Beach Energy shares buoyed by Q2 sales result
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More news: Beach Energy shares lifted on the ASX after the oil and gas explorer posted a rise in sales and revenue for the second quarter, as its larger peers Woodside Energy and Santos lowered.
Beach shares were up 1% to $1.49 by 12:20pm AEDT. Woodside shares dropped 1.9% after the oil and gas giant posted a dip in quarterly production, while Karoon Energy (-1.2%) and Santos (-0.4%) also fell. Ampol shares lifted 0.7%.
The energy sector (-0.4%) was one of three sectors in red as the ASX 200 index added 0.5%. The West Texas Intermediate crude price was dropped 2.56% while Brent crude fell 0.06% as US President Donald Trump threatened tariffs on China, Canada and Mexico.
Bloomberg reported that Canada had started sending a flood of crude to the US to beat potential levies.
Beach Energy reports Q2 sales boost as production declines
The news: Oil and gas explorer Beach Energy reported an uptick in sales for the December quarter even as production lowered.
The numbers: Beach reported Q2 production of 5 million barrels of oil equivalent (MMboe), a 5% decline on the previous quarter.
Sales volumes jumped 24% quarter over quarter to 6.8 MMboe, with revenue rising 32% to $563 million.
The context: Beach said sales and revenue growth were boosted by LNG sales at its Waitsia gas project in Western Australia.
The average realised sales price across all products of $83 per barrel of oil equivalent was also 7% above the previous quarter and supported by higher-priced LNG sales.
The sources: ASX announcement, Bloomberg
