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Origin boosts HY production and revenue

Simone Ziaziaris  |  31 Jan 2018Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Origin Energy's (ASX: ORG) half-year oil and gas production rose 12 per cent, while revenue grew 40 per cent.

Production for the six months to December 31 rose to 172.6 petajoules, helped by a 15 per cent increase in production from Australia Pacific Liquefied Natural Gas (LNG) with two LNG trains on line and increased production at Bass Basin in southern Australia.

Sales revenue rose to $1.4 billion, from $973.9 million in the prior corresponding period, driven by an increase in LNG sales and higher average prices realised across all products.

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, in September, agreed to sell Lattice Energy to Beach Energy for $1.6 billion but also secured access to a significant portion of Lattice's future east coast gas production through long-term gas supply agreements.

The sale is scheduled to be completed on Wednesday with the proceeds set to be used to pay down debt.

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Chief executive Frank Calabria said 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 a planned maintenance program during the March quarter, with one train outage for approximately 16 days.

 

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is an AAP journalist.

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

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