Beach Energy production falls but sales revenue increases
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The news: Beach Energy has reported a fall in quarterly production and sales compared to a year earlier.
The numbers: The company reported production of 4.8 million barrels of oil (MMboe) for the June quarter, down from 5 MMboe from a year earlier. However, it was an improvement from the March quarter of 4.5 MMboe.
It said total production for FY24 was at 18.2 MMboe, 6.6% lower than its FY23 production of 19.5 MMboe.
Sales revenue at $433 million was also below from a year prior at $450 million. However, its sales revenue for FY24 of $1.76 billion was 9% higher than its FY23 revenue of $1.62 billion.
Beach has also provided guidance for FY25, with a capital expenditure range of $700 million to $800 million.
The context: Beach shares struggled in June after it announced it would cut costs and target divestment. The oil sector as a whole has slowed due to flattening crude oil prices in July after a climb.
Beach also announced it has successfully connected the Enterprise gas field to its Otway gas plant, as well as meeting targets for the commissioning of its Waitsia gas plant for the next quarter.
What they said: “Beach ended the financial year with strong momentum delivering gas from the Enterprise field, completion of the strategic review and outstanding safety and environmental performance,” Beach Energy CEO and managing director Brett Woods said.
“We begin the new financial year with a much-strengthened foundation to deliver our vision of becoming Australia’s leading domestic energy company.”
The source: ASX announcement
