The Beach Energy Ltd (ASX: BPT) share price is descending today amid a tough day for ASX energy shares.
The company's shares are currently swapping hands at $1.61, a 1.83% fall. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.89% today.
Let's take a look at what might be impacting Beach Energy shares.
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Energy shares suffering
The Beach Energy share price may be down, but it is not the only ASX energy share to fall. The S&P/ASX 200 Energy Index (ASX: XEJ) is sliding 0.49%. Santos Ltd (ASX: STO) shares are down 0.57%, while the Woodside Petroleum Limited (ASX: WPL) share price is slipping 0.84%.
The Brent crude oil price has slipped 1.68% to US$110.59 a barrel, while the WTI crude oil price is down 1.39% to US$104.49 a barrel, according to Bloomberg.
In other news out of Beach Energy today, it was announced the Adelaide-based company will offload its 15% interest in the Cooper Basin petroleum retention licence (PRL) 211 to a joint venture.
Vintage Energy Ltd (ASX: VEN), Metgasco Limited (ASX: MEL), and Bridgeport (Cooper Basin) Pty Ltd will acquire this stake subject to ministerial approval. Vintage will acquire half of Beach's interest, while Bridgeport and Metgasco will take a quarter each.
This petroleum licence includes the Odin gas field, which was discovered and flow tested in 2021.
Odin is a "promising discovery" with bright prospects for development to supply gas to the east coast domestic gas market, according to Vintage managing director Neil Gibbins.
The payment terms of the deal are linked to production at Odin.
Beach Energy share price snapshot
The Beach Energy share price has descended nearly 9% in the past 12 months but is exploding 27% year to date. For comparison, the S&P/ASX 200 Index (ASX: XJO) has returned nearly 10% over the past year.
In the past month alone, Beach Energy shares have jumped 7%, while they have climbed 2% in a week.
Beach Energy has a market capitalisation of about $3.7 billion based on the current share price.
