AGL Energy Limited
(ASX:AGL) says it will focus on core projects and sell off a number of gas assets and activities following a review.
AGL will keep the Camden and Gloucester gas projects along with storage facilities at Newcastle and Silver Springs and a plant at Wallumbilla.
AGL will not proceed with the Camden Northern Expansion project and will sell off assets in the Hunter and Cooper Oil project as well interests in Spring Gully and Moranbah.
The divestments will result in asset impairments of approximately $435 million. However AGL says it’s on track for full year underlying profit of between $575-$635 million.
AGL reported a net profit of $308 million for the first half of 2015 financial year.
