6 Oct 2015capital raising announcement● Neutral
Origin confirmed the trading halt lifts today and retail entitlements start trading, following the institutional offer completed on 2 October. Administrative notice with no new figures.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2015capital raising announcement● Neutral
ASX notice setting out the entitlement offer timetable. Retail rights trade 6-19 October, the retail offer closes 26 October, results are due 28 October and new retail shares trade normally 5 November. Administrative, no new figures.
2 Oct 2015capital raising announcement▲ GoodMajor
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.
1 Oct 2015capital raising announcement● Neutral
Origin told eligible retail shareholders of the entitlement offer terms: 4 new shares for every 7 held at $4.00, a 34.4% discount to the 29 September close. About 636m new shares will take the total to roughly 1,749m. Macquarie underwrites; record date is 6 October.
30 Sept 2015other▲ Good
S&P affirmed Origin's BBB- (stable) rating after the $2.5bn equity raising was announced. S&P said the measures are positive for rating stability and let Origin withstand subdued oil prices, with core earnings supporting the rating without APLNG cash flows.
30 Sept 2015investor presentation● Neutral
Origin's investor presentation for the $2.5bn entitlement offer, titled 'Focused, fitter, stronger', supports the launch announcement. The truncated text shows mainly disclaimers, so no additional figures are confirmed here.
30 Sept 2015capital raising announcement▼ BadMajor
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.
22 Sept 2015other● Neutral
Origin announced the next interest payment on ORGHA subordinated notes: $1.54 per note (6.18% a year) for 91 days, payable 22 December 2015, record date 14 December. Routine payment notice.
21 Sept 2015annual report● Neutral
Origin published its 2015 Sustainability Report covering July 2014 to June 2015, including the managing director's message on climate risk and the energy transition. No new financial or project results; it excludes Contact Energy, since sold.
18 Sept 2015annual report● Neutral
Origin released its 2015 Shareholder Review, a summary of the annual report with the same results: statutory loss $658m, underlying profit $682m, 50cps dividend. It says APLNG will push Origin to peak debt while oil prices are at lows not seen since 2009.
18 Sept 2015annual report● Neutral
Origin published its 2015 Annual Report, repeating the known results: statutory loss $658m, underlying profit $682m, $705m impairments, final dividend 25cps. It notes $5.8bn liquidity after the Contact sale and Sir Ralph Norris retiring before the AGM. No new figures.
17 Sept 2015other● Neutral
Origin corrected the payment details for the ORGHA subordinated notes interest: payment moves to 22 September from 21 September, for 92 days. The amount is $1.55 per note (6.15% a year), not the $1.53 earlier notified. Administrative correction.
11 Sept 2015asset acquisition disposition● Neutral
Buyer Armour Energy says it plans to fund the $13m Roma Shelf purchase from Origin with cash plus debt. A $15m loan offer from major shareholder DGR Global is unsigned, and other lenders are being talked to. Completion of Origin's sale is not yet funded.
2 Sept 2015asset acquisition disposition● NeutralMajor
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.
2 Sept 2015drilling progress report▲ Good
Beach's August drilling report covers Cooper Basin wells where Origin is a non-operating partner (10.54% to 16.74%). Tirrawarra-88, Hobbes-3, Beanbush-2, Bolah-2 and Whanto-4 were cased and suspended with gas or oil pay; Fulcrum-1 (no Origin interest listed) was abandoned. Beanbush-2 and Whanto-4 came in high-side.
21 Aug 2015resource reserve update▲ GoodMajor
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.
20 Aug 2015annual report▼ BadMajor
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.
20 Aug 2015other● Neutral
Origin reported its subordinated notes interest cover ratio at 5.8 times for the six months to 30 June 2015, above the 3.5 minimum. No mandatory interest deferral event has occurred. The leverage test remains suspended until 30 June 2016.
20 Aug 2015annual report▼ BadMajor
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.
20 Aug 2015investor presentation● Neutral
Management's FY15 results presentation repeats the headline figures: underlying profit $682m, statutory loss $658m. It adds that the Contact sale cuts net debt by $3.0bn, from $13.3bn to $10.3bn. APLNG is 97% upstream and 92% downstream complete.
12 Aug 2015other▼ BadMajor
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.
10 Aug 2015other● Neutral
Moody's raised its outlook on Origin's rating from Baa2 (negative) to Baa3 (stable) after the Contact sale settled on 10 August, as expected. This aligns it with S&P's BBB-. Origin says it has no material impact.
5 Aug 2015asset acquisition disposition● NeutralMajor
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.
5 Aug 2015drilling progress report● Neutral
Beach's July drilling report covers Cooper Basin wells where Origin is a non-operating partner (10.54% to 25%). Tirrawarra-85, Whanto-3 and Cocinero-3 were cased as future producers; Mt Howitt-3 DW1 had a low-side gas result and the final Mt Howitt-4 well was dropped.
4 Aug 2015security holder rights change● Neutral
Following the Contact sale, Origin Energy Contact Finance intends to redeem its NZX-listed preference shares, subject to settlement. Notice is expected around 10 August, with payment of issue price plus final dividend around 7 September 2015. Trading halted during the bookbuild.
4 Aug 2015asset acquisition disposition▲ GoodMajor
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-.
3 Aug 2015material agreement● Neutral
Contact Energy signed a financial contract with Meridian Energy covering a portion of the electricity the Tiwai aluminium smelter needs: 80MW, minimum 4 and maximum 14 years from 1 January 2017. Contact is the 53.09%-Origin-owned subsidiary.
31 July 2015resource reserve update▼ BadMajor
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.
31 July 2015other● Neutral
Origin explains how APLNG will be accounted for as it moves from construction to operations. LNG revenue, costs, depreciation and interest enter the income statement from each train's performance date, expected 3-4 months after first cargo. Explanatory only; no new results.
30 July 2015production update▲ GoodMajor
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.