The Beach Energy Ltd (ASX: BPT) share price had a lacklustre day of trading on Wednesday.
Beach Energy shares closed flat at $1.59, the same as yesterday’s closing price.
That puts Beach Energy shares down 10.7% since this time last month.
By comparison, the S&P/ASX 200 Index (ASX: XJO) has gained 6.4% over the same period. And while ASX 200 energy shares have lagged, the S&P/ASX 200 Energy Index (ASX: XEJ) has managed to finish the month up 0.4%.
Why is the Beach Energy share price trailing the index?
To be fair, all the major energy shares have come under some pressure this month as crude oil prices retraced from multi-year highs.
On 6 March, Brent crude oil was trading for US$123 per barrel. Today that same barrel is worth US$107, down some 13%, according to data from Bloomberg.
That slide helped push the Santos Ltd (ASX: STO) share price down 1.7% while Woodside Petroleum Limited (ASX: WPL) shares have lost 2.0% over the month.
Yet that’s significantly less than the 10.6% drop in the Beach Energy share price.
Part of the reason looks to be negative investor reaction to news that the ASX 200 energy share is divesting its 15% interest in the Cooper Basin petroleum retention licence 211 to a joint venture. It’s a licence that includes the potentially promising Odin gas field.
Shares dipped 2% on the day.
Taking a step back, the Beach Energy share price was a strong outperformer heading into early March, making it likely there’s some profit-taking going on.
Even with the 11% retrace over the last month, Beach Energy shares remain up 26% from the closing bell on 31 December.