Oz Beach's Q1 Revenue Drops

Australia’s Beach Energy October 28 said its revenue for the three months to September 30 (Q1 2020) was A$438mn (US$299mn), down 14.75% yr/yr owing to lower output and decreased sales volumes.

Beach’s Q1 production was 6.55mn barrels of oil equivalent, down 15.5% yr/yr while sales volume was 6.76mn boe, down 18.1% yr/yr. The company said that the output was down owing to the sale of its 40% interest in the Victorian Otway assets in May this year.

“Oil sales volume was higher driven by higher production while gas and gas liquids sales volume was lower due to lower production after completion of the 40% Otway sale and timing of shipments,” it said.

Beach maintained the production guidance for the year at 27-29mn boe. Capital expenditure is expected to be between A$750mn and A$850mn with underlying earnings before interest, tax, depreciation and amortisation of A$1.25bn to A$1.40bn.