Australia’s top power and gas retailer, Origin Energy, reported a jump in its share of Australia Pacific LNG revenue during the quarter ending December 31, 2018.
Origin noted the APLNG revenue share reached $741 million rising 15 percent over the previous quarter and 45 percent over the corresponding quarter in 2017, primarily driven by higher realized LNG prices.
LNG prices increased over the first half of the quarter but began to weaken due to slower industrial activity in China, mild weather in Asia and high gas inventory levels in Europe, along with new LNG liquefaction projects boosting supply, Origin said in its report.
Origin’s share of production from the project was 63 PJ, stable over the quarter. During the quarter 32 LNG cargoes were loaded and shipped from the facility.
Origin CEO Frank Calabria said, “both our Integrated Gas and Energy Markets businesses delivered a solid operational performance in the December quarter.”
Australia Pacific LNG benefited from both higher commodity prices and favorable movements in the exchange rate while continuing to operate reliably at steady-state production levels, he said.