The Beach Energy Ltd (ASX: BPT) share price climbed 3.6% to $2.44 today after the oil producer posted a strong Q1 FY2020. For the quarter Beach produced 6.65 million barrels of oil equivalent (boe) versus 6.97 million in the prior quarter.
The result is only down as comparables are affected by the sale of an interest in its Victorian Otway assets over the prior quarter. On a comparable basis total production grew 1%. In particular the company highlighted the growing production of its Western Flank asset that it has invested in developing.
Total sales revenue came in at $438 million at an average realised price ber barrel of $103.20.
Total FY 2020 guidance remains unchanged for underlying EBITDA between $1.25 billion to $1.4 billion on total production between 27 million to 29 million boe. Capex is forecast to come in between $750 million to $850 million.
Bigger rivals to watch in the energy space include Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO).
