Page 12 - OGA-Sept-2015
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S MONTH
OIL & GAS AUSTRALIA
AGL profit offset by Macquarie acquisition
IMPAIRMENTS and cost of acquisitions
resulted in AGL Energy’s net profit taking a
plunge, down 61.8 per cent on the previous
corresponding period.
Reported in the company’s 2015 full year AGL Newcastle Gas Storage Facility. Image courtesy AGL.
results, AGL said net profit after tax was $218
million, decreasing by more than half in efficiency and is targeting around $200 million Working capital reductions of around $200
the past financial year largely due to higher real reduction in its normalised operating million are targeted by the end of the 2017
significant items in the current financial year. cost base, as well as around $100 million real financial year.
reduction in sustaining capital expenditure by
Significant items of $578 million included 2017 financial year. AGL said restructuring costs associated
the $117 million in costs of the Macquarie with the organisation restructure of about
Generation acquisition and a $435 million A significant portion of cost improvements $20 million pre-tax expected to be booked as
impairment of upstream gas assets, the are expected to be achieved by 30 June 2016, significant items in the 2016 financial year. l
company reported. the company said.
AGL’s underlying profit rose 12.1 per cent to
$630 million compared to the 2014 reporting
period, with the company’s revenue of $10.68
billion up 2.2% on the previous year.
AGL managing director Andy Vesey
said the Macquarie Generation acquisition,
completed in September 2014, had been a
significant driver of improvement in profit and
operational cash flow for the company.
Mr Vesey said the takeover had more than
offset the impact of the removal of the carbon
tax.
A final dividend of 34 cents per share was
declared, bringing the total dividend for the
year to 64 cents, the final dividend will be fully-
franked.
AGL said it will improve operational
WHL Energy granted extension Contract win for
Monadelphous
WHL ENERGY has received an extension exploration drilling phase, while retaining
from the Commonwealth-Victoria Offshore meaningful exposure to the potential within MONADELPHOUS has secured a three-year
Petroleum Joint Authority for VIC/P67 the permit. facility maintenance services contract for
work program commitments, the company work on the Chevron-operated Barrow
announced in mid-August. In its June 2015 quarterly report, WHL said Island assets, part of the Gorgon project.
to date a total of about $18 million had been
An above-commitment variation of the invested in the project, including investment in The contract is for the operation and
Permit Year 3 work program and a 12 month the 3D seismic acquisition and interpretation. maintenance of the support facility and
suspension of the Permit Year 3 work program associated utilities and is expected to employ
commitments, with a corresponding 12 month Farmout efforts continued during the about 500 people.
extension of the permit term were granted to June quarter, but the oil price downturn and
WHL. reduced investment in upstream petroleum Included in the contract is the maintenance
exploration by industry had a direct negative of water and wastewater treatment plants,
As a result, Permit Year 3 will end on 3 impact on the farmout campaign, WHL said. power generation and distribution systems, as
August 2016 and the permit term will end on 3 well as the management and maintenance of
August 2019. WHL said it continued studies throughout buildings, vehicles, plant and equipment.
the June quarter to reduce the risk associated
WHY Energy chairman Stuart Brown with a future exploration drilling campaign Monadelphous secured about $430 million
said the extension recognises the company’s and to enhance the value of the acreage. in contracts subsequent to the reporting
exploration efforts in the permit. period, the company said in its 2015 annual
The company is also continuing to evaluate report.
“This approval recognises the extensive alternative development options.
exploration efforts conducted over the past Contracts worth approximately $130 million
few years to evaluate the gas potential within WHL holds 100 per cent equity in the were reported by the company on 31 July,
the VIC/P67 permit and provides the time exploration permit VIC/P67 in the offshore resulting in an approximate value of $300
necessary to de-risk and further mature the Otway basin, which contains the undeveloped million for the facility maintenance services
identified prospectivity.” La Bella gas field. l contract.
During the fourth quarter of 2014 WHL Monadelphous managing director Rob
initiated a farmout campaign for VIC/P67 Velletri said the contract demonstrated its
with the aim of securing a carry through the ability to deliver a diverse range of services. l
10 ENERGY PUBLICATIONS CELEBRATING 34 YEARS OF PUBLISHING IN AUSTRALIA
OIL & GAS AUSTRALIA
AGL profit offset by Macquarie acquisition
IMPAIRMENTS and cost of acquisitions
resulted in AGL Energy’s net profit taking a
plunge, down 61.8 per cent on the previous
corresponding period.
Reported in the company’s 2015 full year AGL Newcastle Gas Storage Facility. Image courtesy AGL.
results, AGL said net profit after tax was $218
million, decreasing by more than half in efficiency and is targeting around $200 million Working capital reductions of around $200
the past financial year largely due to higher real reduction in its normalised operating million are targeted by the end of the 2017
significant items in the current financial year. cost base, as well as around $100 million real financial year.
reduction in sustaining capital expenditure by
Significant items of $578 million included 2017 financial year. AGL said restructuring costs associated
the $117 million in costs of the Macquarie with the organisation restructure of about
Generation acquisition and a $435 million A significant portion of cost improvements $20 million pre-tax expected to be booked as
impairment of upstream gas assets, the are expected to be achieved by 30 June 2016, significant items in the 2016 financial year. l
company reported. the company said.
AGL’s underlying profit rose 12.1 per cent to
$630 million compared to the 2014 reporting
period, with the company’s revenue of $10.68
billion up 2.2% on the previous year.
AGL managing director Andy Vesey
said the Macquarie Generation acquisition,
completed in September 2014, had been a
significant driver of improvement in profit and
operational cash flow for the company.
Mr Vesey said the takeover had more than
offset the impact of the removal of the carbon
tax.
A final dividend of 34 cents per share was
declared, bringing the total dividend for the
year to 64 cents, the final dividend will be fully-
franked.
AGL said it will improve operational
WHL Energy granted extension Contract win for
Monadelphous
WHL ENERGY has received an extension exploration drilling phase, while retaining
from the Commonwealth-Victoria Offshore meaningful exposure to the potential within MONADELPHOUS has secured a three-year
Petroleum Joint Authority for VIC/P67 the permit. facility maintenance services contract for
work program commitments, the company work on the Chevron-operated Barrow
announced in mid-August. In its June 2015 quarterly report, WHL said Island assets, part of the Gorgon project.
to date a total of about $18 million had been
An above-commitment variation of the invested in the project, including investment in The contract is for the operation and
Permit Year 3 work program and a 12 month the 3D seismic acquisition and interpretation. maintenance of the support facility and
suspension of the Permit Year 3 work program associated utilities and is expected to employ
commitments, with a corresponding 12 month Farmout efforts continued during the about 500 people.
extension of the permit term were granted to June quarter, but the oil price downturn and
WHL. reduced investment in upstream petroleum Included in the contract is the maintenance
exploration by industry had a direct negative of water and wastewater treatment plants,
As a result, Permit Year 3 will end on 3 impact on the farmout campaign, WHL said. power generation and distribution systems, as
August 2016 and the permit term will end on 3 well as the management and maintenance of
August 2019. WHL said it continued studies throughout buildings, vehicles, plant and equipment.
the June quarter to reduce the risk associated
WHY Energy chairman Stuart Brown with a future exploration drilling campaign Monadelphous secured about $430 million
said the extension recognises the company’s and to enhance the value of the acreage. in contracts subsequent to the reporting
exploration efforts in the permit. period, the company said in its 2015 annual
The company is also continuing to evaluate report.
“This approval recognises the extensive alternative development options.
exploration efforts conducted over the past Contracts worth approximately $130 million
few years to evaluate the gas potential within WHL holds 100 per cent equity in the were reported by the company on 31 July,
the VIC/P67 permit and provides the time exploration permit VIC/P67 in the offshore resulting in an approximate value of $300
necessary to de-risk and further mature the Otway basin, which contains the undeveloped million for the facility maintenance services
identified prospectivity.” La Bella gas field. l contract.
During the fourth quarter of 2014 WHL Monadelphous managing director Rob
initiated a farmout campaign for VIC/P67 Velletri said the contract demonstrated its
with the aim of securing a carry through the ability to deliver a diverse range of services. l
10 ENERGY PUBLICATIONS CELEBRATING 34 YEARS OF PUBLISHING IN AUSTRALIA
