6 Aug 2020agm notice● Neutral
Origin will hold a virtual AGM at 10:00am AEDT on 20 October 2020 because of COVID-19. Results are due 20 August; the Notice of Meeting is due in September. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2020quarterly activities report▲ Good
June 2020 quarter: Origin received a record $1,275m from APLNG in FY2020, at the top of guidance (up from $974m). June quarter APLNG production fell 3% to 64.5 PJ on COVID-19 demand. First Octopus/Kraken customers are due to migrate by year-end.
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.
30 Apr 2020quarterly activities report● Neutral
March 2020 quarter: APLNG production stable at 66.8 PJ, but revenue fell 12% to $628.5m on sales mix. First Sinopec contract price review left the price unchanged. Electricity volumes fell 7% year on year. COVID-19 demand impacts so far match FY2020 guidance assumptions.
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.
31 Jan 2020quarterly activities report▲ Good
December 2019 quarter: record APLNG production, with Integrated Gas revenue up 4% to $717m and $520m net cash from APLNG in the first half of FY2020, in line with guidance. Kyalla 117 vertical section drilled; Energy Markets FY2020 EBITDA guidance unchanged.
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 2019agm notice● Neutral
AGM addresses and presentation released. The chair cites FY2019 underlying profit up 42%, net debt down $1.1bn and 25c dividends, and rejects the shareholder resolutions. A 1.5°C scenario paper was published the same morning. Largely repeats known facts.
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.
16 Oct 2019agm notice● Neutral
All company resolutions passed at the AGM, including Lalicker's election (99.65%), the remuneration report (98.2%) and a change of auditor (99.82%). The shareholder resolutions 9(a)-(e) all failed with about 92-94% against; 9(f) was withdrawn. Ends the requisition thread.
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.
14 Oct 2019agm notice● Neutral
Resolution 9(f), one of the shareholder-requisitioned resolutions for the 16 October AGM, was withdrawn by the same shareholders who proposed it. Administrative notice only.
26 Sept 2019agm notice● Neutral
Origin's board recommends voting against the shareholder-requisitioned resolutions 9(b) to 9(f), put forward by holders of 0.0145%-0.018% of shares. It argues its Paris-aligned targets (halve Scope 1 and 2 emissions by 2032, Eraring closure) already meet the goals; claims are the company's view.
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.
15 Aug 2019agm notice● Neutral
Origin notes seven shareholder-requisitioned AGM resolutions from two small groups (about 0.0145% and 0.0180% of shares). They cover Beetaloo fracking consent, Eraring pollution, Paris alignment and lobbying, following similar failed resolutions in 2018.