Australia Pacific LNG's revenue down 8% in January-March

Australia Pacific LNG (APLNG) project's commodity revenue in the January-March quarter (Q3) was A$2.55bn ($1.66bn), down 8% year/year due to lower LNG prices, Origin Energy, one of the partners in the project, announced on April 30. 

The revenue was up 7% quarter/quarter, however, thanks to higher volumes and prices.

The average price of LNG during this period was $12.77/mn British thermal units (btu), showing a 15% decline compared to the previous year. However, there was a 3% increase in prices when evaluated quarter/quarter.

APLNG, a joint venture comprising Origin, ConocoPhillips, and China's Sinopec, is Australia's largest producer of coalbed methane (CBM) and supplies gas to Queensland's domestic gas market, while also processing CBM into LNG for exports.

Origin reported revenue of A$633mn from its stake in APLNG for Q3. The revenue was down 11% year/year but up 7% quarter/quarter.

A consortium led by Brookfield Asset Management and MidOcean Energy, a unit of EIG, recently attempted an acquisition of Origin. However, the deal, which included Brookfield's acquisition of Origin's energy markets business and MidOcean's acquisition of the integrated gas business, including a 27.5% interest in APLNG, faced an unsuccessful outcome.

AustralianSuper, Origin Energy's largest shareholder, played a significant role in this scenario. It had repeatedly stated its intention to vote against the takeover bid.