Oz Origin's APLNG Q4 Revenue Drops 5%

Australian gas and power retailer, Origin Energy, July 31 said revenue from its stake in Australia Pacific LNG (APLNG) for the three months to June 30 (Q4 2020) dropped 5% yr/yr thanks to lower contracted LNG volume and drop in realised price.

The company's revenue in Q4 was A$610.2mn (US$439mn) as against A$643.5mn in the year-ago period. Origin’s share of production was 64.5 petajoules, up 1% yr/yr, it said. APLNG realised lagged oil price in Q4 was US$68/b (A$104/b) compared with US$67/b (A$95/b) in the year ago period. Revenue during the 12-months to June 30 declined 5% yr/yr.

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 coalbed methane into LNG for exports. Origin owns a 37.5% stake in APLNG.

Earlier this month, Origin announced it expects to recognise non-cash post-tax charges in the range of A$1.16bn-A$1.24bn for the 12-months to June 30. The bulk of the charges relate to its equity stake in APLNG.