16 Oct 2019admin correction● Neutral
Origin lodges its updated Constitution, reflecting shareholder approval at the AGM of renewed proportional takeover provisions (rule 15). Administrative filing only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2019annual report● Neutral
Origin's 2019 Annual Report is released, repeating FY2019 results already reported in August: net debt cut by more than $1bn to $5.4bn, the lower end of the target range, and safety rate (TRIFR) worsening to 4.5 from 2.2. No new figures in the text provided.
13 Sept 2019annual report● Neutral
Origin publishes its 2019 Sustainability Report, restating commitments to exit coal-fired generation by 2032 and reach over 25% renewables and storage by 2020. It notes Beetaloo permits cover about 18,500 sq km; no new results or figures.
12 Sept 2019regulatory community update● Neutral
Comet Ridge, a third party, reports the Mahalo joint venture lodged petroleum lease applications for the project's initial development area. APLNG holds 30% with Origin as upstream developer; Comet Ridge 40%, Santos 30%. An early step toward development, with no Origin-specific figures.
29 Aug 2019contract award● Neutral
BidEnergy, a third party, announced a three-year agreement to roll out its automation platform to Origin's 14,500 commercial and industrial customers from September 2019. Minor supplier contract from Origin's side; no value for Origin stated.
22 Aug 2019annual report▲ GoodMajor
FY2019 statutory profit $1,211m and underlying profit $1,028m (up from $726m); adjusted net debt $5.4bn, reaching the lower end of the target capital structure. A fully franked 15c final dividend (25c for the year) and a new policy of paying 30-50% of free cash flow are announced; safety rate worsened to 4.5.
22 Aug 2019annual report▲ Good
FY2019 full-year filing: statutory profit $1,211m (versus $280m from continuing operations the year before), with a 15 cent final dividend, record date 3 September and payment 27 September 2019. Net tangible assets per share rose 20% to $4.41.
22 Aug 2019investor presentation▲ Good
Full-year results presentation repeats the headline figures: underlying profit $1,028m, adjusted net debt $5.4bn, 15c final dividend and the 30-50% free cash flow payout policy. Text provided shows APLNG distribution breakeven target of about US$35/boe and >$100m Energy Markets cost savings by FY2021.
31 July 2019quarterly activities report● NeutralMajor
June 2019 quarter: Origin received $943m cash from APLNG in FY2019, above the $850m guidance, with APLNG revenue up 36%. Ironbark sale ($231m) is expected to complete in August; a $160-180m non-cash remediation provision is flagged for a South Australian former gas works site.
26 July 2019debt financing▲ GoodMajor
Origin gives notice it will redeem the €1bn capital securities due 2074 at their first call date, 16 September 2019. This resolves the open hybrid call question and removes the hybrid from the balance sheet.
1 July 2019director officer appointment● Neutral
Company Secretary Andrew Clarke resigned effective 30 June 2019; Helen Hardy remains as Company Secretary. Administrative change with no reason given.
1 May 2019investor presentation● Neutral
Macquarie conference presentation says FY2019 guidance is unchanged and the credit upgrades leave the target capital structure in sight. Repeats the DMO ($44m) and Victorian offer ($20m) annual revenue hits; no new results.
16 Apr 2019debt financing▲ Good
S&P upgrades Origin's senior unsecured credit rating to BBB (stable) from BBB- (positive), a day after Moody's upgrade. The CFO says it reflects the debt reduction and business improvement of recent years.
15 Apr 2019debt financing▲ Good
Moody's upgrades Origin's senior unsecured credit rating to Baa2 (stable) from Baa3 (positive). The CFO links it to the debt reduction of recent years.
25 Feb 2019regulatory community update▼ Bad
Origin says the regulator's draft Default Market Offer would cut its pre-tax earnings by an estimated $44m a year from FY2020 if finalised as drafted. Final determination is due by 30 April 2019, effective 1 July 2019.
21 Feb 2019half year report▲ Good
Half-year accounts to 31 December 2018 show a statutory profit of $796m versus a $136m loss from continuing operations a year earlier. A 10 cent interim dividend is declared, payable 29 March 2019. Detail is in the accompanying release.
21 Feb 2019half year report▲ GoodMajor
Origin reports HY2019 statutory profit of $796m and underlying profit of $592m, and reinstates the dividend with a fully franked 10 cents, delivering the restart flagged in August. Adjusted net debt fell $438m to about $6bn.
21 Feb 2019investor presentation▲ Good
Half-year results presentation (text truncated) repeats headline results: statutory profit $796m, underlying profit $592m, 10 cent dividend, adjusted net debt $6,058m. Adds >$150m Origin-wide savings targeted by FY2021 and an APLNG US$4.5bn refinance lifting distributions about A$100m a year.
19 Feb 2019asset acquisition disposition● NeutralMajor
Origin agrees to sell Ironbark (129 PJ 2P reserves) to APLNG for $231m, resolving the FEED-versus-alternatives review from August. Expects a $34m post-tax impairment. Subject to ACCC and foreign investment approvals; Origin stays upstream operator.
15 Feb 2019asset acquisition disposition▲ GoodMajor
Origin agrees to buy OC Energy for $58m ($33m upfront, $25m deferred), adding 55,000 hot water and embedded network customers, with about 30,000 more expected. Expands its centralised energy services business; completion targeted this quarter.
12 Feb 2019director officer appointment● NeutralMajor
Greg Lalicker, CEO of US private oil and gas producer Hilcorp, joins the Origin board as an independent non-executive director from 1 March 2019. Chairman Cairns says he adds industry and strategy experience.
14 Dec 2018other▼ Bad
S&P Dow Jones Indices will remove Origin from the S&P/ASX 20 index from 24 December 2018. Index administration by a third party, not a company announcement; Origin remains in the broader indices shown.
7 Dec 2018investor presentation● Neutral
Investor Day slides (text truncated) reiterate known themes: debt target in sight, reliable APLNG, and Energy Markets headwinds from government intervention. Opposes draft 'big stick' divestiture legislation. Says Energy Markets 5-year pre-tax returns averaged 9.7%. No new financial figures in the text provided.
30 Nov 2018regulatory community update● Neutral
Origin will give concession card holders in NSW, ACT, Queensland and South Australia an automatic 10% electricity usage discount from 1 January 2019, covering over 230,000 customers. Origin says this fits within its existing FY2019 Energy Markets EBITDA guidance of $1.5-1.6bn.
5 Nov 2018material agreement▲ GoodMajor
APLNG (Origin 37.5%) signed infrastructure-sharing with QCLNG from 2020 to 2035, and will buy up to 350 PJ of QCLNG gas over 10 years from 2024 at an oil-linked price. Subject to Arrow Energy investment decisions.
19 Sept 2018contract award● Neutral
Cooper Energy says the Casino Henry joint venture signed a new gas sales agreement with Origin Energy Retail, supplying from 1 January 2019 to 1 January 2020 at current market prices. It extends the current contract expiring 31 December 2018.
14 Sept 2018annual report● Neutral
The 2018 Annual Report restates known results: underlying EBITDA $2.95bn (+36%), debt down $1.6bn to below $6.5bn, and no FY18 dividend. Notes a lower FY19 Energy Markets outlook. No new information in the text provided.
14 Sept 2018annual report▼ Bad
Shareholder Review summarises the annual report, repeating the debt cut to below $6.5bn and no dividend. States FY19 Energy Markets underlying EBITDA is expected at $1.5-1.6bn, lower than FY18's $1.8bn, due to retail competition and absorbing a 3% NSW price rise.
14 Sept 2018other● Neutral
Sustainability Report for FY18, with no financial news. Confirms the Acumen metering sale to intelliHUB completed on 19 June 2018, ahead of the 30 June expected date.
16 Aug 2018annual report▲ Good
Full-year accounts to 30 June 2018 show a statutory profit of $218m, against a $2,226m loss in FY17, on revenue of $14.9bn. Final dividend is nil. Detail sits in the accompanying results release.