Oz Beach Energy Reports Higher 3Q Revenue

Australia’s Beach Energy said April 30 its revenue during the three months to March 31 (3Q2019) was up 19% year-on-year, thanks to increased oil production and higher realised oil and gas prices.  

Revenue during the quarter was A$470mn (US$331mn) versus A$393mn in the same quarter of previous year. Production was 7.23mn barrels of oil equivalent, 10% year-on-year, Beach said. Realised oil price during 3Q was A$104.2/b as against A$92.8/b in the same quarter of last year.

Beach has maintained production guidance of 28 – 29mn boe for the full year. Earlier this year, the company had increased the guidance from 25 – 27mn boe.

“Production is expected towards the upper end of the 28 – 29mn boe range based on strong YTD production performance, driven by high customer gas demand and oil production output,” Beach said.

Capital expenditure is expected towards the lower end of the A$450 – A$500mn range, it said.