Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2012other● Neutral
Contact Energy (Origin 52.76%) February data: Haywards wholesale price averaged $129/MWh, South Island hydro storage 69% of mean (from 72%), North Island 131%. Q2 2012 futures fell to $117/MWh by 13 March from $132/MWh at end-February.
14 Mar 2012dividend declaration● Neutral
Contact Energy (Origin 52.76%) set its interim bonus share strike price at $4.955, a ratio of 0.0222 bonus shares per share held. It will buy back up to 15,732,514 shares issued on 30 March 2012.
8 Mar 2012dividend declaration● Neutral
Contact Energy (Origin 52.76%) sent shareholders its interim distribution of 11c per share, paid 30 March 2012 as bonus shares with an optional cash buy-back; the acceptance deadline is 23 March. Routine shareholder mailing.
7 Mar 2012joint venture update▲ GoodMajor
Geodynamics, operator of the Innamincka Deeps JV (Origin 30%), has all approvals to spud Habanero 4 within about a week, targeting 4,170m over roughly four months. The JV sold Rig 100 to Weatherford for $16.8m, so future wells will use hired rigs.
27 Feb 2012other● Neutral
Contact Energy (Origin 52.76%) January data: average wholesale price $73/MWh, South Island hydro storage down to 72% of mean (from 85%), North Island 130%. Futures for the first quarter of 2012 rose to $115/MWh by 24 February.
23 Feb 2012half year report▲ GoodMajor
Origin's underlying profit rose 61% to $489m, with underlying EBITDA up 41% to $1,157m, mostly from the NSW energy businesses bought in March 2011 and lower exploration expense. Interim dividend 25c, 55% of underlying profit. Statutory profit $794m included a gain on APLNG dilution.
23 Feb 2012other▲ Good
Origin reported its subordinated notes ratios at 31 December 2011: interest cover 6.6 times (minimum 3.5) and leverage 1.2 times (maximum 4.0). No Mandatory Deferral Event has started, so interest on the December-issued notes is not deferred.
23 Feb 2012dividend declaration● Neutral
The 25c fully franked interim dividend, payable 30 March 2012 (record date 5 March), will have a dividend reinvestment plan with no discount and no underwriting. Pricing period is 7 to 20 March.
23 Feb 2012investor presentation● Neutral
Presentation accompanying the half-year result, with management reviewing performance, finances, operations and outlook. Repeats the figures already released the same day; no new information is visible in the text provided.
23 Feb 2012half year report▲ GoodMajor
Origin's half-year to 31 December 2011: revenue $6,499m (+42%), statutory profit $794m against a $136m loss a year earlier, interim dividend 25c fully franked. Full accounts and management discussion; the media release carries the headline detail.
21 Feb 2012half year report● Neutral
Contact Energy (Origin 52.76%) reported half-year EBITDAF of $231m (+$5m) and underlying profit of $76m (-$2m), with hydro output down 16%. Interim distribution held at 11c. Te Mihi remains on schedule for mid-2013; Oakey exit gain of about $28m to come at full year.
16 Feb 2012other● Neutral
Origin revised its reporting segments to Energy Markets, Exploration and Production, Australia Pacific LNG, Contact Energy and Corporate, ahead of the 23 February interim result. Prior-period profit is not changed; December 2010 segment figures are restated.
15 Feb 2012other● Neutral
Contact Energy, 52.76% owned by Origin, will give a recorded overview of its half-year results around 2pm NZT on 21 February 2012 instead of a webcast. The results release time is unchanged. Administrative notice.
13 Feb 2012other● Neutral
Contact Energy, 52.76% owned by Origin, confirmed its half-year results will be released on 21 February 2012 with a webcast. Administrative notice.
1 Feb 2012drilling progress report● Neutral
Beach's January drilling report covers its own Cooper Basin wells. Santos-operated gas wells, in which Origin has 13.19% via the Cooper JV, saw four drilled, three cased and suspended as future producers. No Origin-specific results.
25 Jan 2012other● Neutral
Contact Energy, 52.76% owned by Origin, reported December data: the average Haywards wholesale price was $75/MWh, with Benmore at $56. South Island hydro storage fell to 85% of mean and North Island rose to 120%. Half-year results are due 21 February 2012.
23 Jan 2012material agreement▲ GoodMajor
APLNG and Sinopec signed binding agreements: 3.3 mtpa more LNG to 2035 (Sinopec total 7.6 mtpa) and Sinopec subscribing US$1.1bn for 10% more equity. Origin's stake falls to 37.5% on completion, which still needs Train 2 FID and Chinese and FIRB approvals.
19 Jan 2012asset acquisition disposition● Neutral
Contact Energy, 52.76% owned by Origin, completed its exit from the 25% Oakey Power Holdings stake for about A$31m, resolving the December talks. Operations and maintenance duties move to ERM Power; Contact's CEO calls it positive alongside the Whirinaki purchase.
17 Jan 2012joint venture update● Neutral
Geodynamics, operator of the Innamincka Deeps JV (Origin 30%), says Habanero 4 is on track to spud in February 2012, refining the earlier Q1 target. It will drill to about 4,170 metres over roughly four months.
9 Jan 2012production update▲ Good
Drillsearch reports wet gas from the Middleton pilot is flowing and being sold to the Cooper Basin joint venture, in which Origin holds 13.19%. Expected rate is 25 MMscf/d raw gas, about 15 TJ/d of sales gas. Follows the 28 November sales agreement.
9 Jan 2012production update▲ Good
Beach announced first gas from the Middleton project, sold to the Cooper Basin joint venture (Origin 13.19%) under the agreement covering at least 3 bcf. Same project and rates as Drillsearch's release; a five-well drilling campaign nearby has started.
3 Jan 2012production update● NeutralMajor
The first of two units at Origin's 550MW Mortlake gas power station is now available to dispatch into the Victorian market. The second unit is delayed for a generator inspection after a switchyard fault, to be done in the March quarter.
23 Dec 2011asset acquisition disposition● Neutral
Contact Energy, 52.76% owned by Origin, is in talks to sell its 25% stake in Oakey Power Holdings back to the company for about A$31m via a capital reduction. A further announcement is expected in mid-January 2012.
22 Dec 2011asset acquisition disposition● Neutral
Contact Energy, 52.76% owned by Origin, completed its NZ$33m purchase of the Whirinaki peaker plant announced on 6 December.
22 Dec 2011other● Neutral
ASX said Origin's subordinated notes (code ORGHA) will start trading on a deferred settlement basis from 12:00pm on 23 December 2011, with normal trading from 29 December. Administrative notice.
22 Dec 2011capital raising announcement▲ GoodMajor
Origin closed its subordinated notes offer at $900m, up from $800m allocated in the bookbuild on 1 December, after $82.2m of shareholder and $17.8m of general demand. First-period interest is 8.47% a year; proceeds help fund its APLNG contribution.
21 Dec 2011other● Neutral
Contact Energy (52.76% owned by Origin) reported November data: average wholesale price $59/MWh, down from $94 in October, with hydro storage at 101% of mean in the South Island and 105% in the North. A Huntly outage on 13 December is not expected to hurt EBITDAF materially.
20 Dec 2011debt financing● Neutral
Contact Energy, 52.76% owned by Origin, closed its capital bond offer and allotted $200m of bonds at 8.00% a year to 15 February 2017, the minimum rate. First interest payment is 15 February 2012.
12 Dec 2011material agreement▲ GoodMajor
APLNG signed a non-binding heads of agreement for Sinopec to buy a further 3.3 mtpa of LNG to 2035, completing Train 2 marketing, and to lift its stake from 15% to 25%. Origin's stake would fall from 42.5% to 37.5%. Binding deals need approvals and Train 2 FID.
9 Dec 2011material agreement▲ Good
Carbon Conscious said Origin completed its plantation review, so the 2012 plantings of 10 million Mallee trees are now unconditional. It resolves the review condition; Origin's options for 2013-2015 remain open and will be discussed.
