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Mining Weekly reported that Beach Energy’s sales revenue fell 15 percent in the third quarter despite seeing an increase in sales volume for the quarter, due to falling oil prices.
Mining Weekly reported that Beach Energy’s sales revenue fell 15 percent in the third quarter despite seeing an increase in sales volume for the quarter, due to falling oil prices.
As quoted in the market news:
Sales volumes for the quarter were up 1% quarter-on-quarter to 2.5-million barrels of oil equivalent, while sales revenue declined from the A$170.2-million reported in the June quarter, to A$145.2-million.
The slight increase in sales volumes resulted from higher gas demand during peak winter months and the initiation of an oil-linked gas sales agreement with Origin. Production volumes for the same period remained unchanged at 2.26-million barrels of oil equivalent.
Meanwhile, Beach reported on Tuesday that capital expenditure (capex) for the first quarter decreased by 36% on the June quarter, to A$44-million, consistent with the company’s curtailed spending programme for the full 2016.
For the full year, capex was expected to reach between A$240-million and A$270-million, as lower oil prices were expected to continue. Beach had invested A$416-million in capex in the 2015 financial year.