Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
8 Aug 2018agm notice● Neutral
Origin sets its annual general meeting for 10:30am on 17 October 2018 in Sydney. Administrative notice only.
31 July 2018quarterly activities report▲ Good
Record APLNG production of 64 PJ (Origin share) in the June quarter; FY18 production was 254 PJ (+11%, within 245-265 PJ guidance) and revenue $2,054m (+42%). Net cash flow from APLNG to Origin was $363m. Gilbert Gully permit written off, $41m Origin share.
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.
30 Apr 2018quarterly activities report▲ Good
March quarter APLNG production was 62.7 PJe; the nine-month total of 189.6 PJe is up 14%, with revenue of $1,476m up 48%. The NT lifted its fracking moratorium, with Beetaloo activity planned for 2019. Origin received US$105m (A$136m) from an APLNG buy-back.
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 2018quarterly activities report● Neutral
December quarter production was 83.5 PJe, down 5.6 PJe on September on lower demand and Otway maintenance; half-year production was 172.6 PJe (+12%). Quarterly revenue was $686m and half-year revenue $1,365m (+40%). 35 LNG cargoes were shipped, including the 200th. APLNG train outage of about 16 days is expected in the March quarter.
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.
31 Oct 2017quarterly activities report▲ Good
September quarter production was 89.1 PJe, stable on June and up 20% on a year earlier. Revenue was $678.6m, up 58% on the prior-year quarter. Restates the $1,585m Lattice sale and the release of US$3.4bn of APLNG guarantees. 32 LNG cargoes shipped.
