Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Oct 2013joint venture update▼ BadMajor
Pancontinental says media reports Apache is withdrawing from Kenya L8, where Origin holds 20%. No written notice has been given yet. Remaining partners would decide a new operator; Pancontinental expects to increase its stake pro rata. Follows the Mbawa 1 gas discovery.
3 Oct 2013director officer appointment● NeutralMajor
Chairman Kevin McCann, in the role since Origin listed in 2000, will retire after the 23 October 2013 AGM. The Board elected Gordon Cairns, a director since June 2007, to succeed him, subject to shareholders re-electing him at the AGM.
3 Oct 2013debt financing● NeutralMajor
Origin priced US$800m of five-year senior unsecured notes at a 3.50% coupon, maturing October 2018, raising A$852.9m after swapping to Australian dollars. Follows this week's €800m deal; proceeds repay bank debt and fund APLNG. Settlement expected early October.
2 Oct 2013drilling progress report● Neutral
Beach Energy's September drilling report covers its own wells plus Santos-operated Cooper Basin wells where Origin holds 13.19% or 16.5%, including Cowralli gas wells cased for fracture stimulation and Langmuir-1 suspended. Nothing Origin-specific.
30 Sept 2013debt financing● NeutralMajor
Origin priced €800m of eight-year notes at a 3.50% coupon, maturing October 2021, raising about A$1.16bn after swapping to Australian dollars. Proceeds repay or cancel parts of the new $7.4bn bank facility and fund APLNG; settlement is expected early October.
27 Sept 2013other● Neutral
Origin forwarded Contact Energy's disclosure of financial assistance for a new employee share plan, about $1,023,000 in total for roughly 1,000 employees. Origin holds 53.09% of Contact. Administrative notice only.
26 Sept 2013material agreement● Neutral
APA announced a new six-year gas transport agreement with Origin on the Moomba Sydney Pipeline from December 2013, shifting towards more Victorian gas into NSW and less from Moomba. APA will spend about $65m expanding capacity. Fits Origin's new Longford and Beach gas supply.
23 Sept 2013security holder rights change● Neutral
Origin set the interest rate on its subordinated notes at 6.58% a year for 23 September to 22 December 2013, being the 2.58% bank bill rate plus a 4.00% margin. The $1.64 per note payment is due 23 December 2013 unless deferred.
19 Sept 2013annual report● Neutral
Origin's 2013 annual report repeats the FY13 results already released: statutory profit $378m, underlying profit $760m (down 15%), 25cps unfranked final dividend, and $4.1bn remaining APLNG funding against $5.3bn liquidity. APLNG first LNG is expected in two years.
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 2013agm notice● Neutral
Contact Energy will hold its annual meeting on 15 October 2013 in Christchurch, with director nominations closing 19 August 2013. Administrative notice only.
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.
