Beach Energy Releases Quarterly Report

Beach Energy (ASX:BPT) provided its quarterly financial and operational report for the period ended June 30.
As quoted in the press release:

Sales volumes increased 16% to 2,562 kboe due to higher operated oil production, increased Egypt production, increased customer demand for sales gas and lower downtime at the Moomba gas processing facility following planned maintenance in Q3 FY15. For FY15, total sales volumes of 10,507 kboe were broadly in line with the prior financial year (10,769 kboe).
Total sales revenue increased 30% to $170 million, due to a combination of higher realised oil prices and higher sales volumes. The average realised Australian dollar oil price increased to $83/bbl (from $71/bbl), representing an 18% increase from the prior quarter.
Capital expenditure of $69 million represented a 13% decrease from the prior quarter and a 52% reduction from the prior corresponding period. This reduction is consistent with the revised H2 FY15 capital expenditure program announced in January 2015, and primarily attributable to lower SACB and SWQ JVs expenditure and deferral of certain discretionary items.

Financial highlights:

• Sales volumes of 2.6 MMboe, up 16% on prior quarter due to higher production and increased customer demand for sales gas
• FY15 full year sales volumes of 10.5 MMboe, marginally below FY14 record volumes
• Total sales revenue of $170 million, up 30% on prior quarter due to higher sales volumes and oil prices; FY15 full year sales revenue of $728 million
• Capital expenditure of $69 million, down 13% on prior quarter and consistent with the revised FY15 program
• Cash reserves of $170 million (up $5 million from prior quarter), undrawn debt facility of $150 million and drawn debt of $150 million • Material corporate cost reductions identified for FY16

Operational highlights:

• Quarterly production of 2.3 MMboe, up 8% on prior quarter due to higher Western Flank oil and non-operated gas production
• FY15 full year production of 9.2 MMboe, at upper end of revised guidance range
• Increased Egypt production of 61 kboe post commissioning of the El Salmiya gas pipeline
• 16 wells completed with a success rate of 94%

Click here to read the full Beach Energy (ASX:BPT) press release.