- Oil and gas explorer Beach Energy (BPT) has posted a 13 per cent increase in sales revenue to $361 million for Q1 FY21
- This was largely driven by the realised oil price increase of 38 per cent to $64.6 a barrel
- The company produced 6.8 million barrels of oil, thanks to an increased production at its Victorian Otway Basin and the Cooper Basin JV
- Beach ended the September quarter with $124 million in cash reserves and $335 million of undrawn debt
- At this stage, the ASX 200-lister maintains its FY21 production guidance of between 26 and 28.5 million barrels of oil equivalent
- Company shares are trading a slight 1.14 per cent higher for $1.34 in early afternoon trade
Beach Energy (BPT) has posted a 13 per cent increase in sales revenue to $361 million for Q1 FY21.
The oil and gas explorer's quarter-on-quarter revenue boost was largely driven by the price of oil soaring 38 per cent.
In the June quarter, the price of oil came in at $46.9 a barrel which climbed up to $64.6 a barrel in the September quarter. Of course, the oil price is yet to reach its former glory of $103.2 per barrel in the first quarter of FY20.
"In a period when the world has been anything but normal, I’m very pleased to see a great level of stability from our diverse portfolio of production assets," Managing Director and CEO Matt Kay said.
"Sales revenues were up 13%, and Beach continues to operate in a net cash position, ensuring we remain in a robust position heading into the second quarter," Matt added.
Beach Energy delivered 6.8 million barrels of oil which was led by higher production from its Victorian Otway Basin and the Cooper Basin joint venture. While production dropped a slight 1 per cent quarter-on-quarter, it represents a 3 per cent increase from Q1 FY20.
At this stage, the ASX 200-lister maintains its FY21 production guidance of between 26 and 28.5 million barrels of oil equivalent.
Over the quarter, Beach Energy spent $135 million on exploration and appraisal work as well as on development, plant and equipment ahead of its Enterprise One and Irornbark One drilling programs.
Beach operated across 17 wells - all of which were in the Cooper Basin and achieved a success rate of 94 per cent. At its non-operated Cooper Basin JV, Beach participated in 11 wells over the September quarter which had an overall success rate of 90 per cent.
Pleasingly, the oil and gas giant executed an offshore drilling agreement with Diamond Offshore General Company for a drill rig to drill up to nine wells per Beach's Victorian Otway offshore drilling program.
Beach ended Q1 Fy21 with $124 million in cash reserves. It had $115 million of drawn debt and $335 million of undrawn debt under the $450 million committed revolving credit facility.
Company shares are trading a slight 1.14 per cent higher for $1.34 in early afternoon trade.