Origin Energy shares slip on lower March quarter LNG revenue
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More news: Shares in Origin Energy were down nearly 2% to $10.56 in early trading on the ASX after Australia’s top energy retailer and gas producer reported a muted March quarter performance.
Quarterly revenue at its integrated gas business was down 11% from the prior quarter, while sales volumes were down 7%. Natural gas sales volumes at its energy markets business were also down 5% from the December quarter, while electricity sales rose 2%.
Origin Energy quarterly LNG revenue and volumes fall
The news: Australia’s top energy retailer and gas producer Origin Energy has posted a drop in March quarter LNG volumes and revenue.
The numbers: Quarterly revenue at its integrated gas business was down 11% from the prior quarter to $2.43 billion, while sales volumes were down 7% to 160.5 petajoules. Natural gas sales volumes at its energy markets business were also down 5% from the December quarter at 40.2 petajoules, while electricity sales rose 2% to 9.0 terawatt hours.
The context: The company attributed the decline in revenue at its Australia Pacific LNG (APLNG) project in Queensland to lower prices, while volumes were down due to fewer days in the quarter, lower performance at some fields and unplanned production impacts due to Tropical Cyclone Alfred.
In the markets business, gas volumes were up 13% compared to a year ago, driven by higher business volumes on higher trading sales. Origin said it added more than 674,000 net customers at its UK renewable energy company Octopus Energy.
The source: ASX
