Beach Energy spending to grow
Beach Energy (BPT) +10.80%; Beach rallied back above $2 today on a solid full year. Pre-tax profit of $810m was ahead of expectations, helped by a strong start from their Lattice acquisition integration. Shareholders won’t see much of the income yet despite the company swinging into net cash, increasing CAPEX in a bid to lift production by ~30% in the medium term. Guidance for FY20 was ahead expectations as well and shareholders welcomed the exploration and development push.
Beach Energy (BPT) Chart
