Sad to see this time last year I genuinely believed in Beach running profitable operations.
The more I can see - the more I’m learning the assets they currently have are struggling to make a profit and no large capital investment projects… it’s the cleanaway of the OG industry.
basic projects also blowing out…
I guess I was I gave too much of a benefit of a doubt to the new ceo after the 30% headcount cull.
generally a red flag for me in the past as the ceo/consultancies at that point don’t know how to convert their business into capex higher return projects… and take the low lying fruit.
I took a gamble on beach over santos and lost this round.
Ann: Beach Energy Ltd FY24 Results Presentation, page-31
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