Origin Energy Limited

FY26 results: statutory profit rose to $1,574m, but underlying profit fell to $1,159m from $1,490m on lower oil-linked Integrated Gas earnings. Adjusted free cash flow rose to $2,074m, net debt 1.6x, final dividend 30c (60c for year). APLNG 2P reserves rose 332 PJ before production to 9,619 PJ.

annual report

June 2026 quarter: APLNG FY26 production 668 PJ and $911m of dividends to Origin, near the top of guidance. The data incident review found about 900,000 customers affected. Kraken and Octopus formally separated, with the US$1bn Kraken raise completed in July. FY27 APLNG production guided lower at 625-670 PJ.

quarterly activities report

Origin confirms customer data was accessed and disclosed without authorisation, possibly including names, addresses, birth dates and partial card or bank digits. CEO Calabria apologised. The number affected is not yet known. Follows the 22 July notice of a potential incident.

other

Origin says it is investigating a potential security incident that may involve unauthorised access to some customer data. It does not believe card or bank details are affected. The Cyber Security Centre and Federal Police have been notified.

other

Origin will keep all four Eraring units running until 30 April 2029, rather than closing from 19 August 2027. This is consistent with the 2024 NSW Government agreement. Eraring battery began operating in late 2025 and will reach 700MW/3,160MWh when complete.

asset acquisition disposition

Kraken is raising US$1bn in its first standalone round at a US$8.65bn valuation, paving the way for separation from Octopus (targeted mid-2026). Origin invests US$140m (~$210m) and waives Australian exclusivity for 1.5% extra equity, keeping its 22.7% economic interest.

asset acquisition disposition

FY25 statutory profit rose to $1,481m and underlying profit to $1,490m, helped by lower tax as APLNG dividends became fully franked. Underlying EBITDA fell to $3,411m. Final dividend 30c, 60c for the year (86% of adjusted free cash flow); adjusted net debt/EBITDA 1.9x.

half year report

FY25 guidance update: Energy Markets EBITDA narrowed to $1,300-1,400m (from $1,100-1,400m). Origin's share of Octopus EBITDA is now a $0-100m loss, versus up to a $100m gain before, on warm UK weather and subsidy issues.

other

APLNG's Sinopec price review, opened October 2024, concluded by mutual agreement with a lower contract slope from 1 January 2025. Origin expects its H2 FY25 share of APLNG EBITDA to be $55m lower. Contract runs to December 2035.

material agreement

HY25 statutory profit $1,017m (from $995m); underlying profit rose to $924m (from $747m) on Integrated Gas, though Energy Markets and Octopus earnings fell. Free cash flow was a $552m outflow on battery spending. Interim dividend 30c fully franked.

half year report

HY25 revenue rose 10% to $8,771m and profit attributable to members rose 2% to $1,017m. Interim dividend 30c fully franked, up from 27.5c. The Yanco Delta wind farm, about 1.5GW, is still pre-final investment decision.

half year report

December 2024 quarter: APLNG revenue rose 3% to $2,714m, but FY25 production guidance was cut to 670-690 PJ from 685-710 PJ on weaker well optimisation results. The third Eraring battery stage was approved, taking the battery to 700MW/2,800MWh.

quarterly activities report

APLNG, in which Origin holds 27.5%, received a price review notice from Sinopec on its long-term LNG supply contract. Any price change would apply from 1 January 2025; absent agreement it can go to expert determination. Outcome unknown.

material agreement

FY24 underlying profit rose to $1,183m (from $747m) and statutory profit to $1,397m, driven by Energy Markets and Integrated Gas. Final dividend 27.5c fully franked, 55c for the year (73% of free cash flow). FY25 Energy Markets EBITDA is guided lower.

half year report

Origin agreed with the NSW Government to run Eraring until 19 August 2027, two years later than the earlier August 2025 target. It may receive compensation of up to $225m a year for losses, or pay 20% of profits capped at $40m. Closure no later than April 2029.

material agreement

Origin agreed to buy Virya Energy's Yanco Delta project in NSW: a 1.5GW wind farm with an 800MWh battery, already approved. It pays $125m upfront plus up to $175m on milestones, funded from corporate debt. Origin will look for capital partners to build it.

asset acquisition disposition

Tony Lucas, an Origin executive of 22 years, will become CFO from 1 July 2024. He replaces Lawrie Tremaine, whose retirement was announced in February, resolving the successor search. Tremaine stays until end of July for handover.

director officer appointment

HY2024 underlying profit was $747m (up from $44m) and statutory profit $995m. A 27.5c fully franked interim dividend was set, up from 16.5c. Energy Markets EBITDA guidance improved, and the CEO said Origin will evaluate its key strategic choices after the failed takeover.

half year report

CFO Lawrie Tremaine, in the role since mid-2017, told the Board he intends to retire, expected at the end of July 2024. A search for a successor has begun. The announcement gives no reason beyond retirement.

director officer appointment

Origin will invest £280m (~A$530m) in Octopus Energy, lifting its stake from 20% to 23% at a £5.6bn pre-money valuation, about 60% above December 2021. Octopus is now the UK's largest electricity retailer. Completion needs UK FCA approval.

asset acquisition disposition

Origin terminated the March 2023 Scheme Implementation Deed with the Brookfield-led consortium and EIG because shareholders did not approve the scheme. This formally ends the takeover, so Origin stays independent and listed. The special dividend was conditional on the scheme and is not covered here.

material agreement termination

Shareholders rejected the Brookfield/EIG scheme: 68.92% of votes cast were in favour against the 75% needed, though 77.83% of shareholders voting backed it. The ~$9.39 a share offer lapses and Origin continues as a listed company.

business combination

The Board rejected the consortium's revised proposal as incomplete, complex and highly conditional, and said it undervalues shareholders. The 4 December vote proceeds on the existing scheme, now worth about $9.39 a share, at the top of the expert's range. The Board still unanimously recommends it.

business combination

Origin adjourned the 23 Nov scheme vote to 4 Dec after a non-binding revised proposal from the consortium arrived the night before. It said proxies suggested the scheme would likely have missed the 75% threshold. The Board called the alternative (a ~$12.3bn Energy Markets sale plus an EIG takeover, up to ~$9.08 a share) apparently inferior to the existing ~$9.43 scheme.

business combination

The consortium lifted its offer by 69c per share (about $1,200m) to a 'best and final' roughly $9.53 cash, above the independent expert's $8.45-$9.48 range. The Scheme Meeting stays on 23 November, with implementation pushed to 31 January 2024.

business combination

The court approved sending out the Scheme Booklet, and the independent expert, Grant Samuel, found the takeover fair and reasonable. Total cash is now about $8.81 per share, including a planned 39c special dividend, lower than the $8.912 implied at signing, with the Board unanimously recommending a yes vote.

business combination

The ACCC (competition regulator) granted conditional authorisation for Brookfield and MidOcean's acquisition of Origin, finding public benefits from faster renewables build-out finely outweigh competition harms. This clears a key hurdle for the takeover agreed in March.

regulatory community update

FY2023 statutory profit was $1,055m (versus a $1,429m loss) and underlying profit $747m, up $340m. Final dividend 20c fully franked, with FY2024 Energy Markets earnings expected to grow. APLNG distributions to Origin were $1,489m net of hedging.

annual report

Origin lifted FY2023 Energy Markets underlying EBITDA guidance to $950m-$1,200m, from the higher end of $600-730m. It cites stronger Octopus UK earnings, better domestic performance and cheaper coal supply. Bulb acquisition accounting leaves a wider-than-usual range.

other

Origin approved the first stage of the Eraring battery: a 460 MW, two-hour system costing about $600m, due online in the final quarter of 2025. Supply and construction agreements are signed; this resolves the pending final investment decision. Option to expand to 700 MW.

material agreement

Origin signed a binding Scheme Implementation Deed with Brookfield and MidOcean: A$5.78 plus US$2.19 per share for all holders, implying $8.912 (EV $18.7bn, 53.4% premium to pre-bid price). Board unanimously recommends, absent a superior proposal and subject to independent expert and approvals.

business combination

The consortium revised its non-binding proposal to $8.90 per share, down from $9.00, with a US dollar component for larger holdings tied to APLNG distributions. It is reduced by dividends, with a 4.5c monthly fee after 30 Nov 2023. The Board will keep negotiating.

business combination

Half-year results: underlying profit fell to $44m from $268m; statutory profit $399m. Interim dividend 16.5c fully franked, paid 24 March 2023. Origin finished the Beetaloo sale and has agreed with Buru to exit the Canning Basin. Energy Markets earnings are expected near the top of guidance.

half year report

Origin raised FY2023 Energy Markets EBITDA guidance to $600-730m from $500-650m, excluding any coal price cap effects. APLNG production guidance was cut to 660-680 PJ from 680-710 PJ after wet weather. LNG trading outlook improved.

other

Origin received a non-binding $9.00 cash per share proposal from Brookfield and EIG's MidOcean (valuing Origin at $18.4bn enterprise value), up from $7.95 in August. Origin granted exclusivity for due diligence and intends to recommend a binding offer at that price, subject to conditions.

business combination

Origin completed the sale of its Beetaloo interest to Tamboran (B1), receiving $60m net, with a royalty and a conditional gas sale agreement in place. A $70-90m non-cash post-tax loss is expected. The exploration permit review continues.

asset acquisition disposition

Origin restored the guidance withdrawn in June: FY2023 Energy Markets underlying EBITDA of $500-650m (FY2022: $365m), and APLNG production 680-710 PJ, likely towards the lower end after wet weather. A capital management decision is flagged for February 2023 half-year results.

other

Origin will sell its 77.5% Beetaloo Basin interest to Tamboran (B1) for $60m upfront plus a 5.5% royalty, and plans to exit its other exploration permits over time. This ends the eight-year Beetaloo exploration with Falcon; a non-cash post-tax loss of $70-90m is expected. Falcon holds a pre-emptive right.

asset acquisition disposition

Origin released its first Climate Transition Action Plan, with a net zero by 2050 ambition covering Scope 1, 2 and 3. It targets a 40% cut in emissions intensity by 2030 (FY2019 base), which delivers the updated 1.5°C-aligned targets promised in March. It goes to an advisory vote at the AGM.

regulatory community update

Full-year results: underlying profit up 30% to $407m, statutory loss $1,429m on the $2,196m non-cash impairment. Record $1,595m APLNG distribution; net debt $2,838m. Final dividend 16.5c (75% franked), total 29c for the year. Eraring coal contracts now 4.4 million tonnes for FY23.

half year report

FY2022 annual report: underlying profit $407m, statutory loss $1,429m after a $2,196m non-cash impairment, free cash flow $1,062m, adjusted net debt down to $2,838m. Final dividend 16.5c, partly franked, paid 30 September 2022.

annual report

Origin will invest a further £94m (~$163m) in Octopus Energy to hold its 20% stake, at the same price as September 2021. Recent raisings value Octopus above £3.5bn, versus Origin's initial May 2020 investment; Kraken migration of Origin customers remains on track for end 2022.

asset acquisition disposition

Origin raises FY22 Integrated Gas EBITDA guidance to $1,700-1,800m but cuts Energy Markets to $310-460m (was $450-600m) on Eraring coal shortfalls. It withdrew all FY23 guidance. $185m of the $250m buyback is done.

other

Strategy refresh presentation built on retail growth, renewables and storage, and maximising cash flow. Announces a $250m share buyback as part of capital allocation, and says emissions targets will be updated to a 1.5°C pathway.

investor presentation

Origin completed the sale of 10% of APLNG to ConocoPhillips for $2bn net, resolving the pre-emption question; EIG is not the buyer. Origin now holds 27.5% (ConocoPhillips 47.5%, Sinopec 25%) and stays upstream operator.

asset acquisition disposition

Origin gave AEMO notice it may retire the Eraring coal plant in August 2025, brought forward from the previous 2032 target. A battery of up to 700 MW is planned on site. Eraring's rehabilitation provision is about $240m, based on the earlier 2032 date.

other

Half-year underlying profit up 18% to $268m; statutory loss $131m reflecting charges on the APLNG sale. FY22 EBITDA guidance raised to $1,950-2,250m. Interim dividend 12.5c (66% of free cash flow). Also signals possible Eraring closure in mid-2025.

half year report

Origin agreed to buy WINconnect, adding 87,000 embedded network and hot water customers plus 36,000 contracted apartments, for a net $42.4m post-tax. It is linked to Intellihub metering changes and a refinancing; completion needs FIRB and other approvals, targeted first half 2022.

asset acquisition disposition

ConocoPhillips exercised its pre-emption right over Origin's 10% APLNG sale at the same $2.12bn price, subject to FIRB approval. Sinopec has until 17 December to decide. If either takes the stake, the EIG deal lapses and Origin's cash-call guarantee ends.

asset acquisition disposition

Origin agreed to sell 10% of Australia Pacific LNG to EIG for $2.12bn (about $2.0bn net), cutting its stake from 37.5% to 27.5%. Origin stays upstream operator. FY2022 APLNG cash flow guidance stays above $1bn. Subject to ConocoPhillips and Sinopec pre-emption rights.

asset acquisition disposition

Generation Investment Management will buy about 7% of Octopus Energy for £211m, valuing it at about £3bn (A$5.5bn), triple the value when Origin invested in 2020. Origin adds £38m (~A$70m) to keep 20%, replacing the earlier £36m estimate.

capital raising announcement

FY2021 statutory loss of $2,291m, mostly $2,247m of non-cash impairments and deferred tax, as flagged on 30 July. Underlying profit $318m (FY20 $1,023m); free cash flow $1,140m; net debt $4.6bn; unfranked final dividend 7.5c.

annual report

Origin expects FY2021 non-cash charges of $2,247m: $1,578m impairments of Energy Markets goodwill and generation assets, and a $669m deferred tax charge on APLNG. FY2022 Energy Markets EBITDA guided down to $450-600m; APLNG distributions were $709m in FY2021.

other

APA Group announced a final investment decision on a roughly $270m, 25% expansion of its East Coast Grid, and a new three-year gas transport agreement with Origin from 1 January 2023 worth about $190m to APA. Supports Origin's southern supply.

material agreement

An arbitrator's partial award sets a materially higher price for Origin's Beach Energy Otway Basin gas, adding $30-40m to FY2021 costs and $60-80m in FY2022. Energy Markets EBITDA guidance is cut to $940-1,020m; APLNG distribution now expected above $650m.

other

Origin cuts FY2021 Energy Markets EBITDA guidance to $1,000-1,140m (from $1,150-1,300m), citing COVID-19, a mild summer and higher gas costs linked to JKM. APLNG production guidance rises to 685-705 PJ, and expected Origin cash distribution is $575-675m.

other

Origin will invest a further £36m (about A$65m) in Octopus Energy to hold its 20% stake, after Tokyo Gas takes 9.7% for US$200m. Paid in tranches, 75% in FY2021. Origin says its 50,000-customer Kraken target is already reached. Binding once the Tokyo Gas deal is executed, expected Q1 2021.

material agreement

Origin farms into seven Canning Basin permits (20,000 km2): 50% in five with Buru, 40% in two with Buru and Rey, carrying $12.3m of partners' costs. Expected Origin spend about $35m over two years, with options for a further $10.6m. A third onshore basin alongside Beetaloo and Cooper-Eromanga.

farm in farm out agreement

Full-year result: statutory profit $83m after impairments, but underlying profit stable at $1,023m. Free cash flow rose to $1,644m and adjusted net debt fell $773m to $4,644m. Final dividend 10c unfranked, 25c total, 27% of free cash flow, below the 30-50% target range.

half year report

Chairman Gordon Cairns, in the role since October 2013, will retire after the 20 October 2020 AGM. Director Scott Perkins, on the board since 2015, has been elected to succeed him.

director officer appointment

Full-year filings: statutory profit fell 93% to $83m (from $1,211m) on the impairment and onerous contract charges flagged on 15 July. Revenue fell 11% to $13,157m. Final dividend is 10c unfranked, paid 2 October 2020.

annual report

Origin expects non-cash post-tax charges of $1,160-1,240m in FY2020 statutory profit, including a $720-770m APLNG impairment and a $440-460m Cameron LNG onerous contract provision. It expects no cash impact and no change to guidance. The charges are driven by lower commodity price assumptions.

other

Comet Ridge reports Mahalo has been granted petroleum leases PL 1082 and PL 1083 for 30 years, the final regulatory approval. The partners now work towards a final investment decision. APLNG holds 30%, with Origin as development operator. Resolves the lease applications lodged in September 2019.

regulatory community update

Origin partners with UK retailer Octopus Energy, taking a 20% stake and a licence to its Kraken platform. It pays $134m upfront and $373m over four financial years. Targeted savings are $70-80m in FY2022, rising to $100-150m a year from FY2024.

material agreement

Origin raises its Beetaloo interest by 7.5% to 77.5% by increasing its carry of Falcon's costs from $34m to $59m, and gains more control as operator. COVID-19 pause delays Kyalla 117 stimulation and testing to H1 FY2021. Supersedes the earlier planned Sasol route to 70% (inference).

farm in farm out agreement

Origin responds to COVID-19 and the oil price fall: Energy Markets FY2020 EBITDA guidance of $1.4-1.5bn kept, APLNG distribution $1.1-1.3bn unchanged, FY2020 capex 5-10% lower, and FY2021 capex cut targeted at 25-30%. It says it has more than 24 months of committed undrawn liquidity.

other

Half-year results: statutory profit $599m (down $197m), underlying profit $528m (down 11%), free cash flow up 22% to $680m. Interim dividend lifted to 15c from 10c. Energy Markets hurt by price re-regulation and outages; APLNG set a record 358 PJ. Full-year APLNG distribution guidance is $1.1-1.3bn.

half year report

September 2019 quarter: APLNG production rose 3% year on year, and Integrated Gas revenue rose 7% to $688m. Beetaloo drilling restarted with Kyalla 117 spudded 9 October after a three-year gap. The $231m Ironbark sale to APLNG settled 5 August. Energy Markets volumes fell, in line with guidance.

quarterly activities report

FY2019 statutory profit $1,211m and underlying profit $1,028m (up from $726m); adjusted net debt $5.4bn, reaching the lower end of the target capital structure. A fully franked 15c final dividend (25c for the year) and a new policy of paying 30-50% of free cash flow are announced; safety rate worsened to 4.5.

annual report

June 2019 quarter: Origin received $943m cash from APLNG in FY2019, above the $850m guidance, with APLNG revenue up 36%. Ironbark sale ($231m) is expected to complete in August; a $160-180m non-cash remediation provision is flagged for a South Australian former gas works site.

quarterly activities report

Origin gives notice it will redeem the €1bn capital securities due 2074 at their first call date, 16 September 2019. This resolves the open hybrid call question and removes the hybrid from the balance sheet.

debt financing

Origin reports HY2019 statutory profit of $796m and underlying profit of $592m, and reinstates the dividend with a fully franked 10 cents, delivering the restart flagged in August. Adjusted net debt fell $438m to about $6bn.

half year report

Origin agrees to sell Ironbark (129 PJ 2P reserves) to APLNG for $231m, resolving the FEED-versus-alternatives review from August. Expects a $34m post-tax impairment. Subject to ACCC and foreign investment approvals; Origin stays upstream operator.

asset acquisition disposition

Origin agrees to buy OC Energy for $58m ($33m upfront, $25m deferred), adding 55,000 hot water and embedded network customers, with about 30,000 more expected. Expands its centralised energy services business; completion targeted this quarter.

asset acquisition disposition

Greg Lalicker, CEO of US private oil and gas producer Hilcorp, joins the Origin board as an independent non-executive director from 1 March 2019. Chairman Cairns says he adds industry and strategy experience.

director officer appointment

APLNG (Origin 37.5%) signed infrastructure-sharing with QCLNG from 2020 to 2035, and will buy up to 350 PJ of QCLNG gas over 10 years from 2024 at an oil-linked price. Subject to Arrow Energy investment decisions.

material agreement

Origin reports FY18 statutory profit of $218m (FY17: $2,226m loss) and underlying profit up $438m to $838m. Adjusted net debt fell $1.6bn to just under $6.5bn, meeting the below-$7bn target. No final dividend; the board says its outlook supports restarting dividends in FY2019.

annual report

Origin agrees to sell its Acumen metering business for $267m to intelliHUB, owned by Pacific Equity Partners and Landis+Gyr, with completion expected by 30 June 2018. Origin commits to a long-term metering contract with Acumen. Adds to debt-reduction asset sales.

asset acquisition disposition

Origin reports a half-year statutory loss of $207m, after $533m of impairments, but underlying profit rose $255m to $428m and underlying EBITDA 51% to $1.49bn. Dividend stays suspended and Energy Markets guidance is raised to $1.78-1.85bn. Net debt was $7.9bn before the Lattice proceeds.

half year report

Origin intends to redeem its €500m Capital Securities due 2071 on their first call date, 16 June 2018. S&P is expected to stop giving 50% equity credit to this and the €1bn 2074 securities; Origin says this is not a rating event under their terms.

debt financing

Origin expects $533m of post-tax non-cash impairments for 1H FY18: $360m on Ironbark after 2P reserves fall from 249 to 129 PJe, plus $173m on Lattice. Ironbark moves to a staged plan targeting first gas in FY2021. Confirms the Lattice charge flagged earlier.

resource reserve update

Origin completes the $1,585m Lattice Energy sale to Beach. After the $190m Benaris acquisition, costs and taxes, proceeds close out oil forward sales ($266m) and cut debt by about $1bn. Origin expects accounting charges of about $220-240m, subject to its 15 February half-year accounts.

asset acquisition disposition

AWE lifts Waitsia gross 2P reserves 80% to 820 PJ (Origin's 50% share 410 PJ), with 2P plus 2C of 910 PJ. It cites Waitsia-4 testing at 90 MMscf/d. Confirms the earlier RISC review; the asset passes to Beach on Lattice completion.

resource reserve update

Origin commits to cut absolute scope 1 and 2 emissions 50% by 2032 and value-chain scope 3 emissions 25% on 2017 levels, excluding Lattice. Targets are endorsed by the Science Based Targets initiative. Delivers the emissions target promised before end 2017.

regulatory community update

An independent RISC review lifts Waitsia gross 2P reserves 78% to 811 PJ (3P 1,220 PJ), versus AWE's 30 June 2017 figure. Origin holds 50% via Lattice, being sold to Beach. Delivers the reserves upgrade expected in 1H FY18; AWE targets a Stage 2 FID by end 2017, subject to gas sales agreements.

resource reserve update

AWE reports Waitsia-3 (Origin 50%) flowed gas from the Kingia Sandstone at a maximum 50 MMscf/d, better than Waitsia-1. This is the early Q4 flow test planned earlier; Waitsia-2 and -4 follow, with testing due to finish by end November. Supports the Stage 2 final investment decision.

flow test result

Origin agrees to sell Lattice Energy to Beach Energy for $1,585m, effective 1 July 2017, resolving the IPO-or-trade-sale question. Origin keeps long-term gas and LPG supply from Lattice. Proceeds cut debt toward the below-$7bn target by June 2018. Completion needs NZ approvals.

asset acquisition disposition

Origin agreed that Lattice Energy will buy Benaris' 27.77% of the Otway Gas Project (plus its exploration JV interests) for $190m, taking Lattice to 95%. It completes only when Lattice is divested. A separate $60m payment adds 11.89 PJ of 2P reserves. This prepares Lattice for sale.

asset acquisition disposition

The remaining US$3.4bn of shareholder guarantees on APLNG's US$8.5bn project finance facility were released after the project met all lenders' completion tests. This followed the US$5.1bn released in October 2016 after Train 1 passed its tests.

joint venture update

AWE says Waitsia-4 (Origin 50%) found 21m of net gas pay in the Kingia, with reservoir quality similar to Waitsia-3 and better than expected. It is cased for production, and no more appraisal drilling is needed before FID. A flow test of Waitsia-2, -3 and -4 is planned early Q4 2017, with a reserves upgrade expected in 1H FY18.

drilling result

Origin reports FY17 underlying profit of $550m (up 51%) and underlying EBITDA of $2.53bn, but a statutory loss of $2.22bn after $3.1bn of non-cash impairments. No final dividend is paid, to prioritise debt reduction. FY17 net debt fell $1bn to $8.1bn.

half year report

Origin expects a further $1.2bn post-tax non-cash impairment in 2H FY17: $815m for its 37.5% share of APLNG (lower oil price assumption of US$67/bbl from 2022) and $357m for Lattice Energy. Total FY17 impairments reach $3.1bn. Lattice sale execution is targeted by end 2017.

financial restatement

APLNG finished the 90-day operational phase of its two-train lenders' test, averaging more than 10% above nameplate capacity. Formal certification is expected in Q1 FY2018, after which the remaining US$3.4bn of shareholder guarantees will be released. This resolves part of the earlier test timeline.

joint venture update

AWE spudded Waitsia-4 on 9 July (Origin 50%), planned to 3,834m over about five weeks. It is the last appraisal well before the Stage 2 FID. AWE says Waitsia-3 and -4 data should support a 2P reserves upgrade before end 2017.

drilling spud

Silver Star-1 DW-1 (Origin 33.75%): while running production casing, unstable coals in the 1,180m horizontal section collapsed and damaged it. The well is suspended pending replacement casing. The JV still plans frac and testing in first half FY18; weekly reporting is paused.

drilling result

AWE spudded the Waitsia-3 appraisal well on 19 May 2017 (Origin 50%), planned to 3,706m over about seven weeks. It is the first of two appraisal wells before the Stage 2 final investment decision. Reserves will be reviewed afterwards.

drilling spud

Origin sells the Darling Downs Pipeline Network to Jemena for $392m, taking its divestment program to $1bn against the original $800m target. Completion is due by 30 June 2017. Origin says it is on track for net debt well below $9bn by that date.

asset acquisition disposition

Origin sells the Stockyard Hill Wind Farm project (up to 530MW) to Goldwind for $110m and will buy all its output from 2019 to 2030 at below $60/MWh. Proceeds go to debt reduction. Renewables commitments reach 1,200MW against a 1,500MW target.

asset acquisition disposition

Origin buys Sasol's 35% of the Beetaloo Joint Venture, lifting its stake to 70% (Falcon holds 30%), following the Feb 2017 discovery with 6.6 TCF gross contingent resource. Price is not stated, the deal has conditions, and no immediate capital is needed.

asset acquisition disposition

Origin sells its Darling Downs Solar Farm project to APA and will buy all its output from 2018 to 2030, ending the pending FID thread. Origin recoups its development costs; completion is expected in May 2017. Sale price is not stated.

asset acquisition disposition

Integrated Gas CEO David Baldwin, who led the APLNG project, steps down at end April and stays as adviser. Mark Schubert, ex-Shell and Origin's commercial head, becomes Executive General Manager, Integrated Gas from 1 May 2017.

director officer appointment

Origin signs two deals with ENGIE: a fixed-charge agreement giving it 240MW of Pelican Point power station output (1 Jul 2017 to 30 Jun 2020) for South Australian customers, and a sale of 8 PJ of gas to ENGIE over 2018-19.

material agreement

Half-year financial statements to 31 December 2016: a statutory net loss of $1,677m, against a $254m loss a year earlier, with revenue of $6.3bn. No interim dividend, against 10 cents a year earlier. Net tangible assets per share fell to $4.33.

half year report

Half-year statutory loss of $1.68bn, mostly the $1.9bn impairment announced the day before. Underlying EBITDA rose 32% to $1.15bn but underlying profit fell 28% to $184m. No interim dividend. IPO of the conventional assets is said to be on track for 2017.

half year report

Origin submits the Amungee NW-1H discovery report, with a Beetaloo 2C contingent resource of 6.6 TCF gross (2.3 TCF net to Origin's 35%) in the Velkerri B Shale. It follows the 2016 test. A Northern Territory fracking moratorium remains in place.

resource reserve update

Origin expects a $1.9bn after-tax non-cash impairment in its half-year result: $1,031m its APLNG share, $578m Browse Basin, $170m assets bound for the planned IPO, $114m Energía Austral. APLNG's discount rate rose from 9.0% to 10.2%. FY17 EBITDA guidance improves to $2,450-2,615m.

financial restatement

Origin names Woodside CFO Lawrie Tremaine as its new CFO, ending the search under acting CFO Gary Mallett. He starts after his notice period at Woodside. Origin's half-year results follow on 16 February.

director officer appointment

Origin signs a binding LNG sale agreement with ENN for 280,000 tonnes a year for five years, extendable by five. Deliveries begin 2018 or 2019 after ENN's terminal is built. The earlier non-binding March 2016 deal was 500,000 t/yr, so volume is lower.

material agreement

Origin plans to float its conventional upstream business (Otway, BassGas, Kupe, Perth, Cooper, Bonaparte, Canterbury) as a new ASX-listed company, 2P reserves 948 PJe and FY16 production 75 PJe. It keeps APLNG, Browse and Beetaloo. Aim is faster debt reduction; no shareholder vote needed and no ongoing stake intended.

asset acquisition disposition

APLNG's Train 1 passed lenders' tests, releasing US$5.1bn (60%) of shareholder guarantees on its US$8.5bn project finance. Origin's guaranteed amount falls US$1.9bn to US$1.3bn. The remaining US$3.4bn is released after Train 2 tests in calendar 2017.

debt financing

Origin extended $4.51bn of bank facilities, due December 2018, to October 2021. Total facility limit stays at $7.4bn, with $6.6bn committed and undrawn at 30 September 2016. This pushes out debt maturities.

debt financing

Origin reports a hydrocarbon discovery at Amungee NW-1H, the final Stage 1 well in the Beetaloo Basin (EP98). Gas flowed at 0.8-1.2 mmscf/d while still flowing back frac fluid; testing continues and resource size is not yet estimated.

drilling result

APLNG produced its first cargo from Train 2 and has shipped 47 cargoes in total. The 120-day Train 1 lenders' test is done, with project finance completion expected by end of 2016. This delivers the Train 2 first cargo expected in Q2 FY2017.

production update

Partner AWE reports an independent RISC certification of Waitsia (Origin 50%) 2P reserves at 460 Bcf gross, 34% above AWE's 344 Bcf. AWE keeps the lower booked figure until 2017 appraisal drilling. Origin's reserves are not changed by this.

resource reserve update

Energy Markets CEO Frank Calabria is appointed Managing Director and CEO, taking over from Grant King after the 19 October 2016 AGM; King retires at end October. Fixed pay is $1.7m. The Chairman says the short-term focus remains debt reduction.

director officer appointment

Partner AWE reports commercial gas sales from Waitsia Stage 1A (Origin 50%) have begun, on time and within the $18m budget, at 10 TJ/d. This resolves the expected first gas; Stage 2 could lift capacity to 100 TJ/d, with two wells planned in 2017.

production update

The 100%-Origin Halladale/Speculant offshore Otway fields have come online, expected to lift Otway Gas Plant output by up to 80 TJ/day and grow EBITDA from FY2017. This delivers the first gas expected in early FY2017.

production update

FY2016 underlying profit from continuing operations was $354m, down 41%, with a statutory loss of $589m. No final dividend is paid, resolving the earlier suspension risk. Adjusted net debt fell $4bn to $9.1bn, and Train 2 production is expected in Q2 FY2017.

annual report

Origin's 2P reserves rose 17 PJe to 6,277 PJe at 30 June 2016. Gains in Waitsia (+216 PJe) and Kupe (+71 PJe) were offset by 102 PJe of downgrades in Cooper, Otway and Bass, after 231 PJe of production. APLNG 2P fell to 5,073 PJe.

resource reserve update

Origin agreed to sell the 30 MW Cullerin Range Wind Farm to DUET's Energy Developments for $72m cash, keeping a long-term offtake. Lifts divestment proceeds to $468m toward the $800m target (up from $396m); subject to standard conditions.

asset acquisition disposition

Partner AWE raised Waitsia gross 2P reserves 93% to 344 Bcf, and 2P plus 2C to 630 Bcf (previously 484 Bcf). Origin holds 50% of L1/L2. Stage 1A first gas of 10 TJ/d is on track for the September quarter, with two more appraisal wells planned for 2017.

resource reserve update

Origin agreed to sell the Mortlake Pipeline to SEA Gas Mortlake for $245m cash (14.4x FY2017 EBITDA), keeping long-term transport and storage services. Recent disposals now total $396m toward the at least $800m target. Completion is expected after 30 June 2016.

asset acquisition disposition

Karen Moses steps down as Executive Director, Finance and Strategy on 16 May 2016 and retires at the end of August. A new CFO role reporting to the MD is created; Gary Mallett acts while an internal and external search runs. This resolves the earlier succession question only on an interim basis.

director officer appointment

Origin signed a 13-year PPA for all output of FRV's proposed 100 MW Clare Solar Farm in north Queensland, with an option on a further 35 MW. Follows the Moree PPA in March; construction starts later in 2016, with operations expected in 2017.

material agreement

March quarter production was 60.9 PJe, up 12% on December, as APLNG shipped 11 LNG cargoes. Train 1 is running above its 4.5 mtpa design rate and Train 2 first cargo is expected in the first half of FY2017. FY16 underlying LNG EBITDA guidance rises to $100-150m from $30-80m.

quarterly activities report

Origin agreed to sell its 50% interest in OTP Geothermal, holder of the 240 MW Sorik Marapi project in Indonesia, to KS Orka for US$30m cash. Part of the debt-reduction and exit-geothermal strategy; subject to Indonesian government approvals.

asset acquisition disposition

Origin signed a 15-year power purchase agreement for all output of FRV's 56 MW Moree Solar Farm in NSW. It is Origin's first Australian solar PPA, adding to nine wind farm offtake agreements. It also notes a Darling Downs solar site shortlisted for ARENA funding.

material agreement

Origin signed a non-binding heads of agreement to supply ENN of China 500,000 tonnes of LNG a year for five years. A binding contract is expected in the second half of 2016, with deliveries from 2018 or 2019. It is not yet binding.

material agreement

Half-year statutory loss of $254m (vs $25m loss a year earlier); underlying profit $243m from continuing operations. Includes a $244m non-cash impairment. Interim dividend cut to 10 cents from 25. Net debt $9.3bn, with a target below $9bn in FY17.

half year report

Origin agreed to sell Mortlake Terminal Station to AusNet Services for $110m cash, with an expected pre-tax gain of about $25m. It counts toward the $800m asset sale target. Completion is expected before 30 June 2016, subject to FIRB and other conditions.

asset acquisition disposition

High Peak says Mosman has terminated the agreement to buy Origin's NZ Taranaki onshore assets (NZ$10m), as it no longer meets Mosman's criteria at current oil prices. The sale Origin announced does not proceed; the assets stay with Origin.

asset acquisition disposition

Origin says it has over $6.5bn of undrawn committed debt and cash, no material refinancing until FY2019, and no rating-linked covenants. Remaining APLNG contributions stay at $1.8bn; at US$20 oil the extra would be about $200m. Clarifies market concerns.

debt financing

The first LNG cargo, on the Methane Spirit, left Australia Pacific LNG's Curtis Island plant on 9 January. This delivers the first export Origin had targeted, after more than seven years of work. Origin holds 37.5%.

production update

AWE and Origin (50/50) approved Stage 1A of Waitsia: Waitsia-1 and Senecio-3 tied to the Xyris facility, gross capex $17.5m, first gas August 2016. Alinta takes 10 TJ/day for 2.5 years. This moves Waitsia from appraisal toward production.

farm in farm out completion

Origin bought put options on 15m barrels of oil for FY2017 (strike A$55/bbl for 75%, US$40/bbl for 25%) and forward sold LNG cargoes. Cost is $82m after tax. It aims to limit extra APLNG contributions beyond the $1.8bn if oil falls.

material agreement

Australia Pacific LNG began producing LNG at Curtis Island, the last major milestone before first export. Origin says the first cargo remains on track by end of 2015. Origin holds 37.5% of the project.

production update

NZOG notes Genesis announced a 33% upgrade to Kupe reserves, after review by Gaffney Cline. Origin operates Kupe with 50%. It is broadly in line with NZOG's own 27 October upgrade. No volumes are given in this notice.

resource reserve update

Retail shortfall bookbuild cleared at $5.35, $1.35 above the $4.00 offer price, completing the $2.5bn raising. Retail raised $1.19bn. Holders who did not take up, and ineligible holders, receive $1.35 per share, paid from 9 November. New shares trade from 5 November.

capital raising announcement

Origin's retail entitlement offer took up 66% of available new shares, with $791m in applications at $4.00. About 101m unclaimed shares go to a bookbuild on 28 October. This is the second stage of the $2.5bn raising, after institutional ~$1.35bn.

capital raising announcement

AWE's Waitsia-1 flowed gas at 25.7 mmscf/d from the second zone (Kingia), constrained by tubing size. Combined with the High Cliff's 24.7 mmscf/d, that is over 50 mmscf/d. Origin holds 50% of L1/L2; AWE says fewer wells may be needed.

flow test result

Karen Moses, Executive Director Finance and Strategy, will retire after 21 years, staying until at least end February 2016. Her AGM re-election is withdrawn. She says the equity raising and APLNG's imminent completion provide the foundation for the future.

director officer appointment

High Peak Royalties and Mosman Oil and Gas will buy Origin's onshore Taranaki (NZ) producing assets for NZ$10m total, HPR 30% and Mosman 70%, with completion scheduled for December 2015. It continues Origin's asset sales; the assets produce about 603 boepd.

asset acquisition disposition

AWE's Waitsia-1 well flowed gas at 24.7 mmscf/d from the High Cliff Sandstone, limited by tubing size. Origin holds 50% of the Perth Basin L1/L2 permits. A second zone test follows, with testing due to finish by end November.

flow test result

Origin's institutional entitlement offer raised about $1.35bn at $4.00, with roughly 92% take-up. The shortfall cleared at $5.20, so non-participants get $1.20 per share. The retail offer for the remaining $1.2bn opens 13 October, completing the $2.5bn raising.

capital raising announcement

Origin launched a fully underwritten $2.5bn 4-for-7 entitlement offer, plus $2.2bn of other measures: $1.0bn capex and working capital cuts, FY16-17 dividend cut to 20cps, up to $800m asset sales. It targets net debt below $9bn by FY17 and exits geothermal and international exploration, reversing the earlier 50cps dividend intention.

capital raising announcement

Armour Energy agreed to buy Origin's Roma Shelf oil and gas assets in the Surat Basin for $10m cash plus $3m deferred. The assets include the Kincora gas plant, on care and maintenance since 2012. Some interests carry pre-emptive rights. This is a small sale of mature conventional assets by Origin.

asset acquisition disposition

Operator AWE lifted Waitsia gross 2P plus 2C gas from 290 to 484 Bcf after Waitsia-2, booking initial gross 2P of 178 Bcf and 2C of 306 Bcf. Origin holds 50% of L1/L2. Early development targets production by mid-2016.

resource reserve update

Origin lodged its FY15 full-year documents: statutory loss of $658m (FY14 profit $530m) on revenue of $13,804m. Final dividend is 25 cents, unfranked, paid 28 September. Detail is in the accompanying results release.

annual report

Origin reported a FY15 statutory loss of $658m, from impairments (including Contact and upstream), currency effects and interest. Underlying profit was $682m, down 4%. Final dividend is 25cps. Liquidity is $5.8bn, and APLNG Train 1 sustained production remains due Q2 FY16.

annual report

Origin expects a further non-cash post-tax impairment of about $337m on upstream assets in FY15 results: Cooper $180m, Bass $122m, Otway $35m, citing reserves revisions, development plans and lower oil prices. This is on top of the earlier $53m NZ onshore charge. No APLNG impairment.

other

Origin completed the bookbuild selling its 53.09% Contact Energy stake at NZ$4.65 a share, fully underwritten. Settlement on 10 August brings NZ$200m plus about A$1.4bn, used to redeem NZ$200m preference shares and repay debt. An impairment of about A$270m is expected in FY15 results.

asset acquisition disposition

Origin agreed an underwritten sale of its entire 53.09% Contact Energy stake at NZ$4.65 per share, for about NZ$1.8bn net proceeds. Proceeds repay debt and redeem NZ$200m of preference shares; settlement is expected 10 August. Moody's rating is expected to move to Baa3 (stable); S&P stays BBB-.

asset acquisition disposition

Origin's 2P reserves at 30 June 2015 fell 213 PJe to 6,260 PJe (66 PJe excluding production). Declines came from APLNG (52 PJe, lower oil price assumptions), BassGas (32 PJe after Yolla-5/-6 drilling), Geographe (27 PJe) and Cooper (15 PJe). New bookings: Speculant 49 PJe and Waitsia/Senecio 16 PJe. 1P rose to 2,763 PJe.

resource reserve update

AWE says Yolla-6 is tied in and producing, lifting early unstabilised BassGas output to about 57 TJ/day. Yolla-5 is due online in early August. Origin operates with 42.5%; this follows the Yolla-6 drilling, though reserves were cut 10 days earlier.

production update

AWE, citing Origin as BassGas operator, cut its Yolla 2P reserves by 5.5 mmboe to 13 mmboe after Yolla-5 and -6 data lowered estimated gas in place; further work is needed to validate. AWE expects a $100-110m after-tax impairment. Origin (42.5%) has not yet said its own figure.

resource reserve update

Origin, as operator, spudded Kalala S-1 on 14 July, the first of three Beetaloo Basin wells in NT permit EP98 (Origin 35%, Sasol 35%, Falcon 30%). It targets the Middle Velkerri formation to about 2,800m, following the 2014 farm-in.

drilling spud

Origin responds to speculation about Sinopec's 7.6 mtpa APLNG sales agreement, confirming it is take-or-pay with APLNG controlling the supply start date after commissioning. It expects Sinopec to perform, and says Train 1 sustained production remains on track for Q2 FY2016.

material agreement

AWE reports Waitsia-1 confirmed a 95m gross gas column across three reservoirs, with 18m net conventional pay, supporting the 290 Bcf gross 2C estimate (Origin 50%) and pointing to upside. Early production from Waitsia-1 and Senecio-3 is targeted by mid-2016.

drilling result

Contact Energy, 53.09% owned by Origin, finished its review, found no material investment opportunities, and will target ordinary dividends of about 100% of underlying earnings. It will pay a $367m (50cps) special dividend on 23 June 2015. Origin's share would be roughly half (inference).

dividend declaration

AWE spudded the Waitsia-1 appraisal well on 14 May (Origin 50% of L1/L2), planned to 4,050m over about six weeks. It tests the Waitsia field (gross 2C 290 Bcf, found by Senecio-3 in 2014). A flow test is possible; no fracture stimulation.

drilling spud

AWE reports Irwin-1 found a 32m gas column in the Dongara/Wagina sandstone, with gross 2C contingent resources of 149 Bcf across Irwin and Synaphea. Kingia was water-bearing but supports the 290 Bcf Waitsia estimate. Waitsia-1 is next; AWE targets early production by mid-2016.

resource reserve update

S&P cut Origin's credit rating from BBB (negative outlook) to BBB- (stable); Moody's reaffirmed Baa2 (negative outlook) earlier in the week. Origin says its undrawn facilities cover APLNG funding and it has no intention to raise equity.

other

Senecio-3's Kingia sandstone flowed gas at an average 12.3 mmscf/d without stimulation, with about 2% CO2. This follows the Waitsia discovery in the Perth Basin (Origin 50%, with AWE). AWE says it confirms commercial potential; 2C resource stays 290 Bcf gross. Testing continues to mid-April.

flow test result

Origin reported a half-year statutory loss of $25m, which it attributes to the weaker Australian dollar's effect on financial instruments and debt. Underlying profit was $346m (down 9%). Energy Markets rose 22% to $617m while Exploration & Production fell 31% to $208m. APLNG Train 1 is on track for mid-2015; $5.2bn of undrawn debt facilities and cash are available. Directors warn the fall in the oil price will, if sustained, mean lower growth in cash flow and earnings than previously expected.

half year report

Origin amended its syndicated bank loan facilities, raising the limit by $750m to $7.4bn, cutting interest cost by 0.30% a year and extending maturities by 16 months to December 2018 and December 2019. It supports liquidity through APLNG's first two trains starting up.

debt financing

Speculant-1, spudded 23 September, found potentially commercial gas in Waarre Formation sands in Origin's operated VIC/L1(v) permit, with a ~145m gas column in Waarre C. It sits next to the Halladale and Black Watch fields. Resource size not yet stated.

drilling result

Tri-Star Petroleum has sued Australia Pacific LNG in the Queensland Supreme Court, claiming it has reverted to a 45% interest in certain coal seam gas tenements under a 2002 agreement. Origin (37.5% of APLNG) is confident reversion has not occurred.

regulatory community update

Origin priced a €1bn 60-year hybrid at 4.00% (about 7.91% after hedging to roughly A$1.4bn), expecting 50% equity credit from S&P and Moody's. It completes Browse financing, replacing the earlier planned equity raise; settlement expected mid-September.

capital raising announcement

AWE reports Senecio-3 in the Perth Basin (Origin 50%, AWE operator) reached 3,370m, with a new gas discovery in deeper sands and best-estimate 2C resource raised to 70 Bcf gross. Advances the Senecio feasibility study; new discovery not yet sized.

drilling result

Origin reported FY14 statutory profit of $530m (up 40%) and underlying profit of $713m (down 6%) on weaker Energy Markets. Final dividend 25cps unfranked. It plans a Euro hybrid security, not the planned ~$1bn equity raise, to refinance Browse debt.

annual report

Origin completed buying Karoon's 40% of the Browse Basin permits WA-315-P and WA-398-P (including the Poseidon discovery), paying US$600m cash. A further US$75m is due at FID and US$75m at first production, plus up to US$50m. Resolves the pending Browse completion.

asset acquisition disposition

Origin's 2P reserves rose 272 PJe (4%) to 6,473 PJe at 30 June 2014. This includes a 312 PJe net increase in APLNG and a 94 PJe increase at Ironbark, after 142 PJe of production. About 86% of 2P reserves are unconventional.

resource reserve update

Origin confirms ConocoPhillips and PetroChina did not exercise pre-emption rights over Karoon's 40% of WA-315-P and WA-398-P. Completion still needs other conditions and regulatory approval, and is expected in one to two months. Resolves the pre-emption risk.

asset acquisition disposition

Origin and Senex completed the two Cooper Basin tight gas farm-ins announced 24 February 2014, after conditions were met. Origin funds $65m for 40% of Area A and $36m-$40m for up to 45% of Area B Deeps, in programs worth up to $252m in total. Resolves the pending completion.

farm in farm out completion

Origin agreed to buy Karoon's 40% of the Browse Basin Poseidon permits for US$600m upfront, plus up to US$200m later. It will first draw on debt, then refinance with an equity raise of about $1bn after the 21 August 2014 results. This contradicts the earlier no-equity-raising stance, which covered the APLNG dilution process.

asset acquisition disposition

Origin and Sasol signed a conditional farm-in with Falcon for three Beetaloo Basin permits in the Northern Territory (over 18,500 km2). Origin and Sasol each take 35%. Origin pays about $11m, becomes operator and contributes $32m over three years. This is a new shale gas exploration position.

farm in farm out agreement

Caravel-1 in New Zealand's Canterbury Basin reached 2,692m and is being plugged and abandoned after encountering only gas shows. Origin holds 45%. Analysis will guide future activity; this resolves the well Origin began on 10 February.

drilling result

Origin, as APLNG upstream operator, suspended drilling at 12 rig sites in south-west central Queensland after a supplier said a drilling-fluid additive (NUTPLUG) contained asbestos. Affected stock is quarantined and investigations have begun. The text gives no cost or schedule impact.

regulatory community update

Origin signed two farm-ins with Senex for unconventional gas blocks in South Australia's Cooper Basin. It invests $97m in Stage 1 for 40% of Area A and 30% of Area B, with an option to add 10% each for $72m. Completion by about 30 June 2014.

farm in farm out agreement

Origin reported statutory profit of $322m, down 39%, as last year's APLNG dilution gain did not recur. Underlying profit rose 5% to $381m; operating cash flow was $1.04bn. $1.4bn went into APLNG. Dividend 25 cps, unfranked; $6.5bn liquidity.

half year report

Drilling began on 10 February 2014 on the Caravel-1 exploration well offshore Canterbury Basin, New Zealand. Origin holds 45% alongside operator Anadarko (45%) and Discover (10%). Expected to take about 40 days to reach 2,800m in 1,105m of water.

drilling spud

Origin signed a second gas sales agreement with GLNG partners: at least 100 PJ at Wallumbilla over five years from 1 January 2016, with an option for up to 94 PJ more. It adds to the 365 PJ deal from May 2012, and Origin can call back some volumes.

material agreement

Origin signed a conditional gas sales agreement to supply QGC with up to 30 PJ at Wallumbilla across 2014 and 2015 at oil-linked pricing. Origin can call back some volumes in periods of high demand. It is an additional route to market for its gas.

material agreement

Origin completed the sale of its New Zealand TAWN licences and the Waihapa production station to New Zealand Energy Corp for CDN$30m plus a 9% royalty on future production from three licences. This closes the pending TAWN sale. Ahuroa passed to Contact Energy.

asset acquisition disposition

Managing Director Grant King's contract, due to expire 30 June 2014, becomes ongoing from 23 October 2013, terminable on 12 months' notice. Fixed pay is $2.5m. Terms were already disclosed in the 2013 Annual Report. Gives leadership continuity as McCann retires.

director officer appointment

Pancontinental says media reports Apache is withdrawing from Kenya L8, where Origin holds 20%. No written notice has been given yet. Remaining partners would decide a new operator; Pancontinental expects to increase its stake pro rata. Follows the Mbawa 1 gas discovery.

joint venture update

Chairman Kevin McCann, in the role since Origin listed in 2000, will retire after the 23 October 2013 AGM. The Board elected Gordon Cairns, a director since June 2007, to succeed him, subject to shareholders re-electing him at the AGM.

director officer appointment

Origin priced US$800m of five-year senior unsecured notes at a 3.50% coupon, maturing October 2018, raising A$852.9m after swapping to Australian dollars. Follows this week's €800m deal; proceeds repay bank debt and fund APLNG. Settlement expected early October.

debt financing

Origin priced €800m of eight-year notes at a 3.50% coupon, maturing October 2021, raising about A$1.16bn after swapping to Australian dollars. Proceeds repay or cancel parts of the new $7.4bn bank facility and fund APLNG; settlement is expected early October.

debt financing

Origin signed a binding agreement to buy up to 432 PJ of gas from Esso/BHPB's Longford supply over nine years from 2014, with pricing moving to an oil-linked mechanism. It adds to the April Beach deal and strengthens Origin's east coast gas portfolio.

material agreement

Origin reported FY13 statutory profit $378m (down 61%) and underlying profit $760m (down 15%, at the lower end of February guidance), mainly on weaker Energy Markets. Final dividend 25cps unfranked; $5.3bn liquidity against a $4.1bn remaining APLNG funding need.

annual report

Origin signed a $7.4bn syndicated bank loan facility, with four- and five-year terms maturing August 2017 and August 2018. It is more than enough to refinance existing bank debt, with interest cost consistent with the existing debt and the 2004-era terms replaced.

debt financing

Origin completed its acquisition of Eraring Energy from the NSW Government, announced 1 July, for a net $50m. Cobbora contract cancellation (with $300m payment to Origin) is complete and the Centennial Coal supply deal for 24.5m tonnes from FY2015 is now confirmed.

asset acquisition disposition

Origin's 2P reserves ended June 2013 at 6,201 PJe, down 607 PJe mainly because its APLNG share was diluted from 42.5% to 37.5%; excluding that, up 49 PJe. APLNG is about 45% complete. FY13 production was 123 PJe (-5%); June quarter 32 PJe (+9%).

resource reserve update

Origin, operator with 67.23%, announced production started from the Geographe gas field in the Otway Gas Project, Victoria, after commissioning. The field was approved in October 2011 and keeps Otway Gas Plant supplied; the plant supplies 22% of Victorian gas demand.

production update

Origin's Ca Voi-1X well in Vietnam's Block 121 reached its planned 3,750 m depth and was plugged and abandoned, finding only wet gas shows in a secondary objective. This is a disappointing exploration result for Origin's 45% interest.

drilling result

Origin agreed to take 50% and operatorship of offshore permit WA-454-P from MEO Australia, paying A$5.6m of back costs and funding 80% of the Breakwater-1 exploration well, capped at A$35m. Subject to regulatory approvals and a joint operating agreement.

farm in farm out agreement

Origin agreed to buy Eraring Energy from the NSW Government for a net $50m, taking over the power station it already dispatched under 2011 arrangements. The Cobbora coal contract is cancelled with $300m paid to Origin, and a Centennial Coal supply deal for 24.5m tonnes is signed. Completion expected Q1 FY14.

asset acquisition disposition

Origin, operator with 45%, spudded the Ca Voi-1X exploration well in Block 121 off central Vietnam on 15 June 2013, targeting 3,771 m. Partners are Premier Oil 40% and Pan Pacific 15%. Origin will update only on completion.

drilling spud

AWE says Origin, as operator, lifted BassGas Yolla-A output to about 57 TJ/day from 42 TJ/day after a Yolla-3 workover and Yolla-4 logging. Origin holds 42.5% of the field, which restarted in October 2012; compression is still to be installed.

production update

Origin priced €750m of 2.50% notes maturing October 2020, raising about A$950m after swaps, following a €150m 3.00% ten-year issue settled 5 April (A$186m). Proceeds will refinance existing debt used for APLNG capital spending.

debt financing

Origin agreed to buy up to 139 PJ of Beach Energy's Cooper Basin gas, up to 17 PJ a year for eight years from FY2015, with an option to extend two years to 173 PJ. It adds east coast supply; Origin continues to review Ironbark and Halladale Black Watch timing.

material agreement

Origin told Geodynamics it will withdraw from the Innamincka Deeps and Shallows joint ventures effective 30 June 2013. Origin held 30% and had already stopped funding Habanero-4. This completes its exit from the geothermal project flagged at the March roadshow.

joint venture update

Origin agreed a further US$200m forward sale of oil and condensate over six years from July 2015, after the US$300m deal of December 2012. Together they cover about 35% of its oil and condensate 2P reserves excluding APLNG. The US$500m retires drawn debt.

material agreement

APLNG's schedule and cost review lifts project cost 7% to $24.7bn from $23bn at the July 2012 FID. Train 2 start-up is pulled forward to Q4 2015, at least three months early. Origin's peak funding need rises to $4.4bn from $3.6bn.

resource reserve update

S&P cut Origin's long-term credit rating from BBB+ (negative outlook) to BBB (stable). Origin said it had no intention to raise equity to fund APLNG, whatever the outcome of the dilution process, and needed no refinancing until the 2015 financial year.

capital raising announcement

Origin reported half-year underlying profit of $362m (down 26%) and statutory profit of $524m (down 34%); Energy Markets EBITDA fell 20% to $660m, hit by the Queensland tariff decision and competition. Interim dividend 25 cps; $5.4bn cash and undrawn facilities; revised guidance issued.

half year report

Origin sold a portion of future oil and condensate production from 2015 (Australian east coast and New Zealand) for US$300m, with Goldman Sachs as counterparty. Proceeds, received on 21 December, will retire existing drawn debt.

debt financing

Origin signed a long-term gas sales agreement with MMG for up to 22 PJ over seven years, starting with the Century mine in 2013 and later Dugald River. Follows the May 2012 GLNG gas sale, adding to domestic gas monetisation.

contract award

Queensland's Supreme Court upheld the QCA's process for setting 2012-13 regulated electricity prices, so prices stay unchanged. Origin will not appeal. Its 8 November profit guidance had assumed no change, so guidance is not affected by this outcome.

regulatory community update

Origin welcomes South Australia's decision to deregulate energy prices from 1 February 2013, with ESCOSA to monitor prices. Origin will cut gas prices 1% for SA customers on standing contracts. This resolves the open ESCOSA pricing-decision risk for FY13 guidance.

regulatory community update

Empire Oil & Gas says Origin gave notice terminating its farm-in agreements over North Perth Basin permits EP368 and EP426, citing the regulator's failure to approve work-timing variations. Empire disputes it and will seek legal advice. This is Empire's account only; Origin has not commented.

farm in farm out agreement

APLNG confirms all conditions are met for its US$8.5bn project finance facility and the first drawdown has occurred. It funds the downstream LNG plant on Curtis Island, with draws up to the limit through construction. Follows the May 2012 signing.

debt financing

Origin cuts FY2013 guidance: underlying EBITDA growth of 5-10%, down from about 10%, and underlying profit now 5-10% below FY2012 instead of flat. It cites about $40m of extra solar certificate costs it cannot pass on, and regulatory pricing uncertainty.

other

Origin says Yolla is back in free-flow production and BassGas is again supplying gas, after being suspended since late 2011. The compression modules will not be installed this summer; timing is to be decided by the joint venture. Resolves the July compressor failure.

production update

Origin signed a $2.4bn syndicated bank loan with four- and five-year terms, maturing October 2016 and October 2017. With the €500m notes, it removes any need to refinance until the 2015 financial year.

debt financing

Origin priced €500m (about US$646m) of seven-year notes at a 2.875% coupon, maturing October 2019. Proceeds, swapped to US dollars at 3.462%, will refinance existing debt and fund Origin's cash contribution to Australia Pacific LNG.

debt financing

Origin confirms Mbawa 1 reached total depth of 3,150m with about 51.8 net metres of gas pay in three zones. Origin is encouraged, with detailed analysis over coming months to guide next steps. Origin holds 20%. Confirms the Pancontinental discovery report.

drilling result

Pancontinental reports Mbawa 1 found about 52 net metres of natural gas pay, the first substantive hydrocarbon discovery offshore Kenya. Drilling continues toward 3,275m. Resolves the 3 September mud gas readings. Origin holds 20% of the L8 block.

drilling result

Origin reports FY12 statutory profit of $980m versus $186m, with underlying profit up 33% to $893m. Full-year dividend steady at 50 cents. Remaining APLNG funding is about $3.6bn, covered by $4.2bn of cash and undrawn facilities. The statutory jump includes a gain on the APLNG dilution.

annual report

Origin's 550 MW Mortlake gas-fired peaking power station in Victoria is fully commissioned after its second unit finished, at a cost of $810m excluding capitalised interest. Origin now records its revenue and earnings; owned and contracted capacity reaches 5,900 MW.

other

Mbawa 1 exploration well offshore Kenya spudded on 10 August 2012, operated by Apache. It targets 3,250m in 864m of water, taking about 60 days. Origin holds 20% of block L-8 and will report again when results are in.

drilling spud

Geodynamics says Habanero 4 is about 22 days late and the cost now estimated at about $50m versus a $48.5m cap. Origin, holding 30%, will not contribute further to well costs but can rejoin. This resolves the work-program dispute, with Origin stepping back.

joint venture update

Origin's 2P reserves at 30 June 2012 were 6,807 PJe, down 234 PJe because of the APLNG dilution from 50% to 42.5%; excluding that, up 648 PJe (9%). Sinopec's completed purchase cuts APLNG-related reserves a further 656 PJe to 4,917 PJe.

resource reserve update

Origin says the Yolla compression module lift failed and weather is unlikely to allow a retry soon. Yolla returns to free-flow production, expected to resume in the September quarter 2012. Phase 1 cost rises from about $460 million to about $490 million. Origin holds 42.5%.

production update

Sinopec's purchase of an extra 10% of APLNG has completed, taking it to 25%. Origin and ConocoPhillips are each diluted from 42.5% to 37.5%. Sinopec injects about US$2.1 billion, and its LNG purchases rise by 3.3 mtpa to 7.6 mtpa from 2015.

farm in farm out completion

NZOG reports the Kupe partners agreed the revised reserves Origin flagged on 27 June. Initial 2P reserves rise 13.4% to 489 PJe; sales gas up 18.3%, LPG up 22.8%, light oil down 1.8%. Origin holds 50% and operates.

resource reserve update

Origin confirms Kupe initial 2P reserves rose to 83.8 million BOE (489 PJe), with 70.0 million BOE (408 PJe) remaining at 1 July 2012. Sales gas is up 18.3% and LPG up 22.8%. Origin holds 50% and operates; this is the second Kupe upgrade.

resource reserve update

Origin MD Grant King presents the Australia Pacific LNG Train 2 final investment decision (FID2) to investors. The readable text covers only disclaimers, and notes Origin's APLNG stake is expected to dilute from 42.5% to 37.5%. This resolves the pending Train 2 decision; no other figures are readable.

investor presentation

Origin agreed to sell its Tariki, Ahuroa, Waihapa and Ngaere fields in New Zealand to NZ Energy Corp for about CDN$42m plus a 5% gross overriding royalty. Completion is expected October 2012, subject to conditions including NZ government approvals.

asset acquisition disposition

Transform Solar, Origin's 50:50 JV with Micron, will stop making SLIVER solar modules in Idaho, citing global oversupply. Origin is reviewing its 50% carrying value, $134m at 31 Dec 2011, with any decision disclosed on 23 August 2012. A possible write-down.

asset acquisition disposition

Australia Pacific LNG signed a US$8.5bn project finance facility with banks, US EXIM and China EXIM (China EXIM on a commitment letter), maturing 2028-29. It is conditional on the Train 2 FID, still expected by mid-2012. Origin and the other shareholders each guarantee their share during construction.

debt financing

Thistle 1, the Otway Basin exploration well spudded 19 April, reached 2,265mRT (short of the planned 2,559mRT) with no shows in the target Waarre Sandstones. Plug and abandonment is being planned. This is a dry hole; Origin holds 67.23% as operator.

drilling result

Origin signed a binding Heads of Agreement to supply the GLNG partners with 365 PJ of gas (100 TJ/d) over 10 years from 2015 at Wallumbilla, sourced from its east coast portfolio. Pricing is oil-linked, giving legacy gas an export-linked outlet.

material agreement

Yolla platform's new accommodation module is installed, but BassGas Stage 1 costs rise from about $360m to about $460m. Production restart is now targeted for July, with completion in the September quarter. Stage 2 wells (Yolla 5 and 6) move to summer 2013/14. Origin holds 42.5%.

joint venture update

Apache secured the drill ship Deepsea Metro 1 for the Mbawa well in Kenya L8 (Origin 20%), with spud expected in Q3 2012. Planned depth is 3,250m in 860m of water; it follows earlier mid-to-Q3 timing. Well cost estimates have risen, according to Pancontinental.

drilling scheduled

Origin bought 51% of Chilean hydro developer Energía Austral from Xstrata Copper, for a roughly 1,000 MW project in Aysén. Origin will fund US$75m of feasibility costs over three years, and a further US$75m if feasible. Investment decision expected 2015/16.

asset acquisition disposition

Geodynamics, operator of the Innamincka Deeps JV (Origin 30%), has all approvals to spud Habanero 4 within about a week, targeting 4,170m over roughly four months. The JV sold Rig 100 to Weatherford for $16.8m, so future wells will use hired rigs.

joint venture update

Origin's underlying profit rose 61% to $489m, with underlying EBITDA up 41% to $1,157m, mostly from the NSW energy businesses bought in March 2011 and lower exploration expense. Interim dividend 25c, 55% of underlying profit. Statutory profit $794m included a gain on APLNG dilution.

half year report

Origin's half-year to 31 December 2011: revenue $6,499m (+42%), statutory profit $794m against a $136m loss a year earlier, interim dividend 25c fully franked. Full accounts and management discussion; the media release carries the headline detail.

half year report

APLNG and Sinopec signed binding agreements: 3.3 mtpa more LNG to 2035 (Sinopec total 7.6 mtpa) and Sinopec subscribing US$1.1bn for 10% more equity. Origin's stake falls to 37.5% on completion, which still needs Train 2 FID and Chinese and FIRB approvals.

material agreement

The first of two units at Origin's 550MW Mortlake gas power station is now available to dispatch into the Victorian market. The second unit is delayed for a generator inspection after a switchyard fault, to be done in the March quarter.

production update

Origin closed its subordinated notes offer at $900m, up from $800m allocated in the bookbuild on 1 December, after $82.2m of shareholder and $17.8m of general demand. First-period interest is 8.47% a year; proceeds help fund its APLNG contribution.

capital raising announcement

APLNG signed a non-binding heads of agreement for Sinopec to buy a further 3.3 mtpa of LNG to 2035, completing Train 2 marketing, and to lift its stake from 15% to 25%. Origin's stake would fall from 42.5% to 37.5%. Binding deals need approvals and Train 2 FID.

material agreement

Farmin agreements for North Erregulla permits EP 368 and EP 426 were signed 5 December, settling the August letter deal. Origin earns 40% in each by paying 80% of a 100 sq km 3D seismic survey; Empire stays operator.

farm in farm out completion

Origin allocated $800m of subordinated notes through its bookbuild, above the $500m initial size, with the margin set at 4.00% over bank bills (about 8.60% initially). Retail offers opened; notes mature 22 December 2071. Proceeds help fund APLNG.

capital raising announcement

Australia Pacific LNG (Origin 42.5%) signed a binding heads of agreement to sell about 1 million tonnes a year of LNG to Kansai Electric for 20 years, from mid-2016. It is conditional on a Train 2 final investment decision, targeted for early 2012.

contract award

Origin lodged a prospectus to raise $500m, with the ability to raise more or less, through ASX-listed subordinated notes maturing 2071 with a first call in December 2016. The margin is expected at 4.00-4.50% over bank bills. Proceeds help fund APLNG, following the US$500m notes in October.

capital raising announcement

Origin and Sasol formed a 50:50 joint venture, Kubu Energy Resources, to explore for coal seam gas in Botswana. It agreed to acquire three licences covering about 3,000 km2, subject to government approval, with costs shared over two years. A new greenfield exploration thread.

joint venture update

Origin priced US$500m (about A$510m) of 10-year senior unsecured notes at a 5.45% coupon, due 14 October 2021, issued in the US 144A market. Karen Moses called it a further step in securing funding for APLNG, following the plan to add to debt.

debt financing