UPDATE 2.20pm Shares in Origin Energy rose 2 per cent after stronger commodity prices drove the company’s revenue higher, despite lower production levels.
Origin today said revenue for the year to June 30 rose 2.5 per cent to $856 million from $834.9 million in the previous year.
However production was down 4 per cent and sales volumes dropped 7 per cent.
"While overall production for the year reduced by four per cent reflecting Origin’s reduced shareholding in Australia Pacific LNG, along with the shutdown at BassGas for the mid-life enhancement project, production from the rest of Origin’s producing assets increased year on year,” chief executive of upstream operations Paul Zealand said in a statement.
"Higher commodity prices also pushed sales revenues higher."
The figures did not include Origin’s energy retail operations.
Origin has reduced its stake in the $23 billion Australia Pacific LNG project in Queensland from 50 per cent to 42.5 per cent.
That meant that despite higher production from the project in the year to June, Origin’s share of that gas was smaller.
In the three months to June 30, Origin’s revenue was $222.9 million, down one per cent from the same period in the previous year.
But compared to the preceding quarter - the three months to March 31 - production was up 7 per cent.
Investors were happy with the result, pushing shares in Origin up 24 cents to $11.81.
State One Stockbroking analyst Peter Kopetz said Origin was sitting pretty for the long term.
"The best thing about it is trying to de-risk the big APLNG project in Queensland which is good news for the shareholders,” Mr Kopetz said.
"You’d hate to have a huge risk coming through there, especially with the recent blowouts with those projects, so that’s a good thing."
While the short-term outlook was difficult to predict, it appeared that the APLNG project was going well.
"Generally speaking, I’m quite happy with Origin and a short-term holder could potentially make some money,” he said.