By Rhiannon Hoyle
Beach Energy said Wednesday its first-quarter production of oil and natural gas fell by 10% on-quarter despite higher realized oil prices, reflecting lower gas-contract nominations.
Australia’s Beach said it produced 4.5 million barrels of oil equivalent in the three months through September, down from 5.0 million in the prior quarter.
The company’s operating performance was strong, including reliability of more than 99% at all operated gas plants, said Interim Chief Executive Bruce Clement.
“Disappointingly, production was down 10% from the prior quarter, predominately due to minimum gas nominations made by our Otway Basin customer, Origin Energy, which saw over 10 PJ of gas being made available but not taken,” Clement said in a regulatory filing.
“Despite lower nominations this quarter, with the Thylacine North wells performing in line with expectations, we are well placed to increase Otway Basin contracted annual gas volumes in CY2024 and beyond,” he said.
Beach said quarterly sales revenue totaled 397 million Australian dollars (US$252 million), down from A$450 million for the three months prior. Realized oil prices were up 13% on-quarter, it said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
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