Recasts and adds share moves in paragraph 2
By Rajasik Mukherjee
April 30 (Reuters) - Shares of Origin Energy ORG.AX dropped on Wednesday after the power producer logged a 10% sequential fall in third-quarter revenue from its stake in the Australia Pacific LNG project (APLNG), pressured by weaker LNG volumes and prices.
Shares of the firm were down 1.6%, as of 0123 GMT, on track for their worst day since April 11, if losses hold.
Liquefied natural gas $(LNG)$ prices have stayed under pressure since early 2025, weighed down by subdued demand following a mild winter in Asia and heightened fears of a global recession triggered by U.S. President Donald Trump's tariff policies. LNG/
"Production was slightly lower, reflecting fewer days than the prior quarter, lower performance across some operated and non-operated fields," Origin CEO Frank Calabria said, adding that tropical Cyclone Alfred impacted the LNG shipping schedules as well.
Origin realised $11.31 per metric million British thermal units (mmBtu) for its LNG product from the APLNG project in Queensland, compared with $12.20 per mmBtu in the second quarter.
"APLNG's weaker FY25 distributions to ORG may be perceived as a negative," Citi analysts said, and noted that quarterly revenue from APLNG was a 6% miss against its forecast.
The company reported revenue from APLNG - a joint venture with U.S. oil and gas major ConocoPhillips COP.N and Sinopec 600028.SS - of A$616 million ($393.13 million) for the three-month period ended March 31, compared with A$681 million seen in the December quarter.
Its production share from the project fell 3% to 46 petajoules from the previous quarter, with total sales falling 7% sequentially.
($1 = 1.5669 Australian dollars)
(Reporting by Rajasik Mukherjee and Nikita Maria Jino in Bengaluru; Editing by Tasim Zahid and Sherry Jacob-Phillips)
((Nikita.Jino@thomsonreuters.com;))