Earnings release
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1 Quarterly Report December 2024 ASX/Media Release 31 January 2025 Quarterly Report December 2024 Origin Energy Limited (Origin) has released its Quarterly Report for the period to 31 December 2024 covering the performance of its Integrated Gas, Energy Markets and Octopus Energy segments. Integrated Gas: • Australia Pacific LNG revenue for the December quarter was 3 per cent higher than prior quarter, at $2,714 million driven by higher LNG volumes and prices, offset by lower short term domestic volumes. • December quarter production was slightly lower than the prior quarter. • December quarter realised average LNG price was US$12.20/mmbtu (contracted and spot) and the average domestic price was $7.26/GJ (legacy and short-term). • Australia Pacific LNG FY25 production is now expected to be 2 – 3 per cent lower at 670 – 690 PJ, compared to previous guidance of 685 – 710 PJ, with lower than expected benefits from well optimisation activities at Condabri, Talinga and Orana, as well as lower field performance and unplanned maintenance at non-operated assets. Despite lower production, unit capex and opex is unchanged at $3.9 - $4.3/GJ due to expected cost savings, partially offset by accelerated well optimisation activities in the second half. • Origin LNG trading EBITDA was up 270 per cent to $285 million in HY25, in line with FY25 guidance of $400 - $450 million. Energy Markets: • Electricity sales volumes were steady compared to the December 2023 quarter, with higher customer numbers and warmer weather offset by lower usage from solar uptake and energy efficiency. • Gas volumes declined 9 per cent compared to the December 2023 quarter. Retail volumes were 5 per cent lower due to impact of weather, offset by higher customer numbers. Business volumes declined 11 per cent due to contracts rolling off and lower short-term trading sales. • Approximately 55 per cent of the anticipated FY26 coal volume is fully contracted or hedged at prices broadly in line with FY25. • The third stage of the Eraring battery was approved, adding 700 MWh to the first stage under construction and increasing its dispatch duration to approximately four-hours. The combined storage of all three stages of the Eraring battery will be 700 MW / 2,800 MWh. Octopus Energy: • Octopus Energy’s retail business continued its strong growth in the quarter, adding more than 680,000 customer accounts in the UK and international retail businesses. Octopus Energy is now the largest energy retailer in the UK with 7.3 million customers, as well as more than 1.8 million customers internationally. • Global customer accounts contracted to Kraken are at 62 million. With a strong sales pipeline, Kraken remains on track to reach its target of 100 million customer accounts on the platform by 2027. • Following strong earnings from its UK retail and Kraken businesses, Octopus has increased investment in manufacturing and installation capability for its energy services business. Origin CEO Frank Calabria said, “Australia Pacific LNG delivered strong revenue for the quarter driven by higher LNG volumes and prices, however production slightly declined as we achieved lower than expected benefits from well optimisation activities at some fields, and output was also lower at some non-operated assets. "As a result, Origin has lowered expectations for Australia Pacific LNG FY25 production LNG to 670 – 690 PJ. Australia Pacific LNG maintains a range of levers to manage gas supply over the medium term including well and field optimisation, development drilling, exploration, and other opportunities to commercialise low cost gas supply. “In Energy Markets, the business has performed in line with expectations. We continued to progress our strategy to grow renewables and storage in our portfolio, recently approving the third stage of the
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2 Quarterly Report December 2024 large-scale battery at Eraring, increasing its storage duration to better support the needs of the changing electricity market.” “Octopus Energy’s rapid growth continues, adding significant UK and international retail customers in the quarter, including a record number of organic customers in December. Octopus Energy is now the largest energy retailer in the UK and its Kraken platform is cementing its place as the technology of choice for utilities globally,” Mr Calabria said. Unit Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 % Change Integrated Gas - APLNG 100% Production PJ 172.2 173.5 (1%) 167.4 3% 345.8 342.3 1% Sales PJ 172.3 174.1 (1%) 160.4 7% 346.4 320.9 8% Commodity Revenue $m 2,714 2,638 3% 2,380 14% 5,352 4,726 13% Average realised LNG price US$/ mmbtu 12.20 11.95 2% 11.88 3% 12.08 11.76 3% Average realised Domestic gas price $/GJ 7.26 9.59 (24%) 6.39 14% 8.57 7.32 17% Energy Markets Electricity sales TWh 8.8 9.3 (5%) 9.0 (1%) 18.2 18.0 1% Natural gas sales PJ 42.2 58.9 (28%) 46.2 (9%) 101.1 105.2 (4%) Consolidated Origin Capex $m 385 504 (24%) 156 147% 889 302 195% Investments $m 35 8 327% 84 (58%) 43 152 (71%) For further information: Media Investors Craig Simonetto Lindsay Donnelly Ph: +61 2 9503 5251 Ph: +61 2 8345 5502 Mobile: +61 413 722 281 Mobile: +61 414 697 070
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Quarterly Report December 2024
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2 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Integrated Gas
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3 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Oil and LNG markets Japan customs-cleared crude (US$/bbl) Q2 JCC Realised oil price (quarterly) Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 70 75 80 85 90 95 100 Source: Petroleum Association of Japan and Bloomberg forward pricing • APLNG’s realised oil price in the Dec-24 quarter, prior to Origin hedging, was US$87/bbl (A$134/bbl), marginally up from US$86/bbl (A$129/bbl) in the Sep-24 quarter • Compared to the Dec-23 quarter, realised oil prices are marginally up from US$83/bbl (A$127/bbl) JKM (US$/mmbtu) Q2 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 3 6 9 12 15 18 Source: ICE • North Asian LNG market prices (JKM) delivered in the quarter averaged ~US$13/mmbtu, up from ~US$12/mmbtu in the Sep-24 quarter and down from ~US$15/mmbtu in the Dec-23 quarter FX (AUD/USD) Q2 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 0.62 0.64 0.66 0.68 0.70 • Average AUD/USD FX rate was 0.65 for the Dec-24 quarter, down from 0.67 the Sep-24 quarter and up from 0.65 in the Dec-23 quarter
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4 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Production up 1% from prior year Quarterly production and sales volumes (APLNG 100%) (PJ) 173.5173.5 174.1174.1 172.2172.2 172.3172.3 21.321.3 21.321.3 46.846.8 46.846.8 71.671.6 71.171.1 33.833.8 33.033.0 Spring Gully Reedy Creek, Combabula and Peat Condabri, Talinga and Orana Non-operated Sep-24 QTR Production Sep-24 QTR Sales Dec-24 QTR Production Dec-24 QTR Sales • Production down 1% in Dec-24 quarter reflecting lower field performance and maintenance events in Condabri, Talinga, Orana and Non-operated fields • Lower Dec-24 quarter sales reflecting lower production and management of gas supply portfolio in the prior period via drawdown of gas banks and execution of gas transactions Financial year production and sales volumes (APLNG 100%) (PJ) 342.3342.3 320.9320.9 345.8345.8 346.4346.4 43.143.1 42.642.6 84.184.1 93.693.6 145.6145.6 142.7142.7 69.669.6 66.866.8 Spring Gully Reedy Creek, Combabula and Peat Condabri, Talinga and Orana Non-operated FYTD-24 Production FYTD-24 Sales FYTD-25 Production FYTD-25 Sales • FYTD-25 production up 1% compared to FYTD-24: – Increase in Reedy Creek reflecting cyclical maintenance activities and ongoing benefits from base optimisation activities – Turndown in prior year from LNG vessel power outage incident – Partially offset by lower field performance in Condabri, Talinga & Orana following cumulative impacts of turndown events including unplanned outages, and lower production in some Non-operated fields due to field underperformance and unplanned facility maintenance • Higher FYTD-25 sales volume reflecting higher purchases with the commencement in Jan-24 of the agreement to acquire up to 350 PJ from the QCLNG project at an oil-linked price over 10 years, and the use of banking arrangements to manage the gas supply portfolio
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5 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 APLNG revenue up 3% on prior quarter Dec-24 vs Sep-24 QTR (APLNG 100%) ($m) 2,6382,638 2,7142,714 403403 -164-164 -2-2 237237 2,2362,236 129129 113113 2,4782,478 LNG revenue Domestic Sep-24 QTR LNG volume LNG price Domestic volume Domestic price Dec-24 QTR • APLNG revenue up 3% in Dec-24 quarter: – LNG revenue up 11% driven by higher sales volumes and higher realised prices (including volume mix considerations between spot and contract sales) – Domestic revenue down 41% primarily driven by lower seasonal short-term contract volumes FYTD-24 vs FYTD-25 (APLNG 100%) ($m) 4,7264,726 5,3525,352 567567 -5-5 7777 639639 4,1594,159 479479 7575 4,7134,713 LNG revenue Domestic FYTD-24 LNG volume LNG price Domestic volume Domestic price FYTD-25 • APLNG revenue up 13% on FYTD-24: – LNG revenue up 13% driven by higher LNG volumes and higher realised prices – Seven spot cargoes delivered in FYTD-25 (FYTD-24: 7) – Domestic revenue up 13% driven by higher market linked short-term contract prices
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6 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 APLNG capital expenditure Quarterly APLNG1 capex (APLNG 100%) 161161 173173 149149 162162 1212 1111 Sustain and Other Exploration and Appraisal Sep-24 QTR Dec-24 QTR 1 APLNG capex is reported on an accrual basis • Capex in Dec-24 quarter increased $12 million, predominately driven by higher Non-Operated development activity spend in line with planned activity levels Financial Year APLNG1 capex (APLNG 100%) 314314 334334 283283 311311 3131 2323 Sustain and Other Exploration and Appraisal FYTD-24 FYTD-25 1 APLNG capex is reported on an accrual basis • Capex FYTD-25 increased $20 million, driven by higher Non-Operated development activity spend and higher Operated well delivery spend in line with planned activity levels, partially offset by reduced Operated exploration spend
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7 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Updated FY25 guidance - Integrated Gas The following guidance is provided on the basis that market conditions and the regulatory environment do not materially change APLNG 100% FY24 FY25 previous guidance FY25 updated guidance Production PJ 694 685 - 710 670 - 690 Capex and opex, excluding purchases1 A$b 2.8 2.8 - 3.0 2.7 - 2.9 Unit capex + opex, excluding purchases1 A$/GJ 4.1 3.9 - 4.3 3.9 - 4.3 • FY25 production guidance reduced by 2 - 3%, with the changes primarily due to: – lower performance in Condabri, Talinga and Orana following cumulative impacts of turndown events including unplanned outages in HY25, and lower than expected benefits from well optimisation activities to manage natural field decline, and – lower performance in Non-Operated assets primarily due to field underperformance, unplanned facility maintenance, and delayed execution of field development; – partially offset by strong field performance in Reedy Creek driven by effective base optimisation activities • Capex and opex 1 guidance lower by 3 - 4% reflecting strong cost discipline, optimisation of cyclical maintenance and reduced non-operated capex, partially offset by accelerated well optimisation activities in the second half. • Unit Capex and Opex1 guidance remains unchanged at $3.9 – 4.3 / GJ APLNG maintains a range of levers to manage gas supply over the medium term including well and field optimisation, development drilling, exploration, and other opportunities to commercialise low cost gas supply. 1 Opex excludes purchases, impairment and reflects royalties at the breakeven oil price. Based on contractual pricing and recent wholesale electricity forward curves and USD /AUD FX rates
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8 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Energy Markets
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9 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Electricity and natural gas markets Electricity price ($/MWh) Q2 Dec-24 Q2 Dec-23 Q2 Dec-22 QLD NSW VIC SA Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 0 100 200 300 400 Source: AEMO • Average NEM spot electricity price for Dec-24 quarter was $92/MWh: – Down from $120/MWh in Sep-24 quarter reflecting lower demand due to milder seasonal temperatures and higher solar generation – Up from $48/MWh in Dec-23 quarter due to increased volatility in NSW and QLD driven by baseload outages and interconnector constraints Gas price ($/GJ) Q2 Dec-24 Q2 Dec-23 Q2 Dec-22 Brisbane Sydney Victoria Adelaide Wallumbilla Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 0 10 20 30 40 50 Source: AEMO • Average domestic spot gas price for Dec-24 quarter was $14/GJ: – Up from $13/GJ in Sep-24 quarter when seasonal demand was low – Up from $11/GJ in Dec-23 quarter primarily reflecting increased gas generation demand as well as higher storage availablility in Dec-23 quarter following a warmer winter
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10 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Energy Markets – Electricity sales volumes Dec-24 vs Dec-23 QTR (TWh) 3.93.9 (0.2)(0.2) 0.10.1 3.83.8 5.05.0 5.15.1 Business Retail Dec-23 QTR Retail Business Dec-24 QTR • Retail volumes down 4% or 0.2 TWh on Dec-23 quarter with lower usage from solar uptake and energy efficiency offset by impact of warmer weather and higher customer numbers • Business volumes relatively flat on Dec-23 quarter FYTD-25 vs FYTD-24 (TWh) 8.18.1 0.00.0 0.10.1 8.28.2 9.99.9 10.010.0 Business Retail FYTD-24 Retail Business FYTD-25 • Retail volumes flat on prior year with higher customer numbers and impact of weather offset by lower usage from solar uptake and energy efficiency • Business volumes relatively flat on prior year
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11 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Energy Markets – Natural gas sales volumes Dec-24 vs Dec-23 QTR (PJ) 6.56.5 (0.3)(0.3) 6.26.2 32.832.8 (3.7)(3.7) 29.129.1 6.96.9 0.10.1 6.96.9 Internal Generation Business Retail Dec-23 QTR Retail Business Internal Generation Dec-24 QTR • Retail volumes down 5% or 0.3 PJ on Dec-23 quarter due to impact of warmer weather, partly offset by higher customer numbers • Business volumes down 11% or 3.7 PJ on Dec-23 quarter due to contracts rolling off and lower short term trading sales • Gas to generation flat on Dec-23 quarter reflecting lower volumes due to the Pelican Point contract roll-off offset by higher demand to cover Eraring outages FYTD-25 vs FYTD-24 (PJ) 20.720.7 0.30.3 20.920.9 68.268.2 (5.3)(5.3) 62.962.9 16.416.4 0.90.9 17.217.2 Internal Generation Business Retail FYTD-24 Retail Business Internal Generation FYTD-25 • Retail volumes up 1% or 0.3 PJ on prior year with higher customer numbers offset by impact of warmer weather • Business volumes down 8% or 5.3 PJ on prior year due to contracts rolling off • Gas to generation up 5% or 0.9 PJ on prior year to cover Eraring outages, partly offset by lower volumes due to Pelican contract roll-off
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12 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Capital Expenditure
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13 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Origin consolidated – capital expenditure Quarterly capex and investments ($m) 512512 420420 504504 385385 88 3535 Capex Investments Sep-24 QTR Dec-24 QTR • Dec-24 capex was in line with expectations and primarily includes growth spend on the Eraring and Mortlake Battery projects and maintenance spend on generation • Dec-24 investments include a range of minor items including investments in Retail platforms and funding of the Golden Beach project Financial year capex and investments ($m) 454454 932932 302302 889889 152152 4343 Capex Investments FYTD-24 FYTD-25 • FYTD-25 capex was in line with expectations and primarily driven by productivity/growth spend of $676 million including Eraring battery ($339 million), Mortlake battery ($221 million), Origin Zero initiatives including EVs ($31 million), Yanco Delta Wind Farm project ($15 million), CES ($10 million) and and other generation and retail projects. Capex also includes generation sustaining spend ($171 million) and other maintenance capital ($42 million)
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14 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Data Tables
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15 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Integrated Gas – APLNG 100% APLNG Unit Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 % Change Total production PJ 172.2 173.5 (1%) 167.4 3% 345.8 342.3 1% Total sales PJ 172.3 174.1 (1%) 160.4 7% 346.4 320.9 8% LNG Production PJ 136.7 132.6 3% 120.3 14% 269.3 239.5 12% LNG contract sales PJ 125.0 121.0 3% 105.3 19% 245.9 217.0 13% LNG spot sales PJ 14.7 11.2 31% 18.9 (22%) 25.9 26.5 (2%) Total LNG Sales PJ 139.7 132.1 6% 124.2 12% 271.8 243.5 12% Commodity revenue $m 2,478 2,236 11% 2,149 15% 4,713 4,159 13% Average realised price US$/mmbtu 12.20 11.95 2% 11.88 3% 12.08 11.76 3% Domestic gas (100%) Sales PJ 32.6 42.0 (22%) 36.2 (10%) 74.5 77.4 (4%) Commodity revenue $m 237 403 (41%) 231 3% 639 567 13% Average realised price $/GJ 7.26 9.59 (24%) 6.39 14% 8.57 7.32 17% APLNG capex1 E&A $m 11 12 (8%) 20 (45%) 23 31 (26%) Sustain and Other $m 162 149 9% 135 20% 311 283 10% 1 APLNG capex is reported on an accrual basis
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16 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 APLNG sources of gas – APLNG 100% Production volumes Units Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 Operated Spring Gully PJ 21.3 21.3 0% 20.9 2% 42.6 43.1 Reedy Creek, Combabula and Peat PJ 46.8 46.8 0% 41.5 13% 93.6 84.1 Condabri, Talinga and Orana PJ 71.1 71.6 (1%) 70.0 2% 142.7 145.6 Total operated production PJ 139.2 139.7 (0%) 132.4 5% 278.9 272.7 Non-operated GLNG PJ 10.5 10.7 (2%) 10.6 (1%) 21.2 21.0 QGC PJ 22.5 23.1 (3%) 24.4 (8%) 45.6 48.6 Total non-operated production PJ 33.0 33.8 (2%) 35.0 (6%) 66.8 69.6 Total upstream production PJ 172.2 173.5 (1%) 167.4 3% 345.8 342.3 Natural gas purchases / swaps PJ 8.1 9.4 (14%) 0.9 n/m 17.6 2.2 Changes in Upstream gas inventory/other PJ (0.4) 1.8 (122%) (1.6) (75%) 1.4 (8.1) Total sources of natural gas PJ 180.0 184.8 (3%) 166.7 8% 364.8 336.4
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17 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Operated development drilling and production APLNG operated production wells Avg daily production (APLNG share) Wells Drilled Wells commissioned Spring Gully 232 TJ/d Dec-24 QTR 2 7 FYTD-25 4 9 Reedy Creek, Combabula and Peat 509 TJ/d Dec-24 QTR 2 11 FYTD-25 6 29 Condabri, Talinga and Orana 773 TJ/d Dec-24 QTR 10 12 FYTD-25 27 16 Total 1513 TJ/d Dec-24 QTR 14 30 FYTD-25 37 54
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18 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 APLNG uses of gas – APLNG 100% Uses of gas Units Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 LNG feed gas PJ 147.4 143.0 3% 130.6 13% 290.3 259.1 Domestic sales PJ 32.6 42.0 (22%) 36.2 (10%) 74.5 77.4 Total uses of natural gas PJ 180.0 184.9 (3%) 166.8 8% 364.8 336.5 LNG Units Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 LNG production PJ 136.7 132.6 3% 120.3 14% 269.3 239.5 Changes in LNG inventory PJ 3.1 (0.6) n/m 3.8 (18%) 2.5 3.9 Total LNG sales volume PJ 139.7 132.1 6% 124.1 13% 271.8 243.4 LNG cargos loaded and shipped # 36 34 6% 32 13% 70 63 APLNG commodity revenue Units Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 LNG $Am 2,478 2,236 11% 2,149 15% 4,713 4,159 Domestic gas $Am 237 403 (41%) 231 2% 639 567 Total commodity revenue $Am 2,714 2,638 3% 2,380 14% 5,352 4,726 Sales – APLNG realised prices Units Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 LNG $A/GJ 17.73 16.92 5% 17.31 2% 17.34 17.08 Domestic gas $A/GJ 7.26 9.59 (24%) 6.39 14% 8.57 7.32 Average commodity price $A/GJ 15.75 15.15 4% 14.84 6% 15.45 14.73
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19 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Integrated Gas – Origin share APLNG (ORG Share) Unit Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 Total production (Origin share) PJ 47.4 47.7 (1%) 46.0 3% 95.1 94.1 Total sales (Origin share) PJ 47.4 47.9 (1%) 44.1 7% 95.3 88.2 LNG (Origin share) Production PJ 37.6 36.5 3% 33.1 14% 74.1 65.9 Sales PJ 38.4 36.3 6% 34.1 13% 74.8 67.0 Commodity revenue $m 681 615 11% 591 15% 1,296 1,144 Average realised price US$/mmbtu 12.20 11.95 2% 11.88 3% 12.08 11.76 Domestic gas (Origin share) Sales PJ 9.0 11.5 (22%) 10.0 (10%) 20.5 21.3 Commodity revenue $m 65 111 (41%) 64 2% 176 156 Average realised price $/GJ 7.26 9.59 (24%) 6.39 14% 8.57 7.32 Integrated Gas Other Unit Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 Origin only capex and lease costs $m 1 15 (92%) 1 64% 15 7 Origin oil and LNG hedging/trading Hedge premium expense $m 0 0 0% (2) (100%) 0 (2) Gain / (Loss) on oil hedging $m (35) (15) 131% 7 n/m (50) 11 Gain / (Loss) on LNG trading $m 139 146 (5%) 21 n/m 285 77 Total oil and LNG hedging/trading $m 104 131 (20%) 27 284% 235 86
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20 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Energy Markets Unit Dec-24 QTR Sep-24 QTR % Change Dec-23 QTR % Change FYTD-25 FYTD-24 % Change Sales volumes Electricity – Retail TWh 3.8 4.4 (14%) 3.9 (4%) 8.2 8.1 0% Electricity – Business TWh 5.1 4.9 3% 5.0 1% 10.0 9.9 1% Natural gas – Retail PJ 6.2 14.7 (58%) 6.5 (5%) 20.9 20.7 1% Natural gas – Business PJ 29.1 33.9 (14%) 32.8 (11%) 62.9 68.2 (8%) Natural gas – Internal generation PJ 6.9 10.3 (33%) 6.9 1% 17.2 16.4 5% Capex $m 384 489 (21%) 156 146% 873 296 195% Investments $m 26 8 218% 90 (71%) 34 152 (77%) Electricity sales volume (TWh) Dec-24 QTR Sep-24 QTR FYTD-25 FYTD-24 Retail Business Retail Business Retail Business Retail Business New South Wales 1.6 2.4 1.9 2.3 3.6 4.8 3.7 3.9 Queensland 1.1 0.9 1.1 0.8 2.2 1.7 2.2 1.9 Victoria 0.7 1.1 0.9 1.1 1.7 2.3 1.6 2.6 South Australia 0.3 0.6 0.4 0.6 0.7 1.2 0.7 1.4 Total volumes sold 3.8 5.1 4.4 4.9 8.2 10.0 8.1 9.9 Natural gas sales volume (PJ) Dec-24 QTR Sep-24 QTR FYTD-25 FYTD-24 Retail Business Retail Business Retail Business Retail Business New South Wales 2.2 5.5 3.9 7.4 6.0 12.9 5.6 12.8 Queensland 0.7 17.7 0.9 14.9 1.5 32.5 1.5 32.8 Victoria 2.5 4.6 8.3 9.7 10.7 14.3 10.9 19.1 South Australia 0.9 1.4 1.7 1.9 2.6 3.2 2.7 3.6 External volumes sold 6.2 29.1 14.7 33.9 20.9 62.9 20.7 68.2 Internal sales (generation) 6.9 10.3 17.2 16.4 Total volumes sold 42.2 58.9 101.1 105.2
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21 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Analyst notes
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22 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Analyst notes Cash tax paid As previously guided, tax paid is expected to increase in FY25. Tax paid for HY25 increased to $705 million, up from $447 million in the prior period reflecting higher instalment rates and the lagged payment of tax associated with higher earnings in FY24. For the full year, cash tax paid is expected to be around $1.0 billion. In FY26, tax paid is expected to be significantly lower, reflecting the lagged effect of both lower Energy Markets earnings and higher franking percentage of APLNG dividends received in FY25. Dividends from Australia Pacific LNG Origin received $612 million in fully franked dividends from Australia Pacific LNG for the six months to 31 December 2024. Cash distribution guidance for the remainder of FY25 will not be provided whilst the Sinopec price review in respect of its long-term LNG supply contract is ongoing. Any potential change to the contract price would be effective from 1 January 2025.
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23 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Conversion factors and abbreviations
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24 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Conversion factors and abbreviations Conversion factors LNG 0.0554 PJ/ktonnes LNG 1.0551 GJ/mmbtu Abbreviations $ Australian dollars, unless stated otherwise APLNG Australia Pacific LNG Pty Limited – an incorporated joint venture between Origin, ConocoPhillips and Sinopec Barrels (bbl) an international measure of oil production. 1 barrel = 159 litres E&A Exploration & Appraisal GJ gigajoule = 109 joules JCC Japan Customs-cleared Crude joule primary measure of energy in the metric system kT Kilo tonnes = 1,000 tonnes LNG liquefied natural gas mmbbl million barrels mmboe million barrels of oil equivalent mmbtu million British thermal units MMscf/d million standard cubic feet per day MWh Megawatt hour = 103 kilowatt hours n/m not meaningful PJ petajoule = 1015 joules t tonnes TJ terajoule = 1012 joules TJ/d terajoules per day TWh Terawatt hour = 109 kilowatt hours
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25 Integrated Gas Energy Markets Capital Expenditure Data Tables Analyst notes Conversion factors and abbreviations Directory Quarterly Report December 2024 Directory Registered Office Level 32, Tower 1 100 Barangaroo Avenue Barangaroo NSW 2000 GPO Box 5376 Sydney NSW 2001 T (02) 8345 5000 F (02) 9252 9244 originenergy.com.au enquiry@originenergy.com.au Secretary Helen Hardy Share Registry Boardroom Pty Limited Level 8, 210 George Street Sydney NSW 2000 GPO Box 3993 Sydney NSW 2001 T Australia 1300 664 446 T International (+61 2) 8016 2896 F (02) 9279 0664 boardroomlimited.com.au origin@boardroomlimited.com.au Auditor EY About our reporting Unless otherwise stated, in this report a reference to ‘Origin’ , ‘Origin Energy’ , ‘Group’ , ‘Origin Group’ , ‘Company’ , ‘we’ , and ‘our’ is to Origin Energy Limited and its controlled entities and joint venture arrangements as outlined in our 2024 Annual Report.