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Beach reports higher revenue on increased production

Beach reports higher revenue on increased production

Photo by Bloomberg

25th August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Australia’s largest onshore oil producer, Beach Energy, has reported a 51% increase in revenue during the financial year ended June, driven by higher production.

Beach on Monday reported that revenue of over A$1-billion, up from A$698-million in the previous financial year, as oil production increased by 3%.

During the full year, Beach produced 9.6-million barrels of oil equivalent, 54% of which was oil and 46% gas and gas liquids. The higher oil production resulted from exploration and development success during the year under review, as well as increased oil transport capacity out of the Western Flank.

Gas and gas liquids production was also up by 4% on the previous financial year, mainly owing to reduced shutdowns at the Moomba operations, in Delhi.

Besides the higher production, the increased sales revenue was also achieved on the back of higher third-party volumes; however, it was offset by lower gas sales volumes as certain of Beach’s contracts expired during the period under review.

Meanwhile, after-tax net profit declined by 34% year-on-year to A$101.7-million, primarily as a result of higher third-party purchases, depreciation and carbon costs. This was partly offset by lower operating costs.

Beach noted that the increases in depreciation and royalties resulted from the higher production and activity in the Cooper basin Western Flank, while the third party purchase increased owing to additional oil deliveries at Moomba.

For the 2015 financial year, Beach expected to produce between 8.6-million and 9.4-million barrels of oil equivalent, with the production expected to reflect the timing of new oil facilities coming on line on the Western Flank, the level of natural decline in the Bauer oil field, the timing of production ramp-up at the South Australian Cooper Basin joint venture associated with conventional infill gas development drilling, and the outcomes of continued exploration, appraisals and development activities.

Edited by Creamer Media Reporter

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