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Origin Energy cuts earnings guidance

Origin Energy cuts earnings guidance Apr 16, 2021 11:45:am Summary The reduction comes following an arbitration order to pay Beach Energy more for gas following a contract price review. by: Shardul Sharma Posted in: Origin Energy cuts earnings guidance Australia’s Origin Energy on April 16 cut its annual earnings guidance for energy markets following an arbitration order to pay Beach Energy more for gas following a contract price review.  Origin lowered its energy markets underlying Ebitda guidance for 2021 to A$940mn-1.02bn ($728mn-$791mn) from A$1bn-A$1.14bn. The arbitration order is expected to result in an increase in Origin’s cost of supply of A$30mn-A$40mn for 2021, increasing further to A$60mn-A$80mn in 2022 consistent with an expected increase in volume.  

ASX 200 edges higher, Origin crunched, Mineral Resources falls

The Origin share price fell around 9% today after announcing its price review outcome and update on FY21 guidance. The energy business has been engaged in a price review for gas purchased from Beach Energy Ltd’s(ASX: BPT) Otway Basin fields, which was referred to arbitration. Origin said that the arbitrator has now issued a partial award and on the basis of that decision the new gas price is likely to be materially above Origin’s expectations and recent comparable wholesale contracts. The outcome is expected to result in an increase in Origin’s cost of supply of $30 million to $40 million for FY21, increasing further to $60 million to $80 million in FY22 consistent with an expected increase in volume.

Origin Energy asked to pay Beach more for gas supply, shares slump

EnergyOrigin Energy asked to pay Beach more for gas supply, shares slump ReutersArundhati DuttaShruti Sonal 3 minutes read The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed Australia s Origin Energy Ltd (ORG.AX) cut its annual profit guidance for energy markets on Friday, after an arbitrator ordered it to pay Beach Energy (BPT.AX) more for gas supply following a contract price review. Origin shares fell nearly 9% to hit their lowest in more than five months while Beach Energy climbed more than 6% to touch a two-month high, following the news on gas supply pricing from Beach Energy s Otway Basin fields.

Dance marathons were a seedy, exploitative Bay Area craze that SF s women helped stop

Dance marathons were a seedy, exploitative Bay Area craze that SF s women helped stop FacebookTwitterEmail A group photo of contestants at Emeryville s walkathons, which employed 50 people including four nurses, a dental unit and orchestra musicians.Courtesy of Ray Raineri Despite its libertine reputation, San Francisco was among the first to crack down on a degrading, sometimes-deadly craze that was sweeping much of a starved nation during the Great Depression: competitive endurance dancing. Dance marathons, also called walkathons to avoid legal and moral scrutiny, were essentially the Netflix dating show of that era. As an emcee entertained the audience with dancers’ biographies over live music, the couples danced, stumbled and dragged each other for weeks on almost no sleep in the pursuit of money and glory.

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