Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2021quarterly activities report▲ Good
June 2021 quarter: APLNG production stable at 64.7 PJ, revenue up 19% to $507.6m on a A$7.98/GJ price. Full-year APLNG cash to Origin was $709m, above the >$650m guidance; 250,000 customers now on Kraken.
30 July 2021other▼ BadMajor
Origin expects FY2021 non-cash charges of $2,247m: $1,578m impairments of Energy Markets goodwill and generation assets, and a $669m deferred tax charge on APLNG. FY2022 Energy Markets EBITDA guided down to $450-600m; APLNG distributions were $709m in FY2021.
5 May 2021material agreement▲ GoodMajor
APA Group announced a final investment decision on a roughly $270m, 25% expansion of its East Coast Grid, and a new three-year gas transport agreement with Origin from 1 January 2023 worth about $190m to APA. Supports Origin's southern supply.
30 Apr 2021quarterly activities report● Neutral
March 2021 quarter: APLNG production fell 4% to 65.4 PJ, but revenue rose 7% to $427.5m on a A$7.05/GJ price. Full-year APLNG distributions are expected above $650m; Beetaloo Kyalla-117 extended test planned late FY2021.
16 Apr 2021other▼ BadMajor
An arbitrator's partial award sets a materially higher price for Origin's Beach Energy Otway Basin gas, adding $30-40m to FY2021 costs and $60-80m in FY2022. Energy Markets EBITDA guidance is cut to $940-1,020m; APLNG distribution now expected above $650m.
19 Mar 2021material agreement● Neutral
Blue Energy says it signed a non-binding Heads of Agreement to supply Origin up to 300 PJ of gas over 10 years from 2024, 20-30 PJ a year, from its North Bowen Basin permit. Non-binding, so not yet a firm contract for Origin.
24 Feb 2021other● Neutral
Origin releases an updated Dealing in Securities Policy under Listing Rule 12.10, replacing the September 2016 version. It sets out when directors and staff cannot trade, including closed periods around results. Administrative; no financial substance.
18 Feb 2021investor presentation● Neutral
Half-year presentation repeats the results: underlying profit $224m (down $304m), statutory profit $13m, adjusted net debt $4.7bn, and interim dividend 12.5c. Notes $85m of the $100m retail cost-out achieved and Kraken's first 50,000 accounts migrated.
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.
29 Jan 2021quarterly activities report▲ Good
December 2020 quarter: record APLNG production of 68.3 PJ, revenue up 6% to $398m despite a lower realised price of A$6.17/GJ. APLNG distributed $265m to Origin. Beetaloo Kyalla well flowed liquids-rich gas and a Notice of Discovery was lodged; 50,000 Kraken customers migrated.
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).
30 Oct 2020quarterly activities report▼ Bad
September 2020 quarter: APLNG production steady at 64.2 PJ, but realised price fell to A$6.52/GJ as lagged oil prices flowed through, cutting commodity revenue 39% to $373.9m. Origin capex was $74m. Beetaloo fracture stimulation completed; Kraken first 50,000 customers targeted by end-2020.
20 Oct 2020agm notice● Neutral
Cover letter for the 2020 AGM voting results. The excerpt does not include the actual vote outcomes.
20 Oct 2020agm notice● Neutral
AGM addresses and presentation. Departing chairman Cairns reviews his seven years and says the old incentive plan was not fit for purpose, hence the revised hybrid plan. Director Teresa Engelhard retires. Mostly repeats known facts.
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.
21 Aug 2020agm notice● Neutral
Origin notes three shareholder-requisitioned AGM resolutions from 118 holders with about 0.0157% of shares. They cover a constitution change, a review of consent for fracking in the Beetaloo, and a review of industry-association lobbying. Board view is due in the notice.
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.
