![]() 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. 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.
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