REPORTING SEASON: Beach Energy Limited (BPT)

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Figure 1: Beach Energy Limited 12 month chart


Beach Energy Limited (BPT) no more negative surprises in its half year result

 Beach Energy Limited (BPT) reported a net loss of $79.1 million for the 6 months to the end of December 2014. The resent slide in the oil price and write-downs to the value of its assets hit this result.

 Revenue fell over 23%, but the result was slightly higher than the market has expected, $411 million consensus) helped by strong gas sales. Beach reported record sales volumes of 5.7 Million Metric barrels of oil equivalent (MMboe) over the half but at a lower realised average A$ oil price, down 22% to $101/bbl.

 Its Bauer Field four-well pad stgelopment campaign results were better than expected and Beach completed Stage 1 of its NTNG exploration program.

 Beach said on 13 of February that it would post a non-cash asset impairment charge of $224 million ($166 million after tax) in relation to Cooper Basin and Romanian interests.

 Total assets decreased over the half and cash reserves fell by 40% to $249 million

 Beach made a slight upward revision to its FY15 production forecast to 8.9 – 9.4 (MMboe), at the top end of original guidance (8.6 – 9.4 MMboe). Beach also cut its planned CAPEX (capital expenditure) by 20% to $430-$470 million. Further progress is underway in relation to the Company’s portfolio review.

 BPT will pay an interim dividend of $0.01 to shareholders on 27 March 2015.


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Juliana Roadley, Market Analyst,