The Beach Energy Ltd (ASX: BPT) share price is edging lower amid the company's eligible shareholders being rewarded today.
The energy producer's shares are currently down 0.34% to $1.475 apiece.
For context, the S&P/ASX 200 Index (ASX: XJO) is sinking during Friday morning trade following heavy losses on Wall Street overnight. The benchmark index is down 0.5% to 6,540.3 points.
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Beach Energy pays out FY 2022 final dividend
Beach Energy reported strong financial growth in its full-year results despite recording lower production for the year.
In summary, production fell 15% to 21.8 million barrels of oil equivalent (MMboe), but higher energy prices bumped up the company's revenue.
This led Beach Energy to achieve total revenue of $1.8 billion, up 13% over the prior corresponding period.
On the bottom line, underlying net profit after tax (NPAT) rocketed 39% to $504 million.
At the end of the financial year, Beach Energy had a net cash position of $765 million to complete its key objectives.
This includes connecting the Thylacine and Enterprise wells to the Otway Gas Plant as well as progressing the Cooper Basin drilling.
Subsequently, the board declared a fully franked dividend of 1 cent per share to be paid on 30 September (today). This is the same amount that has been paid by the company since March 2017.
Beach Energy has a dividend reinvestment plan (DRP), but it is not being offered to shareholders at this point.
Beach Energy share price summary
Despite plummeting 15% lower in the past month, the Beach Energy share price has gained 16% in 2022.
Beach Energy has a price-to-earnings (P/E) ratio of 6.65 and commands a market capitalisation of approximately $3.35 billion.
