Origin Energy Annual Revenue Jumps With Rise in Production

By Robb M. Stewart Features Dow Jones Newswires

MELBOURNE, Australia--Origin Energy Ltd. (ORG.AU) logged a more than doubling in sales revenue over the last financial year as production at the big Australia-Pacific gas export venture on Australia's east coast and from other assets jumped.

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Sales revenue jumped to 2.21 billion Australian dollars (US$1.76 billion) in the year through June, from A$1.08 billion the year before, as production climbed 40% to 323.2 petajoules equivalent, a measure used to express the volume of different petroleum products based on energy content, Origin said Monday.

For the final quarter, revenue increased to A$673.4 million from A$562.9 million in the prior three months and production rose 12% quarter-over quarter to 89.2 petajoules as output from the APLNG project increased and output from the Otway Basin in southern Australia rose.

Production at the APLNG operation, one of three liquefied natural gas plants built on Curtis Island in northeastern Queensland, rose by 9% on-quarter for the final three months of the financial year and the plant operated at more than 10% above "nameplate" capacity through May and June, Origin said.

The venture, which counts ConocoPhilips (COP) and China Petrochemical Corp. as partners, last week wrapped up a 90-day operations test of the two production lines as part of a project-finance review. When the final tests are completed, the remaining US$3.4 billion in shareholder guarantees for APLNG's US$8.5 billion project finance facility will be formally released.

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

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(END) Dow Jones Newswires

July 30, 2017 20:47 ET (00:47 GMT)