Beach Energy shares plummeted by as much as 8.38% to A$1.53 today, hitting their lowest level since July.

This marks their most significant intraday drop since December 7 of last year.

Beach Energy released its financial report showing a 24% decrease in its underlying NPAT for the fiscal year, taking it down to A$384.8 million.

The company’s revenue fell by 7% to A$1.65 billion.

For the fiscal year 2024, Beach Energy has predicted a production output of between 18 and 21 million barrels of oil equivalent, a stark contrast to the previous year’s output of 19.5 million barrels and greatly below the consensus estimate of 22.9 million barrels.

The company’s capital expenditure for FY24 is expected to range from A$850 million to A$1 billion, a drop from A$1.1 billion the previous year.

The projections missed analysts' expectations at Macquarie and UBS, leading to a stock fallout.

Despite its new CEO appointment last week, Beach Energy anticipates a one-time charge of up to A$65 million in FY24.

Despite these drops, Beach Energy managed a 4.7% increase this year, as of its last close.

Beach Energy is an Australian-based company that specializes in oil and gas exploration and production.