Beach Energy (BPT) beats at production
Beach Energy (BPT) +4.71%
Out with quarterly production this morning and broadly speaking production was as expected at 26.7mmboe for the year with the final quarter seeing 6.8mmboe, slightly lower than the previous quarter. As with all energy names in the current climate, price received saw a big hit in the quarter, falling to $A44.90/bbl, down 26% on the third quarter which had a similar effect on revenue. The company is reviewing it’s 5 year plan given the hit to energy markets which will likely see growth projects put on hold. Capex for the full year came in below guidance after the company intentionally limited spend into the end of the year. They will release an updated plan at the full year earnings result at 17 August. We own Beach.
Beach Energy (BPT) Chart
