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Research Announcement:

Moody's - Origin Energy Limited’s strong first-half results support the credit profiles of Origin entities

21 February 2019


Sydney, February 21, 2019 --

—The strong results were driven by strong earnings growth from the APLNG investment, solid performance from the Energy Markets division and lower financing costs.

—The company remains focused on reducing costs, while also citing future growth opportunities in new revenue streams.

"IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE FULL DISCLAIMERS BELOW."

Moody's Investors Service says that Origin Energy Limited's (Origin, Baa3 positive) strong results for the first half of fiscal 2019 (the six months to 31 December 2018), were within Moody's expectations.

"Origin's strong first-half results and its lower debt levels have led to a further strengthening in the company's credit metrics," says Nicholas Chapman, a Moody's Vice President and Senior Analyst.

Origin's headstock underlying profit — based on equity accounting for the Australia Pacific LNG project (Australia Pacific LNG Processing Pty Ltd - Baa2 stable) in which it holds a stake —grew by 53% to AUD592 million for 1H FY2019 versus 1H FY2018, driven by solid production and higher oil-linked LNG prices.

The Energy Markets division benefited from increased gas volumes and prices, partially offset by lower electricity volumes, due to weaker demand from increased solar PV penetration and slightly fewer customer accounts.

"The company's earnings growth should moderate, given that spot oil prices have eased and our expectations for a moderation in average wholesale electricity prices as new generation enters the market, and the fact that retail margins will stay constrained, as Origin focuses on enhancing customer value," adds Chapman.

During 1H FY2019 Origin continued its transition to lower carbon emitting generation.

The company also remains focused on reducing costs, while also citing future growth opportunities in new revenue streams in adjacent business activities, such as broadband internet, centralised energy services and solar and storage.

Subscribers can access the full report titled "Origin Energy Limited: Strong first-half fiscal 2019 results are credit positive" at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1158556

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Nicholas Chapman, CFA
VP-Senior Analyst
Project & Infrastructure Finance
Moody's Investors Service Pty. Ltd.
JOURNALISTS : 61 2 9270 8141
Client Service : 852 3551 3077

Arnon Musiker
Senior Vice President/Manager
Project & Infrastructure Finance
Moody's Investors Service Pty. Ltd.
JOURNALISTS : 61 2 9270 8141
Client Service : 852 3551 3077

Releasing Office :
Moody's Investors Service Pty. Ltd.
Level 10
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Sydney, NSW 2000
Australia
JOURNALISTS : 61 2 9270 8141
Client Service : 852 3551 3077

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