Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2016asset acquisition disposition● Neutral
DUET Group's side of the Cullerin Range Wind Farm sale: Energy Developments buys the 30 MW farm from Origin for $72m, funded from corporate debt, with financial close expected in the first quarter of FY17. Duplicates Origin's announcement.
17 June 2016asset acquisition disposition▲ GoodMajor
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.
9 June 2016investor presentation● Neutral
Investor day and site tour presentation, largely repeating known strategy: net debt below $9bn in FY17, $396m of the $800m+ asset sales achieved, APLNG breakeven cut targeted by US$2-3/boe. Possible dividend suspension remains. No new figures in the text provided.
3 June 2016resource reserve update▲ GoodMajor
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.
1 June 2016drilling progress report▲ Good
Beach's May Cooper report. Tirrawarra-93 (Origin 13.19%) was cased as a future gas and oil producer. Durham Downs North-6 (Origin 16.74%) was cased as a producer, completing that campaign. Dunadoo-1 was spudded in the Coolah appraisal campaign (Origin 16.74%).
20 May 2016asset acquisition disposition▲ GoodMajor
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.
11 May 2016director officer appointment● NeutralMajor
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.
4 May 2016drilling progress report● Neutral
Beach's April Cooper report. Origin (13.19%) is in the new five-well Tirrawarra-Gooranie campaign, first well drilling. In the Queensland gas JV (Origin 16.74%), Durham Downs-9 was abandoned, while Durham Downs North-5 will be completed as a producer after a gas pay result.
4 May 2016material agreement▲ GoodMajor
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.
4 May 2016investor presentation● Neutral
Macquarie conference presentation repeating known themes: net debt below $9bn in FY17, A$110m and US$30m of asset sales done toward at least A$800m, oil puts for FY17. Notes expressions of interest received for Perth Basin upstream assets. Nothing materially new.
29 Apr 2016quarterly activities report▲ GoodMajor
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.
8 Apr 2016asset acquisition disposition● NeutralMajor
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.
5 Apr 2016other● Neutral
Moody's finished its review begun 22 January and kept Origin's rating at Baa3, but with a negative outlook (previously stable). S&P kept BBB- (stable) on 18 March. Origin cites over $6.6bn of undrawn facilities and cash, and no material refinancing until FY19.
31 Mar 2016material agreement▲ GoodMajor
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.
31 Mar 2016half year report● Neutral
Cover note sending shareholders the printed half-year report for the period to 31 December 2015. It restates known results: underlying profit $243m, statutory loss $254m, interim dividend 10 cents. Nothing new beyond the 18 February results.
22 Mar 2016dividend declaration● Neutral
Duplicate lodgement of the ORGHA interest notice: $1.59 per note, payable 22 June 2016, record date 14 June. No new information.
22 Mar 2016dividend declaration● Neutral
Interest of $1.59 per ORGHA note (6.31% a year, BBSW 2.31% plus 4.00%) set for the period to 21 June, payable 22 June 2016. The record date is 14 June. Routine payment notice.
21 Mar 2016contract award● Neutral
RCR Tomlinson says Origin awarded it an early design contract for a proposed solar farm of up to 200 MW at Dalby, Queensland. A construction contract depends on approvals, ARENA grant funding and Origin's final investment decision. Not yet a commitment to build.
11 Mar 2016other● Neutral
S&P Dow Jones Indices will remove Origin from the S&P/ASX 20 index after the close on 18 March 2016. This is an index change, not a company announcement; the text gives no reason.
3 Mar 2016production update▲ Good
Australia Pacific LNG marked the shift from project to operations, with a site tour for the Queensland Premier. It says six cargoes have shipped this year. Origin holds 37.5%. Largely ceremonial, building on the January first cargo.
2 Mar 2016drilling progress report● Neutral
Beach's February report on Cooper wells. Moomba-212 (Origin 13.19%) hit gas in line with estimates and was cased as a future producer, likely leading to more drilling nearby. Other wells are in permits where Origin holds no stated interest.
1 Mar 2016material agreement▲ GoodMajor
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.
18 Feb 2016half year report▼ Bad
Media release on the half-year result: underlying profit $243m, statutory loss $254m, Energy Markets EBITDA up 16% to $721m. Interim dividend 10 cents; dividends would be suspended if low oil prices persist through the second half. $6.8bn undrawn facilities and cash; at least $800m asset sales targeted.
18 Feb 2016half year report▼ BadMajor
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.
18 Feb 2016investor presentation● Neutral
Presentation of the half-year result, repeating known figures: $5.5bn debt reduction, net debt $9.3bn, five APLNG cargoes shipped (three to Sinopec), remaining APLNG cash contribution about $1bn. Nothing materially new beyond the results release.
18 Feb 2016security holder rights change● Neutral
Interest cover ratio for the subordinated notes was 4.9 times at 31 December 2015, against a 3.5 minimum. No mandatory interest deferral event has started. Routine compliance test.
12 Feb 2016asset acquisition disposition● Neutral
Second lodgement, under another AusNet code, of its announcement buying Origin's Mortlake Terminal Station for $110m. Repeats the sale already reported; no new information.
12 Feb 2016asset acquisition disposition▲ GoodMajor
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.
12 Feb 2016asset acquisition disposition● Neutral
AusNet Services' side of the Mortlake Terminal Station purchase from Origin: $110m ($116.5m with stamp duty), funded from existing debt. Conditions include FIRB approval. Duplicate of Origin's own announcement of the sale.
12 Feb 2016other● Neutral
Origin restates its reporting segments before the 18 February half-year result: Exploration & Production and LNG merge into Integrated Gas, and Contact Energy is a discontinued operation. Prior group profit is unchanged. Administrative reporting change.
