Beach Energy shares have jumped as much as 7.2 per cent after the oil and gas producer nearly tripled its profit and raised its five-year production guidance.
Profit for the 12 months to June 30 jumped to $577.3 million from $198.8 million a year earlier, buoyed by a 64 per cent increase in revenue as Beach met its revised production guidance of 29.4 million barrels of oil equivalent (mmboe).
Beach raised its five-year production outlook to 34-40 mmboe from 30-36 mmboe and, at 1047 AEST, its shares were still 6.5 per cent higher at $1.9225.
AAP