Page 14 - AsianOil Week 08 2021

AsianOil NEWS IN BRIEF AsianOil

Financial Report to 31 December 2020 for 2020, reporting record annual production $26 million; Net cash of $33 million3, up $78
released today. of 89 mmboe and sales volumes of 107 million; Surat Basin gas reserves of 780 PJ, up
CUE ENERGY, February 24, 2021 mmboe, free cash flow of US$740 million 27%; and Dividends determined of 1 cent per
and underlying profit of US$287 million. The share for the half year, franked to 97%.
Origin posts H1 FY2021 results reflect significantly lower oil and LNG Senex Managing Director and Chief Executive
Commenting on the FY21 half year results,
prices compared to the previous year due to
results the impact of the COVID-19 pandemic on Officer, Ian Davies said it has been an
excellent start to FY21 with Senex delivering
global energy demand.
Origin Energy today announced a statutory The reported net loss after tax of US$357 strong production growth, a material step
profit of $13 million for the half-year ended 31 million includes the previously announced change in earnings and cashflow and the
December 2020, reflecting lower underlying impairments, primarily due to lower oil price disposal of our Cooper Basin business.
profit of $224 million largely due to subdued assumptions. “Production in the Surat Basin now
economic conditions and lower commodity The Board has resolved to pay a final exceeds 50 TJ/day, or more than 18 PJ/
prices associated with the ongoing impacts of dividend of US5.0 cents per share fully- year and equivalent to around 10 per
the COVID-19 pandemic. franked, in-line with the previous year’s final cent of Queensland’s natural gas demand,
Underlying EBITDA was $1,154 million, dividend. This brings full-year dividends with natural gas production in the half of
down $436 million, as lower commodity to US7.1 cents per share fully-franked, 8.0 PJ exceeding total FY20 production,
prices flowed through into revenue for both representing 20% of free cash flow and in-line demonstrating the increase in gas field
Energy Markets and Australia Pacific LNG. with the company’s sustainable dividend production performance.
This was partially offset by lower operating policy which targets a range of 10% to 30% “We have new investments underway to
costs and a net gain in Origin’s oil hedging. payout of free cash flow. accelerate production from our extensive
Free cash flow remained strong at $655 Santos Managing Director and Chief natural gas reserves position in the Surat
million, driven by lower working capital Executive Officer Kevin Gallagher said Santos Basin. We announced the Final Investment
requirements, with $265 million in cash delivered record annual production and sales Decision for the expansion of Roma North
distributions from Australia Pacific LNG volumes in 2020, and strong free cash flow natural gas production by 50% to 24 TJ/
as well as reductions in capital expenditure, of US$740 million despite significantly lower day (~9 PJ/year), with this low-cost, high-
interest, and tax payments. The strong cash commodity prices. return and long-life investment being the first
flow position enabled Origin to continue “These results again demonstrate the example of Senex’s high-quality investment
to invest in growth, reduce debt by a resilience of our cash-generative base opportunities to realise the 780 PJ of 2P
further $460 million during the half to $4.7 business in a lower oil price environment and reserves that we hold.
billion and continue to deliver returns to strong operational performance across our SENEX ENERGY, February 22, 2021
shareholders. diversified asset portfolio. The improvements
Origin CEO Frank Calabria said, in our base business in recent years were Pep 52717 Relinquishment
“Throughout the first half, Origin continued perfectly illustrated in 2020 with an average
to navigate the very challenging operating realised oil price of US$47 per barrel New Zealand Oil & Gas and partner Beach
conditions facing the sector, as the pandemic generating more than three times the free cash Energy have applied to relinquish Petroleum
caused a reduction in energy demand and flow as generated in 2016 at a similar average Exploration Permit 52717 (Clipper), which
depressed prices across key commodities. oil price.” contains the Barque prospect. “It is with great
“Our two businesses were able to continue SANTOS, February 18, 2021 regret that the Joint Venture relinquish this
to generate strong cash flow, allowing Origin permit after years of work to mature it and
to further reduce debt, pay a dividend to Senex delivers strong bring in appropriate partners. I expect it will
shareholders and invest in select growth not be the last offshore acreage to suffer the
opportunities aligned to our strategic production, earnings same fate. New Zealand Oil & Gas believes
priorities. a confluence of events including; adverse
“Australia Pacific LNG responded to a growth regulatory settings for offshore exploration;
rebound in market demand with record the dry hole at OMV’s Tawhaki permit; the
production in the December quarter, Senex Energy has today announced the recent announcement terminating Wherry-1
demonstrating the high quality of its assets, commencement of dividend distributions to drilling; and the effects of COVID on drill rig
while also reducing capital and operating its shareholders at an initial rate of 1 cent per costs and availability have formed a perfect
expenditure to record low levels. Australia share per annum for FY21 (to be paid half storm, making the task of finding suitable
Pacific LNG delivered cash distributions of yearly) and an additional 0.5 cent per share partners in the required timeline impossible”
$265 million to Origin for the first half. special dividend following completion of the says Chief Executive Andrew Jefferies.
“The recent rally in oil and gas markets Cooper Basin sale, representing an annualised “Both New Zealand Oil & Gas and Beach
is expected to have a positive impact on dividend yield for FY21 of 4.3%. Energy remain committed to New Zealand
Australia Pacific LNG’s earnings in the second The determination of Senex’s inaugural through production at the Kupe Gas Field in
half, given the lag in contract LNG prices.” dividend follows the successful delivery South Taranaki, which remains a key supplier
ORIGIN ENERGY, February 18, 2021 of its $400 million Surat Basin natural gas to the country’s energy needs. At Kupe we
development projects, providing a step change are halfway through a major compression
Santos reports record in gas production, revenue and earnings. project to maintain production from our
FY21 half year results performance summary:
large offshore production permit that has
production, sales Natural gas production of 8.0 PJ (1.4 mmboe), both development and near field exploration
potential.”
up 271%; Sales revenue of $45 million, up
Santos today announced its full-year results 239%; Underlying EBITDA of $25 million, up NEW ZEALAND OIL & GAS, February 16, 2021

P14 www. NEWSBASE .com Week 08 25•February•2021