Beach's sales revenue up 20% in April-June
Sydney-listed oil and gas producer Beach Energy on July 20 reported a 19.7% year/year jump in sales revenue in the three months to June 30 (Q4) on the back of higher product prices.
Beach reported sales revenue of A$504mn ($348mn) compared with A$421mn in the same quarter of last year. The sales revenue was up 10% quarter/quarter. Beach’s realised oil price during the quarter was A$167.2/barrel, up from A$99.7/b in the year-ago period. It realised a gas price of A$8.7/GJ, up from A$7.6/GJ in the same period last year.
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The increase in production was underpinned by higher demand from customers for natural gas from the offshore Otway basin in southeastern Australia, Beach said.
Beach will release FY22 full-year results and FY23 guidance on August 15.