Beach Energy (ASX:BPT) cuts production outlook

Company News

by Rachael Jones

Beach Energy (ASX:BPT) has reduced its annual production guidance due to weak demand with a 2 per cent fall in underlying NPAT to $273.5 million.

Production guidance has been updated to 27 – 28 one million barrels of oil equivalent when the previous guidance was 27 - 29 MMboe.

Sales revenue was lower primarily driven by a 40 per cent reduction in Victorian Otway working interest to 60 per cent through H1 FY20 (H1 FY19 100%) as a result of the farm-down to O.G Energy which completed in H2 FY19.

The company also had a month long closure for maintenance at the Kupe gas plant in New Zealand.

Shares in Beach Energy (ASX:BPT) are trading 2.32 per cent lower at $2.31.