- Beach Energy’s (BPT) oil production slumped during the first quarter of the 2022 financial year, falling 4 per cent to 5.7 million of barrels of oil equivalent
- The company’s revenue also dropped 8 per cent to $388 million, after an 11 per cent drop in sales during the July to September period
- Activities wise, Beach signed a heads of agreement with BP for its 3.75 million tonnes of LNG from the Waitsia Gas Stage 2 Project
- The energy stock ended September with $43 million in net cash and a new $600 million revolving debt facility after it refinanced its loans
- Company shares are down 5.02 per cent to $1.42 per share at 12:20 pm AEDT
Beach Energy’s (BPT) oil production has slumped during the first quarter of the 2022 financial year, falling 4 per cent to 5.7 million of barrels of oil equivalent.
The energy stock released its latest quarterly report on Wednesday showing sales and revenue dipped alongside oil production.
Revenue dropped 8 per cent to $388 million, after an 11 per cent drop in sales during the July to September period.
The drop in production is being blamed on an expected decline in Western Flank oil, which was in line with expectations.
In term of activities, Beach signed a heads of agreement with BP for its 3.75 million tonnes of LNG from the Waitsia Gas Stage 2 Project.
It also successfully completed drilling the Geographe 5 development well and made two discoveries in the Western Flank gas acreage.
Additionally, Beach noted a 100 per cent success rate from 16 oil and gas development wells in the Cooper Basin joint venture.
The energy stock ended September with $43 million in net cash and a new $600 million revolving debt facility after it refinanced its loans.
Meanwhile since the quarter ended, the company had delivered first gas from its Kupe inlet compression project.
Commenting on the September quarter results, Beach’s Managing Director Matt Kay said the company was in a major growth phase.
“While production is slightly down for the quarter, we are in a phase where our focus is on executing our major growth gas projects,” Mr Kay said.
“The Offshore Otway development drilling campaign now moves to the Thylacine targets, following successful results at Geographe 4 and 5.
“This is Beach’s largest ever drilling campaign and will be an important source of gas for the east coast market.”
Beach Energy shares down 5.02 per cent to $1.42 per share at 12:20 pm AEDT.