Beach Energy’s (ASX:BPT) first quarter FY20 production down

Company News

by Anna Napoli

Beach Energy's (ASX:BPT) production declined in the September quarter on the back of the sales of its 40 per cent interest in the Victorian Otway assets.

First quarter production of 6.55 million barrels of oil was 6 per cent below the prior quarter after completion of the sale. On a pro forma basis adjusted for completion of the sale quarterly production is 1 per cent higher than prior quarter.

Sales were also weaker, with volumes falling 12 per cent to 6.76 million barrels of oil equivalent from 8.26 for the year earlier period.

Meantime, revenue dropped 13 per cent to $438 million.

Shares in Beach Energy (ASX:BPT) are trading 1.7 per cent higher at $2.39