Oz Beach Reports 25% Drop in Q2 Revenue
Jan 27, 2021 3:24:am
Summary
by: Shardul Sharma
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Oz Beach Reports 25% Drop in Q2 Revenue
Sydney-listed Beach Energy on January 27 said its sales revenue during the three months to December 31 (Q2) was A$344mn (US$266mn), down 25.5% year/year thanks to lower output and realised oil prices. The revenue was down 5% quarter/quarter.
Production came to 6.20mn barrels of oil equivalent, down from 6.44mn boe in the same period of the previous year owing to the Otway gas plant maintenance shutdown in November. The production was down 8% q/q, Beach said.
The average realised oil price during Q2 was A$65.3/barrel as against A$105.9/b in the year-ago period. The average realised oil price rose 1% q/q. The average realised price across all products was A$53.4/boe, down 23% yr/yr but up 3% q/q.