The Beach Energy Ltd (ASX: BPT) share price had a rollercoaster performance last quarter, ultimately ending the period significantly higher than where it started.
At the final close of the March quarter, the Beach Energy share price was $1.56. That's 23.81% higher than it was at the end of 2021.
For comparison, the S&P/ASX 200 Index (ASX: XJO) slipped 0.73% last quarter. Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) rose 25.09%.
So, what happened to the ASX oil and gas producer over the three months ended 31 March? Let's take a look.
Why drove the Beach Energy share price 24% higher?
The Beach Energy share price had several tumbles last quarter.
First, it fell 7.77% on the release of the company's activities report for the December quarter.
Over the three months ended 31 December, Beach Energy's production and sales slipped 7% and 5% respectively. Though its sales revenue increased by 3%
Volatility also followed the release of the company's earnings for the first half of financial year 2022.
Over the half, it recorded $213 million of net profit after tax (NPAT) – a 66% increase on that of the previous first half. It also posted a one-cent fully-franked dividend for the period.
The Beach Energy share price surged 9.43% on its half-year results before tumbling 10.46% the following session.
The company also agreed to sell some of its Cooper Basin assets and its 15% holding in the Cooper Basin licence PRL 211 during the quarter.
So, since most of the Beach Energy share price's gains last quarter weren't born from company news, what was it that drove it higher?
Surging energy commodity prices were likely behind the stock's gains.
Oil prices reached their highest point since 2008 in early March, trading at around US$130 a barrel at one point. And while they quickly retreated from the multi-year high, they still ended the quarter trading above US$100 a barrel.
Gas prices also took off last quarter.
The rising price of energy commodities mainly stemmed from sanctions on Russia – a major energy-producing nation – following its invasion of Ukraine.
The measures disrupted the balance of supply and demand, thus, boosting the value of energy (and many other) commodities.
