According to Reuters article published on April 28, 2023, Australia's Origin Energy (ORG.AX) on Friday recorded a 7% jump in third-quarter revenue from its stake in the Australia Pacific LNG (APLNG) project on continued strong pricing for liquefied natural gas.
Despite the decline in global oil and gas prices from recent highs, LNG prices stayed well above long-term average levels after soaring last year in the wake of Russia's invasion of Ukraine, driving revenues at Australia's No. 2 power producer.
Origin, which recently agreed to a A$15.35 billion ($10.18 billion) takeover offer from a consortium led by Canada's Brookfield (BAM.TO), said average realized price for LNG in the quarter was $14.50 per metric million British thermal unit (mmBtu), up from $14.36 per mmBtu, a year earlier.
This offset a slight fall in production, with Origin's share being 45.4 petajoules (PJ) in the quarter, compared with 46.9 PJ last year.
Origin's share of revenue from APLNG, a joint venture with ConocoPhillips (COP.N) and Sinopec (600028.SS), rose to A$710 million in the three months to March 31, from A$666 million a year earlier.
($1 = 1.5085 Australian dollars)
