ORG -2.64%: a messy FY22 result and an overall miss from the energy provider today. EBITDA in the second half came in at a little over $1b, around 10% behind the market consensus for the period. The miss was driven by weaker than expected electricity earnings which came under pressure from higher energy purchase costs, squeezing margins by $6/Mwh. The poor electricity result was partly offset by better numbers from the gas unit, however, profit was also reduced by lower tax benefits. There was no guidance provided on the Energy Markets business, however, they provided inline production for APLNG, and lower than expected opex and capex which was a slight positive.
MM is neutral ORG ~$6.00
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