MELBOURNE, Australia--Beach Energy Ltd. (BPT.AU) recorded a jump in sales revenue over the recent quarter as stronger prices and an increase in oil-sales volumes bolstered a modest increase in production.
Revenue jumped 17% to 178 million Australian dollars (US$136.8 million) in the three months through September from A$152 million the quarter before, and was up 5.3% on the same period last years despite a fall in output on-year. The quarter benefited from a 12% increase in the average Australian dollar price of oil the company fetched for its products.
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Sales volumes totaled slightly less than 2.9 million barrels of oil equivalent, a rise of 1.7% on the prior quarter, the oil and gas producer said Tuesday. Production for the quarter was up 2% on-quarter at 2.6 million barrels.
Beach swung back to a profit in the last financial year as benefited from the rise in oil prices and avoided a repeat of the asset impairments that widened its loss the year before. At the end of September it reached a deal to buy Origin Energy Ltd.'s (ORG.AU) conventional oil and gas assets for A$1.59 billion, a move that will broaden its operations around the country, greatly increase reserves and sets it up for estimated pro forma production in fiscal 2018 of 25 million to 27 million barrels.
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(END) Dow Jones Newswires
October 30, 2017 18:58 ET (22:58 GMT)