PERTH (miningweekly.com) – ASX-listed Beach Energy has reported a 66% increase in statutory net profits after tax for the first half of the 2022 financial year, compared with the previous corresponding period.

The oil and gas producer reported a net profit after tax of A$213-million for the half-year, with earnings before interest, taxes, depreciation and amortisation (Ebitda) up 26% on the previous corresponding period, to A$513-milion, while Ebitda margins reached 65%.

Beach recorded first-half production of 11.02-million barrels of oil equivalent.

Beach Energy acting CEO Morné Engelbrecht said the first half of 2022 saw steady progress on Beach’s major growth projects in the Perth and Victorian Otway basins, as well as the Kupe gas plant returning to nameplate capacity.

“Delivering on this phase of our growth means we are making progress towards our production target of 28-million barrels of oil equivalent in 2024. We had previously stated 2022 was going to be a pivotal year in Beach’s transformation, and I’m proud of what we have achieved so far.

“This includes our historic liquefied natural gas (LNG) agreement with BP and connecting our first Otway offshore wells to the East Coast market. Our balance sheet remains in great shape as we retain a net cash position, and we are well placed to deliver on the next stage of our growth agenda.”

Engelbrecht acknowledged that the last year had not been without its challenges but said he was proud of the way the Beach team showed resilience in its pursuit of the company’s growth ambitions.

“Despite the challenges in 2021, it is important to point out that Beach executed a significant portion of its organic growth platform, allowing us to enter 2022 with a solid base to keep delivering and reach our target of 28-million barrels of oil equivalent in 2024,” Engelbrecht said.

“The second half of 2022 remains a busy period with activity across the portfolio, and we are looking forward to the forthcoming Western Flank oil exploration campaign, in which any success would sit above our base-case target. We have an outstanding team at Beach and it’s an exciting time to be leading the company.”

For the full 2022, Beach is targeting a production of between 21-million and 23-million barrels of oil equivalent, with the company to spend between A$900-million and A$1.1-billion on capital expenditure.

Beach is currently undertaking an extensive international search for a new CEO.