Shares in Beach Energy fell more than 5 per cent after the energy company reported the lowest quarterly production in four years, denting market confidence in the ability of the firm backed by Kerry Stokes to deliver on its turnaround strategy.
The figure marked Beach’s lowest quarterly output since the second quarter of the 2018 financial year. This was before the company’s acquisition of Origin Energy’s conventional oil and gas business which allowed Beach to more than double quarterly production. Beach Energy has produced just over 11 mmboe in the 2022 financial year, in line with its annual guidance of between 21 mmboe and 23 mmboe.
Seeking to repair its standing, Beach has invested heavily to source new supplies, and acting chief executive Morne Engelbrecht said the company has laid the foundations for growth in the coming years.
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