Beach Energy (BPT) delivers reasonable 1H results, increases capex


Beach Energy (BPT) $2.37 as at 11/02/2020


BPT released 1H results this morning with a few swings and roundabouts in the numbers.

  1. Underlying net profit was a shade above expectations, printing $274m versus $269m expected for the half
  2. They tightened up full year production guidance from 27-29 MMboe to 27-28MMboe, a slight decrease at the mid-point
  3. They also tightened full year EBITDA guidance with a very slight downside skew, expecting $1.275 to $1.35bn for the year. The market was at $1.295bn so all okay there
  4. They increased guidance in terms of exploration spend fairly meaningfully, although this is a result of exploration success so speaks favorably aboutfuture growth

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