Origin Energy Limited (Origin) today released its Quarterly Production Report for the quarter ended 31 March 2017.
Origin’s quarterly production of 79.7 PJe represented a 31 per cent increase on the corresponding period in FY2016. This is primarily driven by the commencement of production from Australia Pacific LNG’s second train with first cargo produced during October 2016.
Revenue for the March Quarter 2017 was $562.9 million1, a $246.5 million or 78 per cent increase on the corresponding period in FY2016. This was driven by higher production volumes and higher average commodity prices.
Origin CEO, Frank Calabria said, “I’m pleased to report Origin’s Integrated Gas business performed strongly during the quarter with double-digit increases in both production and revenue, compared to the same period in 2016.
“This strong performance was driven primarily by the commencement of production by Australia Pacific LNG’s second LNG train. The project shipped 27 LNG cargoes during the period, and, in early April, Australia Pacific LNG produced and shipped its 100th cargo. As well as meeting its export commitments, Australia Pacific LNG continued to play a key role in Australia’s east coast gas market by supplying approximately 20 per cent of total annual demand.
“Australia Pacific LNG’s production trains continue to perform in line with expectations – with production ramping up in preparation for the 90-day two train operational test. This is targeted to be completed in the first half of FY2018,” Mr Calabria said.
In the nine months to 31 March 2017, production was 234 PJe representing a 43 per cent increase on the prior corresponding period. This was primarily driven by increased production at Australia Pacific LNG and Otway. Revenue of $1.54 billion represented a 104 per cent increase on the prior corresponding period due to increased production and higher average commodity prices.
NOTE: This report does not cover other areas of Origin’s integrated business, including electricity generation, energy retailing or non-hydrocarbon development activity.
1Revenue disclosed includes Australia Pacific LNG related amounts that have been capitalised as well as gains/(losses) on forward sales and hedging.
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