The Beach Energy Ltd (ASX: BPT) share price continued its poor form from last month and has tumbled at the start of December. This comes after the company announced a couple of negative announcements that weighed on investor sentiment.
At Wednesday’s market close, the energy producer’s shares added more pain, finishing the day down 0.84% to $1.175.
What’s happening with Beach Energy?
At the start of November, the company announced the departure of its managing director and CEO, Matt Kay.
The news sent the Beach Energy share price almost 4% lower as the board appointed a temporary replacement.
Chief financial officer, Morné Engelbrecht took over the reins while the company conducts a search process for a permanent CEO. No one has yet to take the top job.
A few days later, Beach Energy held its annual general meeting (AGM), highlighting a strong start to FY22.
The company reaffirmed its plan to achieve production of 28 million barrels of oil equivalent (mmboe) by FY24. In contrast, Beach Energy recorded production of 25.6 mmboe in FY21 – down 4% from the previous year.
However, looking at the near term, Beach Energy expects to have 8 gas plants producing from 5 basins by the end of 2023. The plants will deliver gas to 4 markets including the East Coast gas market and the global LNG market.
Lastly, the company is focused on its approach to sustainability, focusing on becoming a net zero emissions producer by 2050. It is already delivering emissions reductions across its operated assets.
Despite the overall positive update, Beach Energy shares failed to gain traction, losing about 5% in the days following.
More recently, the company was hit with two separate class action lawsuits from Slater & Gordon Lawyers and Shine Lawyers. Both firms are representing shareholders who acquired an interest in ordinary shares in Beach Energy between 17 August 2020 and 29 April 2021.
The company stated that it has at all times complied with its disclosure obligations and denies any wrongdoing.
Beach Energy share price summary
Over the last 12 months, the Beach Energy share price has fallen around 30%, with year-to-date dropping almost 35%. Its shares hit a 52-week low of $1.01 in September before rebounding. However, since late October, Beach Energy shares have been on a downward trend.
Beach Energy presides a market capitalisation of roughly $2.68 billion, with approximately 2.28 billion shares on hand.