Oz Origin's 1H Profit Spikes
Australian gas and power retailer, Origin Energy, said February 21 its underlying profit for the six months to December 31 (1H2019) rose 53% year-on-year owing to higher oil, gas and LNG prices.
Underlying profit from continuing operations in 1H rose to A$592mn (US$423.99mn) from A$388mn in the year ago period.
In a report published last month, Origin reported 2Q2019 Australia Pacific LNG (APLNG) revenue of A$741mn (Origin share), an increase of 45% compared with the same quarter in 2017. Its share of APLNG production was stable over the quarter at 63 petajoules (1.7bn m3).
APLNG (a joint venture comprising Origin, ConocoPhillips and Sinopec) is Australia’s largest producer of coalbed methane and supplies gas to Queensland’s domestic gas market, while also processing CBM into LNG for exports.
Commenting on the outlook for the year that ends June 30, 2019, Origin said it expects higher underlying profit compared with the previous year.