Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2013material agreement▲ GoodMajor
Origin signed a binding agreement to buy up to 432 PJ of gas from Esso/BHPB's Longford supply over nine years from 2014, with pricing moving to an oil-linked mechanism. It adds to the April Beach deal and strengthens Origin's east coast gas portfolio.
19 Sept 2013annual report● Neutral
Origin's 2013 Shareholder Review summarises the year already reported: statutory profit $378m, underlying profit $760m. It lists the AGM for 23 October 2013 and the final dividend payment on 27 September. No new information.
18 Sept 2013dividend declaration● Neutral
Origin set the dividend reinvestment price for the 25cps unfranked final dividend at $13.9681, with no discount. This follows the 22 August result; payment is still due 27 September 2013.
16 Sept 2013production update● Neutral
Origin forwarded Contact Energy's August data: Haywards wholesale price averaged $65/MWh (July $53). North Island hydro storage was 69% of mean, South Island 109%. Routine operating data.
16 Sept 2013annual report● Neutral
Origin forwarded Contact Energy's 2013 annual report, dated 5 September 2013 and signed by Origin MD Grant King as Contact chairman. Contact has about 566,000 customers and net assets of $3.5bn. Origin holds 53.09%. No new figures for Origin.
4 Sept 2013drilling progress report● Neutral
Beach Energy's August drilling report covers its own wells plus Santos-operated Cooper Basin wells where Origin holds 13.19%, 16.5% or 25%, such as Cowralli gas wells and Cook-27 (suspended as a future oil producer). Nothing Origin-specific; the Egypt discovery is Beach's.
27 Aug 2013production update● Neutral
Origin forwarded Contact Energy's July data: Haywards wholesale price averaged $53/MWh (June $65). North Island hydro storage fell to 70% of mean from 84%; South Island rose to 122%. Routine operating data.
22 Aug 2013annual report▼ BadMajor
Origin reported FY13 statutory profit $378m (down 61%) and underlying profit $760m (down 15%, at the lower end of February guidance), mainly on weaker Energy Markets. Final dividend 25cps unfranked; $5.3bn liquidity against a $4.1bn remaining APLNG funding need.
22 Aug 2013investor presentation● Neutral
Presentation of the FY13 results already released: underlying profit $760m (down 15%), final dividend 25cps unfranked. It restates four priorities, including APLNG first LNG in mid-2015 and $5.3bn liquidity for the $4.1bn remaining APLNG funding. Repeats known facts.
22 Aug 2013debt financing▲ GoodMajor
Origin signed a $7.4bn syndicated bank loan facility, with four- and five-year terms maturing August 2017 and August 2018. It is more than enough to refinance existing bank debt, with interest cost consistent with the existing debt and the 2004-era terms replaced.
22 Aug 2013security holder rights change● Neutral
Origin reported the subordinated notes interest cover ratio at 5.2 times for the six months to 30 June 2013, against a 3.5 times minimum, so no mandatory interest deferral applies. The leverage test remains suspended until 30 June 2016.
22 Aug 2013annual report▼ Bad
Origin lodged its FY13 accounts: statutory profit $378m (down 61% from $980m) on revenue of $14.6bn. Final dividend 25 cents, unfranked, payable 27 September 2013. Full-year underlying figures are in the separate results release.
20 Aug 2013other▲ Good
Origin forwarded Contact Energy's FY13 results: profit $199m (up 5%), EBITDAF $541m, full-year dividend 25cps. Contact is exiting the Hauāuru mā raki wind project and shelving Waitahora; Te Mihi first power expected in the next few months. Origin holds 53.09%.
19 Aug 2013admin correction● Neutral
Origin's share register moved from Link Market Services to Boardroom from 19 August 2013, including employee share plans. Shareholder holdings are unaffected and the enquiry phone number is unchanged. Administrative notice only.
7 Aug 2013drilling progress report● Neutral
Beach Energy's July drilling report covers its own wells plus Santos-operated Cooper Basin wells where Origin holds 13.19%, 16.5% or 25%, such as Cowralli-17/-27, Cook-24 (suspended as oil producer) and Cook-25 (abandoned). Nothing Origin-specific.
1 Aug 2013asset acquisition disposition▲ GoodMajor
Origin completed its acquisition of Eraring Energy from the NSW Government, announced 1 July, for a net $50m. Cobbora contract cancellation (with $300m payment to Origin) is complete and the Centennial Coal supply deal for 24.5m tonnes from FY2015 is now confirmed.
31 July 2013resource reserve update● NeutralMajor
Origin's 2P reserves ended June 2013 at 6,201 PJe, down 607 PJe mainly because its APLNG share was diluted from 42.5% to 37.5%; excluding that, up 49 PJe. APLNG is about 45% complete. FY13 production was 123 PJe (-5%); June quarter 32 PJe (+9%).
29 July 2013production update▲ GoodMajor
Origin, operator with 67.23%, announced production started from the Geographe gas field in the Otway Gas Project, Victoria, after commissioning. The field was approved in October 2011 and keeps Otway Gas Plant supplied; the plant supplies 22% of Victorian gas demand.
25 July 2013production update● Neutral
Origin forwarded Contact Energy's June data: Haywards wholesale price averaged $65/MWh (May $79). North Island hydro storage rose to 84% of mean from 71%. Routine operating data.
23 July 2013drilling result▼ BadMajor
Origin's Ca Voi-1X well in Vietnam's Block 121 reached its planned 3,750 m depth and was plugged and abandoned, finding only wet gas shows in a secondary objective. This is a disappointing exploration result for Origin's 45% interest.
22 July 2013farm in farm out agreement▲ GoodMajor
Origin agreed to take 50% and operatorship of offshore permit WA-454-P from MEO Australia, paying A$5.6m of back costs and funding 80% of the Breakwater-1 exploration well, capped at A$35m. Subject to regulatory approvals and a joint operating agreement.
3 July 2013drilling progress report● Neutral
Beach Energy's June drilling report covers its own wells plus Santos-operated Cooper Basin wells where Origin holds 13.19%, 16.5% or 25%, such as Cowralli, Karmona-6 and Cook-26, mostly cased and suspended for future production. Nothing Origin-specific.
2 July 2013asset acquisition disposition● Neutral
Contact completed the sale of its gas metering business to Vector's Advanced Metering Assets for NZ$59.9m, first announced 25 October 2012. This resolves the pending Vector sale, at slightly less than the NZ$63m noted earlier.
1 July 2013other● Neutral
Contact Energy will release its year-to-30 June 2013 results before market open on 20 August 2013. Date notice only, no financial content.
1 July 2013asset acquisition disposition▲ GoodMajor
Origin agreed to buy Eraring Energy from the NSW Government for a net $50m, taking over the power station it already dispatched under 2011 arrangements. The Cobbora coal contract is cancelled with $300m paid to Origin, and a Centennial Coal supply deal for 24.5m tonnes is signed. Completion expected Q1 FY14.
26 June 2013security holder rights change● Neutral
Origin amended the $900m subordinated notes terms so the leverage ratio test, which can force interest deferral, is suspended from 30 June 2013 to 30 June 2016. The interest cover test remains; S&P and Moody's confirmed no change to equity credit; upcoming payments unaffected.
24 June 2013security holder rights change● Neutral
Origin set the subordinated notes interest rate at 6.82% for 24 June to 22 September 2013 (bank bill 2.82% plus 4.00% margin), paying $1.70 per note on 23 September. Routine reset, down from 7.06%.
21 June 2013production update● Neutral
Origin forwarded Contact Energy's May data: Haywards wholesale price averaged $79/MWh (April $95). North Island hydro storage rose to 71% of mean from 62%. Routine operating data.
17 June 2013drilling progress report● Neutral
Partner Pan Pacific Petroleum repeats the Ca Voi-1X spud in 270 m of water, testing the Whale prospect (Oligocene reservoirs) to about 3,771 m; the well was at 342 m on 16 June. Origin holds 45% as operator. No new result.
17 June 2013drilling spud● NeutralMajor
Origin, operator with 45%, spudded the Ca Voi-1X exploration well in Block 121 off central Vietnam on 15 June 2013, targeting 3,771 m. Partners are Premier Oil 40% and Pan Pacific 15%. Origin will update only on completion.
