Origin Energy Ltd.’s (ASX: ORG) stock edged lower after an initial surge of 1.4% on October 31, 2017 and has been up 20% this year to date (as at October 30, 2017). The Energy player got a boost from the recent movement in oil prices along with the progress at its projects as demonstrated through its recent quarterly result.
While the quarterly production remained stable over the preceding quarter, it was up 20% over the corresponding period of FY16. Improved Australia Pacific liquefied natural gas (APLNG) output and better production from the Otway fields led the production to be largely steady on the previous three months at 89.1 petajoules.
On the other side, the group could enhance its September quarter oil and gas revenue by 58% over corresponding quarter of FY16, at the back of ramp-up at its Australia Pacific liquefied natural gas project in Queensland and higher energy prices.Particularly, oil and gas revenue for the three months to September 30 has been said to jump up 58% to $678.6 million over the prior corresponding period while this was only 1% up over the preceding June quarter. There was a 16% rise in sales volume at 91.4 petajoules over prior year while down 1% from the June quarter.
It is worth noting that APLNGhas ramped up production over the past 18 months while the first cargo was produced from its second train in October 2016 and about 32 cargoes have been shipped during the September quarter.
On the other hand, Origin Energy had lately agreed to sell its Lattice Energy conventional oil and gas exploration business to Beach Energy under a $1.585 billion deal.
Quarterly Production (Source: Company Reports)
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