Beach Quarterly oil production up 10%

Company News

by Anna Napoli

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Last Updated: 25/02/2020 3:59 PM

Oil and gas producer, Beach Energy (ASX:BPT) has today announced a 10 per cent rise in total quarterly production to 7.23 million barrels of oil equivalent (MMboe).

The increase came on the back of strong customer gas demand and increased oil production, and, generated sales revenue of $470 million, up 19 per cent when compared to the prior corresponding period.

Beach also flagged record Western Flank quarterly oil production (Beach share) of 1.4 million barrels of oil (MMbbl), a 12 per cent increase over prior quarter.

The company has advised that its oil and gas production and underlying earnings are expected to be towards the upper end of its upgraded guidance range.

Meantime, capital expenditure is expected to be towards lower end of guidance range.

Shares in Beach Energy (ASX:BPT) are trading flat at $2.18.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.