The APLNG business is based in central Queensland and exports LNG from Gladstone. Origin owns a 27.5 per cent stake in APLNG.

Origin announced a profit for the June 30 year of $1.055 billion compared with a loss of $1.4 billion last year. Its underlying profit was up $340 million higher at $747 million. A final dividend of 20 cents a share fully franked was declared.

In its outlook, Origin said Australia Pacific LNG production was expected to be 680 to 710 petajoules (APLNG 100 per cent) in the current year. Capital and operating expenditure was expected to be higher at $3.9 – 4.4/GJ, primarily due to higher power costs, increased well workover and optimisation programs, and higher non-operated development activity. Unit capital expenditure and operating expenditure over 2025 and 2026 is expected to be lower at $3.6 – 4.1/GJ.

LNG trading EBITDA in 2024 was expected to be $40 million to $60 million and across 2025 and 2026 periods it was expected to be $450 to $600 million.

In energy markets in 2025, Origin anticipates a reduction in electricity gross profit, as regulated customer tariffs decline in line with wholesale costs.

Chief executive Frank Calabria said APLNG delivered record revenue and cash distributions to Origin as it benefited from elevated commodity prices, while continuing to meet the gas needs of export customers and as one of the largest suppliers to the east coast domestic market.

“In energy markets, electricity earnings improved as higher wholesale costs from previous periods were recovered through electricity tariffs and coal supply costs declined following the introduction of the coal price cap. Higher sales revenue and trading benefits also contributed to higher earnings in the natural gas segment.

“We have significantly increased our support for customers, recognising the cost-of-living challenges across the economy, including the contribution of higher energy prices. We are targeting $45 million to support customers in hardship this year. This is on top of the $30 million spent helping customers who needed support last year.

“We continue to work with governments and regulators on efforts to support the most vulnerable members of our community.

“The outlook for 2024 is for further growth in Energy Markets Underlying EBITDA, with Australia Pacific LNG production expected to rebound and cash flow remaining strong. Looking further ahead to 2025, we expect electricity gross profit in Energy Markets to be lower than 2024.

“The strong operational performance underscores the value of Origin’s strategic positioning in the energy transition, with an advantaged portfolio of assets and growth options. Origin remains well positioned to capture value for shareholders and deliver benefits to our customers and communities,” Mr Calabria said.

Origin Chairman Scott Perkins said, the execution of Origin’s strategy was gaining momentum and the board was confident that its customer base, portfolio of assets and management team had positioned the company advantageously as the energy transition progresses.