Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Apr 2013drilling progress report● Neutral
Beach Energy's March drilling report covers its own wells, such as Halifax-1 and Holdfast-2, plus Santos-operated Cooper wells including Achilles-1 (dry). Origin is not named; its link is its 13.19% interest in the Santos-operated Cooper JV.
28 Mar 2013joint venture update● NeutralMajor
Origin told Geodynamics it will withdraw from the Innamincka Deeps and Shallows joint ventures effective 30 June 2013. Origin held 30% and had already stopped funding Habanero-4. This completes its exit from the geothermal project flagged at the March roadshow.
26 Mar 2013half year report▲ Good
Origin forwarded Contact Energy's half-year report; Origin holds 53.09%. Contact's profit was $88m (up 29%), EBITDAF $253m (up 10%), with an 11 cps distribution. Te Mihi power station is in early commissioning. Repeats results already noted.
22 Mar 2013other● Neutral
Origin set the subordinated notes interest rate at 7.06% for 22 March to 23 June 2013 (bank bill rate 3.06% plus 4.00% margin), paying $1.82 per note on 24 June. Slightly lower than the prior 7.14%. Routine.
21 Mar 2013half year report● Neutral
Origin sent shareholders its printed half-year report, repeating results already released: statutory profit $524m, underlying EBITDA $1.06bn (down 9%), 25 cps interim dividend. FY13 underlying profit guidance is now 10 to 15% below prior year. No new information.
20 Mar 2013other● Neutral
Origin set the dividend reinvestment price at $12.7305 per share for the 25 cps interim dividend payable 4 April 2013. Shares issued under the plan use the 10-day average price, 6 to 19 March. Administrative notice.
19 Mar 2013material agreement● Neutral
Drillsearch announced a new three-year gas sales agreement for Cooper Basin wet gas (10 BCF firm, up to 35 mmscfd) from PEL 106B with the SACB JV, in which Origin holds 13.19%. Origin is only a JV buyer here; no direct Origin effect stated.
18 Mar 2013other● Neutral
Origin forwards Contact Energy's February 2013 operating data; Origin holds 53.09%. Haywards averaged $73/MWh, but $222/MWh for 1-9 March as North Island hydro storage fell to 62% of mean by 11 March. Routine data.
11 Mar 2013other● Neutral
Appendix 3B: 1,275 ordinary shares issued for nil consideration on exercise of executive performance share rights. Ordinary shares quoted now total 1,094,032,750. Administrative notice only.
6 Mar 2013drilling progress report● Neutral
Beach Energy's February drilling report covers its own Cooper and Otway wells, such as Halifax-1 (up to 4.2 MMscf/d). Origin is not named; its only link is its 13.19% interest in the Santos-operated Cooper JV.
4 Mar 2013investor presentation● Neutral
US roadshow presentation by Karen Moses largely repeats known points: APLNG cost of $24.7bn, $4.4bn funding need and no equity raising. It also lists restructuring steps, including dropping Geodynamics and Transform Solar investment and pending sales of TAWN and Jingemia.
26 Feb 2013material agreement▲ GoodMajor
Origin agreed a further US$200m forward sale of oil and condensate over six years from July 2015, after the US$300m deal of December 2012. Together they cover about 35% of its oil and condensate 2P reserves excluding APLNG. The US$500m retires drawn debt.
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.
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).
31 Jan 2013quarterly activities report● Neutral
Media release for the quarterly report: production 29 PJe, revenue $200m, up 1% on the year-earlier quarter. Origin made no APLNG cash contributions in the quarter, helped by Sinopec's cash injection and first project-finance drawdowns; FY13 contributions to date are $119m.
31 Jan 2013quarterly activities report● Neutral
December quarter production was 28.8 PJe (13% below September's 33.1 PJe, due to Otway and Kupe maintenance shutdowns) with revenue of $200.2m. BassGas returned 15 October; APLNG upstream 29% and downstream 31% complete. No further major shutdowns this financial year.
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%).
