BEACH Energy says it will boost spending and production this year after achieving a better than expected full year profit and lifting dividends.
Net profit of $153.7 million in the 2012/13 financial year was down 6.4 per cent from the previous year, but was higher than analysts had expected.
Beach Energy blamed the fall partly on a drop in the market value of its convertible notes - bonds that can be converted into shares - which had gained in value the previous year.
The company's grew underlying profit in 2012/13 rose by 15 per cent to a record $141 million.
Managing Director Reg Nelson said he expected underlying profit to improve further as oil production increases, Australian dollar oil prices strengthens, and new gas sales contracts began.
Beach Energy has forecast a rise in oil and gas production in the 2013/14 financial year of up to 16 per cent, to between 8.7 million to 9.3 million barrels of oil equivalent.
That rise will be driven by its Western Flank oil portfolio in the Cooper Basin.
Beach Energy is Australia's sixth largest oil producer and the largest net oil producer in the Cooper Basin, with current oil production of more than 10,000 barrels a day out of the Western Flank assets.
Gas production is expected to increase by 30 per cent by 2015, with Beach Energy saying it was well placed given the worries about a domestic supply crisis in natural gas when Australia's large gas projects begin exporting in the next couple of years.
Beach recently struck a sales agreement with Origin Energy for up to 139 petajoules gas for eight years.
The company forecasts its capital expenditure to jump by up to 13 per cent in 2013/14 to $420 million to $480 million, including a 35 per cent increase in drilling activity and work on its shale projects.
Beach will pay its shareholders a final dividend of two cents per share for the 2012/13 year, up from 1.5 cents in the previous year.
The company's shares were flat at $1.355 at 1148 AEST.
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