Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Oct 2011debt financing● NeutralMajor
Origin priced US$500m (about A$510m) of 10-year senior unsecured notes at a 5.45% coupon, due 14 October 2021, issued in the US 144A market. Karen Moses called it a further step in securing funding for APLNG, following the plan to add to debt.
5 Oct 2011other● Neutral
Beach Energy's September drilling report covers Cooper Basin oil wells, Paralana geothermal and Egypt. Origin is not named; three Santos-operated gas wells (Hackett-2, Nephrite South-9, Dilchee-4) in the Cooper JV, where Origin holds ~13%, were cased as future producers. No Origin impact is stated.
29 Sept 2011capital raising announcement● Neutral
Origin issued 9.5m shares at $12.74 to DRP participants and 11.1m shares at $13.0697 to Merrill Lynch as underwriter of the final dividend DRP. The underwriting announced in August was therefore used; about 20.6m new shares in total.
What it means for a shareholder
9.5m new shares at A$12.74 to raise about A$121m. That's 82% dilution: every existing holder's slice gets 82% smaller. If you held A$1,000 of shares (78 at the issue price), your slice goes from 0.0037% to 0.000675% of the company. To keep it you'd need 351 more shares - about A$4,472 at the issue price.
Create a free account to see this worked out for your own holding.
27 Sept 2011dividend declaration● Neutral
Origin set the DRP price for the 25 cent final dividend at $12.74 per share, the 15-day average price less the 2.5% discount announced on 23 August. This completes the pricing step.
20 Sept 2011other● Neutral
Contact Energy, 52.57% owned by Origin, released August operating data: average wholesale price $95/MWh and hydro storage below mean (South Island 84%, North Island 87%). Tighter hydro supply than July's above-mean levels. No new financial results.
19 Sept 2011investor presentation● Neutral
Origin published presentations for its 19-20 September operational review and asset tour covering Talinga, Darling Downs power station and APLNG at Gladstone. The readable text repeats known figures (APLNG 2P 11,775 PJ, 3P 14,742 PJ); no new news is evident.
13 Sept 2011dividend declaration● Neutral
Contact Energy, 52.57% owned by Origin, set its bonus issue price at NZ$5.346 for its 12 cent final distribution, a ratio of about one new share per 44.55 held. This applies the distribution announced with its results; no new financial information.
7 Sept 2011other● Neutral
Beach Energy's August drilling report covers Cooper Basin oil wells and Egypt discoveries. Origin is not named; its ~13% Cooper interest is in the Santos-operated JV, where two gas wells (Tindilpie-12, Nephrite South-7) were cased as future producers. No Origin impact is stated.
5 Sept 2011investor presentation● Neutral
Finance chief Karen Moses presented Origin's strategy and results to Asian investors, 5-9 September. The readable text restates known facts: market value about A$15bn, 4.5 million customer accounts, 42.5% APLNG interest. No new announcements seen in the readable part.
30 Aug 2011other● Neutral
Contact Energy, 52.57% owned by Origin, released July operating data: average wholesale price $51/MWh, hydro storage above mean at end July. Prices averaged $104/MWh in 1-22 August as storage fell to 85-88% of mean. No new financial results.
24 Aug 2011joint venture update● Neutral
Senex agreed with Santos to carry its Snatcher crude through an upgraded six-inch Charo to Tirrawarra pipeline to Moomba, due by March 2012. Origin is listed among the South Australian Cooper Basin parties who own the trunkline; no Origin cost is stated.
23 Aug 2011dividend declaration● Neutral
Origin confirmed a 25 cent fully franked final dividend, paid 29 September to holders on record at 2 September. The DRP applies at a 2.5% discount over a 15-day pricing period from 6 September, and the dividend is fully underwritten.
23 Aug 2011annual report● NeutralMajor
Origin reported FY11 underlying profit of $673m (+15%, matching the earlier guidance) and statutory profit of $186m (down 70%), the gap due to transaction costs, impairments and financial instrument fair value falls. Full-year dividend stays at 50 cents. Its 42.5% share of APLNG's first phase needs around US$6bn over four years.
23 Aug 2011annual report▼ Bad
Origin's full-year 2011 accounts and Appendix 4E: revenue $10,344m (+21%), statutory profit $186m (down 70% from $612m), final dividend 25 cents. Record date is 2 September, payment 29 September. Detailed accounts accompany the media release.
23 Aug 2011investor presentation● Neutral
Analyst presentation for the FY11 result, restating underlying profit of $673m (+15%), statutory profit of $186m, and a 50 cents full-year dividend. The readable text adds no new facts beyond the results release.
22 Aug 2011half year report● Neutral
Contact Energy, 52.57% owned by Origin, reported FY11 underlying earnings of $150.9m (vs $149.8m) and EBITDAF of $441.4m (+3%). Final distribution is 12 cents, making 23 cents for the year, down 2 cents. Contact says new gas storage and peaker plant are improving costs.
22 Aug 2011farm in farm out agreement● Neutral
Norwest Energy will keep its 20% in EP 368 and EP 426 and pay its share of the 3D seismic survey, planned for the first quarter of 2012. It confirms Origin would earn 40% by funding 80% of survey costs. This repeats the Empire farm-in terms.
19 Aug 2011other● Neutral
Beach Energy will build roughly $40m of oil flowlines from its Cooper Basin Western Flank to Moomba, with the trunkline subject to approval by the South Australian Cooper JV, where Origin holds about 13%. Commissioning is expected around June 2012. No direct Origin cost is stated.
18 Aug 2011farm in farm out agreement● Neutral
ERM Power welcomes Origin's farm-in to the EP 426 permit in the North Perth Basin, saying it will reduce ERM's capital needs there. It adds no new terms beyond Empire's announcement of the same day.
18 Aug 2011farm in farm out agreement▲ GoodMajor
Origin agreed conditional farm-in terms to earn 40% of Perth Basin permits EP 368 and EP 426 by operating and paying 80% of a 100 sq km 3D seismic survey, targeting the North Erregulla prospect. Formal agreement still needs board approvals; announced by Empire, not Origin.
9 Aug 2011material agreement▲ GoodMajor
Sinopec's purchase of 15% of APLNG completed, bringing in US$1.765bn and diluting Origin and ConocoPhillips to 42.5% each. Each partner's funding need falls by US$750m, and Sinopec's LNG supply deal (4.31 mtpa from 2015) is now unconditional. This closes the open Sinopec thread.
3 Aug 2011other● Neutral
Beach Energy's July drilling report covers Cooper Basin oil and gas wells and Egypt. Origin is not named; its 13.19% interest is in the Santos-operated Cooper JV, and the report gives no Origin impact.
3 Aug 2011investor presentation● Neutral
Contact Energy, 52.57% owned by Origin, gave a conference presentation arguing that prices sit below the cost of new generation and that stable policy is needed. It criticises ex post price setting (the UTS decision it is appealing). No new financial results.
29 July 2011production update▲ Good
Origin restates its record FY11 exploration and production result: 135 PJe (+30%) and $835m revenue (+32%), with June quarter output of 37 PJe. It repeats the 13% reserve rise to 7,041 PJe and the APLNG final investment decision. No new figures beyond the quarterly report.
28 July 2011material agreement▲ GoodMajor
APLNG's board approved FID on the first phase of a two-train CSG-to-LNG project: US$14bn for train one (US$20bn for both), first gas mid-2015. Sinopec's 15% subscription is now unconditional, cutting Origin to 42.5%, and the contingent FID payment is deferred. This resolves the long-open FID thread.
28 July 2011investor presentation▲ Good
Presentation accompanying the APLNG FID, restating the 9 mtpa, US$20bn two-train project, Sinopec's 15% (Origin and ConocoPhillips 42.5% each) and the roughly US$7bn a year revenue estimate. The readable text adds no new facts beyond the FID release.
28 July 2011resource reserve update▲ GoodMajor
Origin's 2P reserves at 30 June 2011 were 7,041 PJe, up 834 PJe (13%) from 6,207 PJe, after 135 PJe of production. Ironbark gets its first 2P booking of 118 PJe. Sinopec's completion would cut Origin's APLNG share by 883 PJe.
26 July 2011other● Neutral
Contact Energy's June 2011 operating data, forwarded by Origin: Haywards averaged NZ$38/MWh, with 1-18 July at NZ$48/MWh. North Island hydro storage fell to 120% of mean from 167% in May. Routine monthly statistics.
25 July 2011security holder rights change▲ Good
Origin amended its dividend reinvestment plan rules from the dividend for the year to 30 June 2011. Shares are now rounded down with the residual cash carried forward, rather than lost, and pricing methods become more flexible. A modest change for DRP participants.
15 July 2011regulatory community update● Neutral
Contact Energy, 52.57% owned by Origin, has appealed an Electricity Authority decision that an undesirable trading situation arose on 26 March 2011. It says the decision was an error of law and retrospective price resetting creates regulatory uncertainty.
