Oz Origin Energy Cuts Earnings Guidance
Australia’s Origin Energy on February 4 revised its underlying earnings before interest, taxes, depreciation, and amortisation (Ebitda) guidance for the 12 months to June 30, 2021, citing lower energy demand.
The company expects to bring in A$1bn (US$760mn)-A$1.14bn in Ebitda against previous guidance of A$1.15bn-A$1.3bn. Its Ebitda last year was A$1.27bn. Natural gas gross profit is expected to be down A$200mn-A$250mn compared with previous guidance of A$100-A$150mn reduction.
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Origin expects the market to remain challenging during the 12 months to June 30, 2022 as well. The company last month reported a 44.5% yr/yr drop in revenue from its stake in Australia Pacific LNG (APLNG) for the three months to December 31 (Q2) owing to a decline in realised commodity prices.