Australia's Origin Energy logs sequential fall in first-quarter joint venture revenue

Oct 31 (Reuters) - Australia's Origin Energy ORG.AX on Friday posted a sequential first-quarter revenue drop from its LNG joint venture in Queensland, weighed down by lower volumes and prices, which sent shares lower.

Shares of Sydney-based company fell as much as 6.3% to A$11.81, marking its weakest trading session since early April. The stock also fell to its lowest level in more than two months.

The power producer reported revenue from the APLNG project — a joint venture with U.S. oil and gas major ConocoPhillips COP.N and China's state-owned Sinopec 600028.SS — of A$482 million ($313.20 million) for the three months ended September 30, compared with A$547 million in the June quarter.

Overall revenue of the joint venture has also dipped 5% sequentially in the September quarter, largely guided by lower sales volumes due to LNG inventory movements and timing of contracted cargoes, with lagging realised oil prices.

Liquefied natural gas prices hit multi-week lows over the quarter as lackluster demand across Asia persisted, especially from major LNG consumer and Australia's largest trading partner, China, while production remained healthy alongside ample stockpiles. LNG/

Origin realised $10.08 per metric million British thermal units (mmBtu) in the quarter for its LNG product from the APLNG project in Queensland, compared with $10.26 per mmBtu in the June quarter.

The energy retailer's total production share from the project remained stable in the three months compared to the previous quarter, while total sales slipped 1% sequentially to 44.4 petajoules.

($1 = 1.5389 Australian dollars)