Beach reports 4% increase in sales revenue in July-September
Australian oil and gas producer Beach Energy’s sales revenue during the July-September quarter (Q1) came in at A$405mn ($255mn), up 4.4% year/year thanks to higher realised oil and gas prices, it said on October 19.
Production during the quarter was 5.2mn boe, down from 5.7mn boe a year ago. Beach’s average realised oil price in Q1 was A$157.1/barrel, up from A$110.1/b in the same quarter last year.
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Compared with the April-June quarter, sales revenue was down 20% while production was down 8%. Beach said that the quarterly production was down due to natural field decline, Cooper basin flooding and unplanned outages.