Beach reports solid start to 2019
PERTH (miningweekly.com) – Oil and gas producer Beach Energy has reported a 7% increase in production and a 9% increase in sales volumes for the three months to September, compared with the previous quarter, driving revenues to A$514-million.
Production in the September quarter reached 7.76-million barrels of oil equivalent, up from the 7.23-million barrels in the June quarter, while sales volumes increased from 7.6-million to 8.26-million barrels of oil equivalent in the same period.
“Beach’s performance in the first quarter of 2019 has set the company up for a strong year,” said CEO Matt Kay.
“We’ve recorded a 7% increase in production on the previous quarter, sales volumes were up 9% and, for the first time, our quarterly revenue hit more than half-a-billion dollars.”
“Higher output during the period of stronger commodity prices helped our revenues to reach A$514-million, up 9% on the prior quarter. With quarterly free cash flow of A$152-million, our net debt has been reduced to A$486-million and net gearing was 20% at the end of the quarter, well ahead of the net gearing target of less than 25% by the end of the 2019 financial year announced at the time of the Lattice acquisition.”
Kay said that for the 2019 financial year, production was expected to be towards the upper end of the guidance range of between 25-million and 27-million barrels of oil equivalent, following the strong start to the year.
Underlying earnings before interest, taxes, depreciation and amortisation for the full year is also expected to be towards the upper end of the guidance of between A$1.05-billion and A$1.15-billion, driven by the strong production outlook.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation