We’re the leading Australian integrated energy company supplying electricity to 4.2 million customers and developing and producing natural gas – a cleaner form of energy for customers in Australia and beyond. Origin also aspires to be the number one renewables company in Australia, by empowering our customers to reduce their carbon footprint through wind, solar and storage technology
As forecast, two more oil and gas players have revealed massive slides in earnings - Origin Energy (full year) and Santos (half-year). Santos will still pay a small interim dividend despite a big half-year loss. Meanwhile, Origin Energy just missed the red ink when it reported a 93% plunge in earnings for the year.
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Origin Energy has reaffirmed energy markets guidance despite increased bad debt provisions, while adding asset impairmentson lower oil price assumptions.
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Origin Energy has joined the growing list of energy companies writing down the value of their assets because they have been forced to slash future projections for prices.
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The US has brokered an historic oil production agreement between OPEC, Russia and the G20, although brokers are sceptical about whether this will have enough impact on supply/demand dynamics.
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Origin Energy has followed a long list of other companies in cutting spending to preserve cash during the current COVID-19 crisis.
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Credit Suisse assesses the fourth quarter produced a good result from LNG, with production in line with guidance despite Origin Energy curtailing production.
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Credit Suisse had been of the view that Origin Energy did not offer compelling value relative to oil & gas peers, based on implied prices and a negative outlook for energy markets.
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Origin Energy has retained its distribution guidance from its APLNG stake, which was under threat from the oil price collapse.
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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.
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APLNG cash flows were slightly ahead of Citi's expectations. The break-even operating oil price is now calculated at US$21/bbl.
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