The result is complex.
Electricity markets are somewhat haywire, and the APLNG business is shooting the lights out.
Origin understandably want to point to a relatively clean looking underlying profit outcome.
With the statutory outcome being a fresh addition of -$1.425bn impairment to add to the rest.
To us, ORG is a great stock to use as a trading vehicle, to express a view on oil and gas, when and if the market is bearishly positioned on oil, but perhaps not when oil is trading at near record highs.
That said, should ORG sell off heavily from here (which I don’t think it will, but never say never) we might be happy to add it again.
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