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 also raised its five-year production outlook to 34-40 mmboe from 30-36 mmboe and, at 1215 AEST, its shares were still 6.5 per cent higher at $1.9225.
RBC Capital Markets said the highlight of Beach's result was a large increase to FY20 investment expenditure.
Beach had flagged it will spend an additional $1.5 billion over the next five years, starting from FY20, on a suite of projects.
These include the start of offshore drilling in the Victorian Otway Basin, elevated activity in the Cooper Basin and reinvigoration of SA Otway Basin as a gas-producing region
The company's balance sheet has also reached a net cash position two years earlier than originally anticipated following the acquisition of Lattice Energy in January 2018, with Beach having repaid $950 million of outstanding debt in FY19.
"We are in an enviable financial position as we enter an important year for reinvestment into our core business," chairman Glenn Davis said on Monday.
Beach has maintained a final dividend of 1.0 cents per share, fully franked, for a full-year dividend of 2.0 cents per share.
BEACH ENERGY BOOST ON FY19 RESULT
* Net profit $577.3m, up from $198m
* Revenue up 64pct to $2.08b
* Final divided 1.0 cents per share, fully franked, unchanged