Oz Origin's APLNG Q3 Revenue Drops 18%

Australian gas and power retailer, Origin Energy, April 30 said revenue from its stake in Australia Pacific LNG (APLNG) for the three months to March 31 (Q3 2020) dropped 18% yr/yr thanks to lower contracted LNG volume and drop in realised price.

The company's revenue was A$629mn (US$411mn) as against A$763.9mn in the year-ago period. Origin’s share of production was 66.8 petajoules, up 6% yr/yr, it said. APLNG’s effective oil price in the quarter was US$65/barrel, down from US$78/b in the same quarter of the previous year.

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.

The APLNG facility shipped a total of 31 LNG cargoes in Q3, down from 33 in the year-ago period, Origin said.