Beach Energy's sales revenue up 8% in Jul-Sep
Sydney-listed Beach Energy on October 20 reported a 7.5% year/year increase in sale revenue during the three months to September 30 (Q1) owing to higher realised oil and gas prices.
The company’s revenue in Q1 came in at A$388mn ($290mn) compared with A$361mn in the same period last year. The revenue increased despite a 17.5% yr/yr fall in sales volume as oil prices were sharply higher. Average realised oil price was up 70.7% yr/yr while average gas and ethane price was up 5.6% yr/yr, Beach said.
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During Q1, Beach entered into heads of agreement with BP regarding the supply of its share of LNG from Waitsia gas project stage 2 in Western Australia.
Beach’s managing director Matt Kay said that the company continues to make progress on its objective to fill its gas plants by FY24 and maintain production plateau into the future. At its investor day update in September, the company announced a base case production target of 28mn boe in FY24.