Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2016production update▲ GoodMajor
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.
26 Aug 2016annual report● Neutral
Origin's 2016 Sustainability Report, covering 1 July 2015 to 30 June 2016. It is a cover letter and report on safety, environment and community performance; no new financial or operating figures are drawn out in the excerpt.
18 Aug 2016annual report▼ Bad
Full-year financial documents for FY2016: statutory loss of $589m (FY15: $658m loss), revenue $12.2bn, and no final dividend (FY15: 25 cents). Net tangible assets per share fell to $5.21 from $6.08. Detail is in the accompanying results release.
18 Aug 2016annual report▼ BadMajor
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.
18 Aug 2016investor presentation● Neutral
Results presentation repeating the FY2016 figures: statutory loss $589m, underlying profit from continuing operations $354m, no final dividend, adjusted net debt down $4bn to $9.1bn. Debt repayment is prioritised, and the Board will review each future dividend decision.
18 Aug 2016other▲ Good
Routine ratio notice for the subordinated notes: interest cover for the six months to 30 June 2016 was 8.9 times against a minimum of more than 3.5. No Mandatory Deferral Event had commenced, so note interest is not deferred.
15 Aug 2016resource reserve update● Neutral
Partner AWE said it will cut its BassGas (Yolla) 2P reserves to match Origin's operator downgrade. Its Waitsia reserves stay unchanged pending its own review, though Origin's report implies a lift to about 39.79 mmboe. Origin operates BassGas with 42.5%.
5 Aug 2016agm notice● Neutral
Origin will hold its 2016 Annual General Meeting on 19 October 2016 at the Four Seasons Hotel, Sydney, at 10:30 AEDT. Administrative notice.
3 Aug 2016drilling progress report● Neutral
Beach's July Cooper report. Tirrawarra-90 was cased as a producer, and Coolah-4 found gas pay slightly below forecast, completing the successful three-well Coolah campaign (Origin 16.74%). Tirrawarra-89 is deferred to Q2 FY17; the Big Lake campaign began.
29 July 2016resource reserve update● NeutralMajor
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.
29 July 2016quarterly activities report▲ Good
June quarter production was 68.4 PJe, up 12% on March, with 16 LNG cargoes shipped; full-year production rose 57% to 231.5 PJe. Train 1 operational lenders' test has started, with first guarantee release on track for Q2 FY2017.
29 July 2016production update● Neutral
Media release accompanying the production and reserves reports: production up 57% for the year, reserves 6,277 PJe. Train 2 first cargo is on track for Q2 FY2017; 60% of project finance guarantees to be released then, the remaining 40% in CY2017.
25 July 2016drilling spud● Neutral
Origin, as operator with 35%, spudded Beetaloo W-1 in EP117 on 22 July 2016, the fourth of five Stage 1 wells in the Northern Territory basin. Partners are Sasol 35% and Falcon 30%. No result yet.
6 July 2016drilling progress report▲ Good
Beach's June Cooper report. Tirrawarra-92 and -91 (Origin 13.19%) were cased as future producers after gas and oil pay. In the Coolah campaign (Origin 16.74%), Dunadoo-1 and Coolah-3 found gas pay and were cased as future producers.
30 June 2016production update▲ Good
APLNG's first cargo to Kansai Electric left Curtis Island on 29 June 2016, under the 2012 deal for about 1 mtpa over 20 years. It is APLNG's 27th shipment; Train 2's first cargo is now expected by end of CY2016.
22 June 2016other● Neutral
Routine notice that the ORGHA hybrid pays $1.51 per note on 22 September 2016, at a 6.00% annual rate (2.00% bank bill rate plus 4.00% margin). Unfranked, paid in cash. Administrative.
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.
