Beach Energy has reported an increase in oil production for the September quarter, alongside updates on its Waitsia gas project. The company announced an 8 per cent rise in oil production compared to the previous June quarter. Beach Energy is an oil and gas exploration and production company with operations across Australia and New Zealand. It focuses on developing and delivering energy resources to meet growing demands.
The company’s report on Monday stated that it produced 5.2 million barrels of oil equivalent during the September quarter. This represents an increase from the 4.6 million barrels produced in the June period, marking a substantial gain in output. The report also noted that its Waitsia gas project in Western Australia is nearing completion, suggesting potential future growth in gas production.
However, despite the positive production news, Beach Energy’s stock performance has faced challenges this year. The company’s shares closed at $1.09 on Friday. This reflects a 23 per cent decline year-to-date.
Investors will likely be watching closely to see how the increased production and the completion of the Waitsia project will impact the company’s financial performance in the coming quarters. These developments could play a crucial role in shaping Beach Energy’s trajectory amidst fluctuating market conditions.
