31 January 2017

Production and revenue grows strongly in the December quarter

Origin Energy Limited (Origin) today released its Quarterly Production Report for the quarter ended 31 December 2016.

Origin’s quarterly production of 80.1 PJe represented a 47 per cent increase on the corresponding period in FY2016 and an 8 per cent increase on the September 2016 quarter. This primarily reflected increased LNG production by Australia Pacific LNG and the commencement of production from Halladale and Speculant in the Otway Basin.

Revenue for the December Quarter 2016 was $544.3 million[1], a 157 per cent increase on the corresponding period in FY2016 and a 27 per cent increase on the September 2016 quarter.

Origin CEO Integrated Gas, David Baldwin said, “We are pleased to see recent investments in Australia Pacific LNG and the Otway Basin driving strong increases in production and revenue.

“Australia Pacific LNG was a major driver of the growth in revenue for the quarter, with the first cargo from Train 2 produced in early October 2016 and ramp up continuing in advance of the 90 day two train operational test. Australia Pacific LNG loaded and shipped a total of 26 cargoes during the quarter, predominantly to Sinopec and Kansai. Australia Pacific LNG has now shipped 82 cargoes from Curtis Island to date.

“Growth was also attributable to the 100 per cent Origin-owned Halladale and Speculant fields, which completed their first full quarter of production following first gas on 26 August 2016. The project is expected to make a meaningful contribution to Australia’s east coast gas supply,” Mr Baldwin said.

In the half year to 31 December 2016, production was 154.3 PJe representing a 51 per cent increased on the prior corresponding period. Revenue of $973.9 million represented a 123 per cent increase on the prior corresponding period.

NOTE: This report does not cover other areas of Origin’s integrated business, including electricity generation, energy retailing or non-hydrocarbon development activity.

1Includes capitalised revenue related to Australia Pacific LNG ramp gas and LNG sales as well as gains / (losses) on forward sales and hedging.


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