Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
3 Feb 2016drilling progress report● Neutral
Beach's January report on Cooper wells. The six-well Moomba North campaign finished, with Moomba-207 and -208 (Origin 13.19%) finding gas broadly in line with estimates and all six cased as future producers. Other results are in Beach-operated permits, not Origin's.
2 Feb 2016asset acquisition disposition▼ BadMajor
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.
29 Jan 2016quarterly activities report● Neutral
December quarter production was 54.4 PJe, up 14% on September, as APLNG Train 1 started and Yolla 5 and 6 ran a full quarter. Revenue fell 6% to $212.2m. Origin is reviewing asset carrying values, with any impact to be announced.
21 Jan 2016debt financing▲ GoodMajor
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.
13 Jan 2016drilling result● Neutral
Senex's Ethereal-1 (Origin 40%) reached 3,234m on 2 January, on prognosis and matching the zones in Efficient-1. It was cased and suspended for fracture stimulation and testing. Senex remains free-carried. Completes the two-well southern program; test results are awaited.
11 Jan 2016production update▲ GoodMajor
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%.
6 Jan 2016drilling progress report▲ Good
Beach's December report on Cooper wells where Origin is a non-operating partner. Whanto West-1 (Origin 16.74%) was the fifth new Windorah field discovery from five wells. Correa-3 beat estimates, and Moomba South's three wells were completed. Moomba North continues.
5 Jan 2016farm in farm out completion▲ GoodMajor
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.
5 Jan 2016dividend declaration● Neutral
Replacement notice for the ORGHA interest payment: $1.59 per note (6.36% a year, 91 days), paid 22 March 2016, with the record date now 15 March instead of 14 March. Routine administrative reissue.
5 Jan 2016dividend declaration● Neutral
Cancels the 22 December notice for ORGHA subordinated notes because the record date was amended. No change to the $1.59 per note (6.36%) payment due 22 March 2016. Administrative correction only.
22 Dec 2015dividend declaration● Neutral
Interest of $1.59 per note (6.36% a year, 91 days) set for ORGHA subordinated notes, paid 22 March 2016, record date 14 March. Routine payment notice.
22 Dec 2015material agreement● NeutralMajor
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.
11 Dec 2015production update▲ GoodMajor
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.
9 Dec 2015resource reserve update▲ GoodMajor
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.
