Origin Energy (ORG.AX), currently in the process of ratifying a $9.67 billion takeover bid from a Brookfield-led consortium, on Tuesday reported a 5% fall in first-quarter revenue from its Australia Pacific LNG (APLNG) project due to lower realised average oil and natural gas prices.
The country's second largest power producer said revenue from APLNG, a joint venture with ConocoPhillips (COP.N) and Sinopec (600028.SS), fell to A$553 million ($352.37 million) in the three months to Sept. 30 from A$581 million a year ago.
Origin currently owns a 27.5% stake in the project.
Quarterly production from APLNG came in at 174.9 petajoules, marginally from 175.8 petajoules in the June quarter, but was 4% higher from the previous corresponding period due to increased number of wells online.
Average realised price for LNG in the quarter was $11.62 per metric million British thermal unit (mmBtu), down from $14.04 per mmBtu a year earlier.
Separately, Superannuation fund AustralianSuper said that it will vote against Brookfield-led consortium's takeover offer for Origin Energy stating the offer undervalues the energy producer. read more
($1 = 1.5694 Australian dollars)
(This story has been refiled to remove an incorrect picture)
