Origin Energy sales surge ahead of spin-off
Higher prices and production fuelled a more than doubling in oil and gas revenues for Origin Energy in the December quarter.
Angela Macdonald-Smith writes on energy specialising in gas, oil, electricity. Based in our Sydney newsroom, Angela is chief of staff for resources and energy.
Higher prices and production fuelled a more than doubling in oil and gas revenues for Origin Energy in the December quarter.
Local refiner and fuels supplier Viva Energy is eyeing a potentially large jet fuel supply deal with Sydney's planned new airport at Badgerys Creek.
Santos will package up its non-core assets to run as a separate business, aiming to slash net debt by $US1.5b within three years.
Origin Energy will sell its oil and gas business to focus on its energy markets and LNG business, a move that will cheer many investors.
Santos has plunged to a net loss of $US1.1 billion for the first half, dragged down by a heavy write-down on its new liquefied natural gas project in Queensland that it flagged earlier this week.
But chief executive Peter Coleman said the oil and gas producer was in a "robust" position as oil price forecasts improve into 2017.
Origin Energy has suffered a loss of $589m after big write-downs, and core profit for 2015-16 plunged 41 per cent to $354m.
Santos has taken a $US1.5 billion hit on the value of its gas export project in Queensland, which has been undermined by the collapse in oil prices.
Record first-half output at Santos thanks to the start-up of the second train at its Qld LNG project was not enough to offset the impact of lower commodity prices.
ExxonMobil has outbid Oil Search for PNG gas explorer InterOil, leaving the ASX-listed player to decide whether it wants to lift its offer.
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