Australian Beach Energy Swings Back into Profit

Australian oil and gas producer Beach Energy has swung into profit for the full year that ended June 30, 2017, on the back of higher oil prices, it said August 21.

The company reported a net profit for the year at A$387.5mn (US$307.25mn) compared with a loss of A$588.8mn last year. Average realized prices in the year that ended June 30 rose 13% to A$68.2/b while overall revenue for the period was 17% higher at A$662.4mn, against A$564.6mn last year.

Beach reported a record full year production of 10.6mn boe, up 9% year on year. Out of the total output, 54% was oil while 46% was gas and gas liquids. 

For the current financial year, Beach expects production to be between 10mn boe and 10.6mn boe, and for the following two financial years the company expects its production to be more than 10mn boe.

In the current financial year, the company expects to participate in 78 wells, up 35% year on year. 

Shardul Sharma