The jump in quarterly revenues will fuel hope that Beach Energy has turned around its fortunes, 18 months after shocking the market.
Beach Energy has posted its best quarterly earnings in more than three years as a global energy crunch fuelled demand, buoying hopes that the troubled energy company has turned a corner.
Quarterly production totalled 5.6 million barrels of oil equivalent , up from the 5.2 mmboe reported last quarter, but down on the 6 mmboe recorded one year earlier.The increased production volumes will boost market confidence that recent investments by Beach Energy to boost output is finally paying off.
“A key plank of the Beach strategy is to continue investing in new gas supply to support the east coast market. Our results this quarter against the backdrop of the current energy crisis validate this strategy,” Mr Engelbrecht said.
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