Oz Origin's APLNG Revenue down 45% in Oct-Dec
Australia’s Origin Energy January 29 said revenue from its stake in Australia Pacific LNG (APLNG) for the three months to December 31 (Q2) dropped 44.5% yr/yr owing to a decline in realised commodity prices. The revenue was up 6% q/q, however.
The company's revenue in Q2 was A$398mn (US$305.58mn), versus A$716.5mn in the year-earlier period. Origin’s share of production was 68.3 petajoules, up 1% yr/yr, it said. APLNG’s realised lagged oil price in the Q2 was US$34/b, down from US$69/b in the year-earlier period.
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 the business.