Origin Energy has posted record full year production and sales revenues after boosting its results in the June quarter.
The energy group, whose production business is focused on oil and gas exploration and production, delivered a record 135 petajoules (PJe) for the 12 months to June 30, up 30 per cent on the prior year.
Sales revenue increased 32 per cent to a record $835 million.
The production figures come a day after Origin approved the $US14 billion ($A12.76 billion) first phase of its giant Australia-Pacific LNG project (APLNG) in Gladstone, Queensland.
Origin finance and strategy executive director Karen Moses said the strong performance was driven by a 36 per cent increase in production from the APLNG joint venture, as gas was supplied into major new contracts.
It was also boosted by Origin’s increased share of the Otway project in Victoria – with production there increasing by 49 per cent.
There was also higher production from Victoria’s BassGas, after an extended shutdown last year, and production increases from New Zealand.
Origin also increased its proved plus probable reserves by 13 per cent, as outlined in its annual reserves report.
Production for the quarter to June 30 was 37 PJe, or 23 per cent higher than the June quarter in 2010 and 28 per cent higher than the 2011 March quarter.
Sales volumes and revenues increased by eight per cent and 11 per cent respectively from a year ago.
The APLNG joint venture with ConocoPhillips involves Australia’s largest LNG sales agreement and will generate $7 billion a year, according to Origin.
Expenditure on oil and gas exploration for the year to June 30 was $177 million, compared with $179 million last year.
Origin’s shares closed down eight cents at $14.69.
Ratings agencies Moody’s and Standard & Poor’s raised concerns on Thursday that the funding structure of the $US14 billion APLNG first phase had not been finalised.
AAP
