Beach's sales revenue up 17% in Jan-Mar
Sydney-listed energy producer Beach Energy on April 26 reported a 16.5% year/year increase in sales revenue in the three months to March 31 (Q3) due to higher realised oil and gas prices.
The company’s sales revenue in Q3 was A$458mn ($330mn) compared with $393mn in the same period last year. Beach’s realised oil price during the quarter was A$176.5/barrel, up from A$90.7/b in the year-ago period. It realised a gas price of A$8.4/GJ, up from A$7.4/GJ in the same period last year.
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Production during the quarter was down 3.7% yr/yr while sales volume was dropped 15.7% yr/yr, Beach said. The full-year capital expenditure guidance has been reduced to A$900mn – A$1bn from A$900 – A$1.1bn. "The reduction is mainly due to revised timing of work programmes with deferral of some spend to FY23," Beach said.