Shares of Beach Energy (ASX:BPT) have seen a decline of up to 6.3% to A$1.57, reaching their lowest point since July 26.

This comes as Beach Energy posts its steepest intraday percentage drop since the same date.

The company released its report showing a 24% decrease in fiscal year underlying NPAT to A$384.8 million, with a 7% revenue decline to A$1.65 billion.

Looking ahead, the company anticipates the production for FY24 to fall between 18 and 21 million barrels of oil equivalent (mmboe).

This range is below FY23’s 19.5 mmboe output and significantly lower than the consensus estimate of 22.9 mmboe.

The predicted capital expenditure for FY24 is set between A$850 million and A$1.00 billion, marking a reduction from A$1.10 billion last year.

Beach Energy also outlined a one-off charge of up to A$65 million expected in FY24.

Despite the current decline, Beach Energy’s share price has risen 4.7% this year, until last close, compared to the 7.5% increase in the ASX 200 Energy index.

Beach Energy is an Australian oil and gas company focused on exploration, development and production.