Oct 31 (Reuters) – Australia’s Origin Energy (ORG.AX) on Friday posted a 12% sequential fall in revenue for the first quarter from its stake in the Australia Pacific LNG project, hurt by lower LNG volumes and prices.
The power producer reported revenue from the APLNG project — a joint venture with U.S. oil and gas major ConocoPhillips (COP.N) and China’s state-owned Sinopec (600028.SS) — of A$482 million ($313.20 million) for the three months ended September 30, compared with A$547 million in the June quarter.
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Liquefied natural gas prices hit multi-week lows over the quarter as lackluster demand across Asia persisted, especially from major LNG consumer and Australia’s largest trading partner, China, while production remained healthy alongside ample stockpiles.
Origin realised $10.08 per metric million British thermal units (mmBtu) in the quarter for its LNG product from the APLNG project in Queensland, compared with $10.26 per mmBtu in the June quarter.
The energy retailer’s total production share from the project remained stable in the three months compared to the previous quarter while total sales slipped 1% sequentially to 44.4 petajoules.
($1 = 1.5389 Australian dollars)
Reporting by Sneha Kumar and Nikita Maria Jino in Bengaluru; Editing by Alan Barona
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