Beach Energy production dips, oil strong BEACH Energy has posted record Cooper Basin oil production in the past quarter and is aiming for more growth. The company began production through three new flowlines from its Western flank oil assets in early December at an average daily rate for the month of 10500 barrels on a gross basis. The oil-heavy results helped Beach increase revenues for the quarter despite production falling overall. "A significant feature of the December quarter production ... was an increase in the oil:gas ratio," the company said. This was driven by the ramp up of oil production from the Western flank, with new flowlines to Moomba operational in the final month of the quarter. The Adelaide company has maintained its full year production guidance despite its quarterly result falling 12 per cent. Beach produced 1.85 million barrels of oil equivalent (MMboe) in the December quarter, with the fall mainly due to the shut in of a gas field under a customer agreement and a reduction in Santos operated gas production. "Year to date production of 3.95MMboe was 15 per cent up on the same period last year," the company said. Beach anticipates stronger second half production, and as a result, full year guidance of 8.5-9 MMboe remains unchanged. Revenue for the quarter was up 2 per cent on the September quarter to $172.9 million, caused by higher commodity prices and a larger proportion of oil sales. "Capex for the first half of financial year 2012-13 was $229 million," the company said. Full year capex guidance of $350-$450 million remains, however, expected capex for the full year is likely to be at the high end of guidance. Beach said it had $343 million in cash reserves and an available financing facility of $150 million. Beach shares closed 2c higher at $1.40.