GNE - FY25 Guidance Update

Thursday 27th June 2024

Genesis Energy advises that FY25 EBITDAF is expected to be around $460m subject to hydrological conditions, gas availability, plant availability and any material adverse events or unforeseeable circumstances.

Daily gas production at Kupe is expected to be between 37-47 TJ/day as a result of the KS-9 outcome and general field decline. The lower gas is expected to result in higher generation costs due to increased use of higher-cost solid fuel.

“The current gas market conditions are driving a challenging short-term outlook for the country; less gas means more solid fuel and higher generation costs for Genesis. The Company remains focused on executing our long-term strategy to accelerate development of new renewable generation and battery storage, reposition Huntly into a grid-scale peaking and firming facility and displace coal with biomass,” said Chief Executive Malcolm Johns.

Previously announced organisational changes have progressed as planned and FY25 operating expenditure is in line with expectations. FY25 capital expenditure is expected to be around $180m. This includes approximately $80m growth spend relating to a grid scale battery at Huntly Power Station, with final investment decision expected mid CY-2024.

FY24 guidance remains unchanged.

Kupe Reserves

Genesis Energy is in the process of independently verifying Kupe Oil and Gas Field reserves. Current expectations are that field-wide proved and probable reserves (‘2P’) will be revised down by approximately 80 Peta joule equivalents (‘PJe’) . The final reserves position will be released with Genesis’ FY24 full year results on 22 August 2024.

ENDS

Genesis Energy - FY25 Guidance Update

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