Origin Energy (ASX: ORG) revenue jumps 7% in latest quarter on improved LNG prices and increased volumes

2 min read | April 30, 2024 02:57 PM AEST | By Team Kalkine Media

Google News:

Image source: © Pvl | Megapixl.com

Recent News

Southern Cross Electrical (ASX:SXE): Why Is This Industrial Stock Sudd...

Berkeley Energia (ASX:BKY): Are These Overlooked Penny Stocks Worth Wa...

Woodside (ASX:WDS): Could These Dividend Shares Add More Income to Sup...

Telstra (ASX:TLS): The Retirement Income Formula Hiding in Plain Sight...

Make Kalkine Media
My Trusted Source

Origin Energy (ASX: ORG) announced a significant uptick in third-quarter revenue from its Australia Pacific LNG (APLNG) project, marking a 7% sequential increase. This surge was primarily driven by heightened volumes and improved average realised LNG prices. The power retailer unveiled that its share of revenue from APLNG, a collaboration involving ConocoPhillips (NYSE:COP) and Sinopec (SHA: 600028), escalated to AU$633 million ($415.44 million) during the three months ending 31 March 2024, up from AU$591 million in the preceding quarter.

The revenue surge was further propelled by a remarkable 15% quarter-on-quarter surge in Origin Energy's share of production at the Queensland-based project, reaching 36.8 petajoules (PJ). Notably, the average realised LNG price in the March quarter stood at $12.17 per metric million British thermal units (mmBtu), marking an increase from $11.88 per mmBtu recorded in the December quarter.

During the reported period, liquefied natural gas (LNG) demand rebounded from previous lows attributed to subdued demand in both Asian and European markets, coupled with healthy inventory levels.

Origin Energy's performance in the third quarter underscores the resilience and profitability of its APLNG venture amid dynamic market conditions. The company's strategic collaboration with industry giants ConocoPhillips and Sinopec continues to yield favorable results, with sustained production growth and favorable pricing dynamics contributing to revenue expansion.

The robust financial performance in the LNG sector comes amidst ongoing efforts by Origin Energy to strengthen its position as a leading player in the energy market. The company's focus on operational efficiency, cost optimisation, and strategic partnerships has enabled it to navigate through challenging market conditions and capitalise on emerging opportunities in the LNG space.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.