APLNG drives Origin revenues
PERTH (miningweekly.com) – Energy major Origin has reported a 36% increase in revenues from the Australia Pacific liquefied natural gas (APLNG) project in the 2019 financial year, as commodity prices increased.
The project produced 64 PJ of gas for Origin during the quarter ended June, with the company’s full-year share coming to 254.7 PJ, compared with the 253.6 PJ delivered in the previous financial year.
Origin received A$943-million in cash from APLNG in the financial year, which was above the A$850-million guidance, with revenues driven by the higher oil prices.
“APLGN continues its strong operational and financial performance. Revenue was up 36% on the prior year driven by higher effective commodity prices, which translated to A$943-million of cash flow to Origin,” said Origin CEO Frank Calabria.
“Pleasingly, a number of APLNG gas supply contracts were signed during the quarter with domestic manufacturing customers. This demonstrates the important role the gas industry plays in supporting local industry.”
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