BPT Half Yearly Report

We picked up a smallish parcel of BPT yesterday at $0.735. I was a bit nervous this morning when it went straight down to $0.71 before they announced their half year report. I think it's not a bad result. To summarize:

BEACH PETROLEUM MORE THAN DOUBLES FIRST HALF PROFIT CONFIRMING UNDERLYING EARNINGS STRENGTH --

• Beach's net profit after tax jumped 117% to a record $127.5 million from $58.8 million in the previous corresponding opening half. 
  
• By excluding the gains from commodity hedging and write-off adjustments from the latest first half profit, the strength of Beach's normalised profit is further highlighted – up 142% to $52 million compared with the previous corresponding period. 
  
• The profit hike was achieved with further strong growth in total revenue, up 41% from $340 million to a record $480 million, while higher oil and gas sales of 5.5 million barrels of oil equivalent (mmboe) and surging oil and gas production of 5.0 mmboe were also first half records for Beach. 
  
• The Company's shareholders registered on 31 March 2009 will be paid a steady interim dividend of 0.75 cents per share by late April 2009.

BPT is sitting at 0.765 at the time I write this.