Australia's Origin APLNG's revenue increases on stronger LNG spot and domestic gas sales

On Friday, Origin Energy reported a 3% increase in revenue for the fourth quarter from its'stake' in?the Australia Pacific LNG project (APLNG), boosted by higher spot LNG sales as well as an increase in domestic natural gas volumes.

APLNG, the joint venture between the power producer and ConocoPhillips & Sinopec, reported revenue of A$497 (US$349.29) million for the three months ended June 30 compared to A$481 in the March quarter.

The project's share of production remained relatively flat in comparison to the previous quarter. Total sales rose by 4%.

Origin has benefited from the volatile?liquefied gas prices during the first quarter due to the disruptions in supplies and shipping via the Strait of Hormuz caused by the war in Iran. However, this benefit is a little delayed because of its long-term contracts for export.

The 'higher' oil prices since February will be reflected by Origin CEO Frank Calabria in the FY27.

Origin achieved $9.93 for every?metric million British Thermal Units (mmBtu), for its LNG from the 'APLNG Project in Queensland. This compares to $9.51 per each mmBtu during the third quarter. Reporting by Roshan Thomsen and Nikita Marie Jino from Bengaluru, Editing by Shilpa Majumdar.

(source: Reuters)