Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2018investor presentation▲ Good
Results presentation (text truncated) repeats the headline numbers: underlying profit $838m, adjusted net debt $6.5bn. Adds that APLNG well cost was $1.9m against a $2.4m guidance and a $1.2m June 2019 target. Largely repeats the results release.
16 Aug 2018annual report▲ GoodMajor
Origin reports FY18 statutory profit of $218m (FY17: $2,226m loss) and underlying profit up $438m to $838m. Adjusted net debt fell $1.6bn to just under $6.5bn, meeting the below-$7bn target. No final dividend; the board says its outlook supports restarting dividends in FY2019.
18 June 2018debt financing▲ Good
Origin confirms it redeemed in full the €500m Capital Securities due 2071 on their first call date, 16 June 2018. Completes the redemption announced in February; the €1bn 2074 securities remain.
29 May 2018other● Neutral
Royalty holder High Peak Royalties says it received $18,462 for the March quarter from the Peat gas field royalty, and points to Origin's Burunga South 2 deep exploration well. Third-party commentary with no new Origin information.
24 May 2018asset acquisition disposition▲ GoodMajor
Origin agrees to sell its Acumen metering business for $267m to intelliHUB, owned by Pacific Equity Partners and Landis+Gyr, with completion expected by 30 June 2018. Origin commits to a long-term metering contract with Acumen. Adds to debt-reduction asset sales.
1 May 2018investor presentation● Neutral
Macquarie conference presentation (text truncated) repeats Origin's priorities of debt reduction and APLNG cost cuts. It notes a credit rating upgrade after the Lattice sale and about $70m a year of savings from Lattice proceeds combined with the June 2018 hybrid redemption.
12 Apr 2018half year report● Neutral
Shareholder copy of the half-year report, repeating known results: $207m statutory loss, underlying profit up $255m to $428m, no dividend, and Energy Markets guidance of $1.78-1.85bn. No new information.
15 Feb 2018half year report▼ Bad
Origin's half-year financial statements to 31 December 2017 show a net loss of $207m (previous year: $1,559m loss) on revenue up 19% to $7.26bn from continuing operations. No interim dividend. Detail is in the accompanying results release.
15 Feb 2018investor presentation● Neutral
Presentation (text truncated) accompanying the half-year results restates underlying profit of $428m, adjusted net debt of $7.9bn, the Lattice sale completion and the focus on balance sheet repair and APLNG cost reduction. Repeats the results release.
15 Feb 2018half year report▲ GoodMajor
Origin reports a half-year statutory loss of $207m, after $533m of impairments, but underlying profit rose $255m to $428m and underlying EBITDA 51% to $1.49bn. Dividend stays suspended and Energy Markets guidance is raised to $1.78-1.85bn. Net debt was $7.9bn before the Lattice proceeds.
15 Feb 2018debt financing▲ GoodMajor
Origin intends to redeem its €500m Capital Securities due 2071 on their first call date, 16 June 2018. S&P is expected to stop giving 50% equity credit to this and the €1bn 2074 securities; Origin says this is not a rating event under their terms.
8 Feb 2018resource reserve update▼ BadMajor
Origin expects $533m of post-tax non-cash impairments for 1H FY18: $360m on Ironbark after 2P reserves fall from 249 to 129 PJe, plus $173m on Lattice. Ironbark moves to a staged plan targeting first gas in FY2021. Confirms the Lattice charge flagged earlier.
31 Jan 2018asset acquisition disposition● Neutral
Beach confirms financial close of the Lattice purchase: $1,498m paid on 31 January 2018 (the $1,585m price less $87m of adjustments), funded by $503m cash and $995m new debt. Confirms Origin's sale is complete, from Beach's side.
31 Jan 2018asset acquisition disposition▲ GoodMajor
Origin completes the $1,585m Lattice Energy sale to Beach. After the $190m Benaris acquisition, costs and taxes, proceeds close out oil forward sales ($266m) and cut debt by about $1bn. Origin expects accounting charges of about $220-240m, subject to its 15 February half-year accounts.
10 Jan 2018drilling progress report▲ Good
Beach's December report: Cooper Basin SA JV (Origin 13.19%) completed the McKinlay oil campaign (McKinlay-13, -14, -16, -17 cased as producers) and Namur campaign (Namur-9 with 53m gas pay, Namur-10 with 61.5m). Beach-only wells include the Largs-1 DW1 discovery. Origin's Cooper interest goes to Beach on Lattice completion.
21 Dec 2017material agreement● Neutral
AWE (25% Casino Henry partner) re-releases Cooper Energy's announcement of the new gas sales agreement under which Origin Energy Retail buys 100% of production from 1 March to 31 December 2018. A re-release with no new substance.
21 Dec 2017material agreement● Neutral
Cooper Energy says the Casino Henry JV signed a gas sales agreement under which Origin Energy Retail buys 100% of production from 1 March to 31 December 2018, replacing EnergyAustralia. A modest new gas supply deal for Origin's retail business; no volumes or price are given for Origin.
19 Dec 2017resource reserve update▲ GoodMajor
AWE lifts Waitsia gross 2P reserves 80% to 820 PJ (Origin's 50% share 410 PJ), with 2P plus 2C of 910 PJ. It cites Waitsia-4 testing at 90 MMscf/d. Confirms the earlier RISC review; the asset passes to Beach on Lattice completion.
19 Dec 2017asset acquisition disposition▲ Good
Origin confirms all conditions for the $1,585m Lattice sale to Beach are satisfied, with completion planned for 31 January 2018. Origin keeps recognising Lattice earnings until then. Clears the NZ approval hurdle that was pending.
19 Dec 2017asset acquisition disposition▲ Good
Beach says all conditions precedent to buying Lattice from Origin are satisfied. Settlement is set for 31 January 2018, with economic exposure passing from 1 July 2017. Clears the NZ approvals risk flagged earlier.
14 Dec 2017regulatory community update▲ GoodMajor
Origin commits to cut absolute scope 1 and 2 emissions 50% by 2032 and value-chain scope 3 emissions 25% on 2017 levels, excluding Lattice. Targets are endorsed by the Science Based Targets initiative. Delivers the emissions target promised before end 2017.
6 Dec 2017drilling progress report▲ Good
Beach's November report shows Cooper Basin SA JV (Origin 13.19%) wells cased as future producers: McKinlay-12 and -15, Odonata-2 (6.7m oil pay), Namur-8 (61m gas pay), Namur-7 (23m). Namur-9 was drilling. A McKinlay horizontal oil campaign has begun. Beach's own wells are not Origin's.
28 Nov 2017investor presentation● Neutral
Origin's Investor Day presentation (the text is truncated) restates priorities: Lattice sale of $1,585m, net debt below $7bn by June 2018, 41 PJ of extra APLNG gas for the domestic market, Eraring output 15.5-16 TWh. It also targets A$500m+ a year of APLNG cost reduction over 18 months. Mostly repeats known facts.
14 Nov 2017resource reserve update▲ GoodMajor
An independent RISC review lifts Waitsia gross 2P reserves 78% to 811 PJ (3P 1,220 PJ), versus AWE's 30 June 2017 figure. Origin holds 50% via Lattice, being sold to Beach. Delivers the reserves upgrade expected in 1H FY18; AWE targets a Stage 2 FID by end 2017, subject to gas sales agreements.
10 Nov 2017flow test result▲ Good
AWE reports Waitsia-2 (Origin 50% via Lattice) flowed gas from the Kingia Sandstone at a maximum 38.7 MMscf/d, between Waitsia-1 (25.7) and Waitsia-3 (50). Continues the test program; Waitsia-4 is the last test, due by end November.
1 Nov 2017drilling progress report● Neutral
Beach's October report: Cooper JV wells cased as producers include Merrimelia-66 (SA JV, Origin 13.19%) and Costa-2 (Qld JV, Origin 16.74%, a low-side outcome so two remaining wells dropped). Namur-5 found 6.5m net gas pay. Beach's own wells are not Origin's.
23 Oct 2017flow test result▲ GoodMajor
AWE reports Waitsia-3 (Origin 50%) flowed gas from the Kingia Sandstone at a maximum 50 MMscf/d, better than Waitsia-1. This is the early Q4 flow test planned earlier; Waitsia-2 and -4 follow, with testing due to finish by end November. Supports the Stage 2 final investment decision.
20 Oct 2017director officer appointment● Neutral
Appendix 3Y: CEO Frank Calabria received 401,288 options (exercise price $7.37), 126,866 performance share rights and 136,668 deferred share rights after shareholder approval at the AGM. 67,124 options lapsed. Routine incentive grant, no share trades.
18 Oct 2017regulatory community update● Neutral
Origin releases its first standalone climate scenario analysis of its generation portfolio, restating support for the Paris Agreement and net zero electricity by 2050 or earlier. It targets over 25% renewables by 2020 and plans an emissions target before end-2017. Not an expected-outcome forecast.
4 Oct 2017drilling progress report● Neutral
Beach's September report shows Cooper Basin JV wells cased as future producers: Merrimelia-63 (1.2m net oil pay) and -65 (7.7m), SA JV Origin 13.19%; Roti-5 and Roti-6 gas wells, Qld JV Origin 16.74%. Follows earlier Roti-5 and Merrimelia-63 drilling. Other wells are Beach's.
