Waitsia ramp up brightens outlook as Australia's Beach Energy navigates profit dip, Morningstar says

Morningstar expects brighter future for Beach Energy’s BPT.AX as the long‑awaited Waitsia gas finally begins to flow

The midsize Australian oil and gas company on Thursday reported an 8% slide in first‑half profit, weighed down by rising sales costs and softer oil and liquids prices

Investment research firm says underlying NPAT aligned with its forecasts and highlighted that Waitsia’s ramp‑up is progressing, with the plant touching 165 terajoules (TJ) per day post‑half and expected to climb toward its 250 TJ per day nameplate capacity by 3Q26

Market is uneasy about the potential cost of replacing reserves, especially given the repeated Waitsia cost overruns, but argues BPT is well positioned to leverage Waitsia’s cash flows through targeted drilling or a strategic acquisition - Morningstar

Brokerage maintains fair value estimate for BPT of A$2.60

Stock up 2.13% YTD as of last close