Beach Energy Ltd (BPT.AU) shares are soaring 5.17% in intraday trading after the company reported robust quarterly financial results. The Australian oil and gas exploration and production company announced a sales revenue of A$552 million for the fiscal third quarter ended March, significantly higher than the A$392 million reported in the same period last year.
The company's production also showed impressive growth, with output reaching 4.9 million barrels of oil equivalent per day (MMboe) in the quarter, up from 4.5 MMboe in the year-ago period. Sales volumes increased substantially to 6.4 MMboe, compared to 4.8 MMboe a year earlier. These strong operational results have boosted investor confidence in Beach Energy's performance.
Looking ahead, Beach Energy remains optimistic about its full-year prospects. The company expects to reach the mid-range of its output guidance of 18.5 MMboe to 20.5 MMboe for the full fiscal year, with year-to-date production already at 15.1 MMboe. This positive outlook, combined with the strong quarterly results, is driving the stock's significant price increase today.
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