Australian independent Beach Energy produced more gas and liquids during April-June than the previous quarter but ended its 2023-24 fiscal year to 30 June with output down against a year earlier.
April-June sales gas production of 20.2PJ (539mn m³) was 10pc higher than the previous quarter's 18.3PJ and up on April-June 2023's 19.6PJ as it commissioned its Enterprise field in Victoria state's Otway basin.
Beach's total 2023-24 production of 18.5mn bl of oil equivalent (boe) was 5pc down on the 19.5mn boe achieved in 2022-23, with natural field decline and rainfall resulting in Beach's oil output falling by 11pc from the previous quarter to 7,400 b/d from 8,300 b/d in January-March.
The firm shipped a second 79,000t Waitsia cargo from the Woodside-operated 16.9mn t/yr North West Shelf LNG terminal during the quarter, consisting of Xyris gas plant production and third-party surplus gas sourced through swaps.
It expects to achieve the first gas at its delayed 250 TJ/d (6.7mn m³/d) Waitsia gas plant in Western Australia's onshore Perth basin in early 2025 ahead of a 3-4 month ramp-up period.
The firm has released a wider than usual production guidance for 2024-25 of 17.5mn-21.5mn boe, to account for uncertainty on the timing of Waitsia commissioning and output growth.
Beach identified A$135mn ($90.5mn) in field operating cost savings and sustaining capital expenditure reductions as part of its strategic review findings released on 18 June.
Beach confirmed it expects to recognise an A$365mn-400mn pre-tax impairment charge in its full-year results following reassessment of its Bass basin assets in Australia and Taranaki basin project in New Zealand.
It is targeting new gas supplies of 150 TJ/d over the coming 12-18 months from the Enterprise, Thylacine West and Waitsia fields.
| Beach Energy results (mn boe) | |||||
| Apr-Jun '24 | Jan-Mar '24 | Apr-Jun '23 | 2022-23 | 2023-24 | |
| Production | 4.8 | 4.5 | 5.0 | 19.5 | 18.2 |
| Sales | 5.4 | 4.8 | 5.7 | 20.7 | 21.3 |
| Sales revenue (A$) | 433 | 392 | 450 | 1,617 | 1,766 |
| Realised gas price (A$/GJ) | 10.30 | 9.70 | 9.50 | 8.80 | 9.50 |
| Source: Beach Energy | |||||
