In its second quarter results report, Australian utility, Origin Energy said that Australia Pacific LNG’s revenue was 2% higher than the previous quarter.
Revenue was $2,602 mill, which was primarily driven by higher volumes. However, revenue for FY24 was 12% lower than FY23, primarily due to lower commodity prices.
June quarter production was steady compared with the previous quarter.
FY24 production was 3% higher, compared with FY23, driven by ongoing effective well and field optimisation activity, partially offset by the unplanned production downturn from the LNG vessel power outage last November.
June quarter realised average LNG price was $11.70 per MMBtu (contracted and spot) and the average domestic price was $9.30/GJ (legacy and short-term).
Origin received cash distributions of $1,367 mill during FY24 from Australia Pacific LNG, net of Origin oil hedging.
Origin CEO, Frank Calabria said, “Australia Pacific LNG continued to perform strongly, and delivered an uplift in production for the financial year, which supported higher sales volumes.
“Strong field performance also supported Australia Pacific LNG to deliver more gas to the domestic market over the last quarter to help meet higher seasonal short-term demand.
“Australia Pacific LNG continued to provide strong cash flow to Origin over FY24,” he said.
