- Beach Energy (BPT) has seen its profit jump 66 per cent to $213 million for the first half of the FY22
- The company’s first-half production sits at 11.02 millions barrels of oil equivalent, as well as an earnings before interest, taxes, depreciation, and amortisation of $513 million
- Beach finished 2021 with a strong cash position of $73 million and shareholders will receive an interim dividend of one cent
- Notably, the production and financial guidance for FY22 remains unchanged
- Beach last traded at $1.49 per share
For the first half of FY22, Beach Energy (BPT) recorded a statutory net profit after tax (NPAT) of $213 million, a 66 per cent increase on the corresponding period.
The company’s first-half production sits at 11.02 millions barrels of oil equivalent, as well as earnings before interest, taxes, depreciation, and amortisation of $513 million at a revenue sales margin of 65 per cent, buoyed by realised oil price of $113.6 per barrel of crude oil.
Beach finished 2021 with a strong cash position of $73 million and shareholders will receive an interim dividend of one cent.
The production and financial guidance for FY22 remains unchanged.
Acting CEO Morné Engelbrecht said the first half has seen a steady progress on Beach’s major growth projects in the Perth and Victorian Otway basins, as well as the Kupe gas plant returning to nameplate capacity.
“Delivering on this phase of our growth means we are making progress towards our production target of 28 million barrels of oil equivalent in FY24,” he said.
Beach has previously stated that FY22 was going to be a “pivotal year” in the company’s transformation and Mr Engelbrecht is “proud of what has been achieved so far”.
“This includes our historic LNG agreement with bp and connecting our first Otway offshore wells to the East Coast market,” he added.
2021 was a year of challenges for Beach, however, the company managed to execute a significant portion of its organic growth platform, allowing it to enter 2022 with a solid base.
“The second half of FY22 remains a busy period with activity across the portfolio, and we are looking forward to the forthcoming Western Flank oil exploration campaign – in which any success would sit above our basecase target,” Mr Engelbrecht said.
“We have an outstanding team at Beach and it’s an exciting time to be leading the company.”
Beach is still searching for a new CEO, after Matt Kay resigned last November.
On the market, Beach last traded at $1.49 per share.