As the oil price continues to fall Beach Energy Limited
(ASX:BPT) has flagged plans to cut capital expenditure by up to 20 per cent in the second half of the 2015 financial year.
The oil and gas producer’s lowered capital expenditure guidance now sits between a range of $430 million and $470 million over the full financial year.
Annual production guidance has been revised to between 8.9 million barrels of oil equivalent and 9.4 million barrels of oil equivalent.
Beach Energy has also today shown it produced 2.387 million barrels of oil equivalent in its second quarter and 4.785 million barrels of oil equivalent over the first half.
Beach Energy reported a net profit of almost $102 million in the 2014 financial year.
