Why is the Beach Energy (ASX:BPT) share price down 6%?

It has been a disappointing day for the oil and gas explorer.

| More on:
Sad looking worker standing next to an oil drill.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Shares in oil and gas explorer Beach Energy Ltd (ASX: BPT) are inching lower today and are currently trading 6% down at $1.31 apiece.

Beach Energy shares have spent most of the day in the red after the company announced the departure of its chief executive.

Here are the details.

What was announced?

Beach advised today that its managing director and CEO Matt Kay tendered his resignation to the company's board.

Kay is leaving Beach to pursue other professional opportunities, given Beach's 'current strong position' as per the release.

In his place, the company has appointed the current chief financial officer (CFO) Morné Engelbrecht to CEO as the search for a replacement gets underway.

In the six years of tenure as CEO of the company, Kay oversaw the acquisition of Lattice Energy and the commencement of development programs in the Victorian Otway and Perth Basins.

Kay's final oversight was the sanctioning of the Moomba Carbon Capture and Storage project announced by the company yesterday.

Speaking on the announcement, Beach Energy chair Glenn Davis paid homage to Kay on the grounds of leadership and delivering on the company's growth ambitions.

Davis said the departing CEO was instrumental in "helping transform Beach into the multi-billion basin upstream oil and gas company it is today".

Davis also said that interim CEO Engelbrecht was "well positioned to take over as acting CEO as Beach completes its gas growth program", with over 20 years experience across various jurisdictions.

What did the departing CEO say?

Speaking on the announcement, departing CEO Matt Kay said:

I was brought on board to help Beach grow from a single basin operator and diversify the business. This was
capped off by the sanctioning of the Moomba Carbon Capture and Storage project this week.

Kay continued:


I want to thank the entire Beach team for their efforts over the past six years. The company's future is extremely
bright and I wish Morné and the team all the best.

Beach Energy share price snapshot

The Beach Energy share price has been swimming in a sea of red this year to date, having posted a loss of 26% since January 1.

Despite this, it has climbed 16% in the past 12 months, but not enough to outpace the benchmark S&P/ASX 200 index (ASX: XJO)'s gain of around 25% in the same time.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

Does Macquarie rate Fortescue shares a buy, hold or sell?

Down 42% in a year, does Macquarie think Fortescue shares are now a good buy?

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Rock solid: How have mining and metals shares fared in 2025?

Who is leading so far?

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price slides despite significant reserves growth

An 89% resources upgrade hasn’t boosted Mineral Resources shares today.

Read more »

Copal miner standing in front of coal.
Resources Shares

How much upside does Macquarie tip for New Hope shares?

A softer-than-expected quarter has impacted the broker's view.

Read more »

2 people at mining site, bhp share price, mining shares
Resources Shares

Rio Tinto share price pushes higher on $1.4 billion lithium agreement

Rio Tinto shares are gaining major lithium exposure.

Read more »

Miner looking at a tablet.
Resources Shares

Up 73% since April, why Mineral Resources shares could keep charging higher

A leading expert says that Mineral Resources shares remain ‘heavily undervalued’. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Resources Shares

Guess which ASX 200 mining stock is sinking 7% following its quarterly update

Let's see how this miner performed during the third quarter.

Read more »

Miner looking at a tablet.
Resources Shares

What's the latest broker ratings on BHP shares?

There's an air of caution floating about BHP shares even with bullish ratings.

Read more »