Despite the slight decline in production, Beach still delivered a 13% increase in quarterly sales revenue to $361 million compared to the prior quarter. This was driven by a 38% increase in the realised oil price, which was offset slightly by a 5% decline in the realised gas/ethane price.
They continue to operate in a net cash position albeit down from last.
Beach has maintained its guidance for FY 2021. It continues to forecast production of 26 MMboe to 28.5 MMboe with a field operating cost per barrel of $8.20 to $8.75.
This is expected to lead to underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $900 million to $1,000 million for the year. Capital expenditure guidance remains unchanged at $650 million to $750 million.
Trading at a p/e of 6 x and a1.50% divvie make bpt cheap in my book
Ann: Quarterly report for the period ended 30 September 2020, page-27
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