Beach Energy Limited
(ASX:BPT) has revised its production guidance and managed to reduce capital expenditure.
Beach says it now expects between 8 - 8.6 million barrels of oil equivalent thanks to better than expected performance from the Bauer Field.
The company also says it has identified savings and reduced capital expenditure guidance of up to $270 million to between $180 million - $210 million.
Cash reserves remain stable and healthy however the falling oil prices have resulted in first half pre-tax impairment charges of between $450 million - $650 million.
Beach Energy reported a net loss of $514.1 million for the full year ended 30th June 2015.
