Origin Energy posts 32% quarterly revenue increase

Origin Energy posts 32% quarterly revenue increase

Origin Energy announced an increase in production of 8% leading to a revenue increase of 32% in Q2 compared to the previous three months.

The rise in revenue of nearly a third comes as a result of excellent output from Origin’s Australia Pacific LNG unit.

Production of 74.2 petrajoules equivalent was a 55% improvement on the same period in 2015 while reported revenue of AUS$429.7 million represented a 91% on the September quarter last year.

Origin CEO of integrated gas David Baldwin said, “Origin’s strong growth in production and sales during the September quarter can be attributed to the sustained performance of Australia Pacific LNG.

Elsewhere, Origin achieved first gas at Waitsia in the Perth Basin in August and drilling operations continued in the Cooper and Beetaloo basins in line with Origin’s joint venture and permit commitments.

@RGNonline