Australia’s Origin Energy ORG.AX reported a 64% jump in fourth-quarter earnings from its stake in the Australia Pacific LNG (APLNG) project on Friday, helped by a surge in realized prices for liquefied natural gas (LNG) and crude oil.Power producer revenue from APLNG, its joint venture with ConocoPhillips COP.N and Sinopec 600028.SS, rose to A$697.1 million ($487.90 million) in the three months ended June 30, compared with A$425.2 million dollars a year earlier. Origin currently owns a 27.5% stake in the project.
Its shares rose 1.6% in early trading.Western sanctions imposed on Russia over its invasion of Ukraine have sent liquefied natural gas (LNG) and oil prices to record highs, prompting Western nations to seek alternatives to Russian energy supplies. LNG/In the gas business, Australia Pacific LNG performed very well this financial year, with sales more than doubling on the strength of commodity prices, Frank Calabria, Origin’s chief executive, said in a statement.
