Beach Energy Cuts Capex in 2H FY15 by $43M Due to Lower Oil Prices
by Beach Energy Ltd.
|
Press Release | Wednesday, January 28, 2015 | 4:34 PM EST
Revised FY15 Capital Expenditure Guidance
- Development expenditure: 1H (Actual) - $138.1 million (AUD 175 million); 2H (Revised) - $114.4- $134.1 million (AUD 145-170 million); FY15 (Revised) - $252.5-272.2 million (AUD 320-345 million)
- Cooper Basin (non-SACB and SWQ JVs): 1H (Actual) - $15.7 million (AUD 20 million); 2H (Revised) - $23.6-27.6 million (AUD 30-35 million); FY15 (Revised) - $39.4-43.3 million (AUD 50-55 million)
- Cooper Basin (SACB and SWQ JVs): 1H (Actual) - $118.3 million (AUD 150 million); 2H (Revised) - $86.7-98.6 million (AUD 110-125 million); FY15 (Revised) - $205.1-216.8 million (AUD 260-275 million)
- International: 1H (Actual) - $3.9 million (AUD 5 million); 2H (Revised) - $3.9-7.8 million (AUD 5-10 million); FY15 (Revised) - $7.8-11.8 million (AUD 10-15 million)
- Exploration expenditure: 1H (Actual) - $73.3 million (AUD 93 million); 2H (Revised) - $13.4-25.2 million (AUD 17-32 million); FY15 (Revised) - $86.7-98.6 million (AUD 110-125 million)
- Cooper Basin (non-SACB and SWQ JVs): 1H (Actual) - $23.6 million (AUD 30 million); 2H (Revised) - $3.9-11.8 million (AUD 5-15 million); FY15 (Revised) - $27.6-35.5 million (AUD 35-45 million)
- Unconventional: 1H (Actual) - $39.4 million (AUD 50 million); 2H (Revised) - $3.9-7.8 million (AUD 5-10 million); FY15 (Revised) - $43.3-47.3 million (AUD 55-60 million)
- International: 1H (Actual) - $7.8 million (AUD 10 million); 2H (Revised) - $3.9 million (AUD 5 million); FY15 (Revised) - $11.8 million (AUD 15 million)
- Other Australia: 1H (Actual) - $2.3 million (AUD 3 million); 2H (Revised) - $1.5 million (AUD 2 million); FY15 (Revised) - $3.9 million (AUD 5 million)
- Revised FY15 Capital Expenditure Guidance: 1H (Actual) - $211.3 million (AUD 268 million); 2H (Revised) - $127.7-$159.3 million (AUD 162-202 million); FY15 (Revised) - $339.1-370.7 million (AUD 430-470 million)
Beach had $196.4 million (AUD 249 million) of cash reserves as at Dec. 31, 2014 and an undrawn $236.6 million (AUD 300 million) secured loan facility. The FY15 capital expenditure program remains fully funded and our low cost production in the Western Flank supports ongoing free operating cash generation in a volatile oil price environment.
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