Beach Energy’s oil production fell in the September quarter, which led to a fall in its revenue for the period.
The energy giant produced 5.7 million barrels of oil equivalent for the quarter, down 4 per cent from the prior quarter. This was due to a decline across the Western Flank oil and BassGas assets and planned and unplanned downtime within the Perth and Taranaki Basins, partially offset by increased customer nominations across Otway Basin and Cooper Basin joint venture assets.
Beach Energy’s quarterly revenue fell 8 per cent from the prior quarter to $388 million, due to lower production volumes and a reduction in Cooper Basin liquids liftings, which impacted sales volumes during the quarter. This was partially offset by higher realised liquids pricing, which was supported by improving global product demand.
“While production is slightly down for the quarter, we are in a phase where our focus is on executing our major growth gas projects,” said managing director Matt Kay.
At Beach’s investor day update in September, the company announced a base case production target of 28 billion barrels of oil equivalent in financial year 2024.
Shares in Beach Energy (ASX:BPT) are trading 4.4 per cent lower at $1.43.