The Origin Energy Ltd (ASX: ORG) share price sunk 4.5% today despite the energy and electricity retailer releasing no specific news to the market. Origin is a gas and LNG producer which means some of its revenues are linked to oil prices that have dropped recently in line with fears over a general global economic slowdown.
For the six-month period ending December 31 2018 Origin posted a statutory profit of $796 million, with adjusted net debt standing at $6 billion.
Over the first half of the year its integrated gas division that includes the Australia Pacific LNG operation grew EBITDA 43% to $900 million partly on the back of rising oil prices, with falls in oil prices over the current period likely to have the opposite effect on EBITDA.
For fiscal year 2019 it's guiding for underlying EBITDA between $1.5 billion to $1.6 billion with a forecast for the second half of the year to be weaker than the first half for a variety of reasons.
Elsewhere on the local market LNG and oil leader Woodside Petroleum Limited (ASX: WPL) has seen its shares fall 2.8% after it warned investors it will have to shutdown some of its offshore WA operations due to a coming cyclone.
