Australia Pacific LNG's revenue up in April-June

Australia Pacific LNG (APLNG) project's commodity revenue for the April-June quarter (Q4) was A$2.6bn (approximately $1.7bn), up 5% year/year due to higher domestic gas prices offsetting lower LNG prices, Origin Energy, one of the partners in the project, announced on July 31. The revenue was up 2% quarter/quarter. 

The average price of LNG was $11.7/mn Btu, down 4% year/year and 3% quarter/quarter. The realised domestic gas price was A$9.3/gigajoule (GJ), up 37% year/year and 35% quarter/quarter. Revenue for FY24 was 12% lower than FY23, primarily due to lower commodity prices. 

APLNG, a joint venture comprising Origin, ConocoPhillips, and China's Sinopec, is Australia's largest producer of coalbed methane (CBM). It supplies gas to Queensland's domestic market and processes CBM into LNG for exports.

Origin's revenue from its stake in APLNG fell to A$590mn for the quarter, compared with A$633mn in the previous quarter and A$611mn last year.

A consortium led by Brookfield Asset Management and MidOcean Energy, a unit of EIG, recently attempted an acquisition of Origin. However, the deal, which included Brookfield's acquisition of Origin's energy markets business and MidOcean's acquisition of the integrated gas business, including a 27.5% interest in APLNG, faced an unsuccessful outcome.

AustralianSuper, Origin Energy's largest shareholder, played a significant role in this scenario. It had repeatedly stated its intention to vote against the takeover bid.