Beach Energy Limited
(ASX:BPT) formerly named - Beach Petroleum, reported a 7% hike in sales revenue to $134 million for the December 2009 quarter.
Despite the increase there was the underlying reduction in the amount of oil and gas produced with 1.9 million barrels of oil equivalent being 5% lower than the previous corresponding quarter.
Looking to the company’s sales revenues, the company says the decline in production was more than offset by higher prices achieved for the oil.
The average oil price was 15% higher at $92 per barrel for the quarter.
Beach Energy reported a profit of $260.4million for fiscal 2009.
