Origin Energy 3Q APLNG Revenue Jumps on Strong Energy Prices

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By Rhiannon Hoyle

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Origin Energy Ltd. said third-quarter revenue from its integrated gas operations jumped by 15% on the quarter immediately prior as energy prices surged, more than offsetting a 4% drop in production.

Origin Energy on Friday reported commodity revenue of 2.58 billion Australian dollars ($1.83 billion) from its Australia Pacific LNG business in the three months through March, even as production declined to 170.6 petajoules.

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“Australia Pacific LNG financial year-to-date revenue is more than double that of the prior corresponding period, reflecting material uplifts in spot LNG [liquefied natural gas] prices and Realized oil prices,” said Chief Executive Frank Calabria.

“Australia Pacific LNG was able to capitalize on strong commodity prices, shipping seven JKM [Japan Korea Marker]-linked spot cargoes during the quarter, with a further four sold into the tight Asian LNG market for delivery in the coming months,” he said.

In its energy markets business, Origin Energy reported a 9% lift in electricity sales but an 11% decline in natural-gas sales quarter-on-quarter.

Write to Rhiannon Hoyle at [email protected]

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Credit: www.marketwatch.com /

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