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    Beach Energy's annual profit up 58%

Summary

Higher realised product prices more than offset the impact of lower production and sales volume.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, News By Country, Australia

Beach Energy's annual profit up 58%

Australian energy producer Beach Energy’s net profit during the year to June 30 (FY22) jumped 58% year/year thanks to higher oil and gas prices, the company said on August 15.

The net profit came in at A$500.8mn ($355.8mn) in FY22, up from A$316.5mn a year ago. The underlying net profit, which strips out extraordinary items, came in at A$504mn versus A$363mn in the same period last year.

Higher realised product prices more than offset the impact of lower production and sales volume. The average realised oil price jumped 79% yr/yr and gas price rose 10% yr/yr.

Beach reported annual sales revenue of A$1.75bn, up from A$1.52bn a year earlier, despite production dropping 15% yr/yr to 21.8mn barrels of oil equivalent (boe). The company’s sales volume dropped 14% yr/yr to 22.4mn boe. 

For FY23, the company is aiming to produce between 20 and 22.5mn boe. Beach is targeting production of 28mn boe by FY24. Capital expenditure is predicted to be between A$800mn and A$1bn, up A$872mn in FY22.