A glimpse through Beach Energy's (ASX:BPT) quarterly activity report - Kalkine Media

October 19, 2022 03:33 PM AEDT | By Sonal Goyal
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  • Beach Energy registered an 8% fall in quarterly production.
  • The sales revenue of the company fell by 20% over the previous quarter.
  • The share price of Beach Energy surged by 71.59% in the past five years.

Oil and gas explorer and producer Beach Energy Limited (ASX:BPT) on Wednesday (19 October 2022) shared its first quarterly activity report for the financial year 2023 (FY23).

Beach Energy shares were spotted trading 1.95% down at AU$1.51 apiece at 12:39 PM AEDT today. Meanwhile, the benchmark index ASX 200 Energy (INDEXASX:XEJ) was down 0.46% to 10,779.60 points at 1:00 PM AEDT.

Highlights of the quarterly activity report

Beach Energy said that quarterly production fell by 8% due to the Cooper Basin flooding, natural field decline, and unplanned outages.

Revenue was affected because of a non-cash Cooper Basin revenue recognition change.

The company inked a sale and purchase agreement with bp for Waitsia stage 2 LNG volumes,  with approximately 200 MMBtu (metric million British thermal unit) to be supplied over five years.

Key details of quarterly financial performance

  • The sales volume dropped by 10% (quarter-on-quarter change) to 5.3 MMboe (million barrels of oil equivalent per day).
  • The sales revenue during the quarter was AU$405 million, which fell by 20% over the previous quarter. The company said that revised revenue recognition points, lower realised prices and lower production pushed the sales revenue lower.
  • The pro forma sales revenue decreased by 13% to AU$437 million.
  • Released oil prices fell by 6% and the realised sales gas/ethane price declined by 3%.
  • The total liquidity of Beach Energy was AU$638 million on 30 September 2022.
  • The net cash at the end of the quarter was AU$38 million. In the previous quarter, it was AU$165 million. As reported by the company, the net cash balance was affected by full-year dividend payments, capital expenditure, and higher tax payments. Also, the timing of receipts from gas and oil liquid liftings affected the net cash balance.

Change in Beach’s leadership during quarter

In July 2022, the company appointed Anne-Marie Barbaro as its chief financial officer. Previously, she had held senior roles at PwC and Santos and at present, she is a board member of the Nature Foundation.

On 23 September 2022, the company shared that Daniel Murnane had resigned from the position of company secretary. On an interim basis, Susan Jones was appointed as the company secretary. At present, she is the general counsel.

Share performance of Beach Energy

In one year, Beach Energy's share price has surged 0.67% and in the last six months, it has dropped nearly 10%. In one month, Beach energy shares reported a fall of 6.21%. On a year-to-date basis, it has increased by 15.27%. In five years, Beach Energy's share price has zoomed up by 71.59%.


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