The Beach Energy Ltd (ASX: BPT) share price is lifting on Wednesday.
Beach Energy shares are currently swapping hands at $1.60, a 4% gain. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.28%.
Let’s take a look at what might be impacting the Beach Energy share price today.
Surging oil prices
In global news, soaring oil prices may be boosting the Beach Energy share price today. This morning, my Foolish colleague James noted oil prices at 7-year highs could help the company have a good day.
Russia’s invasion of Ukraine has sparked fears of supply disruptions, CBS reported. International benchmark Brent crude oil hit $107.57 per barrel on Tuesday in the United States, the highest price since July 2014.
Based on Bloomberg figures, Brent Crude surged 7% to US$104.97 at market close on Tuesday, while WTI crude oil climbed 2.45% to $105.94.
Beach to offload assets
Closer to home, Beach Energy today revealed to the ASX market it would offload some of its assets in the Cooper Basin. Bass Oil Ltd (ASX: BAS) will acquire an interest in eight of Beach’s Cooper Basin tenements for $650,000. A subsidiary of Beach has entered a sale and purchase agreement with Bass.
The assets include the accretive Worrior and Padulla oil fields and properties that contain appraisal and possible exploration targets.
Subject to shareholder approval, Bass will raise $1.2 million via the placement of 800 million Bass shares on the market at $0.0015 per share.
Looking ahead, my Foolish colleague Zach reported on Monday JP Morgan analysts are optimistic Beach Energy shares can climb higher.
The broker highlighted the company is on track with its growth aspirations, offers good exposure to a diversified suite of assets and has zero net debt.
Beach Energy share price snapshot
The Beach Energy share price has slipped 1.9% in the past 12 months but is surging 27% year to date.
For comparison, the benchmark ASX 200 has returned about 5% over the past year.
In the past month alone, Beach Energy shares have climbed 9%, while they have jumped almost 5% in a week.
Beach Energy has a market capitalisation of about $3.6 billion.
The post Here’s why the Beach Energy (ASX:BPT) share price is climbing today appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Wednesday
- 5 things to watch on the ASX 200 on Tuesday
- Up 20% this year, why the Beach Energy (ASX:BPT) share price can climb higher: broker
- 5 things to watch on the ASX 200 on Wednesday
- 5 things to watch on the ASX 200 on Tuesday
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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