Origin Energy Limited
(ASX:ORG) has blamed extreme wet weather in Queensland for a drop in quarterly revenue and production from its oil and gas fields.
The company released its March quarter production report for its exploration and production business. It produced 29.5 petajoules equivalent and generated sales revenues of close to $200 million.
Compared to the same period a year ago, production fell 5 per cent.
Origin says the upstream component of the Australia Pacific LNG project was about 35 per cent complete, and the downstream component was 37 per cent finished.
The company says although extreme wet weather had slowed drilling activity in the upstream project, it was on track to achieve its full-year drilling target.
Origin generated a net profit of $561 million for the first half of the current financial year.
