🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

UPDATE 1-Australia's Origin Energy's APLNG project posts record qtly revenue

Published 31/07/2018, 10:46 am
© Reuters.  UPDATE 1-Australia's Origin Energy's APLNG project posts record qtly revenue
ORG
-
COP
-
NG
-
600028
-

(Adds revenue milestone, details on shutdown and one-off charge, background)

July 31 (Reuters) - Origin Energy Ltd ORG.AX , Australia's top electricity and gas retailer, said on Tuesday that its stake in the Australia Pacific LNG project (APLNG) earned record revenue in the June quarter, thanks to higher prices and increased production.

Revenue rose to A$570.2 million ($422.4 million) in the quarter ended June from A$464.4 million a year earlier.

Production for the quarter rose 4 percent to a record of 64 petajoules equivalent (PJe), from a year earlier.

Origin said that the joint venture expects to complete three separate planned maintenance shutdowns in the current quarter, with each resulting in a half-train outage for about a week.

An LNG "train" is the compressors used to make natural gas transportable in large volumes.

The firm added that it will record an one-off charge of $41 million as APLNG's intends to divest one of its permits due to lower likelihood of commercial development in the area.

APLNG is a joint venture between Origin, ConocoPhillips (NYSE:COP) COP.N and China Petroleum & Chemical Corp (Sinopec) 600028.SS .

($1 = 1.3501 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.