Origin boosts HY production and revenue
Electricity and gas company Origin Energy has boosted half-year revenue 40 per cent and lifted production 12 per cent.
Sales revenue for the six months to December 31 rose to $1.4 billion, from $973.9 million in the prior corresponding period, driven by an increase in Liquefied Natural Gas (LNG) sales and higher average prices realised across all products.
Production rose to 172.6 petajoules, helped by a 15 per cent increase in production from Australia Pacific LNG with two LNG trains on line and increase production at Bass Basin in southern Australia.
December quarter production was down six per cent on the September quarter to 83.5 petajoules, due to lower customer demand and a seven-day plant shutdown at the Lattice Energy operations it Otway, Victoria.
But oil and gas sales revenue for the December quarter grew one per cent from the previous three months, to $686.3 million, with lower volumes from Otway more than offset by increased LNG sales by Australia Pacific LNG.
Origin also announced on Wednesday the completion of the sale of its Lattice Energy oil and gas business to Beach Energy for $1.6 billion.
Origin said it expects to record accounting charges of $220 million to $240 million from the deal, including a $170m to $180m impairment to account for Lattice Energy's earnings from July 1 - the effective date of the sale.
Chief executive Frank Calabria Australia Pacific LNG continued to perform well in the December quarter and delivered reliable upstream and downstream production.
Mr Calabria also flagged Australia Pacific LNG will complete two downstream maintenance shutdowns, one in the March quarter and another in the June quarter, which will result in a train outage for approximately sixteen days.
Shares in Origin dropped one cent to 9.34.
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