Origin Energy Revenue Slips Despite Higher Output
30 October 2015 - 11:44AM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--Origin Energy Ltd. (ORG.AU), one of
Australia's largest combined energy generators and retailers, said
Friday its first-quarter revenue remained under pressure from
weaker prices despite the continued ramp-up in production.
Sales revenue totaled 224.5 Australian dollars (US$158.8
million) in the three months through September, down 1% on the
prior quarter and 10% below the A$250.5 million generated a year
earlier, the company said Friday.
Production was 13% higher on-quarter and up 37% year-on-year at
47.8 petajoules equivalent, a measure of the volume of different
petroleum products based on energy content. Sales volumes were 18%
higher than in the previous quarter and up 35% on last year.
The jump in output reflected the push in volumes at the A$24.7
billion Australia Pacific liquefied natural gas project on
Australia's east coast ahead of its first export shipment, as well
as the start of production at the Yolla 5 and Yolla 6 wells in
Australia's Bass Basin.
Still, that was offset by lower oil prices for the period and a
lower realized average price for natural gas from the APLNG
project. The first production of gas into LNG at the plant is
expected within the next month and the first cargo is likely to be
shipped a few weeks later, Origin said.
Origin swung to a loss in its last financial year, hit by lower
oil prices and impairment charges. It this month tapped investors
for A$2.5 billion via an equity raising to help pay down a mountain
of debt built up investing in gas projects, part of a plan that
also called for a cut to its dividend payout and up to A$800
million in asset sales by mid-2017.
Origin and ConocoPhillips have equal 37.5% stakes in the APLNG
project, which will convert methane trapped in seams of underground
coal into chilled natural gas, and Sinopec has a 25% interest.
Write to Robb M. Stewart at robb.stewart@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 29, 2015 20:29 ET (00:29 GMT)
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