Origin Energy revenue falls as virus hits prices

published 31.07.2020 04:45

However, full-year revenue declined 5 per cent as increased production was offset by fewer purchases, a higher proportion of spot LNG sales and lower domestic prices.

APLNG, a joint venture with US-based ConocoPhillips and China’s Sinopec, delivered record production of 265.3PJ in 2020, Origin said.

Like energy companies across the globe, Origin has struggled with a drop in oil prices and this month outlined a one-off charge of about $1.2 billion.

Electricity and gas retailer Origin Energy’s fourth-quarter revenue from its share in the Australia Pacific LNG (APLNG) project fell 5.2 per cent as coronavirus-related disruptions hit demand and hurt prices.

Meanwhile, Origin’s electricity sales in its energy markets division were 7.8 terawatt-hour, down from 8.7TWh last year.

by Reuters from thewest.com.au

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