APLNG fires up Origin Energy revenue
Increased output from its flagship gas-export operation helped lift Origin’s quarterly production and sales revenue.
Increased output from its flagship Queensland gas-export operation helped lift Origin Energy’s quarterly production and sales revenue.
Origin (ORG) said its production in the final three months of 2016 hit 80.1 million petajoules equivalent, a measure of the volume of different petroleum products based on energy content. That marked an 8 per cent rise on the prior quarter and a 47 per cent jump on the same period last year.
Second-quarter revenue rose to $544.3 million for the latest quarter, a 27 per cent increase on-quarter and more than double the $212.2 million notched up a year earlier.
A second production line at the Australia Pacific liquefied natural gas project in Queensland produced its first cargo of the chilled gas in early October, and the project has now shipped 82 cargoes from Curtis Island to date.
Production also benefited from the first full quarter’s output from Origin’s Halladale and Speculant fields, adding to natural gas supplies in eastern Australia, Origin said.
Late last year, Origin said it planned to sell its conventional oil-and-gas operations and focus on power-generation and retail sales as well as its liquefied-natural-gas operations in an effort to further slash debt built up investing in the APLNG venture, which counts ConocoPhillips and China Petrochemical Corp. as partners. Unwanted assets will be bundled into a new company and sold through an initial public offering this year.
Origin said its production in the six months through December increased 51 per cent on-year to 154.3 petajoules.
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