Beach Energy falls after flagging 32% drop in half-year profit
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More news: Shares of Beach Energy dropped in morning trade after the company reported a 32% drop in half-year profit, and a 1% drop in sales revenue.
Shares were 2.79% lower to $1.22 at 12:25pm AEDT.
Beach Energy posts 32% drop in HY profit as production slides
The news: Oil and gas explorer Beach Energy has recorded a 32% drop in statutory profit for the first half, as floods in the Cooper Basin impacted production during the period.
The numbers: Beach posted statutory net profit after tax of $150 million, down from $222 million a year earlier.
Sales revenue dropped 1% year on year to $982 million and production slipped 7% to 9.5 million barrels of oil equivalent (MMboe).
Average realised oil prices were 12% lower, while the average realised gas price was 13% higher.
Beach reiterated its production and capital expenditure guidance for FY26.
The context: Beach managing director and CEO Brett Woods said flood recovery efforts at the Cooper Basin in South Australia have "progressed strongly", with 97% of affected production now back online.
Woods said the company is "broadly supportive" of the federal government's East Coast Gas Market Review, but noted "it is essential that it is complemented with regulatory reform and incentives to encourage investment by domestic only producers in supplying much needed gas to support Australian jobs and local manufacturing."
The source: ASX
