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Beach Energy's FY'19 net profit climbs 86% as production rises

Australian oil and gas producer Beach Energy Ltd. on Aug. 19 reported an underlying net profit after tax of A$560 million for the full fiscal year 2019, up 86% from A$302 million in the prior-year period.

Underlying EBITDA totaled A$1.38 billion for the fiscal year, jumping by 80% from A$766 million in the prior-year period.

Production reached 29.4 million barrels of oil equivalent for the period, topping 19.0 million boe in the previous fiscal year.

The company achieved record production during the year and reached a net cash position two years ahead of schedule, according to Beach Energy Managing Director Matt Kay.

For fiscal year 2020, the company targets production of 27 million boe to 29 million boe.

Underlying EBITDA is also expected to be between A$1.25 billion to A$1.40 billion in fiscal year 2020.

The company raised its five-year production outlook to a range of 34 million boe to 40 million boe, from 30 million boe to 36 million boe.