Oz Beach Energy Sees Drop in Q4 Revenue

Australia’s Beach Energy July 22 said its revenue during the three months to June 30 (Q4) was down over 56.5% yr/yr due to sharply lower realised oil price.

The company’s revenue during the quarter was A$320mn (US$228mn) as against A$501mn in the corresponding period of last year. Average realised oil price in Q4 dropped to A$74/barrel from A$102/barrel in the year ago period. Beach’s average realised gas price during the quarter was up 7.1% yr/yr to A$7.5/gigajoules, it said.

Sydney-listed Beach’s production during Q4 was 6.84mn barrels of oil equivalent as against 6.97mn boe in the year ago period. Meanwhile production for the year to June 30 was 26.7mn barrels of oil equivalent, below the forecast of 27 to 28mn boe.

In March, Beach announced it will cut capital expenditure by 30% in the financial year FY2021 relative to its prior planning due to drop in oil prices. The company's full-year results are due on August 17.