Origin revenue can’t match output surge
Origin Energy has posted a 15pc rise in full-year revenue after exports began from its flagship LNG project.
Origin Energy has reported a 15 per cent rise in revenue for the full-year as production jumped on the commencement of exports from its flagship Australia Pacific LNG project.
The revenue lift failed to match the sharp 57 per cent surge in output, however, given depressed energy prices.
The ASX-listed company (ORG) said its share of APLNG production increased by 91.6 PJe (petajoules equivalent) through the 12 months to June 30, while its BassGas output rose by 3.7 PJe and its Otway production fell by 9.4 PJe.
Production for the fourth quarter came in at 68.4 PJe, a 12 per cent lift on the prior quarter due to higher APLNG production and a recovery in Otway output following a shutdown from February to April.
The energy group’s quarterly revenue lifted 3 per cent on the previous quarter.
Train 1 of the APLNG project was handed over to operations during the quarter, Origin said, with the first cargo from Train 2 expected in the final three months of 2016 as a ramp-up of operations continues apace.
At 11.15am (AEST), Origin shares traded down 2.1 per cent at $5.56.