Beach Energy FY revenue rises

Gas and oil production lifts in 2013.

Beach Energy Ltd says its balance sheet remains strong, as growing oil sales volumes boosted revenue to a record high for the 2013 financial year.

In a statement to the Australian Securities Exchange, the company said oil and gas revenue for the year to June 30 was $698.211 million, up from $618.6 million in fiscal 2012.

Revenue for the three months to June 30 was $199.684 million, up from $167.243 million in the previous corresponding period.

Beach announced oil and gas production of 7.99 million barrels in the 2013 financial year, up from 7.5 million barrels in the previous year.

In the three months to June 30, oil and gas production was 2.23 million barrels, up from 2.06 million barrels in the previous corresponding period.

Oil and gas sales for the 2013 financial year were 8.98 million barrels, down slightly from 9.05 million barrels in the 2012 financial year.

In the June quarter Beach sold 2.48 million barrels of oil and gas, down slightly from 2.49 million barrels in the previous corresponding period, but oil sales alone rose to a quarterly record of 1.41 million barrels, up from one million barrels in the previous quarter.

The company said growing production and sales volumes were lifted by oil flowlines on the western flank of the Cooper Basin becoming operational, delivering increased capacity in May and June; less shutdowns at its facilities and a full quarter of PEL 106B gas and condensate production (see Tim Treadgold's Gas price rises, share prices rocket).

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