Company news: Origin Energy
Origin Energy held its AGM this week. At the AGM Origin noted its disappointment in its share price performance this year (First Samuel clients have been unaffected by this). They noted the significant APLNG plant is now weeks from start up and first shipment. This is significant and it was noted that it will contribute to earnings and cashflow at current oil prices. Whilst the past seven years have been marked by the building of APLNG the reality is that Origin has largely been transformed into a gas producing and sales business, with a strong emphasis on renewable power. We feel that provided the right rigour is applied to its investment decision making Origin (whilst out of favour currently with the sharemarket) will continue its long tradition of growing its presence and value for shareholders who are patient.