Fiscal 2018 Costs Impress for No-Moat Beach and We Increase our FVE to AUD 1.60.
We increase our fair value estimate to AUD 1.60 from AUD 1.35 per share. Beach reported underlying fiscal 2018 EPS of AUD 0.13, in line with expectations. But that result included lower-than-expected operating costs of USD 17.70 per barrel of oil equivalent, down 3% on a like-for-like USD 18.20 for fiscal 2017, and beating our USD 19.70 forecast. It was only higher than expected tax which contained the result to target. And the lower operating costs have now persisted for long enough to satisfy ...Beach Energy is engaged in oil and gas exploration, development and production and investment in the resources industry. Co.'s operating segments include Cooper Basin, which includes oil and gas sales from Australian production; Other Australia, which includes Co.'s interest in all on-shore and off-shore production and exploration tenements within Australia other than the Cooper Basin; and International interests, which includes Co.'s interests in all areas outside Australia and oil and gas sales from Egyptian production. As of June 30 2016, Co. had total proved and probable reserve estimate of 69.8 million barrels of oil equivalent.
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