Oz Beach Energy's Full Year Profit Drops 13%

Sydney-listed Beach Energy on August 17 announced its net profit in the 12 months to June 30 (FY2020) was down 13% yr/yr owing to a drop in average realised oil price.

The company’s net profit was A$501mn (US$360mn) compared with A$577mn last year. Average realised oil price during the year was A$80.9/barrel versus A$101.8/b, it said. Beach’s average realised gas price however was A$7.29/gigajoules, which was up 7% yr/yr.

Revenue for the year fell 17% yr/yr to A$1.73bn. The company’s production fell 9% yr/yr to 26.7mn barrels of oil equivalent, below the 27-28mn boe guidance range. Out of the overall production 46% was east coast gas, 2% was west coast gas, 7% was New Zealand gas, 33% oil, 6% condensate and 6% liquefied petroleum gas.

For FY2021, Beach expects production in the 26–28.5mn boe range while capital expenditure is likely to be in the A$650-A$750mn range.

Meanwhile, the company expects Waitsia Stage-2 final investment decision in Q2 FY2021, and gas from the new facility to be liquefied at North West Shelf (NWS) facilities. On August 17, Mitsui and Beach Energy signed an gas processing agreement with NWS partners.