- Beach Energy (BPT) sees a nine per cent increase in production and a 10 per cent increase in revenue for Q4 FY22 on the back of strong demand and higher oil prices
- For the June quarter, the company produced 5.6 million barrels of oil equivalent, with its Otway Basin production jumping 83 per cent to 1.5 million barrels of oil equivalent
- However, Beach’s Western Flank in the Cooper Basin saw a 12 per cent drop in oil and gas production compared to the previous quarter, due to the natural gas field decline
- The company recorded revenue of $504 million for the quarter and will deliver its full FY22 results and FY23 guidance next month
- Beach ends the day 2.39 per cent in the green to close at $1.82
Beach Energy (BPT) has seen an increase in its production and revenue for the fourth quarter.
Production increased nine per cent to 5.6 million barrels of oil equivalent, underpinned by higher customer demand from the offshore Otway Basin. The basin saw its production increase 83 per cent to 1.5 million barrels of oil equivalent.
However, Beach’s Western Flank in the Cooper Basin saw a 12 per cent drop in oil and gas production compared to the previous quarter, mainly due to the natural gas field decline and the 11-day shutdown of the Middleton Gas Plant.
Beach’s revenue jumped 10 per cent to $504 million due to the higher gas production and a higher gas price, which jumped four per cent.
“A key plank of the Beach strategy is to continue investing in new gas supply to support the east coast market. Our results this quarter against the backdrop of the current energy crisis validate this strategy,” CEO Morné Engelbrecht said.
“This quarter Beach supplied an additional 3.5 PJ (0.6 MMboe) of gas from the Otway Gas Plant to Australian domestic retailers, thanks in part to recent commissioning of two Geographe development wells.”
The company will enter FY23 with “strong momentum” as it completes major development projects.
Beach will deliver its full FY22 results and FY23 guidance next month.
Beach has ended the day 2.39 per cent in the green to close at $1.82.