Origin's APLNG revenue down 32% in Jan-Mar
Australia’s Origin Energy April 30 said revenue from its stake in Australia Pacific LNG (APLNG) for the three months to March 31 (Q3) dropped 32% year/year owing to a decline in realised commodity prices. The revenue was up 7% quarter/quarter, however.
The company's revenue in Q2 was A$427.5mn (US$330mn), versus A$628.5mn in the same period last year. Origin’s share of production was 65.4 petajoules, down 2% yr/yr, it said. APLNG’s realised average commodity price in the Q3 was down 30% yr/yr but up 14% q/q.
APLNG, a joint venture comprising Origin, ConocoPhillips and Sinopec, is Australia’s largest producer of coalbed methane and supplies gas to Queensland’s domestic gas market, while also processing CBM into LNG for exports. Origin owns a 37.5% stake in the business.