Origin shares fall in lower LNG revenues
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More news: Shares in Origin Energy were down more than 2% at $10.38 in early trading on the ASX after it posted a 12% slide in full-year revenue from its Australia Pacific LNG project due to lower commodity prices.
Natural gas sales volumes at its main energy markets business were also down 10% for the year, while electricity sales were flat.
Lower prices weigh on Origin Energy LNG revenues
The news: Australia’s top energy retailer and gas producer Origin Energy has posted a drop in full-year revenue from its Australia Pacific LNG project due to lower commodity prices.
The numbers: June quarterly revenue at its integrated gas business was up 2% from a year ago to $2.6 billion, with sales volumes up 5% to 176.5 petajoules. However, full-year revenue was down 12% to $9.88 billion, with average realised price down 17%.
Natural gas sales volumes at its main energy markets business were down 10% for the year at 196.4 petajoules, while electricity sales were flat at 35.8 terawatt hours.
The context: The company said its fourth quarter saw steady output at the APLNG project in Queensland, although full-year volumes were partially affected by the LNG vessel power outage last November.
Full-year electricity sales volumes were steady on the previous year as higher retail sales were offset by a decrease in business volumes. Gas volumes declined by 10% primarily due to lower short term wholesale gas sales.
The source: ASX announcement
