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We are not owned by any Bank or Insurer and we are not a product issuer or a credit provider. We hope that the information and general advice we can provide will help you make a more informed decision. Please refer to our FSG - General Insurance. 511363 for the provision of general insurance products. We are also a Corporate Authorised Representative of Countrywide Insurance Group Pty Ltd trading as "Austbrokers Countrywide" ABN 51 586 953 292 AFSL No. We can also provide you with general advice and factual information on about a range of other products, services and providers. Please refer to our Credit Guide for more information. We also provide general advice on credit products under our own Credit Licence ACL 385509. Please refer to our FSG - Financial Products. RBC Capital Markets analyst Gordon Ramsay said the APLNG performance was above expectations and would lead to a higher than expected $1.4 billion cash distribution to Origin.Īnalysts at Ord Minnett also believes conditions are improving, saying while higher wholesale prices had driven the large writedown, they would also have a positive impact on the company's cashflow.ĭisclaimer - Hive Empire Pty Ltd (trading as, ABN: 18 118 785 121) provides factual information, general advice and services on a range of financial products as a Corporate Authorised Representative (432664) of Centra Wealth Pty Ltd AFSL 422704. The improving outlook would come as a relief to Origin Energy shareholders, and could lift hopes about a potential dividend payout, which has been under a cloud since the company slashed its earnings guidance in June. The troubles at the plant, which is due to be shut by mid-2025, were in part responsible for a surge in domestic wholesale electricity prices. The company has also made progress in addressing coal supply constraints at the country's largest coal-fired plant Eraring, which has been facing supply issues over the past year. "In the gas business, Australia Pacific LNG has performed very strongly this financial year, with revenue more than doubling on the strength of commodity prices," he said. In a statement made to the ASX, Origin CEO Frank Calabria highlights a brighter future for the business. I agree to the Privacy & Cookies Policy, Terms of Use, Disclaimer & Privacy Policy and to receive emails from Finder It comes amid a surge in energy prices around the globe, largely following Russia's invasion of Ukraine in February and the subsequent economic sanctions against the major energy producer, which has hit supplies. Origin said revenue from APLNG, its joint venture with ConocoPhillips and Sinopec, jumped 64% in the June quarter to $697.1 million, with the average realised price for LNG doubling to US$14.24 per metric million British thermal unit (mmBtu), up from US$7.23 a year ago. Sentiment in the stock has been bearish ever since the company slashed the current fiscal's earnings forecast for its main energy markets unit in June and withdrew the earnings guidance for the 2023 financial year.īut on Friday, investors were left impressed by the better than expected lift in profit from its liquefied natural gas (LNG) unit thanks to bumper gas prices. The writedown will be booked to statutory profit and will have no tax impact.
ORIGIN DOWNLOAD LOSING PROGRESS FULL
Why is the ORG stock price in the spotlight?Īustralia's second biggest power producer posted a full year writedown of $2.2 billion after revising the value of its energy markets business in relation to the hedging of high wholesale electricity and gas prices. Shares in electricity and gas provider Origin Energy ( ASX: ORG) have been losing ground over the past 2 months but the stock is putting up an impressive show on Friday.Īt the time of writing, it was up 2.6% to $5.86, its highest level in more than a month.īy comparison, shares in rival AGL Energy ( ASX: AGL) were up just 0.4% in a strong overall market. Shares in the energy provider are up 27% over the past 12 months.