Origin Energy's APLNG revenues in the fourth quarter fell as lower LNG prices weighed.
Origin Energy, Australia, reported a sequential 6% decline in revenue for the fourth quarter from its stakes in Australia Pacific LNG project (APLNG), as lower commodity prices weighed down on earnings.
Origin faced pricing pressure during the second quarter of the year as China, the country's largest trade partner and major LNG consumer, showed a tepid growth in demand. Natural gas imports were also below last year's level due to the ongoing economic problems.
The company realized $10.26 for every metric million British Thermal Units (mmBtu), compared to $10.70 in the third quarter, on its LNG product produced by the APLNG Project in Queensland.
The project's share of production rose sequentially by 1%, to 46.5 Petajoules (PJ), with sales remaining flat.
The Sydney-based company said that it expects the production of APLNG in fiscal year 2026 to range between 635-680 PJ compared to the 682.1 in fiscal year 2025. It cited lower output from some of its non-operated and operated fields.
Origin owns a 27,5% stake in APLNG which is the biggest producer of natural gases in eastern Australia.
The power producer reported A$547m ($352.32m) in revenue for the quarter ended June from the APLNG joint venture, which is a joint project with U.S. Oil and Gas Major ConocoPhillips as well as Sinopec of China. This compares to A$583m (A$583 million) the previous quarter. Adwitiya Shrivastava, Nichiket Sunil and Alan Barona in Bengaluru reported the story.
(source: Reuters)
