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CORRECTED-Australia's Beach Energy Q2 revenue jumps on higher oil, tops estimates

Published 31/01/2018, 10:45 am
© Reuters.  CORRECTED-Australia's Beach Energy Q2 revenue jumps on higher oil, tops estimates
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(Corrects first paragraph to say Q2 revenue rose 18.2 pct, not 15.4 pct; third paragraph to say production fell, not rose, to 2.63 million barrels of oil equivalent (mmboe), not 2,627, versus 2.64 mmboe, not 2,628)

Jan 31 (Reuters) - Beach Energy Ltd BPT.AX reported an 18.2 percent rise in second-quarter revenue on Wednesday, thanks to higher oil prices.

Sales revenue for the three months ended December rose to A$208 million ($168 million) from A$176 million in the year ago quarter, above a forecast of A$174 million from Royal Bank of Canada. The rise in quarterly revenue was underpinned by a 16 percent rise in crude oil prices in the December quarter.

Beach said total production dipped to 2.63 million barrels of oil equivalent (mmboe) from 2.64 mmboe a year ago, and said it expects 2018 full-year standalone production to be in the range of 10.6 mmboe to 11 mmboe.

($1 = 1.2376 Australian dollars)

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