Beach Energy Limited announced FY22 results and F23 outlook

Beach Energy Limited (ASX: BPT) announced its FY22 results for the period ended 30 June 2022 and FY23 outlook:

• The company’s revenue increased by 13% to AU$1.8 billion, underlying EBITDA up 17% to AU$1.1 billion, and underlying Net Profit After Tax improved by 39% to AU$504 million.
• It has completed drilling at Offshore Otway Basin, one gas discovery, and six successful development wells.
• Operating cash flow improved 61% to AU$1.2 billion with AU$752 million free cash flow pre-growth expenditure.
• Final Investment Decision was taken for connection of Enterprise to the Otway Gas Plant.
• The company connected the Geographe 4 and 5 to the Otway Gas Plant in FY22, and Otway Basin production was up 47% to 4.1 MMboe.
• For FY23, Beach Energy Limited anticipates its production to be in the range of 20.0-22.5 MMboe, capital expenditure to be in the range of AU$800 - AU$1,000 million, and unit field operating cost to be in the range of AU$12 - AU$13 per boe.

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