Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Feb 2021half year report● Neutral
Cover note and release for the half year to December 2020, repeating results already reported: statutory profit $13m, underlying profit $224m, free cash flow $655m, debt cut a further $460m to $4.7bn, and unfranked interim dividend of 12.5c.
18 Feb 2021half year report▼ Bad
Half-year to December 2020: statutory profit fell 98% to $13m from $599m, revenue down 10% to $6,068m. Interim dividend 12.5c unfranked, up from the 10c final dividend of FY2020. Net tangible assets per share fell to $3.41 from $3.86.
4 Feb 2021other▼ BadMajor
Origin cuts FY2021 Energy Markets EBITDA guidance to $1,000-1,140m (from $1,150-1,300m), citing COVID-19, a mild summer and higher gas costs linked to JKM. APLNG production guidance rises to 685-705 PJ, and expected Origin cash distribution is $575-675m.
23 Dec 2020material agreement▲ GoodMajor
Origin will invest a further £36m (about A$65m) in Octopus Energy to hold its 20% stake, after Tokyo Gas takes 9.7% for US$200m. Paid in tranches, 75% in FY2021. Origin says its 50,000-customer Kraken target is already reached. Binding once the Tokyo Gas deal is executed, expected Q1 2021.
21 Dec 2020farm in farm out agreement▲ Good
Buru Energy's side of the Canning Basin farm-out: Origin earns 50% in Buru's five exploration permits by funding a work program, including carry of $16m for the Rafael 1 and Kurrajong 1 wells in 2021. Yulleroo gasfield excluded; Buru stays operator.
21 Dec 2020farm in farm out agreement▲ GoodMajor
Origin farms into seven Canning Basin permits (20,000 km2): 50% in five with Buru, 40% in two with Buru and Rey, carrying $12.3m of partners' costs. Expected Origin spend about $35m over two years, with options for a further $10.6m. A third onshore basin alongside Beetaloo and Cooper-Eromanga.
21 Dec 2020farm in farm out agreement● Neutral
Rey Resources' side of the Canning Basin deal: binding letter agreement farming out a 40% interest in EP457 and EP458 to Origin, with Buru and Rey each keeping 20%. If no formal agreement by 31 March 2021, Origin pays $3m on completion.
17 Dec 2020director officer appointment● Neutral
Mick McCormack, former APA Group CEO (2005-2019) and current Central Petroleum chairman, joins the board as independent non-executive director from 17 December 2020. Continues board renewal under new Chairman Perkins; he stands for election at the 2021 AGM.
26 Nov 2020investor presentation● Neutral
Investor briefing largely restates known strategy. It cites APLNG FY2021 production guidance upgraded by 25 PJ, breakeven lowered to US$25-29/boe, and an estimated 12-15% FCF yield for FY2021. Targets FEED in CY2021 for a green hydrogen export facility (300MW, 36ktpa).
12 Oct 2020director officer appointment● Neutral
Origin appoints two independent directors: Joan Withers from 21 October 2020 and Ilana Atlas from 19 February 2021. Both will stand for election at the 2021 AGM. Part of board renewal alongside the chair succession.
5 Oct 2020remuneration report▲ Good
Origin withdraws the proposed CEO restricted-share grant after shareholder reservations. It keeps a modified long-term incentive plan with the maximum cut from 180% to 120% of fixed pay, half tied to relative shareholder return.
16 Sept 2020annual report● Neutral
2020 Annual Report. Chairman Cairns confirms he steps down at the October AGM, with Scott Perkins succeeding. Financials repeat the 20 August results. The excerpt shows no new figures.
20 Aug 2020half year report● NeutralMajor
Full-year result: statutory profit $83m after impairments, but underlying profit stable at $1,023m. Free cash flow rose to $1,644m and adjusted net debt fell $773m to $4,644m. Final dividend 10c unfranked, 25c total, 27% of free cash flow, below the 30-50% target range.
20 Aug 2020director officer appointment● NeutralMajor
Chairman Gordon Cairns, in the role since October 2013, will retire after the 20 October 2020 AGM. Director Scott Perkins, on the board since 2015, has been elected to succeed him.
20 Aug 2020other● Neutral
Annual sustainability report covering FY2020 performance, including a $870,000 bushfire and drought donation and customer protections from disconnection until at least end of October 2020. Reports performance already announced; no new financial results.
20 Aug 2020annual report▼ BadMajor
Full-year filings: statutory profit fell 93% to $83m (from $1,211m) on the impairment and onerous contract charges flagged on 15 July. Revenue fell 11% to $13,157m. Final dividend is 10c unfranked, paid 2 October 2020.
20 Aug 2020investor presentation● Neutral
Results presentation repeats the results release: underlying profit $1,023m, free cash flow $1,644m, adjusted net debt $4.6bn. New detail: APLNG FY2021 costs $300-500m lower, a 5% rise in APLNG 2P operated reserves, and Beetaloo restart planned for late 2020.
15 July 2020other▼ BadMajor
Origin expects non-cash post-tax charges of $1,160-1,240m in FY2020 statutory profit, including a $720-770m APLNG impairment and a $440-460m Cameron LNG onerous contract provision. It expects no cash impact and no change to guidance. The charges are driven by lower commodity price assumptions.
7 July 2020regulatory community update▲ GoodMajor
Comet Ridge reports Mahalo has been granted petroleum leases PL 1082 and PL 1083 for 30 years, the final regulatory approval. The partners now work towards a final investment decision. APLNG holds 30%, with Origin as development operator. Resolves the lease applications lodged in September 2019.
9 June 2020regulatory community update▲ Good
Comet Ridge, a partner, reports Mahalo has Queensland environmental approval, following federal approval in May. Petroleum leases are the last step. APLNG holds 30% with Origin as development operator; Comet Ridge 40%, Santos 30%. Moves the Mahalo thread forward.
1 May 2020investor presentation● Neutral
Presentation on the Octopus deal repeats the release: 20% stake, perpetual Australian Kraken licence, $134m upfront and $373m staged over FY2020-23. It adds that the deal is funded from cash and free cash flow, with capex and asset-sale reviews ongoing.
1 May 2020material agreement▲ GoodMajor
Origin partners with UK retailer Octopus Energy, taking a 20% stake and a licence to its Kraken platform. It pays $134m upfront and $373m over four financial years. Targeted savings are $70-80m in FY2022, rising to $100-150m a year from FY2024.
7 Apr 2020farm in farm out agreement▲ GoodMajor
Origin raises its Beetaloo interest by 7.5% to 77.5% by increasing its carry of Falcon's costs from $34m to $59m, and gains more control as operator. COVID-19 pause delays Kyalla 117 stimulation and testing to H1 FY2021. Supersedes the earlier planned Sasol route to 70% (inference).
6 Apr 2020other● NeutralMajor
Origin responds to COVID-19 and the oil price fall: Energy Markets FY2020 EBITDA guidance of $1.4-1.5bn kept, APLNG distribution $1.1-1.3bn unchanged, FY2020 capex 5-10% lower, and FY2021 capex cut targeted at 25-30%. It says it has more than 24 months of committed undrawn liquidity.
20 Feb 2020half year report● NeutralMajor
Half-year results: statutory profit $599m (down $197m), underlying profit $528m (down 11%), free cash flow up 22% to $680m. Interim dividend lifted to 15c from 10c. Energy Markets hurt by price re-regulation and outages; APLNG set a record 358 PJ. Full-year APLNG distribution guidance is $1.1-1.3bn.
20 Feb 2020half year report● Neutral
Cover note and financial statements for the half year to 31 December 2019: statutory profit $599m (down from $796m), revenue $6,728m, and a 15c interim dividend (10c a year earlier), payable 27 March 2020. Detail matches the results release.
20 Feb 2020investor presentation● Neutral
Presentation accompanying the half-year result repeats known figures: underlying profit $528m, free cash flow $680m, adjusted net debt $5.1bn, 15c interim dividend. APLNG unit costs fell to $3.5/GJ. No new results or guidance beyond the results release.
20 Nov 2019investor presentation● Neutral
Investor Day presentation sets out strategy and restates progress: $500m APLNG cost-out achieved, a target of over $150m company-wide cost-out by FY2021, balance sheet repaired and dividends recommenced. The text provided shows no new results or guidance.
31 Oct 2019quarterly activities report▲ GoodMajor
September 2019 quarter: APLNG production rose 3% year on year, and Integrated Gas revenue rose 7% to $688m. Beetaloo drilling restarted with Kyalla 117 spudded 9 October after a three-year gap. The $231m Ironbark sale to APLNG settled 5 August. Energy Markets volumes fell, in line with guidance.
16 Oct 2019other● Neutral
Origin publishes its second climate scenario analysis, modelling its generation portfolio under 2°C and 1.5°C pathways. It says Eraring declines in value but stays net positive, and portfolio value is lower under 1.5°C than 2°C. Follows the 2017 analysis.
