0106 GMT - Beach Energy didn't lose Goldman Sachs as a bear, despite delivering a slightly stronger 2Q result than the bank had expected. Beach sold 6.8 million BOE in 2Q, approximately 4% above GS's forecast and 12% higher than consensus expectations. Goldman Sachs retains a sell rating on Beach, partly due to delays in the company's Waitsia Stage 2 development in Australia. Beach expects first gas sales in 4Q of FY 2025. "We remain cautious of commissioning progress and eventual plant performance given the constant quality control setbacks the project has faced, though assume the project starts up in line with company expectations mid-2025," analyst Henry Meyer says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 22, 2025 20:06 ET (01:06 GMT)
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