ORIGIN ENERGY LIMITED — Interim / Quarterly Report 2021

Apr 29, 2021

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To Company Announcements Office Company ASX Limited From Helen Hardy Subject March 2021 Quarterly Report	Facsimile 1300 135 638
	Date 30 April 2021
	Pages 24

Please find attached a release on the above subject.

Regards

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Authorised by: Helen Hardy Company Secretary

02 8345 5000

Origin Energy Limited ABN 30 000 051 696 • Level 32, Tower 1, 100 Barangaroo Avenue, Barangaroo, NSW 2000 GPO Box 5376, Sydney NSW 2001 • Telephone (02) 8345 5000 • Facsimile (02) 9252 9244• www.originenergy.com.au

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ASX/Media Release

30 April 2021

Quarterly Report March 2021

Origin Energy (Origin) has released its Quarterly Report for the period to 31 March 2021, covering the performance of its Integrated Gas and Energy Markets divisions.

Integrated Gas:

• March quarter production down 4 per cent from December quarter due to planned maintenance activities in operated fields, and two less days in the quarter.

• Commodity revenue up 7 per cent from December quarter driven by higher realised oil and spot LNG prices. Sales volume declined 6 per cent with lower production and timing of cargoes.

• March quarter realised gas sales price was A$7.05/GJ, comprising an average LNG price (contracted and spot) of US$6.45/mmbtu (A$7.89/GJ) and an average domestic price of A$4.03/GJ (legacy and short-term contracts).

Energy Markets:

• Electricity sales volume reduced 4 per cent on the March 2020 quarter: Retail down 4 per cent due to milder weather and lower usage; Business volumes were also 4 per cent lower with COVID-19 impacts partly offset by new contract wins.

• Gas sales volumes decreased 27 per cent on the March 2020 quarter: 19 per cent decrease in the business segment due to expiration of contracts and COVID-19 impacts; Retail volumes were flat with higher customer numbers offsetting lower small business usage. Gas used in generation fell 59 per cent due to lower electricity pool prices.

Origin CEO Frank Calabria said, “The performance of Integrated Gas continues to stand out, with higher realised prices driving an increase in revenue this quarter and Australia Pacific LNG shipping its 600[th] cargo to customers. Due to the lag in the LNG contracts, we expect recent higher oil prices to flow through to contract revenues in the 2022 financial year.

“The combination of strong production and operating and cost discipline has helped to reduce the FY2021 distribution breakeven, with full-year cash distributions to Origin expected to be greater than $650 million.

“Exploration continues in the Beetaloo Basin, including planning for an extended production test at the Kyalla-117 well in late FY2021 and drilling the Velkerri-76 vertical well in early FY2022, both targeting liquids-rich gas.

“In Energy Markets, continued impacts of COVID-19 as well as very mild summer weather contributed to subdued demand and wholesale pricing across electricity and gas markets. Electricity demand is down 4 per cent year on year and gas demand down 27 per cent, with COVID still impacting service sector business volumes and demand for gas fired generation in particular.

“We continue to target significant retail cost savings and are on track to achieve $100 million in savings by the end of FY2021. We’re pleased to see growth in Origin customer accounts over the period, particularly in Community Energy Services and natural gas as well as impressive growth at Octopus Energy, as it adds more than 100,000 customers per month in the UK and expands into new markets like Japan,” Mr Calabria said.

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Unit	Mar-21 Dec-20	% Mvt Mar-20	% Mvt FYTD-21 FYTD-20	% Mvt
Integrated Gas – Share of APLNG Production PJ 65.4 68.3 Sales PJ 60.6 64.5 Commodity Revenue $m 427.5 398.0 Average commodity price A$/GJ 7.05 6.17 Energy Markets Electricity sales TWh 8.4 7.9 Natural gas sales PJ 42.2 58.0 Corporate Origin capex $m 74 98 Origin investments $m 104 48		(4%) 66.8 (6%) 62.3 7% 628.5 14% 10.09 5% 8.7 (27%) 57.7 (24%) 114 119% 16	(2%) 198.0 200.8 (3%) 182.5 190.9 (32%) 1,199.4 2,033.3 (30%) 6.57 10.65 (4%) 25.0 25.7 (27%) 172.2 192.0 (35%) 246 372 n/m 153 25
				(1%)
				(4%)
				(41%)
				(38%)
				(3%)
				(10%)
				(32%)
				n/m

For further information:

Media Tracy Ong Ph: +61 2 8345 5213 Mobile: +61 408 400 227

Investors Liam Barry Ph: +61 2 9375 5991 Mobile: +61 401 710 367

2

Quarterly Report March 2021

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Integrated Gas

2 30 April 2021 March 2021 Quarterly Report

Oil and LNG markets

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Japan Customs-Cleared Crude LNG Spot ($US/mmbtu) FX (AUD/USD)
($US/bbl)
80 Q3 18 Q3 0.78 Q3
16 0.76
70
14 0.74
60 12
0.72
10
50 0.70
8
0.68
40 6
0.66
4
30
2 0.64
20 - 0.62
JCC Realised oil price (quarterly)
Source: Petroleum Association of Japan, Refinitiv Source: IHS Markit [1]
•
APLNG’s effective oil price in the Mar-21 quarter was US$44/bbl (A$57/bbl), up from US$34/bbl (A$46/bbl) in the Dec-20
quarter and down from US$65/bbl (A$99/bbl) in the Mar-20 quarter
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• FY2021 APLNG related JCC oil exposure has now been fully priced in at ~US$43/bbl, based on contract lags. More recent higher oil prices will flow through into the effective price for FY2022

• Continued OPEC+ supply restrictions and global oil demand recovery supported improvements in JCC prices. Spot LNG prices spiked in February driven by strong northern hemisphere winter demand and supply bottlenecks

• Minimal benefit from higher spot LNG prices during the quarter due to strong contracted LNG demand in CY2021

• 1) The use of this content was authorised in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. 3 30 April 2021 March 2021 Quarterly Report

APLNG production down 4% from prior quarter

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Quarterly production and sales volumes FYTD production and sales volumes
80 (Origin share) 240 (Origin share)
68.3 64.5 65.4 200.8 190.9 198.0
60.6 200 182.5
60 15.8 15.5 46.2 46.4
160
9.6 9.0 29.5 28.0
40 120
25.7 25.0 80 77.5 73.6
20
40
17.3 15.8 47.7 50.0
- -
Dec-20 QTR Dec-20 QTR Mar-21 QTR Mar-21 QTR FYTD-20 FYTD-20 FYTD-21 FYTD-21
Production Sales Production Sales Production Sales Production Sales
Non - operated Spring Gully & Denison Non - operated Spring Gully & Denison
Condabri, Talinga, Orana Reedy Creek, Combabula and Peat Condabri, Talinga, Orana Reedy Creek, Combabula and Peat
PJ PJ
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• Mar-21 quarter production down 4% from Dec-20 quarter:

• Reduced operated production due to planned maintenance activities in Reedy Creek and Orana, and two less days in the quarter

• Mar-21 quarter sales volume down 6% from Dec-20 quarter due to lower production and timing of cargoes

• FYTD-21 production relatively stable from prior year:

• Reductions at Condabri, Talinga, Orana in response to lower demand and planned maintenance early in the year

• Partially offset by increases at Reedy Creek/Combabula with ramp up of the ERIC pipeline in the prior period

• FYTD-21 sales volume down 4% due to less purchases and lower volumes lifted from non-operated production as a result of lower demand early in the year.

30 April 2021

March 2021 Quarterly Report

4

APLNG revenue up 7% from prior quarter

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Mar-21 QTR vs Dec-20 QTR (Origin Share)

FYTD-21 vs FYTD-20 (Origin Share)

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500
398 (11) 427 2,400 2,033 (13)
400 (16) 57 53 2,000
229
65
1,600 (762)
300
(33) (26) 1,200
1,200
170
200
374 1,804
333 800
100 1,030
400
- -
Dec-20 QTR LNG volume LNG price Domestic Mar-21 QTR FYTD-20 LNG LNG price Domestic Domestic FYTD-21
volume and volume volume price
LNG Domestic price LNG Domestic
$m $m
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• APLNG revenue up 7% from Dec-20 quarter:

• LNG revenue up 12% driven by higher realised oil prices and spot LNG prices

• Domestic revenue down 17% primarily due to lower short-term and legacy volumes

• APLNG revenue down 41% from prior year:

• LNG revenue down 43% primarily due to lower realised oil prices

• Domestic revenue down 26% due to lower short-term and legacy contract volumes as well as lower realised prices on legacy oil-linked sales to QGC

30 April 2021

March 2021 Quarterly Report

5

APLNG capital expenditure (Origin share)

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Quarterly APLNG Capex (Origin share)1 FYTD APLNG Capex (Origin share)1
40 36 280
244
3 240
23
28
200
2
160
127
20
33 120 221 9
26
80
118
40
- -
Dec-20 QTR Mar-21 QTR FYTD-20 FYTD-21
Sustain and Other Exploration and Appraisal Sustain and Other Exploration and Appraisal
$m $m
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• Capex was down $8 million (22%) from Dec-20 quarter, lower than expected primarily due to timing of operated and non-operated spend

• Capex was down $117 million (48%) in FYTD-21 reflecting a ramp down in drilling activity enabled by strong field performance, lower infrastructure spend as well as lower exploration and non-operated activity

1) APLNG capex is reported on an accrual basis.

30 April 2021

March 2021 Quarterly Report

6

Integrated Gas – Origin capex

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Quarterly Integrated Gas - Other Capex FYTD Integrated Gas - Other Capex
20 80
70
15 60
50
10 40
17 71
15 30
46
5 20
10
- -
Dec-20 QTR Mar-21 QTR FYTD-20 FYTD-21
$m $m
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• Mar-21 quarter spend primarily relates to E&A activity in the Beetaloo Basin, including initial nitrogen lift activities and flowback water management at the Kyalla well

• Initial payment of $4 million for part of the Canning Basin CY2021 work programme

• FYTD-21 capex spend primarily relates to Beetaloo E&A activity including mobilisation, fracture stimulation, initial flowback and nitrogen lift activities associated with the Kyalla well drill program as well as CooperEromanga drilling and evaluation activity

30 April 2021

March 2021 Quarterly Report

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Energy Markets

8 30 April 2021 March 2021 Quarterly Report

Electricity and natural gas markets

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250 Electricity ($/MWh) 12 Gas ($/GJ)
11
200 Q3 Q3 10 Q3 Q3
(Mar-20) (Mar-21) (Mar-20) (Mar-21)
9
150
8
7
100
6
50 5
4
0 3
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21
QLD NSW VIC SA Victoria Adelaide Brisbane Sydney Wallumbilla
A$/GJ
A$/MWh
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Source: AEMO

Source: AEMO

• Average NEM spot electricity price for Mar-21 quarter was $36.3/MWh, a significant decrease from $70.6/MWh in the Mar-20 quarter and $7.5/MWh lower than Dec-20 quarter:

• Decline from Mar-20 quarter due to extreme events including bushfires and strong winds which disrupted interconnectors and Snowy Hydro generation during the Mar-20 quarter. Increased renewable penetration and lower demand with residual COVID19 impacts put further downward pressure on prices during Mar-21 quarter.

• Decline from Dec-20 quarter was mainly driven by higher baseload and solar availability

• Average domestic spot gas price for Mar-21 quarter was $6.07/GJ, a 6% increase of from $5.74/GJ in the Mar-20 quarter and 2% increase from $5.95/GJ in the Dec-20 quarter:

• Increase from both Dec-20 and Mar-20 quarters driven by linkage to higher Asian LNG prices, offsetting ongoing demand impacts from COVID-19

9 30 April 2021 March 2021 Quarterly Report

COVID-19 impacts on electricity demand

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COVID19 Impact on Demand (Weather Corrected) - All States

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10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
-25.0%
-30.0%
Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Residential SME C&I Overall Retail
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Source: Origin customer meter data and internal analysis

• Weather corrected electricity demand across all states is 3% lower than pre COVID-19 levels having significantly recovered from a low of 10% in Apr-20.

• Residential volumes remained slightly above pre COVID-19 levels with an increase in working from home

• C&I and SME volumes are down around 5%, particularly driven by service sectors such as travel, hospitality, recreation and education

30 April 2021

March 2021 Quarterly Report

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Energy Markets – Electricity sales

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Mar-21 Quarter vs Mar-20 Quarter FYTD-21 vs FYTD-20
(TWh) (TWh)
8.7 (0.1) (0.2) 8.4 30
8 25.7 (0.1) (0.6) 25.0
25
6 4.7 4.5 20
13.6 13.0
15
4
10
2 4.0 3.9 5 12.1 12.0
- -
Mar-20 QTR Retail Business Mar-21 QTR FYTD-20 Retail Business FYTD-21
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• Retail volumes down 4% or 0.1 TWh on Mar-20 quarter due to – milder weather due to La Niña (-0.1 TWh);

• lower usage from solar and energy efficiency (-0.1 TWh);

• – net volume increase due to COVID-19 (+0.1 TWh) with higher residential demand and lower SME demand;

• customer numbers were stable

• Business volumes down 4% or 0.2 TWh on Mar-20 quarter due to COVID-19 impacts (see previous slide), partly offset by new contracts

• Retail volumes down 1% or 0.1 TWh on FYTD-20 due to

• net increase in residential demand due to COVID-19 (+0.4 TWh);

• lower usage from solar and energy efficiency (-0.2 TWh);

• – lower customer numbers (-0.1 TWh), due to SME tender losses;

• milder weather due to La Niña (-0.2 TWh)

• Business volumes down 4% on FYTD-20 due to COVID-19 impacts, partly offset by new contract wins

30 April 2021

March 2021 Quarterly Report

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Energy Markets – Natural gas sales

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Mar-21 Quarter vs Mar-20 Quarter FYTD21 vs FYTD20
(PJ) (PJ)
70 57.7 250
60 (0.0) (7.1) 192.0
(8.4) 200 0.3 (3.9) (16.1) 172.2
50 14.3 42.2
44.0
40 5.9 150 27.8
37.5
30 30.4 100
117.2 113.2
20
50
10
5.9 5.9 30.8 31.1
0 0
Mar-20 QTR Retail Business Internal Mar-21 QTR FYTD-20 Retail Business Internal FYTD-21
Generation Generation
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• Retail volumes flat on Mar-20 quarter with lower small business demand due to COVID-19 (-0.1 PJ), offset by higher customer numbers (0.1 PJ)

• Retail volumes up 1% due to higher customer numbers (0.5 PJ) with a cooler winter being offset by milder weather in Dec-20 quarter (-0.1 PJ)

• Business volumes down 19% on Mar-20 due to expiration of contracts and impact of COVID-19. Usage is 6% lower compared to pre-COVID levels, with food manufacturing the largest contributor.

• Gas to generation down 59% on Mar-20 quarter due to lower electricity pool prices and lower demand

• Business volumes down 3% due to expiration of contracts and COVID-19 impacts

• Gas to generation down 37% due to lower pool prices, lower demand as well as elevated gas generation in FYTD-20 to cover an outage at Eraring

30 April 2021

March 2021 Quarterly Report

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Energy Markets Capital expenditure

Quarterly Energy Markets capex and investments

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180
160
140
120
100 104
16
80
60
40 83
53
20
-
Mar-20 QTR Mar-21 QTR
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Capex Investment

• Capex spend in Mar-21 quarter included generation maintenance, spend in preparation for the move to 5 minute settlement of pool prices and $10 million relating to spend on the Kraken retail platform

• Investment spend in Mar-21 quarter related to consideration for the 20% equity investment in Octopus Energy, including $49 million related to our announcement in late 2020 to lift our investment to maintain our 20% share

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FYTD Energy Markets capex and investments

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400
350
300 25
153
250
200
150 293
100 189
50
-
FYTD-20 FYTD-21
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Capex Investment

• As expected, capex is lower than the prior year due to a combination of Eraring outage not repeating in FYTD-21 and overall reduction in generation spend

• Investment spend in FYTD-21 includes consideration for the 20% equity interest in Octopus Energy ($143 million) and for OC Energy ($11 million)

13 30 April 2021 March 2021 Quarterly Report

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Data tables

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30 April 2020

March 2021 Quarterly Report

14

Integrated Gas – APLNG 100%

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APLNG	Unit	Mar-21 QTR	Dec-20 QTR	% Change	Mar-20 QTR	% Change	FYTD-21	FYTD-20	% Change
Total production	PJ	174.5	182.3	(4%)	178.1	(2%)	528.1	535.6	(1%)
Total sales	PJ	161.7	171.9	(6%)	166.0	(3%)	486.5	509.0	(4%)
LNG
Production	kt	2,342.6	2,341.4	0%	2,145.7	9%	6,686.2	6,776.4	(1%)
Sales	kt	2,282.0	2,394.7	(5%)	2,138.1	7%	6,685.0	6,734.3	(1%)
Commodity Revenue	$m	997.7	889.0	12%	1,455.5	(31%)	2,746.1	4,811.8	(43%)
Average realised price	US$/mmbtu	6.45	5.20	24%	8.56	(25%)	5.80	9.21	(37%)
Domestic Gas
Sales	PJ	35.3	39.2	(10%)	47.6	(26%)	116.2	135.9	(14%)
Commodity Revenue	$m	142.3	172.3	(17%)	220.4	(35%)	452.1	610.4	(26%)
Average realised price	$/GJ	4.03	4.40	(8%)	4.63	(13%)	3.89	4.49	(13%)
APLNG capex1
E&A	$m	5	8	(37%)	15	(67%)	25	61	(59%)
Sustain and Other	$m	70	87	(19%)	190	(63%)	314	588	(47%)

1) APLNG capex is reported on an accrual basis. 15 30 April 2021 March 2021 Quarterly Report

15

APLNG sources of gas – APLNG 100%

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Production volumes	Units	Mar-21 QTR	Dec-20 QTR	% Change	Mar-20 QTR	FYTD-21	FYTD-20
Operated
Spring Gully	PJ	24.0	25.6	(6%)	26.3	74.7	78.7
Peat	PJ	0.9	0.8	13%	0.9	2.6	2.3
Talinga	PJ	19.1	19.4	(2%)	17.7	56.0	56.5
Orana	PJ	15.8	17.2	(8%)	17.0	46.5	52.0
Condabri	PJ	31.8	31.7	0%	31.9	94.0	98.1
Combabula/ReedyCreek	PJ	41.4	45.4	(9%)	43.6	130.6	124.7
Total operatedproduction	PJ	133.1	140.1	(5%)	137.5	404.3	412.4
Non-operated
Fairview (GLNG)	PJ	7.8	8.0	(3%)	8.5	24.0	26.2
Arcadia (GLNG)	PJ	1.3	1.0	30%	0.3	2.9	0.8
Angry Jungle (GLNG)	PJ	1.1	1.0	10%	0.9	3.0	1.0
Anya (QGC)	PJ	0.3	0.4	(25%)	0.4	1.1	1.3
Kenya East (QGC)	PJ	13.4	14.1	(5%)	14.5	41.4	44.6
Kenya (QGC)	PJ	16.5	16.7	(1%)	15.1	48.4	46.5
Bellevue (QGC)	PJ	1.0	1.1	(9%)	0.8	3.0	2.7
Total non-operatedproduction	PJ	41.4	42.2	(2%)	40.6	123.8	123.1
Total upstreamproduction	PJ	174.5	182.3	(4%)	178.1	528.1	535.6
Natural gas purchases	PJ	1.4	1.0	40%	3.0	3.1	13.9
Changes in Upstreamgas inventory/other	PJ	(0.3)	(3.7)	(92%)	(4.4)	(14.5)	(7.0)
Total sources of naturalgas	PJ	175.6	179.5	(2%)	176.7	516.6	542.4

30 April 2021

March 2021 Quarterly Report

16

Operated drilling & production

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APLNG Operated Production Wells

				Development Wells	Development Wells
		Avg daily production (APLNG share)		Wells drilled	Wells commissioned
Bowen	Spring Gully	267 TJ/d	Mar-21 QTR FYTD-21	- - - 5
	Peat	10 TJ/d	Mar-21 QTR FYTD-21	- - - -
Surat	Talinga	213 TJ/d	Mar-21 QTR FYTD-21	- - 9 3
	Orana	176 TJ/d	Mar-21 QTR FYTD-21	20 1 24 47
	Condabri	353 TJ/d	Mar-21 QTR FYTD-21	- 8 30 18
	Combabula / Reedy Creek	460 TJ/d	Mar-21 QTR FYTD-21	- - - 39
	TOTAL	1479 TJ/d	Mar-21 QTR FYTD-21	20 9 63 112

30 April 2021

March 2021 Quarterly Report

17

APLNG uses of gas – APLNG 100%

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Uses of gas	Units	Mar-21 QTR	Dec-20 QTR	**% Change **	Mar-20 QTR	FYTD-21	FYTD-20
LNG feed gas	PJ	140.3	140.3	0%	129.1	400.4	406.6
Domestic sales	PJ	35.3	39.2	(10%)	47.6	116.2	135.9
Total uses of naturalgas	PJ	175.6	179.5	(2%)	176.7	516.6	542.4

LNG	Units	Mar-21 QTR	Dec-20 QTR	% Change	Mar-20 QTR	FYTD-21	FYTD-20
LNG Production	kt	2,342.6	2,341.4	0%	2,145.7	6,686.2	6,776.4
Changes in LNG inventory	kt	(60.7)	53.4	(214%)	(7.6)	(1.3)	(42.1)
Total LNG sales volume	kt	2,282.0	2,394.7	(5%)	2,138.1	6,685.0	6,734.3
LNG cargos sold	#	33	35	(6%)	31	97	97
APLNG commodity revenue	Units	Mar-21 QTR	Dec-20 QTR	% Change	Mar-20 QTR	FYTD-21	FYTD-20
LNG	$m	997.7	889.0	12%	1,455.5	2,746.1	4,811.8
Domestic Gas	$m	142.3	172.3	(17%)	220.4	452.1	610.4
Total Commodity Revenue	$m	1,140.0	1,061.3	7%	1,676.0	3,198.3	5,422.1

Sales – APLNG average realised prices	Units	Mar-21 QTR	Dec-20 QTR	% Change	Mar-20 QTR	FYTD-21	FYTD-20
LNG	$/GJ	7.89	6.70	18%	12.29	7.42	12.90
Domestic Gas	$/GJ	4.03	4.40	(8%)	4.63	3.89	4.49
Average Commodity price	$/GJ	7.05	6.17	14%	10.09	6.57	10.65

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Integrated Gas – Origin share

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APLNG (ORG share)	Unit	**Mar-21 QTR **	Dec-20 QTR	% Change	Mar-20 QTR	% Change	FYTD-21	FYTD-20	% Change
Total production (ORG share)	PJ	65.4	68.3	(4%)	66.8	(2%)	198.0	200.8	(1%)
Total sales (ORG share)	PJ	60.6	64.5	(6%)	62.3	(3%)	182.5	190.9	(4%)
LNG (ORG share)
Production	kt	878.5	878.0	0%	804.6	9%	2,507.3	2,541.2	(1%)
Sales	kt	855.7	898.0	(5%)	801.8	7%	2,506.9	2,525.4	(1%)
Commodity Revenue	$m	374.1	333.4	12%	545.8	(31%)	1,029.8	1,804.4	(43%)
Average realised price	US$/mmbtu	6.45	5.20	24%	8.56	(25%)	5.80	9.21	(37%)
Domestic Gas (ORG share)
Sales	PJ	13.2	14.7	(10%)	17.8	(26%)	43.6	51.0	(15%)
Commodity Revenue	$m	53.4	64.6	(17%)	82.7	(35%)	169.6	228.9	(26%)
Average realised price	$/GJ	4.03	4.40	(8%)	4.63	(13%)	3.89	4.49	(13%)
Integrated Gas Other	Unit	**Mar-21 QTR **	Dec-20 QTR	% Change	Mar-20 QTR	% Change	FYTD-21	FYTD-20	% Change
Origin only capex
Capex	$m	2	4	(50%)	2	0%	10	8	25%
E&A	$m	15	11	36%	27	(44%)	36	63	(43%)
Origin oil hedging and LNG trading
Hedge premium expense	$m	(2.5)	(3.1)	(19%)	(10.1)	(75%)	(5.6)	(29.9)	(81%)
Gain / (Loss) on oil hedging	$m	(0.1)	55.8	(100%)	7.1	(101%)	98.9	7.8	1168%
Gain /(Loss)on LNG trading	$m	(9.6)	(7.0)	37%	(16.2)	(41%)	(26.5)	(83.0)	(68%)
Total oil hedging and LNG trading gain/(loss)	$m	(12.1)	45.7	(126%)	(19.2)	(37%)	66.9	(105.1)	(164%)

• Hedging and LNG trading losses increased quarter-on-quarter mainly driven by unfavourable price impact on LNG hedging and trading positions

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Energy Markets

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	Unit	Mar-21	Dec-20	% Change	Mar-20	% Change	FYTD-21	FYTD-20	% Change
Sales volumes
Electricity – Retail	TWh	3.9	3.6	9%	4.0	(4%)	12.0	12.1	(1%)
Electricity – Business	TWh	4.5	4.4	3%	4.7	(4%)	13.0	13.6	(4%)
Natural gas – Retail	PJ	5.9	7.7	(23%)	5.9	(0%)	31.1	30.8	1%
Natural gas – Business	PJ	30.4	40.2	(24%)	37.5	(19%)	113.2	117.2	(3%)
Natural gas – Internal generation	PJ	5.9	10.1	(42%)	14.3	(59%)	27.8	44.0	(37%)
Capex	$m	53	80	(33%)	82	(35%)	189	293	(36%)
Investments	$m	104	48	119%	16	n/m	153	25	n/m

Electricity sales volume (TWh)

Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20	Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20	Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20	Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20	Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20
Volumes sold (TWh) Retail Business Retail Business Retail Business Retail Business
New South Wales Queensland Victoria South Australia	1.74 2.22 1.16 0.99 0.63 0.82 0.32 0.46	1.82 2.33 1.24 1.05 0.64 0.86 0.30 0.45	5.73 6.40 3.28 2.83 2.05 2.42 0.95 1.32	5.81 6.76 3.20 2.82 2.12 2.63 0.96 1.36
Total volumes sold	3.86 4.50	4.00 4.69	12.01 12.97	12.10 13.57

Natural Gas sales volume (PJ)

	Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20	Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20	Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20	Mar-21 QTR Mar-20 QTR FYTD-21 FYTD-20
Volumes sold (PJ)	Retail Business Retail Business Retail Business Retail Business
New South Wales Queensland Victoria South Australia	1.88 5.00 0.63 17.66 2.53 5.52 0.86 2.22	1.70 6.23 0.69 19.05 2.74 10.23 0.78 1.97	8.23 18.86 2.39 52.92 16.43 34.47 4.10 7.00	7.74 15.49 2.36 52.20 16.78 41.67 3.96 7.82
External volumes sold	5.91 30.40	5.91 37.48	31.14 113.24	30.84 117.17
Internal sales (generation)	5.92	14.31	27.84	43.98
Total volumes sold	42.23	57.70	172.22	191.99
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Conversion factors and abbreviations

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Conversion factors	Conversion factors
LNG	0.0554 PJ~~/k~~tonnes
LNG	1.0551 GJ/mmbtu
Abbreviations
$ APLNG	Australian dollars, unless stated otherwise Australia Pacific LNG Pty Limited–an incorporated joint venture between Origin, ConocoPhillips and Sinopec
Barrels(bbl)	an international measure of oilproduction. 1 barrel = 159 litres
CSG	coal seamgas
E&A	Exploration & Appraisal
EPT	Extended Production Test
GJ	gigajoule = 109 joules
GLNG	Gladstone Liquified Natural Gas
JCC	Japan Customs-cleared Crude
joule	primarymeasure of energyin the metric system
kbbls	Kilo barrels = 1,000 barrels
kT	Kilo tonnes = 1,000 tonnes
LNG	liquefied naturalgas
mmbbl	million barrels
mmboe	million barrels of oil equivalent
mmbtu	million British thermal units
mmscf	million standard cubic feet
mtpa	million tonnesper annum
MWh	Megawatt hour = 103 kilowatt hours
pa	per annum
PJ	petajoule = 1015 joules
PJe	petajoule equivalent,a measure used to express the volume of differentpetroleumproducts on the basis of the energycontained in theproduct
Spudding	to commence drillinga well
t	tonnes
TJ	terajoule = 1012 joules
TJ/d	terajoulesper day
TWh	Terrawatt hour = 109 kilowatt hours
YTD	year to date

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