Beach Energy recorded a 37 per cent increase in total sales revenue for the second quarter of the 2024 financial year.
The increase was mainly due to the sale of the first Waitsia LNG cargo and the one-off Waitsia condensate cargo, the company said.
The average realised sales price across all products of $89 per barrels of oil equivalent (boe) was 11 per cent above the prior quarter.
Beach Energy also noted the growth in sales revenue was largely offset by higher cost of sales, including increased third-party purchases and movements in inventory associated with Cooper Basin operating costs.
“Beach continues to deliver key project milestones across our operations as we strengthen our position as a trusted gas supplier to domestic and offshore markets,” former Beach Energy interim chief executive officer Bruce Clement said.
“On the West Coast, the first Waitsia LNG cargo demonstrated the value of our LNG sales agreement with bp.
“It also highlights the importance of onshore gas export licences for underpinning investment in major gas developments such as Waitsia Stage 2.”
Clement also acknowledged the success of the Kupe South 9 development well in New Zealand, which the company drilled, completed and connected.
“This incident-free campaign was delivered in less than 90 days, on schedule and on budget,” Clement said.
“We now have the well deliverability in place to return the Kupe Gas Plant to capacity production rates.”
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