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aplng.com.au

Stage

Secondary Market | Alive

Valuation

$0000 

Last Raised

$1.592B | 10 mos ago

About Australia Pacific LNG

Australia Pacific LNG is a producer of coal seam gas (CSG), supplying Queensland’s domestic gas market, as well as processing CSG into liquefied natural gas.

Australia Pacific LNG Headquarter Location

53 Ord Street 4th Floor

West Perth, Western Australia, 6005,

Australia

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Latest Australia Pacific LNG News

Origin Energy’s LNG revenue doubles in 2022

Jul 29, 2022

Jul 29, 2022 – 11.20am Share Origin Energy’s quarterly revenue from its stake in the Australia Pacific LNG (APLNG) project more than doubled in the year to June, as the company joined other producers in prospering from soaring commodity prices. At the same time soaring gas and wholesale electricity prices have handed Origin a $4.4 billion gain in the value of its hedging assets, which will be partly offset by a non-cash impairment in its energy markets business of $2.2 billion. Origin Energy CEO Frank Calabria has praised the company’s performance. Nick Moir Western sanctions on Russia for its invasion of Ukraine have sent prices for LNG and oil to all-time highs, making countries scramble to secure alternative sources of supply. Revenue from APLNG, a joint venture with ConocoPhillips and Sinopec, more than doubled in the three months ended June 30 to $2.74 billion from $1.35 billion in the year earlier, and a 6 per cent rise on the March quarter, Origin said in a statement to the ASX. Full-year revenue for APLNG also more than doubled to $9.27 billion. Advertisement “Australia Pacific LNG has performed very strongly this financial year, with revenue more than doubling on the strength of commodity prices. Origin’s cash distribution from Australia Pacific LNG was $1.595 million for the financial year,” CEO Frank Calabria said. The result comes amid heightened scrutiny of fossil fuel companies, which have had a turnaround in their financials from the global energy crunch. Australian LNG exporters have been criticised amid domestic gas supply constraints, though analysts say this has been driven by electricity generation from coal falling to record lows that has led to increased demand for gas. Stressing it has moved to ease domestic pressures, Origin said it has not sold any spot cargos of LNG since April, while domestic gas sales gained 4 per cent in the June quarter from the previous three months. NEM chaos Origin’s results are also likely to be scrutinised as Australia continues to digest the unprecedented suspension of the National Electricity Market following the jump in wholesale electricity prices to record levels earlier this year. Advertisement The wholesale price surge added $4.4 billion to the book value of Origin’s hedging assets, but this will be offset by a non-cash impairment of $2.2 billion, which the company said did not “reflect the performance of the business or impact [its] future value”. Origin said electricity sales in April-June rose 6 per cent despite supply issues curtailing the transport of coal to its power stations, while quarterly gas sales jumped 61 per cent as Australian electricity generators used gas to compensate for losses in coal. “In an extraordinarily challenging quarter for the energy industry globally and in Australia, with elevated commodity prices and significant power supply challenges across the NEM, I’m very pleased with how the business has helped meet the energy needs of customers,” Mr Calabria said. “Origin’s generation fleet played a critical role in providing reliable supply to customers, with output from Eraring Power Station rising by 30 per cent and output from our gas peakers surging by 82 per cent from the previous quarter, to help cover supply shortages in the market. Colin Packham is an energy and resources reporter at The Australian Financial Review Connect with Colin on Twitter . Save

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  • Where is Australia Pacific LNG's headquarters?

    Australia Pacific LNG's headquarters is located at 53 Ord Street, West Perth.

  • What is Australia Pacific LNG's latest funding round?

    Australia Pacific LNG's latest funding round is Secondary Market.

  • Who are the investors of Australia Pacific LNG?

    Investors of Australia Pacific LNG include EIG Global Energy Partners, ConocoPhillips, Origin Energy and Sinopec.

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