25 Feb 2013other● Neutral
Origin forwards Contact Energy's January 2013 operating data; Origin holds 53.09%. Average Haywards price was $52/MWh (December: $60), and South Island hydro storage was 118% of mean. Routine data.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2013other● Neutral
Routine test of subordinated note covenants at 31 Dec 2012: interest cover 4.8x (minimum 3.5x) and leverage 2.5x (maximum 4.0x). No mandatory deferral event, so note interest payments continue.
21 Feb 2013investor presentation● Neutral
Analyst presentation for the half-year: statutory profit $524m (down 34%), underlying profit $362m (down 26%), 25cps interim dividend steady. APLNG cost rises 7% to $24.7bn; Origin's APLNG funding need from 1 Jan 2013 is $4.4bn. Repeats the results already reported.
21 Feb 2013resource reserve update▼ BadMajor
APLNG's schedule and cost review lifts project cost 7% to $24.7bn from $23bn at the July 2012 FID. Train 2 start-up is pulled forward to Q4 2015, at least three months early. Origin's peak funding need rises to $4.4bn from $3.6bn.
21 Feb 2013half year report▼ Bad
Origin's half-year to December 2012: statutory profit $524m (down 34%), revenue $7,379m (up 14%), interim dividend 25 cents, unchanged. Full report attached; headline figures only in the text provided. Details are in the media release.
21 Feb 2013capital raising announcement▲ GoodMajor
S&P cut Origin's long-term credit rating from BBB+ (negative outlook) to BBB (stable). Origin said it had no intention to raise equity to fund APLNG, whatever the outcome of the dilution process, and needed no refinancing until the 2015 financial year.
21 Feb 2013half year report▼ BadMajor
Origin reported half-year underlying profit of $362m (down 26%) and statutory profit of $524m (down 34%); Energy Markets EBITDA fell 20% to $660m, hit by the Queensland tariff decision and competition. Interim dividend 25 cps; $5.4bn cash and undrawn facilities; revised guidance issued.
21 Feb 2013investor presentation● Neutral
Re-release of the half-year analyst presentation, adding a slide on today's S&P credit rating announcement and repeating slide 5. Otherwise identical to the earlier version. No new substance.
19 Feb 2013other▲ Good
Origin forwards Contact Energy's half-year results: profit after tax $88m (up 29%), EBITDAF $253m (up 10%), interim distribution equal to 11 cents per share. Origin holds 53.09%. Contact will not commit to new generation near term; Te Mihi finishing.
14 Feb 2013other● Neutral
Origin forwards Contact Energy's notice that it is restructuring its business, advised to staff on 13 February 2013, to manage cost pressures as its more than $2bn capital program ends amid flat demand. No job numbers or costs given.
6 Feb 2013joint venture update▲ Good
AWE, operator of Senecio (Origin 50%, AWE 50%), began a development feasibility study. Pressure tests confirmed permeability of 0.03-0.06mD, within the expected range, following the earlier 1.35 MMscf/d flow. This resolves the open Senecio-2 pressure data thread. Detailed project planning may start from Q2 2013.
6 Feb 2013drilling progress report● Neutral
Beach Energy's January drilling report covers Cooper Basin unconventional gas wells such as Moonta-1 (1.2 MMscf/d) and some dry or non-commercial exploration wells. Origin is not named; its only link is its 13.19% interest in the Santos-operated Cooper JV (e.g. Baryulah, Munkarie wells).
30 Jan 2013other● Neutral
Origin forwards Contact Energy's December 2012 operating data; Origin holds 53.09%. Average Haywards price fell to $60/MWh from $69 in November, and South Island hydro storage was at mean (100%). Routine data.
16 Jan 2013other● Neutral
Origin forwards Contact Energy's presentation on segment reporting changes: retail and wholesale gas move into the electricity segment, renamed 'Integrated Energy'. Origin holds 53.09% of Contact. Presentation change only; FY12 Integrated Energy revenue shown as $1,577.4m.
7 Jan 2013other● Neutral
Origin forwards Contact Energy's notice that its half-year results for the six months to 31 December 2012 will be released on 19 February 2013. Origin holds 53.09% of Contact. Administrative date notice only.
3 Jan 2013drilling progress report● Neutral
Beach Energy's December drilling report covers Cooper Basin unconventional gas stimulation and oil wells, including Moonta-1 flowing 2.1 MMscfd. Origin is not named; its only link is its 13.19% interest in the Santos-operated Cooper JV, e.g. Baryulah-15 (Beach 23.2%).
3 Jan 2013admin correction● Neutral
Corrects the subordinated notes notice: ex-date moves to 7 March 2013 because 11 March is an ASX no-settlement day, making the period 88 days and the payment $1.72 per note. Rate stays 7.14%. Administrative correction only.
24 Dec 2012security holder rights change● Neutral
Interest rate on Origin's subordinated notes for 24 December 2012 to 21 March 2013 is 7.14% (bank bill rate 3.14% plus 4.00% margin), paid 22 March 2013 at $1.74 per note unless deferred. Routine rate reset, down from 7.39%.
21 Dec 2012debt financing▲ GoodMajor
Origin sold a portion of future oil and condensate production from 2015 (Australian east coast and New Zealand) for US$300m, with Goldman Sachs as counterparty. Proceeds, received on 21 December, will retire existing drawn debt.
20 Dec 2012contract award▲ GoodMajor
Origin signed a long-term gas sales agreement with MMG for up to 22 PJ over seven years, starting with the Century mine in 2013 and later Dugald River. Follows the May 2012 GLNG gas sale, adding to domestic gas monetisation.
19 Dec 2012regulatory community update▼ BadMajor
Queensland's Supreme Court upheld the QCA's process for setting 2012-13 regulated electricity prices, so prices stay unchanged. Origin will not appeal. Its 8 November profit guidance had assumed no change, so guidance is not affected by this outcome.
18 Dec 2012regulatory community update▲ GoodMajor
Origin welcomes South Australia's decision to deregulate energy prices from 1 February 2013, with ESCOSA to monitor prices. Origin will cut gas prices 1% for SA customers on standing contracts. This resolves the open ESCOSA pricing-decision risk for FY13 guidance.
17 Dec 2012other● Neutral
Origin forwards Contact Energy's November 2012 operational data; Origin holds 53.09%. The November average Haywards price was $69/MWh and South Island hydro storage fell to 108% of mean (123% in October). Routine data, no Origin-specific change.
10 Dec 2012drilling result▲ Good
Geodynamics completed a 14-day major stimulation of Habanero 4, detecting over 24,000 micro-seismic events up to 1,500 m from the well. A third flow test is estimated for February 2013. Origin holds 30% of the JV but is not funding this program.
5 Dec 2012other● Neutral
Origin forwards Contact Energy's announcement that it is selling the former New Plymouth power station site for $15.5m to Port of Taranaki and $8.5m to Methanex. Origin holds 53.09% of Contact. Contact keeps a right to repurchase part of the site.
5 Dec 2012drilling progress report● Neutral
Beach Energy's November drilling report covers Cooper Basin oil discoveries such as Pennington and unconventional gas stimulation. Origin is not named; its only link is its 13.19% interest in the Santos-operated Cooper JV, where wells like Cooba-4 were cased for production.
22 Nov 2012well test result▲ Good
Geodynamics' second open flow test at Habanero 4 averaged 38 kg/s for 104 minutes at over 29 MPa after local stimulation, and major stimulation has begun. Origin holds 30% of the Innamincka Deeps JV but is not funding the FY2013 program.
21 Nov 2012farm in farm out agreement▼ BadMajor
Empire Oil & Gas says Origin gave notice terminating its farm-in agreements over North Perth Basin permits EP368 and EP426, citing the regulator's failure to approve work-timing variations. Empire disputes it and will seek legal advice. This is Empire's account only; Origin has not commented.
20 Nov 2012other● Neutral
Origin forwards Contact Energy's October 2012 operational data; Origin holds 53.09%. South Island hydro storage was 123% of mean and the October average Haywards price $47/MWh. Routine data with no Origin-specific change.
19 Nov 2012debt financing▲ GoodMajor
APLNG confirms all conditions are met for its US$8.5bn project finance facility and the first drawdown has occurred. It funds the downstream LNG plant on Curtis Island, with draws up to the limit through construction. Follows the May 2012 signing.