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    Beach reports 16% rise in sales revenue in Oct-Dec

Summary

The average realised oil price was up 79% year on year.

by: Shardul Sharma

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Beach reports 16% rise in sales revenue in Oct-Dec

Sydney-listed Beach Energy on January 25 reported a 15.7% year/year increase in sale revenue during the three months to December 31 (Q2), on the back of higher oil and gas prices.

The company’s revenue in Q2 came in at A$398mn ($284mn), compared with A$344mn in the same period last year. The increase was supported by a 79% rise in Beach's realised oil price, and a 4.1% growth in its realised gas and ethane prices. This more than offset a 14.9% fall in sales volumes.

Capital expenditure in Q2 was A$221mn, up from A$180mn in the same period last year. Beach's Q2 production was 5.31mn barrels of oil equivalent, down 14.3% yr/yr.