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Asia

Australian Domestic Gas Reservation Scheme 'Not as Bad as It Could Have Been,' RBC Capital Markets Says

The domestic gas reservation scheme announced by the Australian government was "not as bad as it could have been," and it will introduce lower gas volumes into the domestic gas market than expected, RBC Capital Markets said in a Thursday note.The domestic gas reservation obligation requires a liquefied natural gas export license holder to supply a minimum total quantity of natural gas in a domestic gas market, equivalent to 20% of the LNG exported by the license holder from the market during the period. They may also meet the domestic supply obligation by supplying at least 90% of their minimum total quantity for a specific period, subject to certain requirements related to the remaining portion.RBC said it didn't agree with the government's estimate that LNG exporters could provide up to 200 petajoules of additional gas per year, because it assumed any spare volumes of gas in the East Coast LNG projects were exported as spot LNG, and not as domestic gas sales.The domestic gas reservation scheme's 20% requirement is net of existing LNG export license holders' contractual sales, infrastructure limitations, and existing gas reservation. This would be welcome relief for smaller cap Australian domestic gas focused stocks, such as Amplitude Energy (ASX:AEL), Beach Energy (ASX:BPT), Comet Ridge (ASX:COI), Strike Energy (ASX:STX), and Tamboran Resources (ASX:TBN).

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Australia Releases Domestic Gas Reservation Bill; Santos Welcomes Policy With Caveats
US Markets

Australia Releases Domestic Gas Reservation Bill; Santos Welcomes Policy With Caveats

The Australian government has released the Domestic Gas Reservation Bill 2026 for consultation, establishing Australia's first national domestic gas reservation scheme requiring gas exporters to supply a portion of their production to the domestic market.The bill proposes reserving up to 20% of gas exports for domestic use, with exporters able to provide up to 200 additional petajoules of gas per year, which Australian Minister for Climate Change and Energy Chris Bowen said is "more than enough" to avoid the Australian Energy Market Operator's forecast possible shortfalls of up to 140 petajoules.The licence application process will start from Jan. 1, 2027, with the domestic supply obligation starting from Jan. 1, 2028, to align with industry contracting cycles, while the exposure draft establishes a framework for how the reservation scheme will operate, including cost recovery and compliance and enforcement mechanisms.The Department of Industry, Science and Resources said the legislation supports the government's Future Made in Australia agenda, with the bill developed in response to the 2025 Gas Market Review and informed by more than 140 submissions received during earlier consultations.Santos (ASX:STO) Chief Executive Kevin Gallagher said in a Wednesday speech that while the oil and gas firm welcomes the policy, it should not force supply into an oversupplied market, and instead should allow the gas market to invest in bringing new supply online via price signals, recommending that the "must sell" provision be replaced with a "must offer on commercial terms" requirement.Gallagher argued that East Coast gas supply issues were caused by moratoriums and bans in New South Wales and Victoria over 15 years, which led to insufficient investment in new gas supply sources, adding that regulations should improve supply by incentivizing investment in new sources given that new investment is essential from 2030 to offset declining production at the Bass Strait.RBC Capital Markets said in a note that it views the legislation as a welcome relief to smaller cap Australian domestic gas-focused stocks, including Amplitude Energy (ASX:AEL), Beach Energy (ASX:BPT), Comet Ridge (ASX:COI), Strike Energy (ASX:STX), and Tamboran Resources (ASX:TBN).However, RBC said it does not agree with the government's estimate that the scheme would avoid the forecasted shortfalls, as the estimate assumes any spare volumes of gas in east coast liquefied natural gas projects are exported as spot LNG rather than sold domestically.

ASX 200ASX:AELASX:BPTASX:COIASX:STOASX:STXASX:TBN
Asia

Elixir Energy in Talks With Beach Energy for Taroom Trough Farm-In

Elixir Energy (ASX:EXR) said it is in talks with Beach Energy (ASX:BPT) over a potential strategic farm-in to Elixir's Taroom Trough portfolio in Queensland, according to a Thursday filing with the Australian bourse.Elixir has provided hard exclusivity to Beach Energy until Oct. 1 to facilitate the negotiations and due diligence, but warned that there is no assurance of any deal materializing.The company issued the statement in response to a report by The Australian.

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Asia

Jarden Research Adjusts Beach Energy's Price Target to AU$0.73 from AU$0.76, Keeps at Underweight

Beach Energy (ASX:BPT) has an average rating of hold and mean price target of AU$0.92, according to analysts polled by FactSet.

ASX:BPT
Asia

Beach Energy's Disappointing Fiscal 2027 Guidance to Trigger Consensus EPS Downgrades, Jarden Says

Beach Energy (ASX:BPT) issued a disappointing fiscal 2027 production guidance of 19.5 million to 23 million barrels of oil equivalent, coming in below consensus estimates likely due to lower output in the Cooper Basin, Jarden said in a late Thursday note.The company's depreciation, depletion, and amortization (DD&A) guidance of AU$500 million to AU$550 million is 7% above Jarden's estimate.The combination of a lower production outlook and higher DD&A guidance should trigger consensus fiscal year 2027 EPS downgrades for the company, the investment firm said.Beach Energy also detailed more aggressive organic growth plans, including deep water Otway Basin and even Perth Basin tight gas. But these larger, more material targets will take years to unlock, so the near-term focus remains on inorganic opportunities, Jarden said.It added that the company confirmed expectations of its revised capital management framework placing a priority on growth over dividends. In the absence of any clarity, Jarden set future dividend payments to AU$0.03 per share through the forecast period, "but without any real confidence."The investment firm maintained an underweight rating on Beach Energy while lowering the target price to AU$0.73 from AU$0.76.The company's shares fell 2% in recent Friday trade.

ASX:BPT
Asia

Australian Shares Hit Fresh New Record; REA Group Fiscal 2026 Core EPS, Revenue Up

Australian shares closed at another record high on Thursday amid optimism around diplomacy in the Middle East leading to a reopening of the Strait of Hormuz.The S&P/ASX 200 Index gained 0.47%, or 43.80 points, to close at 9,271.60, reaching an all-time high.Overnight on Wall Street, the S&P 500 and the Nasdaq Composite fell 0.2% and 0.8%, respectively, while the Dow Jones Industrial Average gained 0.5%. US Federal Reserve governor Lisa Cook signalled that she would vote to raise interest rates if inflation did not abate.Gold bullion rose nearly 1% to around $4,280 per ounce and spot gold reached $4,277.41 per ounce.On the domestic front, Australia's goods balance recorded a seasonally adjusted surplus of AU$1.93 billion in June, up from a deficit of AU$2.37 billion in May, according to data published by the Australian Bureau of Statistics.The total number of dwelling units approved in Australia recorded a 7.2% month-on-month increase to 18,328 in June in seasonally adjusted terms after falling 1.6% in May, according to a report by the Australian Bureau of Statistics.In company news, REA Group (ASX:REA) logged AU$4.935 in core earnings per share for fiscal 2026, compared with AU$4.274 a year ago. For the 12 months ended June, revenue was AU$1.73 billion versus AU$1.54 billion previously.Beach Energy (ASX:BPT) logged AU$0.1556 in underlying EPS for fiscal 2026, compared with AU$0.1976 a year ago. For the 12 months ended June 30, sales revenue was AU$1.8 billion versus about AU$2 billion previously.Lastly, AMP (ASX:AMP) logged AU$0.069 in underlying EPS for the first half, compared with AU$0.052 a year ago. For the six months ended June 30, revenue from ordinary activities was AU$1.43 billion versus AU$1.38 billion previously.

ASX 200ASX:AMPASX:BPTASX:REA
Asia

Beach Energy Delivers Solid FY26 Result Despite Lower Production, Sales Volumes, Euroz Hartleys Says

Beach Energy (ASX:BPT) delivered a solid fiscal year 2026 result, with underlying earnings surpassing expectations, despite lower production/sales volumes, Euroz Hartleys said in a Thursday note.The company reported AU$0.1556 in underlying earnings per share for fiscal 2026, compared with AU$0.1976 a year ago.Sales revenue was AU$1.8 billion for the 12 months ended June 30, versus about AU$2 billion previously.The company anticipates fiscal year 2027 production of 19.5 million to 23 million barrels of oil equivalent, and capital expenditure of between AU$600 million and AU$700 million.Euroz Hartleys' hold recommendation and AU$1.12 price target on the company are under review, according to the note.Beach Energy shares fell 3% in midday trade Thursday.

ASX:BPT
Asia

ASX Biggest Losers

Here are the ASX-listed companies with the biggest losses on Thursday.Silex Systems (ASX:SLX): -7%, AU$4.74Weebit Nano (ASX:WBT): -4%, AU$4.29Benz Mining (ASX:BNZ): -4%, AU$3.88EQ Resources (ASX:EQR): -4%, AU$0.32Deep Yellow (ASX:DYL): -4%, AU$1.36Tasmea (ASX:TEA): -3%, AU$8.60Beach Energy (ASX:BPT): -3%, AU$0.86Megaport (ASX:MP1): -3%, AU$18.90Block (ASX:XYZ): -3%, AU$117.23IperionX (ASX:IPX): -3%, AU$3.32

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Asia

ASX Most Active Stocks

Here are the five most actively traded big-cap stocks on the Australian Securities Exchange on Thursday.EQ Resources (ASX:EQR): 24.3 million sharesLindian Resources (ASX:LIN): 20.4 million sharesLiontown Resources (ASX:LTR): 17.7 million sharesBeach Energy (ASX:BPT): 9.6 million sharesPLS Group (ASX:PLS): 6.5 million shares

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Asia

Update: Beach Energy Fiscal Year 2026 Underlying EPS, Sales Revenue Down; Shares Down 3%

(Updates to add stock movement in headline and first paragraph)Beach Energy (ASX:BPT) shares fell nearly 3% in morning trade Thursday after logging AU$0.1556 in underlying EPS for fiscal 2026, compared with AU$0.1976 a year ago.Analysts polled by FactSet expected about AU$0.14.For the 12 months ended June 30, sales revenue was AU$1.8 billion versus about AU$2 billion previously, the Australia-listed oil and gas exploration company added.Analysts surveyed by FactSet expected AU$1.8 billion.The company's board declared a final dividend of AU$0.02 per security, unchanged from a year earlier, payable Sept. 30 to shareholders of record as of Aug. 31.Beach Energy guided for fiscal year 2027 production of 19.5 million to 23 million barrels of oil equivalent, and capital expenditure of AU$600 million to AU$700 million.

ASX:BPT
Asia

Beach Energy Fiscal Year 2026 Underlying EPS, Sales Revenue Down

Beach Energy (ASX:BPT) logged AU$0.1556 in underlying EPS for fiscal 2026, compared with AU$0.1976 a year ago, a Thursday filing showed.Analysts polled by FactSet expected about AU$0.14.For the 12 months ended June 30, sales revenue was AU$1.8 billion versus about AU$2 billion previously, the Australia-listed oil and gas exploration company added.Analysts surveyed by FactSet expected AU$1.8 billion.The company's board declared a final dividend of AU$0.02 per security, unchanged from a year earlier, payable Sept. 30 to shareholders of record as of Aug. 31.Beach Energy guided for fiscal year 2027 production of 19.5 million to 23 million barrels of oil equivalent, and capital expenditure of AU$600 million to AU$700 million.

ASX:BPT
Asia

Beach Energy Shareholders Eye Total Shareholder Returns After Dividend Cut, Euroz Hartleys Says

Beach Energy (ASX:BPT) shareholders are now focused on total shareholder returns rather than dividends alone after the oil and gas company slashed its interim dividend by 67%, Euroz Hartleys said in a note on Thursday.The investment firm said investors are watching the company's future capital allocation strategy ahead of its FY26 results and are looking for either a "meaningful" addition to reserves/resources or a return to stronger distributions.The company had an operationally soft fiscal fourth quarter with production coming in at the lower end of guidance. However, it managed to strengthen itself financially, with lower net debt supporting the balance sheet and providing capacity for future growth. The company reported available liquidity of AU$983 million and net gearing of 10.6%.Euroz Hartleys maintained its hold rating on Beach Energy but lowered the price target to AU$1.02 from AU$1.12, citing an updated sum-of-the-parts valuation.

ASX:BPT
Asia

Beach Energy Posts Higher Production in Fiscal Q4

Beach Energy (ASX:BPT) reported production of 4.9 million barrels of oil equivalent (MMboe) in the fiscal fourth quarter, up on last year's 4.6 MMboe, according to a Wednesday filing with the Australian bourse.Fiscal 2026 production was 19.4 MMboe, the filing said.Fiscal 2025 production was 19.7 MMboe, according to a separate filing.Additionally, the company posted quarterly sales volumes of 4.8 MMboe, delivering revenue of AU$400 million, down on last year's 5.9 MMboe for revenue of AU$455 million, per the filing.

ASX:BPT
Asia

Beach Energy CEO Says Domestic Gas Reservation Scheme Risks Stranding Critical Resources

Beach Energy (ASX:BPT) Chief Executive Brett Woods said a domestic gas reservation scheme does not create "a single extra petajoule of natural gas" and risks forcing critical resources to be left underground instead of helping the Australian economy, according to an opinion editorial published in The Australian on Sunday.Woods said the currently proposed domestic gas reservation scheme forces a transfer of revenue from domestic-focused gas producers to a few large wholesale buyers, who are mostly multinational companies that are foreign-owned or run offshore operations, adding that households and small businesses do not buy gas wholesale and therefore do not benefit from forced short-term lower prices.The chief executive said Australia's domestic gas price ranks in the lowest quartile of OECD nations, with recent Rystad Energy analysis showing the cost of marginal supply is expected to rise to about AU$13 to AU$14 per gigajoule to underpin new supply, arguing that a forced price of AU$10 per gigajoule is a signal to stop investing in new projects and will leave southern basins underdeveloped.The company's shares rose more than 1% in recent Monday trade.

ASX:BPT
Asia

ASX Biggest Losers

Here are the ASX-listed companies with the biggest losses on Wednesday.Predictive Discovery (ASX:PDI): -8%, AU$0.86Beach Energy (ASX:BPT): -7%, AU$0.87Orezone Gold (ASX:ORE): -6%, AU$2.28Ora Banda Mining (ASX:OBM): -5%, AU$1.17Alkane Resources (ASX:ALK): -5%, AU$1.52Arafura Rare Earths (ASX:ARU): -5%, AU$0.25Resolute Mining (ASX:RSG): -5%, AU$1.03Genesis Minerals (ASX:GMD): -4%, AU$5.57Catalyst Metals (ASX:CYL): -4%, AU$5.48Capricorn Metals (ASX:CMM): -4%, AU$12.76

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Asia

Echelon Resources Extends Kupe Gas Supply Deal With Genesis Energy

Echelon Resources (ASX:ECH) amended its gas supply agreement with Genesis Energy (ASX:GNE, NZE:GNE), extending sales of Kupe gas for an additional three years, according to a Wednesday Australian bourse filing.The revised agreement reflects current market pricing and incorporates inflation-based adjustments throughout the contract period, the filing said.Beach Energy (ASX:BPT) operates the Kupe permit with a 50% interest, alongside Genesis Energy holding 46% and Echelon Resources holding 4%, the filing added.Echelon Resources' shares rose past 1% in recent Wednesday trade. Genesis Energy's Australian shares gained 1%, while its New Zealand's shares shed 1%. Beach Energy's shares tumbled 4%.

ASX:BPTASX:ECHASX:GNENZE:GNE
Asia

Update: ASX Biggest Losers

(Updates to add tickers)Here are the ASX-listed companies with the biggest losses on Friday:Energy Resources of Australia (ASX:ERA): -20%, AU$0.002United Overseas Australia (ASX:UOS): -6%, AU$0.68Tamboran Resources (ASX:TBN): -7%, AU$0.22REA Group (ASX:REA): -4%, AU$141.51News Corp (ASX:NWS): -4%, AU$42.45Viva Energy Group (ASX:VEA): -4%, AU$2.24DigiCo Infrastructure REIT (ASX:DGT): -4%, AU$2.43Tuas (ASX:TUA): -3%, AU$2.62Anteris Technologies Global (ASX:AVR): -3%, AU$13.08Beach Energy (ASX:BPT): -2%, AU$1.06

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Asia

Beach Energy Well-Positioned to Pursue Growth Options After 'Sensible Divestment' of Artisan Gas Field Stake, Euroz Hartleys Says

Beach Energy's (ASX:BPT) sale of its 60% stake in the Artisan gas field offshore the Otway Basin in Victoria is a "sensible divestment" and a "rare win-win" deal, Euroz Hartleys said in a Monday note.Beach Energy agreed to sell a 50% interest in the gas field to Amplitude Energy (ASX:AEL) and a 10% interest to O.G. Energy to align both acquirers' overall interest at 50% each.The company also said the La Bella-2 development well will not be drilled, and forecast more than AU$500 million of capital expenditure savings as a result of not pursuing developments at Artisan and La Bella.Amplitude Energy's involvement eliminates the risk of exploration outcomes resulting in the need for expensive carbon dioxide processing capability, while Beach Energy retains future exposure to production through a royalty, Euroz Hartleys said.Given Beach Energy's AU$974 million of liquidity at the close of the fiscal third quarter, the deal provides pro-forma liquidity in excess of AU$1 billion, positioning the company well to pursue inorganic growth of scale in the near-term, the equity research firm said.Euroz Hartleys maintained a hold recommendation on Beach Energy while lowering the price target to AU$1.12 per share from AU$1.15 based on an updated sum-of-the-parts valuation.

ASX:AELASX:BPT
Asia

Amplitude Energy Acquisition of 50% of Artisan Gas Field De-Risks Otway Growth Outlook, Euroz Hartleys Says

Amplitude Energy's (ASX:AEL) acquisition of 50% of the Artisan gas field in the offshore Otway Basin from Beach Energy (ASX:BPT) de-risks the Otway growth outlook for the company, Euroz Hartleys said in a Monday note.O.G. Energy, Amplitude Energy's joint venture partner in the Otway, agreed to acquire a 10% interest in the gas field on the same terms as the company, aligning interests at 50% each.The company's net share of the acquisition consideration consists of an upfront cash payment of AU$58.3 million on completion of the agreement, with a royalty of AU$3.75 per gigajoule on its share of future production.The company can blend Artisan gas field's low-impurity gas with that of the Annie field to meet pipeline standards through the acquisition, saving an estimated AU$100 million in processing infrastructure costs, the financial services firm said.Additionally, the company is buying a de-risked completed production well that is ready to tie-in to its existing operated infrastructure.Euroz Hartleys maintained a buy recommendation on Amplitude Energy while its AU$3.40 price target is under review.Amplitude Energy shares rose more than 2% in afternoon trade on Monday, while Beach Energy shares were down 2%.

ASX:AELASX:BPT
Asia

ASX Preview: Australian Shares Set to Fall on US-Iran Talks Uncertainty; Charter Hall Group Raises Fiscal 2026 Guidance for Operating Earnings

Australian shares are poised to fall on Monday as investors weigh renewed uncertainty over US-Iran talks, with progress on a potential deal to reopen the Strait of Hormuz and address Iran's nuclear program still unclear.Sentiment is also being pressured by a sharp slide in oil prices amid concerns that escalating tensions in the Middle East could still disrupt global shipping routes and weigh on growth.On May 22, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.4%, 0.2%, and 0.6%, respectively.In corporate news, Charter Hall Group (ASX:CHC) increased its fiscal year 2026 guidance for operating earnings to AU$1.03 per security from AU$1 previously.Beach Energy (ASX:BPT) agreed to sell its 50% interest in VIC/L35, containing the Artisan gas field in the offshore Otway Basin, to Amplitude Energy (ASX:AEL).Australia's benchmark index rose 0.4% or 35.3 points to close at 8,657 on May 22.

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