Oz Beach's Underlying Profit Down in Jul-Dec
Sydney-listed Beach Energy’s underlying net profit, which excludes the impact of one-off items, for the six months ending December 31 (H1) was down 53% year/year to A$128.7mn (US$100mn) thanks to lower oil prices, it said on February 15.
Sales revenue dropped by 22% yr/yr to A$705.3mn and production was unchanged at 13mn barrels of oil equivalent. The average realised oil price in H1 was A$64.9/barrel, down 38% yr/yr. The statutory net profit after was down 54% to A$128.7mn.
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For the full year, Beach has cut production guidance from 26-28.5mn boe to 25.5-26.5mn boe and increased capital expenditure estimate to A$720-760mn from A$650-750mn.
Beach stated that its Waitsia project in Western Australia is "well-positioned" to meet the growing demand for LNG. The company sees tightness in the LNG market during 2022-2025. Beach and its partner Mitsui took a final investment decision on the second-stage development of the Waitsia gas field in December last year.
The partners at the North West Shelf (NWS) LNG project have also signed agreements with Mitsui and Beach on processing gas from Waitsia's second stage, and with Woodside for gas from the Pluto fields.