You forgot to include that they said that they "anticipate 4.0 - 5.0 MMbbl reduction in Western Flank oil production in FY22"
That is a huge reduction per year and will significantly impact cashflow.
What this means is that they will have to increase CAPEX spend significantly to just maintain even a lower yearly production rate.
Unless oil prices rise substantially I cannot see them being cashflow positive for several years.
I must give credit to the CEO though for holding the conference call and releasing the quarterly report prior to the market opening.
Too many CEO's these days would have released this after the market closed today so at least he had the guts to face the difficult questions this morning.
News: BPT UPDATE 1-Australia's Beach Energy warns of asset downgrade as oil output shrinks, page-10
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