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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.