieved from two oil exploration wells, six oil appraisal wells, 11 oil development wells, three gas exploration wells, 10 gas appraisal wells and 24 gas development wells.

One oil discovery was made in the Raffle field and a 14-well oil appraisal and development campaign targeting the Coorikiana reservoir was completed with success in the Bugito, Isoptera, Jena, Odonata, Secante and Wallace fields. Three horizontal oil development wells were successfully drilled in the Biala field.

Gas discoveries were made at Gloss 1, Malrus 1 and Snowball 1 and the wells were cased and suspended as future producers. The 22-well appraisal campaign targeting expansion of the Moomba North Patchawarra development area continued with 14 wells cased and suspended. The 22-well appraisal campaign in the Moomba South development area was completed with 21 wells cased and suspended across the campaign. An eight-well gas development campaign in the Moomba South development area continued with four wells cased and suspended during the period.

Western Flank

Production

Total production of 1.3 MMboe was 31% below the prior corresponding period (H1 FY24: 1.9 MMboe) and comprised 0.9 MMbbl of oil (-32%), 1.4 PJ of sales gas (-29%), 7 kt of LPG (-25%) and 49 kbbl of condensate (-34%). The decrease in production was mainly due to natural field decline, partially mitigated through strong reservoir performance, high facility uptime and ongoing optimisation activities.

Exploration, appraisal and development

No drilling was undertaken during the period. Drill rig negotiations are underway for a development and appraisal campaign of up to 10 wells commencing in Q4 FY25. Planning continued for a potential exploration drilling campaign in FY26.

Acreage description

Western Flank oil producing assets include ex PEL 91 (Beach 100%), ex PEL 104/111 (Beach 100%) and ex PEL 92 (Beach 75% and operator, Amplitude Energy 25%). Western Flank gas producing assets include ex PEL 106 (Beach 100%) and the Udacha Block – PRL 26 (Beach 100%). Non-producing assets include ex PEL 101 (Beach 100%), ex PEL 182 (Beach 100%), ex PEL 107 (Beach 100%), and ex PEL 218 (Beach 100%). Beach also owns gas storage assets including GSEL 634 (Beach 75% and operator, Amplitude Energy 25%), and GSELs 645, 646, 648 and 653 (all Beach 100%).

Bass Basin

Production

Gas development drilling was undertaken in the Gidgealpa, Meranji, Raffle, Tarwonga, Toolachee and Wackett South fields. The Moomba 390 and Moomba 391 development wells targeting the Granite Wash reservoir were progressing at half year-end.

Moomba CCS

As announced 17 October 2024, the Moomba CCS project was successfully commissioned with first CO2 injection achieved on 30 September 2024. Following first CO2 injection, daily injection reached capacity rates in mid-October. This exceeded expectations for the commissioning phase and indicated the project’s potential to capture and store approximately 1.7 million tonnes of CO2 per annum.

Since commissioning, Moomba CCS has performed in-line with expectations and over 300 ktCO2e (gross) were injected in the three months to 31 December 2024.

Moomba CCS is adjacent to the Moomba Gas Plant. The project comprises a four-stage compressor, five injection wells, CO2 dehydration and CO2 pipelines. Depleted underground reservoirs in the Strzelecki and Marabooka fields will safely store produced reservoir CO2 from the Moomba Gas Plant.

Acreage description

Beach owns non-operated interests in the South Australian Cooper Basin joint ventures (33.40% in SA Unit, 27.68% in Patchawarra East, 40% in SWCB, and 33.4% in TAP), the South West Queensland joint ventures (various interests of 30% to 52.5%) and ATP 299 (Tintaburra; Beach 40%), which are collectively referred to as the Cooper Basin JV. Santos is the operator.

Total production of 0.7 MMboe was 67% above the prior corresponding period (H1 FY24: 0.4 MMboe) and comprised 3.1 PJ of sales gas (+73%), 6 kt of LPG (+29%) and 107 kbbl of condensate (+60%). The increase in production was attributable to successful wellbore intervention activities.

Acreage description

Bass Basin operations include production from the Yolla field, situated approximately 140 km off the Gippsland coast in licence T/L1 (Beach 100%). Gas from the Yolla field is piped to the Lang Lang Gas Plant located near the township of Lang Lang, approximately 70 km southeast of Melbourne. Beach also holds a 100% interest in licences T/L5, T/RL4 and T/RL5, which capture the Trefoil, White Ibis and Bass discoveries. Beach also holds 100% interest in Greenhouse Gas Assessment tenure G-17-AP in the Bass Basin.

Taranaki Basin

Production

Total production of 0.8 MMboe was 10% above the prior corresponding period (H1 FY24: 0.7 MMboe) and comprised 3.6 PJ of sales gas (+9%), 16 kt of LPG (+14%) and 77 kbbl of condensate (+4%). The increase in production was mainly due to higher plant up-time given completion of integrity inspections, maintenance activities and drilling of the Kupe South 9 development well during the prior corresponding period.

Acreage description

New Zealand operations comprise the offshore Kupe field (Beach 50% and operator, Genesis 46%, Echelon Taranaki Limited 4%) in the Taranaki Basin. Beach produces gas from Kupe, situated approximately 30 km off the New Zealand north island coast in licence PML 38146. Gas from the Kupe field is piped to the onshore Kupe Gas Plant.

Beach Energy Limited Half Year Report 9

Directors’ Report

For the half year ended 31 December 2024

FY25 FULL YEAR OUTLOOK

In the second half of FY25, Beach will focus on active work programs across core East and West Coast acreage. This is expected to include Waitsia Gas Plant commissioning targeting first gas, the Arenaria gas exploration well and Beharra Springs Deep 3 development well in the Perth Basin, the Hercules gas exploration well in the offshore Otway Basin, plug and abandonment of two offshore Otway Basin wells, commencement of a 10 well oil development and appraisal campaign in the Western Flank and planning for FY26 Equinox rig campaign activities.

Based on year-to-date results and the outlook for the remainder of FY25, Beach provided the following updates to its FY25 full year guidance.

	FY25	H1 FY25
Production	18.5–20.5 MMboe (previously 17.5–21.5)	10.2 MMboe
Capital expenditure	$700–800 million	$363 million
Depreciation and amortisation(1)	$400–450 million	$223 million

(1) Excludes corporate depreciation and amortisation

Beach Energy Limited Half Year Report 10

Directors’ Report

For the half year ended 31 December 2024

Directors

The names and qualifications of the directors of Beach in office during the half year financial reporting period and at the date of this report are:

Ryan Stokes AO CHAIRMAN, NON-EXECUTIVE DIRECTOR BComm, FAIM

Brett Woods

MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER BSc (Hons) Geology and Geophysics, AMP Harvard

Bruce Clement

INDEPENDENT NON-EXECUTIVE DIRECTOR BEng (Civil) Hons, BSc, MBA

Sally-Anne Layman

INDEPENDENT NON-EXECUTIVE DIRECTOR BEng (Mining) Hon, BCom, CPA, MAICD

Sally Martin

INDEPENDENT NON-EXECUTIVE DIRECTOR BE (Elec), GAICD

Peter Moore

LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR PhD, BSc (Hons), MBA, GAICD

Richard Richards

NON-EXECUTIVE DIRECTOR BComs/Law (Hons), LLM, MAppFin, CA, Admitted Solicitor

Margaret Hall

Alternate NON-EXECUTIVE DIRECTOR for Ryan Stokes BEng (Met) (Hons), GAICD, MIEAust, SPE

Rounding off of amounts

Beach is an entity to which ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 issued by the Australian Securities and Investments Commission applies relating to the rounding off of amounts. Accordingly, amounts in the Directors’ Report and the Half Year Financial Report have been rounded to the nearest hundred thousand dollars, unless shown otherwise.

Events occurring after the balance date

There has not been in the period since 31 December 2024 and up to the date of this report any other item, transaction or event of a material and unusual nature likely, in the opinion of the Directors, to affect substantially the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years.

Auditor’s independence declaration

Section 307C of the Corporations Act 2001 requires our auditors, Ernst & Young, to provide the directors of Beach with an Independence Declaration in relation to the review of the half year financial report. This Independence Declaration is made on page 12 and forms part of this Directors’ Report.

Dated at Adelaide this 6th day of February 2025 and signed in accordance with a resolution of the directors.

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R K Stokes AO Chairman

Beach Energy Limited Half Year Report 11

Auditor’s Independence Declaration

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Ernst & Young Tel: +61 8 8417 1600 121 King William Street Fax: +61 8 8417 1775 Adelaide SA 5000 Australia ey.com/au GPO Box 1271 Adelaide SA 5001

Auditor’s independence declaration to the directors of Beach Energy Limited

As lead auditor for the review of the half-year financial report of Beach Energy Limited for the half-year ended 31 December 2024, I declare to the best of my knowledge and belief, there have been:

a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review;
b. No contraventions of any applicable code of professional conduct in relation to the review; and
c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the review.

This declaration is in respect of Beach Energy Limited and the entities it controlled during the financial period.

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Ernst & Young

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L A Carr Partner 6 February 2025

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Beach Energy Limited Half Year Report 12

Half Year Financial Report

of Beach Energy Limited and controlled entities for the six month period ended 31 December 2024.

Beach Energy Limited Half Year Report 13

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

Note	Consolidated
	Dec 2024 $million Dec 2023 $million
Revenue 2(a) Cost of sales 3(a)	1,043.6 982.0 (680.7) (717.5)
Grossproft	362.9 264.5
Other income 2(b) Other expenses 3(b)	4.4 20.0 (29.0) (759.6)
Operating proft/(loss) before fnancing costs	338.3 (475.1)
Interest income 13 Finance expenses 13	4.1 3.7 (24.2) (21.1)
Proft/(loss) before income tax expense Income tax beneft/(expense) 4	318.2 (492.5) (95.9) 147.4
Netproft/(loss) after income tax expense	222.3 (345.1)
Other comprehensive income/(loss) Items that may be reclassifed to proft or loss Net gain/(loss) on translation of foreign operations Tax efect relatingto components of other comprehensive income	(1.2) 1.5 – –
Other comprehensive income/(loss) net of tax	(1.2) 1.5
Total comprehensive income/(loss) after tax	221.1 (343.6)
Basic earningsper share (centsper share) 5(c)	9.75 (15.14)
Diluted earningsper share (centsper share) 5(c)	9.74 (15.14)

This consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the notes to the half year consolidated financial statements.

Beach Energy Limited Half Year Report 14

Consolidated Statement of Financial Position

As at 31 December 2024 Beach Energy Limited and Controlled Entities

Note	Consolidated
	Dec 2024 $million Jun 2024 $million
Current assets Cash and cash equivalents Receivables Inventories Current tax asset Contract assets Other current assets	250.7 172.0 218.1 265.7 194.2 194.2 10.5 17.8 10.7 14.1 30.1 21.8
Total current assets	714.3 685.6
Non-current assets Property, plant and equipment 6 Petroleum assets 7 Exploration and evaluation assets 8 Intangible assets 9 Contract assets Lease assets 10 Other non-current assets Deferred tax assets	0.4 1.4 4,415.3 4,223.3 394.9 373.1 24.0 26.6 2.7 5.2 35.2 41.4 49.6 51.4 95.7 91.2
Total non-current assets	5,017.8 4,813.6
Total assets	5,732.1 5,499.2
Current liabilities Payables Provisions 11 Current tax liabilities Interest bearing liabilities 13 Lease liabilities 10	356.1 282.2 125.1 87.2 33.8 – 320.0 – 11.5 12.4
Total current liabilities	846.5 381.8
Non-current liabilities Payables Provisions 11 Interest bearing liabilities 13 Lease liabilities 10	40.1 38.9 1,011.7 983.7 318.1 752.1 27.0 30.2
Total non–current liabilities	1,396.9 1,804.9
Total liabilities	2,243.4 2,186.7
Net assets	3,488.7 3,312.5
Equity Contributed equity 15 Reserves Retained earnings	1,865.1 1,864.2 613.8 660.8 1,009.8 787.5
Total equity	3,488.7 3,312.5

The consolidated statement of financial position is to be read in conjunction with the notes to the half year consolidated financial statements.

Beach Energy Limited Half Year Report 15

Consolidated Statement of Changes in Equity

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

				Share based	Foreign currency	Proft
		Contributed	Retained	payment	translation	distribution
		equity	earnings	reserve	reserve	reserve	Total
	Note	$million	$million	$million	$million	$million	$million
For the half year ended
31 December 2024
Balance as at 1 July2024		1,864.2	787.5	38.9	(8.5)	630.4	3,312.5
Proft for theperiod		–	222.3	–	–	–	222.3
Other comprehensive
income/(loss)		–	–	–	(1.2)	–	(1.2)
Total comprehensive income/(loss) for	theperiod	–	222.3	–	(1.2)	–	221.1
Transactions with owners in
their capacity as owners:
Shares purchased on market,
net of tax (Treasury shares)	15	(0.3)	–	–	–	–	(0.3)
Utilisation of treasury shares
for employee and executive
incentive plans	15	1.2	–	(1.2)	–	–	–
Final dividend paid from
proft distribution reserve	16	–	–	–	–	(45.6)	(45.6)
Increase in share-based
payments reserve		–	–	1.0	–	–	1.0
Transactions with owners		0.9	–	(0.2)	–	(45.6)	(44.9)
Balance as at 31 December 2024		1,865.1	1,009.8	38.7	(9.7)	584.8	3,488.7
For the half year ended
31 December 2023
Balance as at 1 July2023		1,863.3	1,262.8	37.7	(7.5)	721.6	3,877.9
Proft for theperiod		–	(345.1)	–	–	–	(345.1)
Other comprehensive
income/(loss)		–	–	–	1.5	–	1.5
Total comprehensive income/(loss) for	theperiod	–	(345.1)	–	1.5	–	(343.6)
Transactions with owners in
their capacity as owners:
Shares purchased on market
(Treasury shares)		(0.5)	–	–	–	–	(0.5)
Utilisation of Treasury shares
for employee and executive
incentive plan		1.5	–	(1.5)	–	–	–
Final dividend paid from
proft distribution reserve	16	–	–	–	–	(45.6)	(45.6)
Increase in share based
payments reserve		–	–	0.8	–	–	0.8
Transactions with owners		1.0	–	(0.7)	–	(45.6)	(45.3)
Balance as at 31 December 2023		1,864.3	917.7	37.0	(6.0)	676.0	3,489.0

The consolidated statement of changes in equity is to be read in conjunction with the notes to the half year consolidated financial statements.

Beach Energy Limited Half Year Report 16

Consolidated Statement of Cash Flows

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

	Consolidated
	Dec 2024 $million Dec 2023 $million
Cash fows from operating activities Receipts from customers and other Payments to suppliers and employees Payments for restoration Interest received Financing costs Income taxpaid	1,242.8 862.3 (490.0) (390.3) (15.4) (28.4) 4.2 3.5 (23.0) (16.2) (59.6) (80.8)
Net cashprovided by operating activities	659.0 350.1
Cash fows from investing activities Payments for property, plant and equipment Payments for petroleum assets Payments for exploration and evaluation assets Payments for intangibles Proceeds on sale of non-current assets Proceeds on sale ofjoint operations interests	(0.6) (0.4) (375.5) (515.9) (37.3) (86.0) (0.2) (1.0) 0.3 – – 0.8
Net cash used by investing activities	(413.3) (602.5)
Cash fows from fnancing activities Payment for shares purchased on market (Treasury shares) Proceeds from borrowings Repayment of borrowings Payment of lease liabilities Dividendspaid	(0.3) (0.5) 50.0 315.0 (165.0) – (6.1) (7.8) (45.6) (45.6)
Net cashprovided by fnancing activities	(167.0) 261.1
Net increase/(decrease) in cash held Cash at the beginning of the half year Efects of exchange rate changes on the balances of cash held in foreign currencies	78.7 8.8 172.0 218.9 (0.0) (1.7)
Cash at the end of the halfyear	250.7 226.0

The consolidated statement of cash flows is to be read in conjunction with the notes to the half year consolidated financial statements.

Beach Energy Limited Half Year Report 17

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

Basis of preparation of Half Year Financial Report

Beach Energy Limited (Beach or the Company) is a for profit company limited by shares, incorporated in Australia and whose shares are publicly listed on the Australian Securities Exchange (ASX). The Half Year Financial Report of the Company for the six months ended 31 December 2024 comprises the Company and its controlled entities (together referred to as the Group). The Half Year Financial Report was authorised for issue in accordance with a resolution of the Directors on 6 February 2025.

The 2024 Annual Report is available upon request from the Company’s registered office at Level 8, 80 Flinders Street, Adelaide, South Australia 5000 or at www.beachenergy.com.au.

The Half Year Financial Report for the six months ended 31 December 2024 is a general purpose report prepared in accordance with Accounting Standards AASB 134 Interim Financial Reporting and the Corporations Act 2001 . It is intended to provide users with an update on the latest annual financial statements of the Group and as such they do not include full disclosures of the type normally included in the annual report. It is recommended that they be read in conjunction with the 2024 Annual Report and any public announcements made by Beach during the half year reporting period in accordance with the continuous disclosure requirements of the ASX Listing Rules. The functional and presentation currency for the Company is Australian dollars.

The Half Year Financial Report for the six months ended 31 December 2024 has been prepared in accordance with the accounting policies adopted in the 2024 Annual Report and have been consistently applied by the entities in the Group except for those that have arisen as a result of new standards, amendments to standards and interpretations effective from 1 July 2024. The Group has adopted all of the new and revised standards and interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to their operations and effective for the current half year. These have not had a significant or immediate impact on the Group’s Half Year Financial Report.

In December 2021, the Organisation for Economic Co-operation and Development (OECD) published its Pillar Two model rules to address the tax challenges arising from the digitalisation of the global economy. The Group is subject to the Pillar Two rules in Australia from 1 July 2024, after the Australian Government enacted legislation to give effect to the rules in December 2024. Based on current information available and work done to date, the Group expects to be able to rely on the Transitional CbCR Safe Harbours, such that no material current tax is expected in the initial years of operation of the rules. The Group is continuing to assess the on-going impact of the application of the rules. The Group has applied the temporary mandatory relief under AASB 2023-2 from deferred tax accounting for the impacts of the additional tax at 31 December 2024.

The consolidated financial statements provide comparative information in respect of the previous period. Where there has been a change in the classification of items in the financial statements for the current period, the comparative for the previous period has been reclassified to be consistent with the classification of that item in the current period.

Critical accounting estimates & judgements

The preparation of the Half Year Financial Report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this Half Year Financial Report, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial report as at and for the year ended 30 June 2024 unless noted otherwise.

The Half Year Financial Report has been prepared using a going concern basis of preparation and the Group continues to be able to pay its debts as they fall due.

Beach Energy Limited Half Year Report 18

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

RESULTS FOR THE HALF YEAR

This section explains the results and performance of the Group including additional information about those individual line items in the financial statements most relevant in the context of the operations of the Group, including accounting policies that are relevant for understanding the items recognised in the financial statements and an analysis of the Group’s result for the year by reference to key areas, including operating segments, revenue, expenses, taxation and earnings per share.

1. Segment information

The Group has identified its operating segments to be its South Australian, Western Australian, Victorian and New Zealand interests based on the different geographical regions and the similarity of assets within those regions. This is the basis on which internal reports are provided to the Chief Executive Officer for assessing performance and determining the allocation of resources within the Group.

The Group operates primarily in one business, namely the exploration, development and production of hydrocarbons. Revenue is derived from the sale of gas and liquid hydrocarbons. Gas sales contracts are spread across major Australian and New Zealand energy retailers and industrial users with liquid hydrocarbon product sales being made to major multi-national energy companies based on international market pricing.

Details of the performance of each of these operating segments for the six month period ended 31 December 2024 and 31 December 2023 are set out below.

	SA WA Victoria New Zealand Corporate Total
	31 Dec 2024 $million 31 Dec 2023 $million 31 Dec 2024 $million 31 Dec 2023 $million 31 Dec 2024 $million 31 Dec 2023 $million 31 Dec 2024 $million 31 Dec 2023 $million 31 Dec 2024 $million 31 Dec 2023 $million 31 Dec 2024 $million 31 Dec 2023 $million
Revenue Sales revenue	479.4 588.2 157.2 185.7 298.4 122.7 54.8 44.4 – – 989.8 941.0
Other revenue	45.5 37.8 – – 8.3 3.2 – – – – 53.8 41.0
Total revenue	524.9 626.0 157.2 185.7 306.7 125.9 54.8 44.4 – – 1,043.6 982.0
Costs Total operating costs (193.7) (212.3) (62.5) (44.6) (57.0) (41.7) (20.0) (17.5) – – (333.2) (316.1) Third party oil and gas purchases (87.9) (87.3) (14.9) (74.3) – – – – – – (102.8) (161.6) Depreciation and amortisation (118.7) (142.5) (6.8) (6.8) (88.3) (58.8) (8.7) (9.1) – – (222.5) (217.2) Change in inventory 2.8 (9.5) (21.6) (13.5) (0.3) – (3.1) 0.4 – – (22.2) (22.6)
Gross proft 127.4 174.4 51.4 46.5 161.1 25.4 23.0 18.2 – – 362.9 264.5 Other income – 0.9 – 1.0 1.2 16.5 – – 3.2 1.6 4.4 20.0 Other expenses (7.6) (714.2) (1.8) – (0.3) (12.4) (6.9) (7.3) (12.4) (25.7) (29.0) (759.6) Net fnancing costs (20.1) (17.4) (20.1) (17.4)
Proft/(loss) before tax 119.8 (538.9) 49.6 47.5 162.0 29.5 16.1 10.9 (29.3) (41.5) 318.2 (492.5)
Income tax beneft/ (expense) (95.9) 147.4 (95.9) 147.4
Net proft/ (loss) after tax 222.3 (345.1)

Details of the assets and liabilities of each of these operating segments for the period ended 31 December 2024 and 30 June 2024 are set out below.

	SA WA Victoria New Zealand Corporate Total
	31 Dec 2024 $million 30 Jun 2024 $million 31 Dec 2024 $million 30 Jun 2024 $million 31 Dec 2024 $million 30 Jun 2024 $million 31 Dec 2024 $million 30 Jun 2024 $million 31 Dec 2024 $million 30 Jun 2024 $million 31 Dec 2024 $million 30 Jun 2024 $million
Segment assets	2,530.5 2,431.0 1,325.1 1,168.1 1,407.9 1,359.7 179.3 134.6 289.3 405.8 5,732.1 5,499.2
Segment liabilities	570.7 614.9 234.6 189.7 551.0 486.1 135.3 124.0 751.8 772.0 2,243.4 2,186.7

Beach Energy Limited Half Year Report 19

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

2. Revenue and other income

(a) Revenue

2. Revenue and other income (a) Revenue
	Consolidated
	Dec 2024 $million Dec 2023 $million
Crude oil	208.6 364.4
Sales gas and ethane Liquefed petroleum gas Condensate Liquefed naturalgas	449.0 307.1 90.8 51.2 102.8 122.2 138.6 96.1
Gas andgas liquids	781.2 576.6
Sales Revenue Other operatingrevenue	989.8 941.0 53.8 41.0
Total revenue	1,043.6 982.0

(b) Other income

(b) Other income
	Consolidated
	Dec 2024 $million Dec 2023 $million
Other income related to joint operations lease recoveries Gain on sale of joint operations interests Government grants Foreign exchange gains Insurance recoveries Other	1.2 1.5 – 0.9 0.4 0.4 0.7 – 2.1 16.2 – 1.0
Total other income	4.4 20.0

Beach Energy Limited Half Year Report 20

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

3. Expenses

(a) Cost of sales

3. Expenses (a) Cost of sales
	Consolidated
	Dec 2024 $million Dec 2023 $million
Field operating costs Tarifs, tolls and other(1) Royalties Carbon costs	127.4 137.4 149.3 114.2 55.0 62.7 1.5 1.8
Total operating costs Depreciation and amortisation of petroleum assets Depreciation of leased assets Third party product purchases Change in inventories	333.2 316.1 218.1 212.4 4.4 4.8 102.8 161.6 22.2 22.6
Total cost of sales	680.7 717.5

(1) Includes $20.9 million (Dec 2023: $20.8 million) of tariffs incurred for unutilised capacity in relation to the Northwest Shelf (NWS) processing which have been excluded from underlying profit after tax.

(b) Other expenses

(b) Other expenses
	Consolidated
	Dec 2024 $million Dec 2023 $million
Impairment of petroleum assets Impairment of goodwill Impairment of exploration and evaluation assets(1)	– 458.0 – 10.0 – 253.2
Total impairment expense	– 721.2
Exploration expense Depreciation of leased assets Corporate expenses(2) Legal costs related to shareholder class action Unwind of acquired contract assets and liabilities Loss on disposal of non-current assets Loss on disposal of interest in petroleum permit Fair value losses on overlift liability Foreign exchange loss	4.9 0.4 1.3 1.6 9.0 8.0 2.1 1.4 6.9 6.9 – 12.4 3.0 – 1.8 – – 7.7
Total other expenses	29.0 759.6

(1) Includes exploration and evaluation expenditure of $35.2 million incurred in the prior financial year.

(2) Includes depreciation of property, plant & equipment and amortisation of software costs of $4.3 million (Dec 2023: $4.4 million).

Beach Energy Limited Half Year Report 21

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

4. Income tax

4. Income tax
	Consolidated
	Dec 2024 $million Dec 2023 $million
Reconciliation of income tax expense calculated on operating proft to income tax charged in the statement of proft or loss Accounting proft/(loss) before tax	318.2 (492.5)
Prima facie income tax expense/(beneft) at 30% Increase/(decrease) in income tax expense/(beneft) due to: Non-deductible expenditure Impact of tax rates applicable outside Australia	95.5 (147.7) 0.7 0.4 (0.3) (0.1)
Income tax expense/(beneft)	95.9 (147.4)

5. Earnings per share

(a) Earnings after tax used in the calculation of earnings per share (EPS) is as follows:

5. Earnings per share (a) Earnings after tax used in the calculation of earnings per share (EPS) is as follows:
	Consolidated
	Dec 2024 $million Dec 2023 $million
Basic earningsper share	222.3 (345.1)
Diluted earningsper share	222.3 (345.1)

(b) Weighted average number of ordinary shares and potential ordinary shares used in the calculation of earnings	(b) Weighted average number of ordinary shares and potential ordinary shares used in the calculation of earnings	(b) Weighted average number of ordinary shares and potential ordinary shares used in the calculation of earnings
per share is as follows:
	Dec 2024	Dec	2023
	number	number
Basic earningsper share	2,280,282,164	2,280,022,579
Share rights	3,028,003	3,461,750
Diluted earningsper share	2,283,310,167	2,283,484,329
(c) Calculation of earnings per share is as follows:
	Dec 2024	Dec	2023
Basic earningsper share (centsper share)	9.75		(15.14)
Diluted earningsper share (centsper share)	9.74		(15.14)

Beach Energy Limited Half Year Report 22

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

CAPITAL EMPLOYED

This section details the investments made by the Group in exploring for and developing its petroleum business including property plant and equipment, petroleum assets, exploration and evaluation assets, leases and details of future commitments.

6. Property, plant and equipment

6. Property, plant and equipment
	Consolidated
	Dec 2024 $million Jun 2024 $million
Cost Less accumulated depreciation	17.7 17.2 (17.3) (15.8)
Totalproperty, plant and equipment	0.4 1.4
Reconciliation of movement in property, plant and equipment Balance at beginning of fnancial year Additions Depreciation expense	1.4 4.0 0.5 0.7 (1.5) (3.3)
Balance at end ofperiod	0.4 1.4

7. Petroleum assets

7. Petroleum assets
	Consolidated
	Dec 2024 $million Jun 2024 $million
Cost Less accumulated depreciation and impairment	9,841.4 9,439.7 (5,426.1) (5,216.4)
Totalpetroleum assets	4,415.3 4,223.3
Reconciliation of movement in petroleum assets Balance at beginning of period Additions Acquisition of assets and joint operation interests Depreciation and amortisation expense Impairment loss Increase/(decrease) in restoration Exploration transfers to petroleum assets Disposals Borrowing costs capitalised Capitalised depreciation of lease assets Foreign exchange movement	4,223.3 4,482.1 332.4 814.4 – 10.5 (218.1) (408.7) – (754.2) 60.1 14.1 – 39.6 (3.9) (10.9) 22.4 36.9 0.8 1.8 (1.7) (2.3)
Balance at end ofperiod	4,415.3 4,223.3

Impairment of Petroleum Assets

The carrying amounts of petroleum assets are assessed half yearly on a cash generating unit (CGU) basis to determine whether there is an indication of impairment or impairment reversal for those assets which have previously been impaired. The only indicator of impairment or impairment reversal identified in the period related to the Bass Basin CGU where there was a revision of the cost estimates used to calculate the restoration provision which has increased the carrying value. The recoverable amount of the Bass Basin CGU has been reassessed using updated production and cost information following successful wellbore intervention activities and there is no impairment required as at 31 December 2024. Other key estimates and judgements used have not materially changed from those that applied to the financial report as at and for the year ended 30 June 2024.

Beach Energy Limited Half Year Report 23

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

8. Exploration and evaluation assets

8. Exploration and evaluation assets
	Consolidated
	Dec 2024 $million Jun 2024 $million
Exploration and evaluation assets at beginning of fnancial year Additions Impairment loss Increase/(decrease) in restoration Exploration and evaluation expenditure expensed Disposal of joint operation interests Transfers to petroleum assets Capitalised depreciation of lease assets	373.1 562.2 29.1 145.6 – (293.4) – (2.4) (4.9) (0.4) (2.4) – – (39.6) – 1.1
Balance at end ofperiod	394.9 373.1

Impairment of exploration and evaluation assets

The recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective Area of Interest (AOI). Each potential or recognised AOI is reviewed half-yearly to determine whether economic quantities of reserves have been found or whether further exploration and evaluation work is underway or planned to support continued carry forward of capitalised costs. Where a potential impairment is indicated, assessment is performed using a fair value less costs to dispose method to determine the recoverable amount for each AOI to which the exploration and evaluation expenditure is attributed. No indicators of impairment were identified in the period. The key estimates and judgements used have not materially changed from those that applied to the financial report as at and for the year ended 30 June 2024.

9. Intangible assets

9. Intangible assets
	Consolidated
	Dec 2024 $million Jun 2024 $million
Goodwill Goodwill at cost Less impairment ofgoodwill	57.1 57.1 (51.0) (51.0)
Totalgoodwill	6.1 6.1
Software Software at cost Less accumulated amortisation	55.9 55.7 (38.0) (35.2)
Total software	17.9 20.5
Balance at beginning of period Additions Amortisation expense	20.5 20.5 0.2 3.7 (2.8) (3.7)
Total software	17.9 20.5
Total non-current intangibles	24.0 26.6

Impairment of intangible assets

An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount of an asset or CGU is the greater of its value-in-use and its fair value less cost of disposal. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. Impairment losses are recognised in profit or loss unless the asset has previously been revalued, in which case the impairment is recognised as a reversal to the extent of that previous revaluation with any excess recognised in profit or loss. No indicators of impairment were identified in the period. The key estimates and judgements used have not materially changed from those that applied to the financial report as at and for the year ended 30 June 2024.

Beach Energy Limited Half Year Report 24

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

10. Leases

10. Leases
Lease Assets	Consolidated
	Dec 2024 $million Jun 2024 $million
Lease Assets at the beginning of the fnancial year Additions Lease remeasurement Depreciation expense(1)	41.4 23.6 1.3 33.8 (0.8) (0.1) (6.7) (15.9)
Total Lease Asset	35.2 41.4

(1) Instances where the underlying costs regarding a lease contract would previously have been capitalised, the depreciation on the lease asset is capitalised. The Group capitalisation of depreciation is $1.0million (FY24 $1.8 million).

Lease Liabilities	Consolidated
	Dec 2024 $million Jun 2024 $million
Lease Liabilities at the beginning of the fnancial year Additions Repayments(2) Lease remeasurement Accretion of interest Foreign exchange movements	42.6 25.2 1.3 33.8 (7.1) (19.1) (0.8) (0.1) 1.0 1.5 1.5 1.3
Total Lease Liabilities	38.5 42.6
Current Liabilities Non-current Liabilities	11.5 12.4 27.0 30.2

(2) Instances where the payments regarding a lease contract are part of a joint arrangement and the Group is the responsible party for payment, the Group recognises the full lease liability, and recognises other income for the portion of payment that is recovered through other parties within the joint venture arrangement. The Group recognised $1.2 million (FY24 $3.7 million) of other income relating to joint venture recoveries.

11. Provisions

11. Provisions
	Consolidated
	Dec 2024 $million Jun 2024 $million
Employee-entitlements Restoration Other Provisions	20.9 21.6 103.0 63.7 1.2 1.9
Total currentprovisions	125.1 87.2
Employee-entitlements Restoration	1.9 1.7 1,009.8 982.0
Total non-currentprovisions	1,011.7 983.7

Estimate of restoration costs

Whilst the provisions reflect the Group’s best estimate based on current knowledge and information, further studies and detailed analysis of the restoration activities for individual assets will continue to be performed when planning and/or executing decommissioning activities in the near term, near the end of an asset’s operational life and when detailed decommissioning plans are required to be submitted to the relevant regulatory authorities. The timing and amount of future costs relating to decommissioning and environmental liabilities together with the inflation and discount rates are reviewed annually or half-yearly where there are significant changes. Actual costs and cash outflows can materially differ from the current estimate as a result of changes in laws & regulations and their application, prices, discovery and analysis of site conditions, public expectations, further studies, timing of restoration and changes in removal technology. These uncertainties may result in actual costs and cash outflows differing from amounts included in the provision recognised as at 31 December 2024.

Beach Energy Limited Half Year Report 25

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

12. Commitments

Capital Commitments

The Group has contracted the following amounts for capital expenditure at the end of the reporting period for which no amounts have been provided for in the financial statements.

	Consolidated
	Dec 2024 $million Jun 2024 $million
Due within 1 year Due within 1–5 years Due later than 5years	92.1 147.5 – – – –
	92.1 147.5

There has been no material change to other commitments since 30 June 2024.

FINANCIAL AND RISK MANAGEMENT

This section provides details on the Group’s debt and related financing costs, interest income, cash flows and the fair values of items in the Group’s statement of financial position. It also provides details of the Group’s market, credit and liquidity risks and how they are managed.

13. Finances and borrowings

During the period Beach had debt facilities in place totalling $1,020 million, comprised of a $350 million revolving facility maturing June 2027 (Facility F), a $350 million revolving facility maturing September 2026 (Facility B), a $220 million revolving facility maturing September 2025 (Facility D) and a $100 million term facility maturing September 2025 (Facility E).

Beach also had $100 million of bilateral Contingent Instrument facilities (CI Facilities) in place with a maturity date of September 2027.

As at 31 December 2024, $640 million of debt facilities were drawn and $52 million of bank guarantees were drawn under the CI Facilities.

	Consolidated
	Dec 2024 $million Jun 2024 $million
Bank Debt Less debt issuance costs	320.0 – – –
Total current borrowings	320.0 –
Bank Debt Less debt issuance costs	320.0 755.0 (1.9) (2.9)
Total non-current borrowings	318.1 752.1
Net fnancing expenses	Consolidated
	Dec 2024 $million Dec 2023 $million
Finance costs Interest expense Discount unwinding on net present value assets and liabilities Finance costs associated with lease liabilities Less borrowingcosts capitalised	2.1 1.4 20.8 14.9 22.7 20.4 1.0 0.5 (22.4) (16.1)
Total fnance expenses Interest income	24.2 21.1 (4.1) (3.7)
Net fnancing expenses	20.1 17.4

Beach Energy Limited Half Year Report 26

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

14. Financial risk management

The Group’s activities expose it to a variety of financial risks including currency, commodity, interest rate, credit and liquidity risk. Management identifies and evaluates all financial risks and may enter into financial risk instruments such as foreign exchange contracts, commodity contracts and interest rate swaps to minimise potential adverse effects of these risk exposures, in accordance with Board approved financial risk management policies. The Group does not trade in derivative financial instruments for speculative purposes.

The carrying value of the group’s financial assets and financial liabilities, which also approximates their fair values, are set out below.

Carrying amount Note	Financial assets/ fnancial liabilities at carrying value Financial assets/ fnancial liabilities at fair value
	Dec 2024 $million Jun 2024 $million Dec 2024 $million Jun 2024 $million
Financial assets Cash and cash equivalents(1) Receivables(2)	250.7 172.0 250.7 172.0 218.1 265.7 218.1 265.7
Total Financial Assets	468.8 437.7 468.8 437.7
Financial liabilities Payables(2) Lease liabilities(2) 10 Interest bearingliabilities(2) 13	396.2 321.1 396.2 321.1 38.5 42.6 38.5 42.6 640.0 755.0 640.0 755.0
Total Financial Liabilities	1,074.7 1,118.7 1,074.7 1,118.7

(1) Fair value based on level 1 inputs.

(2) Fair value based on level 2 inputs.

Fair Values

Certain assets and liabilities of the Group are recognised in the statement of financial position at their fair value in accordance with accounting standard AASB 13 Fair Value Measurement. The methods used in estimating fair value are made according to how the available information to value the asset or liability fits with the following fair value hierarchy:

Level 1 – the fair value is calculated using quoted prices in active markets;
Level 2 – the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or liability; and
Level 3 – the fair value is estimated using inputs for the asset or liability that are not based on observable market data.

The methods and valuation techniques used for the purpose of measuring fair value are unchanged compared to the previous reporting period.

The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at 31 December 2024 and there have been no transfers between the levels of the fair value hierarchy during the half year to 31 December 2024.

The Group also has a number of other financial assets and liabilities, including cash and cash equivalents, receivables and payables which are recorded at their carrying value which is considered to be a reasonable approximation of their fair value.

Beach Energy Limited Half Year Report 27

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

EQUITY AND GROUP STRUCTURE

This section provides information which will help users understand the equity and group structure as a whole including information on equity and dividends.

15. Contributed equity

(a) Movement in share capital

(a) Movement in share capital
	Consolidated
	Dec 2024 $million Jun 2024 $million
Balance at beginning of period 1,864.2 1,863.3 Shares purchased on market (Treasury shares), net of tax (0.3) (0.6) Utilisation of Treasuryshares on vestingof shares and rights under employee and executive incentiveplans 1.2 1.5
Balance at end ofperiod 1,865.1 1,864.2

Treasury shares

Treasury shares are purchased for use on vesting for the executive incentive plan and the employee share scheme. Shares are accounted for at the weighted cost for the period.

(b) Movement in Treasury shares

(b) Movement in Treasury shares
	Consolidated
	Dec 2024 Number Jun 2024 Number
Balance at beginning of period Shares purchased on market during the period Utilisation of Treasuryshares on vestingof shares under employee or executive incentiveplan	1,599,300 1,988,895 250,000 574,261 (752,616) (963,856)
Balance at end ofperiod	1,096,684 1,599,300

(c) Movement in fully paid ordinary shares

	Consolidated
	Dec 2024 Number Jun 2024 Number
Balance at beginning of period Shares issued on vesting/exercise of unlisted incentive rights	2,281,333,656 2,281,333,656 – –
Balance at end ofperiod	2,281,333,656 2,281,333,656

(d) Movement in unlisted Incentive Rights

(d) Movement in unlisted Incentive Rights
	Consolidated
	Dec 2024 Number Jun 2024 Number
Balance at beginning of period Issued during the period Forfeited during the period Vested/Exercised duringtheperiod	12,943,133 10,149,514 487,436 6,132,793 (5,918,712) (2,537,946) (749,233) (801,228)
Balance at end ofperiod	6,762,624 12,943,133

Employee Rights

During the period, Beach issued the following unlisted rights pursuant to the Executive Incentive Plan with further details of the plan included in the 2024 Annual Report:

98,002 performance rights in respect of the 2024 short term incentive offer with 49,002 rights vesting on 1 July 2025 and 49,000 vest on 1 July 2026 subject to the holder of the rights remaining employed with Beach on the vesting dates.
389,434 employee retention rights with 35,743 rights vesting on 2 September 2025, 39,761 rights vesting on 4 November 2025, 154,885 rights vesting on 2 September 2027 and 159,045 rights vesting on 4 November 2027.

Beach Energy Limited Half Year Report 28

Notes to the Half Year Consolidated Financial Statements

For the half year ended 31 December 2024 Beach Energy Limited and Controlled Entities

16. Dividends

16. Dividends
	Consolidated
	Dec 2024 $million Dec 2023 $million
Final fully franked dividend of 2.0 cents per fully paid ordinary paid on 30 September 2024 Final fullyfranked dividend of 2.0 centsper fully paid ordinary paid on 3 October 2023	45.6 – – 45.6
	45.6 45.6

Subsequent to the end of the period, the Company resolved to also pay a fully franked dividend of 3.0 cents per share for the interim period.

OTHER INFORMATION

Additional information required to be disclosed under Australian Accounting Standards.

17. Contingent assets and liabilities

There has been no material change to contingent assets and contingent liabilities since 30 June 2024.

18. Events occurring after the balance date

Beach Energy Limited Half Year Report 29

Directors’ Declaration

The Directors of the Company declare that:

The half year financial report and notes set out on pages 14 to 29, are in accordance with the Corporations Act 2001 including:
(a) giving a true and fair view of the Group's financial position as at 31 December 2024 and of its performance for the half year ended on that date; and
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting , and the Corporations Regulations 2001 .
In the Directors' opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Dated at Adelaide this 6th day of February 2025.

This declaration is made in accordance with a resolution of the Directors.

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R K Stokes AO Chairman

Beach Energy Limited Half Year Report 30

Independent Auditor’s Review Report

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Ernst & Young Tel: +61 8 8417 1600 121 King William Street Fax: +61 8 8417 1775 Adelaide SA 5000 Australia ey.com/au GPO Box 1271 Adelaide SA 5001

Independent auditor’s review report to the members of Beach Energy Limited

Conclusion

We have reviewed the accompanying half-year financial report of Beach Energy Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 31 December 2024, the consolidated statement of profit and loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, explanatory notes and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Group does not comply with the Corporations Act 2001 , including:

a. Giving a true and fair view of the consolidated financial position of the Group as at 31 December 2024 and of its consolidated financial performance for the half-year ended on that date; and
b. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor’s responsibilities for the review of the half-year financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants ( including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Directors’ responsibilities for the half-year financial report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the review of the half-year financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2024 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Beach Energy Limited Half Year Report 31

Independent Auditor’s Review Report

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Page 2

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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Ernst & Young

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L A Carr Partner Adelaide 6 February 2025

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Beach Energy Limited Half Year Report 32

Glossary

$ Australian dollars Amplitude Energy Amplitude Energy Ltd and its subsidiaries (previouslyCooper EnergyLtd) Bass Basin Bass Basin (Beach 100%) produces gas from the ofshore Yolla gas feld in the Bass Basin in production licence T/L1. Beach also holds a 100% interest in license T/L5, T/RL4 and T/RL5 bbl Barrels Beach Beach EnergyLimited and its subsidiaries Beharra Springs Beharra Springs (Beach 50% and operator, MEPAU 50%) produces gas from the onshore Beharra Springs gas feld in the Perth Basin in production licences L11 and L22 Boe Barrels of oil equivalent – the volume of hydrocarbons expressed in terms of the volume of oil which would contain an equivalent volume of energy bp BP Singapore Pte. Limited, a subsidiaryof BPplc C&S Cased and suspended CCS Carbon capture and storage Cooper Basin Includes both Cooper and Eromanga basins CBJV (Cooper Basin JV) The Santos operated SACB JVs and SWQ JVs and ATP 299 (Tintaburra – Beach 40%, Santos 60% and operator) CY(25) Calendaryear (2025) DD&A Depreciation, depletion and amortisation EP Exploration Permit Ex PEL 91 PRLs 151 to 172 and various production licences (Beach 100% and operator) Ex PEL 92 PRLs 85 to 104 and various production licences (Beach 75% and operator, Amplitude Energy25%) Ex PEL 104/111 PRLs 136 to 150 and various production licences (Beach 100% and operator) Ex PEL 106 PRLs 129 and 130 and various production licences (Beach 100% and operator) Ex PEL 513 PRLs 191 to 206 and variousproduction licences Ex PEL 632 PRLs 131 to 134 and variousproduction licences EBITDA Earnings before Interest Tax Depreciation and Amortisation FY(25) Financialyear (2025) Genesis Genesis EnergyLimited and its subsidiaries GSA Gas sales agreement GJ Gigajoule H(1) (FY25) (First) halfyearperiod of (FY25) H(1) (CY25) (First) half of calendaryear (2025) JV Joint Venture JKM LNG Japan/Korea Marker Kbbl Thousand barrels of oil kboe Thousand barrels of oil equivalent kbopd Thousand barrels of oilper day Kt Thousand metric tonnes Kupe Kupe Gas Project (Beach 50% and operator, Genesis 46%, Echelon Taranaki Limited 4%) produces gas from the ofshore Kupe gas feld in the Taranaki Basin in licence PML38146 LNG Liquefed natural gas	LPG Liquefedpetroleumgas
	MEPAU Mitsui E&P Australia
	Mitsui Mitsui & Co., Ltd and its subsidiaries
	MMbbl Million barrels of oil
	MMboe Million barrels of oil equivalent
	MMBtu Million British thermal units
	MMscfd Million standard cubic feet ofgasper day
	Mt Million metric tonnes
	MTPA Million metric tonnesper annum
	O.G. Energy O.G. Energy Holdings Limited, a member of the Ofer Globalgroupof companies
	OGP Otway Gas Project (Beach 60% and operator) consists of ofshore gas felds Thylacine and Geographe, the Thylacine Well Head Platform, OtwayGas Plant and associated infrastructure
	Origin Origin EnergyLimited and its subsidiaries
	Other Cooper Basin Other Cooper Basin producing permit areas are ex PEL 513/632 (Beach 40%, Santos 60% and operator) and ex PEL 182 (Vanessa) (Beach 100%)
	P&A Plugged and abandoned
	PEL Petroleum Exploration Licence (SA)
	PEP Petroleum Exploration Permit (Victoria and NZ)
	Perth Basin Includes Beach’s Waitsia and Beharra Springs assets
	PL Petroleum Lease (QLD)
	PPL Petroleum Production Licence (SA)
	PRL Petroleum Retention Licence (SA)
	PJ Petajoule
	Qtr Quarter
	SACB JV South Australian Cooper Basin Joint Ventures, which includes the Fixed Factor Area (Beach 33.4%, Santos 66.6% and operator) and the Patchawarra East Block (Beach 27.68%, Santos 72.32% and operator)
	Santos Santos Limited and its subsidiaries
	SPA Sale and Purchase Agreement
	SWQ JV South West Queensland Joint Ventures, incorporating various equity interests (Beach 30–52.5%, Santos operator)
	TJ Terajoule
	Victorian Otway Basin Produces gas from licences VIC/L1(V), which contain the Halladale, Black Watch and Speculant nearshore gas felds, VIC/L007745(V), which contains the Enterprise gas feld, and licences VIC/L23, T/L2, T/L3 and T/L4 which contain the Geographe and Thylacine ofshore gas felds. Beach also holds non-producing ofshore licenses VIC/L35, VIC/L36, T/30P, VIC/P42(V), VIC/P43, VIC/P73 and VIC/P007192(V)
	Waitsia Waitsia Gas Project (Beach 50%, MEPAU 50% and operator) produces gas from the onshore Waitsia gas feld in the Perth Basin in licence L1/L2
	Webuild Webuild SPA
	Western Flank Gas Comprises gas production from ex PEL 91 and 106 (Beach 100% and operator)
	Western Flank Oil Comprises oil production from ex PEL 91 (Beach 100% and operator), ex PEL 92 (Beach 75% and operator, Amplitude Energy 25%) and ex PEL 104/111 (Beach 100% and operator)

Beach Energy Limited Half Year Report 33

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AI assistant

BEACH ENERGY LIMITED — Interim / Quarterly Report 2025

64558_rns_2025-02-05_b7a95fbc-092f-4739-998a-94a1e94518fd.pdf

Half Year Report

Contents

Corporate Directory

Chairman

Directors

Brett Woods

Bruce Clement

Sally-Anne Layman

Sally Martin

Peter Moore

PhD, BSc (Hons), MBA, GAICD

Richard Richards

Margaret Hall

Joint Company Secretaries

Registered Office

Share Registry

Auditors

Securities Exchange Listing