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Origin Energy hit by APLNG revenue decline

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LNG Industry,

According to Reuters, Australia’s Origin Energy has reported an 18% decline in revenue from its stake in the Australia Pacific LNG (APLNG) project due to lower contracted sales.

This period of lower contracted sales has come about despite higher output from the project at this time. Indeed, production at APLNG reportedly increase by 6% year-on-year in January – March 2020 to 66.8 PJ. Furthermore, these lower contracted LNG sales and weaker market prices have served to counter recent spikes in domestic gas revenue.

The result of these circumstances is that Origin’s revenue from APLNG for the latest quarter has reportedly fallen to A$628.5 million, down from A$763.9 million for the same period last year.

Reuters has reported the following comments made by Frank Calabria, CEO of Origin Energy, with regards to these latest revenue figures:

“In energy markets, we are already seeing an initial impact from the (coronavirus) pandemic on electricity demand, which along with milder weather and lower customer numbers and usage, contributed to lower volumes compared to this time last year.”

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