Solid quarterly updates from the two remaining energy groups yesterday for the three months to March in the shape of the Kerry Stokes-dominated Beach Energy and LNG exporter and power operator, Origin.
Origin Energy shares staged a modest rise yesterday on the back of news that the company had achieved record production and revenue in the June quarter thanks to higher production from its joint-owned APLNG project and higher oil and gas prices.
Commodity revenue was 5% ahead of Credit Suisse forecasts in the first quarter while LNG revenue was 12% ahead. The broker adjusts realised price assumptions for the next year relative to Brent oil pricing.
APLNG continues to increase cash distributions and the company has now guided to around $850m in FY19, ahead of UBS estimates. APLNG achieved the highest realised LNG price this quarter relative to other Australian E&P's.