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.
Read MoreCredit 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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Origin Energy has reaffirmed energy markets guidance despite increased bad debt provisions, while adding asset impairmentson lower oil price assumptions.
Read MoreOrigin 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.
Read MoreCredit 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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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.
Read MoreOrigin Energy has retained its distribution guidance from its APLNG stake, which was under threat from the oil price collapse.
Read MoreOrigin Energy has followed a long list of other companies in cutting spending to preserve cash during the current COVID-19 crisis.
Read MoreOrigin Energy’s interim profit took a number of blows from outages across its businesses in the six months to December – some own goals, others beyond its control.
Read MoreCommodity 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.
Read MoreOrigin Energy’s underlying profit might have surged more than 40% in the year to June, but the coming year will be tougher, so a new dividend policy will be adopted to handle any slowdown.
Read MoreAPLNG cash flows were slightly ahead of Citi’s expectations. The break-even operating oil price is now calculated at US$21/bbl.
Read MoreAPLNG 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.
Read MoreSolid 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.
Read MoreMacquarie points out earnings expectations in energy markets now reflect the falling LREC price and the inability for Origin Energy to offset this from other sources.
Read MoreMorgans observes the stock has declined -25% over the last year, amid concerns about regulation in the electricity market and a volatile oil price.
Read MoreOrigin Energy produced the second encouraging December quarter statement from an energy group yesterday after beach upgraded its output guidance by 10%.
Read MoreMacquarie believes the agreement between APLNG and Arrow provide some minor upside and an enhanced return. Of most significance is the potential for additional volumes from Arrow, as it lowers the medium-term risk of needing to ramp up fields to replace the Bellevue and Kenya production.
Read MoreOrigin Energy is well and truly in the black and is looking to restart dividends to patient shareholders in 2019.
Read MoreOrigin 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.
Read MoreMacquarie analysts have updated their modeling with an analysis of 4Q18 and FY18 electricity and gas data. On their assessment, demand remains soft in both markets with volatility shrinking.
Read MoreORG – Macquarie rates the stock as Upgrade to Outperform from Neutral
Read MoreYes, there is life after years of board inaction and overspending on LNG for Origin Energy.
Read MoreThe impairments continue at Origin Energy with another half a billion dollars plus of red ink revealed yesterday.
Read MoreOrigin Energy has posted a 40% jump in first half sales from its oil and gas business despite a fall in output in the December quarter in the last quarterly report before the sale of its Lattice Energy arm (to Beach Energy).
Read MoreThe company has reaffirmed guidance for energy markets operating earnings of $1.7-1.8bn in FY18. APLNG production guidance is to 45-265 PJ and a break even of US$48/boe.
Read MoreShares in Origin Energy rose to a two year high on Tuesday with some reports claiming the rise was due to the company revealing cost cuts at its flagship liquefied natural gas export operation in central Queensland.
Read MoreSeptember quarter APLNG production and pricing was in line with UBS estimates. The broker observes the Lattice Energy assets are no longer relevant to the company but it will book profits until the transaction is completed.
Read MoreOrigin shares hit two-year highs yesterday after the company released positive September quarter results.
Read MoreThe company will sell Lattice Energy to Beach Energy ((BPT)) for close to $1.6bn. Lattice consists of most of the company’s oil & gas assets in the Cooper Basin, offshore Victoria, New Zealand and Western Australia.
Read MoreOrigin’s result beat the broker by 2% and consensus by 5%. The forecast 6% growth in energy markets earnings in FY18 was key to the share price rally, the broker suggests. Wholesale electricity prices are the key driver of earnings.
Read MoreAs expected the heavy write down revealed last week in the value of its export LNG project in Queensland has seen Origin Energy report a $2.2 billion net loss for the year to June – more than three times the loss of a year earlier which saw a much smaller write down of the value of the LNG project.
Read MoreOrigin’s June Q production beat the broker by 12% thanks to outperformance at APLNG. Otway also exceeded expectations.
Read MoreShares in Origin Energy hardly moved yesterday after the company revealed that it had more than doubled annual sales of oil and gas, driven primarily by the ramp-up of its LNG export venture in Queensland and also by the growth in its conventional oil and gas business about to be spun off as Lattice Energy.
Read MoreMacquarie observes renewable investment continues to ramp up strongly and the 2020 renewable energy target appears increasingly achievable. Since 2019 REC prices have fallen to around $50-55/Megawatt-hour.
Read MoreOrigin Energy ((ORG)) has completed a tranche of asset sales with the sale of the the Darling Downs pipeline to China/Singapore-owned pipeline network operator Jemena for $392m. Totalling around $1bn, net proceeds from asset sales have now exceeded the original target of $800m and are projected to reduce the company’s net debt to below $8.5bn by June 2017. This is ahead of further debt reductions once the company’s Lattice Energy assets are spun out.
Read MoreThe Australian Energy Market Commission has started a review of five-minute pricing versus 30-minute pricing. A draft decision is due in July and a final decision in September.
Read MoreWith market dynamics playing into the company’s hands and the APLNG operations strong, Credit Suisse believes market optimism on the stock is not without merit.
Read MoreOrigin has closed a deal with Engie and Citi explains Origin is effectively renting 240MW of spare Pelican Point capacity in SA for a fixed fee from FY17-20.
Read MoreCredit Suisse finds some value at current levels despite a disappointing balance sheet. Rating is upgraded to Outperform from Underperform. Target is raised to $7.00 from $6.30.
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