Beach Energy (ASX:BPT)
delivered rapid profit growth for the half year ending December last year, following a surge in the price of oil.
The company’s net profit after tax rose 66 per cent from the prior year period to $213 million, while its first half production sits at 11.02 millions barrels of oil equivalent.
Earnings before interest, taxes, depreciation, and amortisation reached $513 million at a revenue sales margin of 65 per cent, buoyed by realised oil price of $113.6 per barrel of crude oil.
Beach Energy finished the half with a cash position of $73 million and declared an interim dividend of one cent. The company said its production and financial guidance for FY22 remains unchanged.
“We had previously stated FY22 was going to be a pivotal year in Beach’s transformation, and I’m proud of what we have achieved so far,” said acting chief executive officer Morné Engelbrecht.
“Despite the challenges in 2021, it is important to point out that Beach executed a significant portion of its organic growth platform, allowing us to enter 2022 with a solid base to keep delivering and reach our target of 28MMboe in FY24.”
“The second half of FY22 remains a busy period with activity across the portfolio, and we are looking forward to the forthcoming Western Flank oil exploration campaign – in which any success would sit above our base case target.”
Shares in Beach Energy (ASX:BPT)
are trading 10.2 per cent higher at $1.64.