Oz Origin Reports Rise in Underlying Profit

Australian gas and energy retailer Origin Energy August 22 reported a 41.6% year on year increase in underlying profit for the 12-months to June (FY 2019).

Underlying profit for the year was A$1.03bn as against A$726mn in the prior year.

“Integrated Gas benefited from higher commodity prices, cost efficiencies and continued reliable production at Australia Pacific LNG. Through Australia Pacific LNG we supplied around 30% of the east coast gas demand and entered into gas supply agreements with a number of domestic manufacturing customers, supporting local industry and employment,” Origin CEO Frank Calabria said.

Origin said it has resumed exploration activities in the Beetaloo Basin following the lifting of the moratorium on onshore gas development last year by the Northern Territory government. Over the remainder of 2019, Origin intends to drill two horizontal wells and then undertake extended flow testing of both liquids and gas in 2020.