Beach Energy Limited
(ASX:BPT) has reported a 33 per cent slump in quarterly revenue on the back of lower sales volumes and weaker oil prices.
Sales volumes were down 23 per cent on the previous quarter resulting in revenue of $131 million.
Beach Energy says it expects to continue cutting capital expenditure in 2016 with cash reserves and operating cash flows in a good position to fund the reduced program.
The oil explorer also saw the return of Chevron interests in the NTNG gas project with Stage 1 exploration complete and little costs anticipated as Stage 2 scoping underway.
Beach Energy reported a net loss of $79.1 million for the first half of the 2015 financial year
