Beach posts 13 percent lift in revenue despite dip in production.
Kerry Stokes-backed Beach Energy said revenue increased 13 per cent to $1.8 billion on higher oil and gas prices but roduction dipped in the 12 months ending June 30.“Despite lower production, increased demand and pricing for our products saw a rise in earnings and cash flows,” said chief executive Morne Engelbrecht.
Beach is an onshore and offshore, oil and gas producer drawing from five basins across Australia and New Zealand and is a key supplier to the Australian east coast gas market. Beach told investors to expect the company’s 2023 production to range from 20 million barrels of oil equivalent to 22.5 MMboe, compared with 21.8 MMboe in 2022.Operating expenses are set to increase to between $800 million to $1 billion, from $872 million in 2022. Unit field operating costs are expected to rise to $12 to $13 per boe, compared with $11.74 in 2022.
This comes as Beach is preparing to become Australia’s newest LNG exporter and is set to capitalise on the soaring price of gas triggered by Russia’s war on Ukraine. Last week Beach confirmed it had agreed to sell 3.75 million tonnes of LNG to BP from the Waitsia gas project stage 2,
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