Skip to main content

Origin Energy withholds FY23 guidance amid uncertain market conditions | Origin Energy (ASX:ORG)

Grady Wulff
August 18, 2022

Leading Australian energy provider Origin Energy (ASX:ORG) announced its FY22 results today.

CEO Frank Calabria warned very challenging operating conditions impacted results for FY22. High commodity prices and domestic supply chain interruptions combined with volatile wholesale electricity prices, higher fuel costs and wet weather impacted earnings.

For the year, Origin Energy reported underlying EBITDA slightly rose to $2.114 billion, record cash distribution from Australia Pacific LNG of $1.595 billion due to higher realised oil and spot LNG prices, adjusted net debt reduced. The energy provider also reported an underlying profit of $407 million, which fell short of Citi’s expected underlying profit of $518 million.

Origin has withheld from providing FY23 earnings guidance amid higher energy costs. Production guidance for FY23 has been set at 680-710 PJ reflecting ongoing strong field performance, whilst allowing for the impact of recent wet weather events.

Shareholders have responded negatively to the results today with ORG shares down more than 3% in the opening hour of trade, despite the company announcing a final dividend of 16.5 cents per share, which is more than double that of last year’s final dividend.

Weekly Wrap 12 July

Grady Wulff
July 12, 2024

Morning Bell 11 July

Grady Wulff
July 11, 2024

Morning Bell 10 July

Grady Wulff
July 10, 2024

Morning Bell 9 July

Sophia Mavridis
July 9, 2024

Morning Bell 8 July

Grady Wulff
July 8, 2024

Weekly Wrap 5 July

Bell Direct
July 5, 2024

Morning Bell 4 July

Bell Direct
July 4, 2024

Morning Bell 3 July

Bell Direct
July 3, 2024

Morning Bell 2 July

Bell Direct
July 2, 2024

Morning Bell 1 July

Bell Direct
July 1, 2024

Weekly Wrap 28 June

Bell Direct
June 28, 2024

Morning Bell 28 June

Bell Direct
June 28, 2024