Oil, gas producer sees profit fall after flooding event

The country’s third-largest oil and gas producer saw a big drop in first-half earnings after flooding in South Australia affected production at its home field.

Beach Energy reported a net profit of $150 million on Thursday, down 32 percent from the previous period.

The underlying result, adjusted for one-off items, fell eight percent to $219 million in the six months ended December.

Gas production fell seven percent last July after flooding in the Cooper Basin affected wells and knocked out power to many communities.

But CEO Brett Woods said interim results were still solid.

“Coastal flood recovery efforts in the Cooper Basin have progressed strongly, with 97 percent of affected production now back online,” he said in a statement.

“With a solid first half performance, we are well positioned to deliver an active second half of fiscal 2026 across our east and west coast headquarters.

“We are delivering on our vision to be Australia’s leading domestic energy company.”

Adelaide-based Beach Energy, 30 percent owned by SGH, a company controlled by the Stokes family, produces domestic gas for eastern and western Australia and New Zealand.

It also supplies LNG, crude oil and other energy-related products to local refineries.

Beach Energy announced it will pay an interim dividend of one cent per share, down from three cents in 2025.