Origin Energy's APLNG revenues in the third quarter of 2018 are down on lower production and realised prices

Origin Energy, Australia's largest energy company, reported on Monday a 9% drop in revenue from its Australia -Pacific LNG project (APLNG), in Queensland. The decline was due to lower LNG prices realized and lower sales volumes.

Origin's APLNG production fell by 3% in the second quarter, to 36.9 petajoules. This is in line with company guidance that the joint venture would have a lower contribution in the second half due to less days and natural declines in the eastern and non-operated areas.

Origin realized US$9.51 per metric million British thermal units (mmBtu), for its LNG from the APLNG Project in Queensland. This compares to US$9.55 in the second quarter.

Frank Calabria, CEO of Octopus Energy, said: "Despite Octopus Energy’s continued growth in UK and international customers, as well as Kraken increasing the contracted accounts to 90,000,000, we now expect lower earnings for fiscal 2026."

According to the power producer, revenue from APLNG (a joint venture between U.S. oil and gas major ConocoPhillips & Sinopec) dropped by A$481m ($343.39m) for the quarter ended March 31 compared with A$528m in the previous three-month period. ($1 = 1.4008 Australian dollars) (Reporting by Shivangi Lahiri and Shruti Agarwal in Bengaluru)

(source: Reuters)