Soaring gas and wholesale electricity prices have handed Origin a $4.4 billion gain in the value of its hedging assets, partly offset by a non-cash impairment of $2.2 billion.
Origin Energy’s quarterly revenue from its stake in the Australia Pacific LNG project more than doubled in the year to June, as the company joined other producers in prospering from surging commodity prices.
Analysts said they expected the LNG project to continue to realise extremely lucrative returns amid Russia’s moves to curtail gas shipments to Europe. They also said that while LNG prices lag oil, Origin was likely to receive higher returns in the coming months, following an oil price spike in July. Australian LNG exporters have been criticised amid domestic gas supply constraints. However, analysts say, which has driven the increased demand for gas.
“It is a victory for the accountants rather than the people who care about the energy markets,” said Mark Samter, senior research analyst at MST Marquee.
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