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Aussie electricity giant Origin posts great results ahead of likely sale

Xinhua, January 31, 2017 Adjust font size:

Australian energy giant Origin announced Tuesday it has more than doubled their revenues for the December quarter, fueling speculation they will divest their interest in their petroleum business later this year.

The December quarter saw Origin bring in 544.3 million Australian dollars, which represented a 157 percent increase on their performance during the same period last year, and a 27 percent increase on their September quarter results.

Much of the increase has been attributed to the 25 billion-Australian dollar Australia Pacific LNG project in Queensland, but the company was still buoyed by the improved results in their gas and oil concerns.

Production was also higher for the energy giant in the December quarter, with 80.1 petajoules equivalent created, up 8 percent from the production Origin achieved in the September reporting period.

Origin Chief Executive David Baldwin said he was "pleased" to see that the investments made in the Australia Pacific LNG and the Otway Basin drove "strong increases in production and revenue."

"Growth was also attributable to the 100 percent Origin-owned Halladale and Speculant fields, which completed their first full quarter of production following first gas in August, 2016," Baldwin said.

Origin announced in December it would be spinning off its oil and gas business, into a separate entity, to be sold via float in 2017. (1 Australian dollar equals to 0.76 U.S. dollars) Endit