Origin Quarterly Revenue Rises but Output Slips

By Robb M. Stewart Features Dow Jones Newswires

MELBOURNE, Australia--Origin Energy Ltd. (ORG.AU) logged a modest rise in third-quarter revenue thanks to higher prices that offset weaker production from operations beyond the big Australia Pacific LNG gas-export venture on Australia's east coast.

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The energy company said it realized stronger prices across all its products in the three months through March, helping lift sales revenue 3.4% quarter-over-quarter to 562.9 million Australian dollars (US$420.2 million).

Over the first nine months of the year, the recovery in oil and gas prices and the ramp-up of liquefied natural gas output at the APLNG venture and at its Otway gas operation in Australia's south more than doubled sales revenue to A$1.54 billion from A$753.1 billion the year before.

Third-quarter production was down slightly at 79.7 petajoules equivalent--a measure used to express the volume of different petroleum products based on energy content--while nine-month output rose 31% to 79.7 petajoules.

Origin said production at APLNG, one of three big LNG plants built on Curtis Island in northeastern Queensland, increased slightly over the recent quarter but fell at the Otway operation due to a scheduled shutdown.

The APLNG project with ConocoPhillips (COP) and China Petrochemical Corp. produced 151.4 petajoules in the quarter as a second production line ramped up and 27 cargos were loaded and shipped, Origin said. The plant shipped its 100th cargo in early April.

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Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

April 27, 2017 21:23 ET (01:23 GMT)