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Origin Energy releases 4Q17 results

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LNG Industry,

Origin Energy Ltd has released its quarterly production report for 4Q17.

Origin’s production for the first half of the 2018 financial year was 172.6 petajoules equivalent (PJe), or 12% higher than the prior comparable period, driven by a 15% increase in production from Australia Pacific LNG with a full six months’ contribution from Train 2.

Sales revenue for the half year to 31 December 2017 increased by AUS$391 million to AUS$1365 million, an improvement of 40% compared to the same period in 2016. This increase is a result of both increased LNG sales and higher average prices realised across all products.

4Q17 production of 83.5 PJe was 5.6 PJe lower than the previous quarter, reflecting lower customer demand and planned maintenance at the Lattice Energy operations in Otway.

Total Australia Pacific LNG production for the quarter was stable at 63.4 PJe. Revenue for the December quarter was AUS$686 million, an increase of AUS$8 million compared to the previous quarter, with lower volumes from Otway more than offset by increased LNG sales by Australia Pacific LNG.

Origin CEO, Frank Calabria, said: “Australia Pacific LNG continued to perform well, delivering reliable upstream and downstream production in 4Q17. This is demonstrated by a total of 35 LNG cargoes loaded and shipped from Curtis Island, with the milestone of our 200th LNG cargo successfully loaded on 1 January 2018.

“As previously disclosed, Origin is scheduled to complete the AUS$1585 million sale of Lattice Energy to Beach Energy today. This represents a significant milestone in delivering on our commitments to simplify the business, reduce debt and improve returns,” Mr Calabria said.

During 1Q18 Australia Pacific LNG expects to complete a planned maintenance programme with one train outage for approximately 16 days.

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