22 Sept 2014other● Neutral
Origin set the interest rate on its subordinated notes at 6.66% for 22 September to 21 December 2014, down from 6.71%. The payment is $1.66 per note on 22 December. Routine administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2014production update● Neutral
Contact's August data: Otahuhu wholesale price averaged $75/MWh (July $62). South Island hydro storage was 123% of mean and North Island 70%. Routine monthly data on Origin's 53.09% subsidiary.
18 Sept 2014director officer appointment● Neutral
Contact Energy named James Kilty Chief Generation and Development Officer and Vena Crawley Chief Customer Officer from 13 October 2014. General Counsel and Company Secretary Paul Ridley-Smith is resigning. Management changes at Origin's 53.09% subsidiary.
17 Sept 2014annual report● Neutral
Origin's 2014 Annual Report repeats the FY14 results: statutory profit $530m, underlying $713m, production 142 PJe, APLNG on track for mid-2015 first LNG. It restates the Euro hybrid plan as the alternative to ordinary equity for Browse debt.
17 Sept 2014annual report● Neutral
Origin's 2014 Shareholder Review is a condensed version of the annual report, repeating FY14 profit of $530m statutory and $713m underlying, the 50c dividend and APLNG progress. No new information.
16 Sept 2014dividend declaration● Neutral
Origin set the dividend reinvestment plan price at $15.65 for the 25 cent unfranked final dividend, payable 26 September 2014. No discount applies. Routine administrative notice.
15 Sept 2014other● Neutral
Contact Energy disclosed about NZ$838,000 of financial assistance in FY2015 for its employee share plan. Administrative notice from Origin's 53.09% subsidiary.
15 Sept 2014annual report● Neutral
Contact Energy's shareholder letter and annual report repeat FY14 results: profit $234m, EBITDAF $587m, 15c final dividend (26c for the year). Origin holds 53.09%. Nothing new beyond the August results.
9 Sept 2014capital raising announcement▲ GoodMajor
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.
8 Sept 2014investor presentation● Neutral
Roadshow presentation for September–October 2014 by Grant King and Karen Moses restates known facts: A$17.5bn market cap, $5.1bn liquidity, first LNG at APLNG mid-2015. S&P rating is shown as BBB with negative outlook, versus stable in earlier context.
3 Sept 2014drilling progress report● Neutral
Beach's August drilling report shows more Cooper Basin gas wells cased and suspended in joint ventures where Origin holds 13.19% (SA) and 16.5% (Qld). Oil finds in PEL 91 are Beach's, not Origin's. Routine development drilling with no Origin-specific result.
2 Sept 2014drilling result▲ GoodMajor
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.
22 Aug 2014security holder rights change● Neutral
Origin confirmed it will not exercise its right to redeem its €500m Capital Securities or $900m Subordinated Notes after S&P cut their equity content from 100% to 50% in April 2013. Deed polls were signed for holders, formalising the earlier stated intention.
21 Aug 2014annual report▲ Good
Origin lodged its full FY14 accounts: statutory profit attributable to members $530m (up 40%) on revenue $14.5bn, and a 25 cent unfranked final dividend payable 26 September 2014. Detail behind the separate results release.
21 Aug 2014production update● Neutral
Contact's July data: Otahuhu wholesale price averaged $62/MWh (June $56). South Island hydro storage was 118% of mean and North Island 65%. Routine monthly data on Origin's 53.09% subsidiary.
21 Aug 2014investor presentation● Neutral
Results presentation repeats the FY14 numbers: statutory profit $530m, underlying $713m, APLNG on track for first LNG mid-2015. Outlines a possible European hybrid, 60-year, to refinance Browse debt, subject to market conditions.
21 Aug 2014security holder rights change▲ Good
Origin reported the subordinated notes interest cover ratio at 5.4 times for the six months to 30 June 2014, above the 3.5 minimum. No mandatory interest deferral event has occurred. Routine compliance notice.
21 Aug 2014annual report● NeutralMajor
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.
18 Aug 2014annual report▲ Good
Contact Energy's FY14 results: profit after tax $234m (up 17.6%), EBITDAF $587m (up 8.5%), dividend of 15 cents per share. Origin owns 53.09% of Contact, so this lifts its contribution.
14 Aug 2014other● Neutral
Contact Energy unveiled its Te Mihi geothermal station, two 83 MW turbines, the final stage of its Wairākei programme. It follows the plant's commissioning in May 2014. Ceremonial news on Origin's 53.09% subsidiary.
12 Aug 2014asset acquisition disposition▲ GoodMajor
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.
12 Aug 2014asset acquisition disposition● Neutral
Karoon confirms it received the US$600m upfront payment for its 40% of the Browse permits after NOPTA approval, with deferred payments of US$75m at FID, US$75m at first production and up to US$50m. Pharos-1 back costs to be reimbursed shortly. Confirms Origin's completion.
11 Aug 2014admin correction● Neutral
Origin lodged late Appendix 3Y notices for Grant King and Karen Moses, showing options and performance share rights lapsed unexercised on 30 December 2013 (King: 400,000 options). Company Secretary blamed an administrative oversight; procedures changed.
6 Aug 2014drilling progress report● Neutral
Beach's July drilling report shows more Cooper Basin gas wells cased and suspended, including Big Lake-117 and -118 and Hera-3/-4, in joint ventures where Origin holds 13.19% (SA) and 16.5% (Qld). Routine development drilling, no new Origin-specific result.
31 July 2014resource reserve update▲ GoodMajor
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.
28 July 2014production update● Neutral
Contact's June data: Otahuhu wholesale price averaged $56/MWh, down from $69 in May. South Island hydro storage was 117% of mean and North Island 57%. Routine monthly data on Origin's 53.09% subsidiary.
2 July 2014drilling progress report● Neutral
Beach's June drilling report shows more Cooper Basin gas wells cased and suspended or drilling, including Big Lake-116, -117 and Vega-5, in joint ventures where Origin holds 13.19% (SA) and 16.5% (Qld). Routine development drilling.
1 July 2014asset acquisition disposition▲ GoodMajor
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.
1 July 2014asset acquisition disposition▲ Good
Karoon says the pre-emption rights over its Browse Basin permits have expired, clearing Origin's purchase of its 40% (US$600m upfront, up to US$200m deferred). Completion still needs regulatory approval and is expected in the third quarter of 2014.
1 July 2014other● Neutral
Contact Energy will release its year-end results to 30 June 2014 before the market opens on 18 August 2014. Administrative notice for Origin's 53.09% subsidiary.