Australia’s Origin Energy, which is a shareholder in APLNG, said in its half-year report that APLNG revenue dropped 21 percent year-on-year to approximately A$4.26 billion ($3.04 billion) in the first half of fiscal 2026.
APLNG revenue reached A$9.95 billion in the financial year ending June 2025, almost flat compared to the previous year.
According to Origin, lower revenue in the half-year period ending December 2025 was driven by lower realised export pricing and lower spot LNG volumes.
APLNG’s LNG revenue reached A$3.67 billion, down 21 percent compared to the period last year.
Moreover, the LNG terminal shipped 67 LNG cargoes during the period, three cargoes less compared to the previous year.
Average realised price was at $9.79/MMBtu, down from $12.08/MMBtu in the prior year.
According to Orign, average realised LNG price was reduced primarily due to lower realised oil price ($75bbl in HY26 vs $87/bbl in HY25) and the Sinopec price review.
APLNG production was “stable” at 339 PJ, supported by new wells, ongoing optimisation activity, and improved plant reliability, Origin said.
Compared to the previous year, production decreased by 2 percent, mainly due to natural field decline across Condabri, Talinga, and Orana and some non‑operated fields, Origin said.
These impacts were partly offset by new wells and ongoing optimisation activity, including “strong” performance at Reedy Creek, it said.
APLNG is a joint venture between US-based ConocoPhillips (47.5 percent), Australia’s Origin Energy (27.5 percent), and Sinopec (25 percent).
Origin operates APLNG’s gas fields, upstream exploration, production and pipeline system, while ConocoPhillips operates the downstream LNG export facility and the LNG export sales business.
There are two 20-year LNG export offtake agreements in place, which run until the end of 2035. One is for 7.6 mtpa to Sinopec, and the other is for 1 mtpa to Japan’s Kansai Electric.
