9 Aug 2022agm notice● Neutral
Origin set its 2022 AGM for 10am on 19 October 2022, with full-year results due 18 August. Administrative date notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2022quarterly activities report● Neutral
June quarter: Origin received $1,595m from APLNG for FY22 ($1,430m net of oil hedging); APLNG price A$16.43/GJ. Coal contracting for FY23 is 3 of a 5-6 million tonne target. A $2.2bn non-cash Energy Markets impairment is flagged, linked to a $4.4bn rise in hedge derivative assets.
26 July 2022asset acquisition disposition▲ GoodMajor
Origin will invest a further £94m (~$163m) in Octopus Energy to hold its 20% stake, at the same price as September 2021. Recent raisings value Octopus above £3.5bn, versus Origin's initial May 2020 investment; Kraken migration of Origin customers remains on track for end 2022.
1 June 2022other▼ BadMajor
Origin raises FY22 Integrated Gas EBITDA guidance to $1,700-1,800m but cuts Energy Markets to $310-460m (was $450-600m) on Eraring coal shortfalls. It withdrew all FY23 guidance. $185m of the $250m buyback is done.
29 Apr 2022quarterly activities report▲ Good
March quarter: APLNG revenue up 15% on the prior quarter to $2,577.5m (100% basis) at A$16.10/GJ. The APLNG 10% sale and WINconnect acquisition both completed. Eraring output is down 16% year to date on coal delivery constraints; two solar farm projects were acquired.
9 Mar 2022investor presentation▲ GoodMajor
Strategy refresh presentation built on retail growth, renewables and storage, and maximising cash flow. Announces a $250m share buyback as part of capital allocation, and says emissions targets will be updated to a 1.5°C pathway.
4 Mar 2022director officer appointment● Neutral
Dr Nora Scheinkestel joins the board as an independent non-executive director from 4 March 2022. She is a director of Telstra, Brambles and Westpac and will stand for election at the 2022 AGM.
18 Feb 2022asset acquisition disposition▲ GoodMajor
Origin completed the sale of 10% of APLNG to ConocoPhillips for $2bn net, resolving the pre-emption question; EIG is not the buyer. Origin now holds 27.5% (ConocoPhillips 47.5%, Sinopec 25%) and stays upstream operator.
17 Feb 2022half year report● Neutral
Half-year statutory loss of $131m (prior year loss $183m), on revenue up 7% to $6,511m. Interim dividend 12.5c unfranked, payable 25 March 2022. Net tangible assets $2.81 per share.
17 Feb 2022investor presentation● Neutral
Half-year results presentation repeating the announced figures: statutory loss $131m, underlying profit $268m, 12.5c dividend. Covers the proposed Eraring exit from 2025 and says the APLNG sale is expected to complete in the first half of 2022. No new information.
17 Feb 2022other● NeutralMajor
Origin gave AEMO notice it may retire the Eraring coal plant in August 2025, brought forward from the previous 2032 target. A battery of up to 700 MW is planned on site. Eraring's rehabilitation provision is about $240m, based on the earlier 2032 date.
17 Feb 2022half year report▲ GoodMajor
Half-year underlying profit up 18% to $268m; statutory loss $131m reflecting charges on the APLNG sale. FY22 EBITDA guidance raised to $1,950-2,250m. Interim dividend 12.5c (66% of free cash flow). Also signals possible Eraring closure in mid-2025.
10 Feb 2022other▼ Bad
Origin flags non-cash half-year charges from the APLNG 10% sale: impairment of $190-200m (partly offset by a $100-110m reserve release) and capital gains tax of $170-180m. No significant cash tax is expected. Completion now expected in early 2022.
31 Jan 2022quarterly activities report▲ Good
December quarter: APLNG commodity revenue rose 33% on the prior quarter to $2,247.8m (100% basis) at A$13.29/GJ, and Origin received $555m in distributions for the half. Records ConocoPhillips' pre-emption of the 10% sale and the WINconnect deal. Gas sales volumes fell.
20 Dec 2021asset acquisition disposition▲ GoodMajor
Origin agreed to buy WINconnect, adding 87,000 embedded network and hot water customers plus 36,000 contracted apartments, for a net $42.4m post-tax. It is linked to Intellihub metering changes and a refinancing; completion needs FIRB and other approvals, targeted first half 2022.
9 Dec 2021asset acquisition disposition● NeutralMajor
ConocoPhillips exercised its pre-emption right over Origin's 10% APLNG sale at the same $2.12bn price, subject to FIRB approval. Sinopec has until 17 December to decide. If either takes the stake, the EIG deal lapses and Origin's cash-call guarantee ends.
29 Oct 2021quarterly activities report▲ Good
September 2021 quarter: APLNG production 65.1 PJ, with revenue up 25% to $633.7m on a A$10.05/GJ price. Beetaloo 2021 exploration program completed, with positive Amungee NW 1H production test results. Mentions the pending sale of 10% of APLNG to EIG.
25 Oct 2021asset acquisition disposition▲ GoodMajor
Origin agreed to sell 10% of Australia Pacific LNG to EIG for $2.12bn (about $2.0bn net), cutting its stake from 37.5% to 27.5%. Origin stays upstream operator. FY2022 APLNG cash flow guidance stays above $1bn. Subject to ConocoPhillips and Sinopec pre-emption rights.
20 Oct 2021agm notice● Neutral
All board elections, the remuneration report and CEO equity grants passed at the AGM. The requisitioned constitution amendment failed with 6.88% support. Climate lobbying and Paris-aligned capex advisory items drew 36.6% and 43.7% votes in favour.
20 Oct 2021other● Neutral
AGM addresses and presentation lodged. Chair says outlook has improved on higher commodity prices since August, and the share price fell 23% over the year but has recovered over 10% since 30 June. Repeats strategy; no new transactions.
28 Sept 2021capital raising announcement▲ GoodMajor
Generation Investment Management will buy about 7% of Octopus Energy for £211m, valuing it at about £3bn (A$5.5bn), triple the value when Origin invested in 2020. Origin adds £38m (~A$70m) to keep 20%, replacing the earlier £36m estimate.
17 Sept 2021annual report● Neutral
Origin lodges its 2021 Annual Report, repeating the results already released: statutory loss $2,291m, underlying profit $318m, free cash flow $1,140m, 7.5c final dividend. Notes Scope 1 emissions down 11% against the 2017 baseline.
16 Sept 2021annual report● Neutral
Origin lodges its 2021 Sustainability Report covering customers, communities, climate and people. Repeats known commitments, such as updating emissions targets to a 1.5-degree pathway; no new financial information in the visible text.
19 Aug 2021annual report▼ BadMajor
FY2021 statutory loss of $2,291m, mostly $2,247m of non-cash impairments and deferred tax, as flagged on 30 July. Underlying profit $318m (FY20 $1,023m); free cash flow $1,140m; net debt $4.6bn; unfranked final dividend 7.5c.
19 Aug 2021investor presentation● Neutral
Results presentation repeating the full-year figures already released: statutory loss $2,291m, underlying profit $318m, 7.5c final dividend. Notes 94% APLNG 2P reserves replacement and 250k customers on Kraken. No new information.
19 Aug 2021agm notice● Neutral
One group of shareholders (123 holders, about 0.012% of shares) withdrew requisitioned Resolution 5 to amend the constitution, as a similar resolution from a second group stays on the 20 October AGM agenda. Administrative.
19 Aug 2021half year report▼ Bad
Release repeating the full-year result: statutory loss $2,291m, underlying profit $318m, free cash flow $1,140m, debt cut $519m. Final dividend 7.5c (31% of free cash flow), total 20c. Targets $100-150m more retail savings by FY2024; Energy Markets headwinds persist into FY2022.
17 Aug 2021agm notice● Neutral
Origin notes two groups of shareholders, holding about 0.016% and 0.012% of shares, have requisitioned AGM resolutions. They include constitution changes and Beetaloo-related water, cultural heritage and consent resolutions. Small holdings; the board will give recommendations in the notice of meeting.
9 Aug 2021agm notice● Neutral
Origin sets its 2021 Annual General Meeting for 10:00am on 20 October 2021, with results due 19 August. Administrative date notice only.
6 Aug 2021regulatory community update● Neutral
Origin will put a non-binding advisory vote on its climate change reporting to shareholders at the 2022 AGM, and is working on more ambitious emissions targets consistent with a 1.5-degree pathway. Eraring closure by 2032 or earlier is reaffirmed.