Beach reports 66% jump in net profit in Jul-Dec
Australian oil and gas producer Beach Energy on February 14 reported a 66% year/year jump in net profit during the six months to December 31 (H1) thanks to higher realised product prices.
The company booked a net profit of A$213mn ($152mn) in H1 compared with A$128mn in the same period of last year. Sales revenue came in at A$786mn, up 11% yr/yr. Production was down 20% yr/yr, however. The average realised oil price was up 75% yr/yr while gas/ethane price was up 5% yr/yr, the company said.
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Beach has maintained its production guidance for the full fiscal year at 21mn-23mn barrels of oil equivalent.