2012 Half Year Results Media Presentation - Origin Energy

2012 Half Year Results Media Presentation
Half Year Ended 31 December 2011
Grant King, Managing Director
Karen Moses, Executive Director, Finance and Strategy
23 February 2012

Important Notice
This presentation does not constitute investment advice, or an inducement or recommendation to acquire or dispose of any
securities in Origin, in any jurisdiction (including the USA). This presentation is for information purposes only, is in a
summary form, and does not purport to be complete. This presentation does not take into account the investment
objectives, financial situation or particular needs of any investor, potential investor or any other person. No investment
decision should be made in reliance on this presentation. Independent financial and taxation advice should be sought before
making any investment decision.
Certain statements in this presentation are in the nature of forward looking statements, including statements of current intention, statements
of opinion and predictions as to possible future events. Such statements are not statements of fact and there can be no certainty of outcome
in relation to the matters to which the statements relate. These forward looking statements involve known and unknown risks, uncertainties,
assumptions and other important factors that could cause the actual outcomes to be materially different from the events or results expressed
or implied by such statements. Those risks, uncertainties, assumptions and other important factors are not all within the control of Origin and
cannot be predicted by Origin and include changes in circumstances or events that may cause objectives to change as well as risks,
circumstances and events specific to the industry, countries and markets in which Origin and its related bodies corporate, joint ventures and
associated undertakings operate. They also include general economic conditions, exchange rates, interest rates, the regulatory environment,
competitive pressures, selling price, market demand and conditions in the financial markets which may cause objectives to change or may
cause outcomes not to be realised. None of Origin or any of its respective subsidiaries, affiliates and associated companies (or any of their
respective officers, employees or agents) (the "Relevant Persons") makes any representation, assurance or guarantee as to the accuracy or
likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statements. The forward
looking statements in this presentation reflect views held only at the date of this presentation. In addition, statements about past
performance are not necessarily indicative of future performance. Subject to any continuing obligations under law or the ASX Listing Rules,
Origin and the Relevant Persons disclaim any obligation or undertaking to disseminate after the date of this presentation any updates or
revisions to any forward looking statements to reflect any change in expectations in relation to any forward looking statements or any change
in events, conditions or circumstances on which such statements are based.
No representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information in this
presentation and no responsibility or liability is or will be accepted by Origin or any of the Relevant Persons in relation to it. In particular,
Origin does not endorse, and is not responsible for, the accuracy or reliability of any information in this presentation relating to a third party.
All references to "$" are references to Australian dollars unless otherwise specified.
All references to debt refer to interest-bearing debt.
A reference to Contact is a reference to Contact Energy of New Zealand, currently a 52.8% subsidiary of Origin.
A reference to Australia Pacific LNG or APLNG is a reference to Australia Pacific LNG Pty Limited, an incorporated joint venture in which Origin
currently holds a 42.5% interest.
A reference to the “NSW energy assets” or “NSW acquisition” is a reference to the Integral Energy and Country Energy retail businesses and the
Eraring GenTrader arrangements.
A reference to FID 1 is a reference to the Final Investment Decision on the first phase of APLNG‟s two train CSG to LNG project taken on 28
July 2011. A reference to FID 2 is a reference to a Final Investment Decision on the second phase of APLNG‟s two train CSG to LNG project.
A reference to NEM is a reference to Australia‟s National Electricity Market.
All comparative data is in relation to the prior corresponding period, 1 July 2010 to 31 December 2010, unless otherwise stated. Certain
comparative amounts have been reclassified to conform with the current year‟s presentation.
2 |

Outline
1. Performance Highlights Grant King
2. Financial Review Grant King
3. Operational Review Grant King
4. Outlook Grant King
3 |

1. Performance Highlights
Grant King, Managing Director
• Origin‟s Statutory Profit contains a number of items that do not portray the operational
performance of the business. Underlying Profit excludes the impact of these items to
better illustrate the business performance of the Company
• Underlying measures are used internally by management to assess the performance of
Origin‟s business, make decisions on allocation of resources and assess operational
management
• Underlying measures are non-IFRS measures, and are reconciled to statutory measures
(where appropriate) in the Management Discussion & Analysis. Non-IFRS measures have
not been subject to audit or review

During the half Origin has made substantial progress on its two
major investments …
Effective integration of the NSW
acquisition with successful Retail
Transformation setting up for retail
systems integration, strengthening
Origin‟s strong competitive position
FID 1 taken, with binding sales
agreements clearing the way for
FID 2
Construction commenced;
on schedule and budget
… and is delivering on the value proposition central to the
ongoing growth of the company
5 |

A strong increase in earnings in the half year reflecting the
NSW acquisition …
Statutory Profit / (Loss) $794 m up from ($136) m
Statutory Earnings per Share 73.8 cps up from (15.0) cps 1
Underlying Profit $489 m up 61% from $304 m
Underlying Earnings per Share 45.5 cps up 36% from 33.5 cps 2
Interim Dividend per Share 25.0 cps steady
Group OCAT (incl. share of APLNG) 3 $736 m down 7% from $794 m
Capital and APLNG Expenditure 4 $1,036 m up 13% from $915 m
Total Recordable Injury Frequency Rate 6.3 up from 6.1
… with ongoing investment in the business to drive continued growth
6 |
(1) Dec 10 Statutory EPS of (15.4) cps restated to (15.0) cps for the bonus element of the rights issue completed in April 2011
(2) Dec 10 Underlying EPS of 34.4 cps restated to 33.5 cps for the bonus element of the rights issue completed in April 2011
(3) Group OCAT means operating cash flow after tax of the Consolidated Group, including Origin’s share of APLNG
(4) Capital expenditure is based on cash flow amounts rather than accrual accounting amounts; Includes growth and stay-in-business capital
expenditure, capitalised interest and Origin’s cash contributions to APLNG; Dec 10 capital expenditure is restated to conform to this half
year’s classification

A$ million
FY2012
FY2013
FY2014
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023+
Origin has undertaken a number of funding activities during
the half year …
Origin Debt & Bank Guarantee Maturity Profile as at 31 December 2011
2,500
2,000
1,500
1,000
500
0
Loans & Bank Guarantees - Undrawn
Loans & Bank Guarantees - Drawn
USPP, Retail Notes & Euro Hybrid
• Underwritten DRP - $266m
• Unsecured Notes issuance in US
144A market – US$500m ($492m)
• Subordinated Notes in Australian
retail bond market - $900m
• Additional debt facilities - $800m
(and repaid $500m of matured
facilities)
• Work on Project Finance for
APLNG progressing well
Short term
refinancing
requirements are
not significant
Post FY2023,
approximately $1.5
billion 2 of instruments
with staggered maturities
… which have increased committed undrawn debt facilities and cash
from $3.9 billion at June 2011 to $5.5 billion 1 at December 2011
7 |
(1) Excludes Contact
(2) Includes $900m Retail Subordinated Notes (first call right December 2016) and Euro500m Hybrid (first call right June 2018)

2. Financial Review
Grant King, Managing Director

2012 Half Year Financial Highlights
($ million) Dec 11 Dec 10 Change
Statutory Profit / (Loss) 794 (136) na
EPS – Statutory 73.8 cps (15.0) cps na
Revenue 6,499 4,590 42%
Underlying EBITDA 1,157 818 41%
Underlying EBIT 832 536 55%
Underlying Profit 489 304 61%
EPS – Underlying 45.5 cps 33.5 cps 36%
Group OCAT (incl. share of APLNG) 736 794 (7%)
Free cash flow per share 51.7 cps 78.2 cps (34%)
Capital and APLNG Expenditure 1,036 915 13%
Origin Undrawn Committed Debt Facilities
and cash 1 5,477 2,865 91%
9 | (1) Excluding Contact and bank guarantees. Dec 10 number also excludes NSW acquisition funding

$ million
Statutory Profit of $794 million, up $930 million from a loss of
$136 million
1,000
800
600
400
200
-
-200
(136)
Dec 10
Statutory
Loss
440
Items
excluded
from
Underlying
Profit
Origin Underlying Profit Movement - Dec 10 to Dec 2011
304
Dec 10
Underlying
Profit
41% 15% 91%
339
Underlying
EBITDA
(43)
D&A
and
1
ITDA
(40)
Net
financing
costs
47%
(73)
Tax
Expense
6%
2
Noncontrolling
interests
61%
489
Dec 11
Underlying
Profit
na
305
Items
excluded
from
Underlying
Profit
na
794
Dec 11
Statutory
Profit
Underlying Profit increased 61%, reflecting higher Underlying EBITDA due to contributions from the NSW
energy assets and lower exploration expense in the Exploration & Production segment, offset by:
• Higher depreciation and amortisation charges (up $45m to $305m) primarily due to NSW acquisition
and Contact‟s Stratford Peaker and Ahuroa developments. ITDA 1 lower by $2m
• Higher net financing costs (up $40m to $84m) reflecting debt financing for NSW acquisition and
capital expenditure
• Higher Underlying Tax Expense (up $73m to $227m) in line with increased profits
Underlying Profit of $489 million, up by $185 million or 61%
10 |
(1) Share of interest, tax, depreciation and amortisation of equity accounted investees

OCAT decreased, with the increase in Underlying EBITDA offset
primarily by changes in working capital, acquisition liabilities
and capex
($ million) Dec 11 Dec 10 Change
Underlying EBITDA 1,157 818 339
Change in working capital (192) (62) (130)
Stay-in-business capex (99) (69) (30)
Share of APLNG OCAT net of EBITDA 14 10 4
Exploration expense 11 97 (86)
NSW acquisition related liabilities (139) - (139)
Other 1 (3) 8 (11)
Tax (13) (8) (5)
Group OCAT (incl. share of APLNG) 736 794 (58)
Net interest paid (174) (102) (72)
Free cash flow 562 692 (130)
Productive Capital (calendar year) 13,638 9,631 4,007
Group OCAT Ratio 2 (calendar year) 10.5% 13.2% (2.7%)
Higher working capital
requirements primarily
due to additional SRES
requirements and
reduced creditors
Decrease in exploration
expense which is added back
in calculating OCAT and
treated as investing activities
Unwind of non-cash TSA
and PPA provisions relating
to the NSW acquisition
Higher productive capital
primarily due to the
inclusion of NSW energy
assets
11 |
(1) The add-back of non–cash equity accounted profits excluding APLNG and movements in other provision balances are included within the
“Other” line item
(2) Group OCAT Ratio = (OCAT – interest tax shield)/Productive Capital

Origin has revised its operating segments
• Final Investment Decision on the first phase of APLNG‟s CSG to LNG project
• Deepening integration within Origin‟s Energy Markets business
• Increased development opportunities outside of existing operations
Segment
Energy Markets
Exploration &
Production
Australia Pacific LNG
Contact Energy
Corporate
Business Description
Australian energy retailing, associated products and services; power
generation in Australia; and LPG operations in Australia, the Pacific,
Papua New Guinea and Vietnam
Gas and oil exploration and production in Australia, New Zealand and
international areas of interest
Origin‟s investment in Australia Pacific LNG including current domestic
operations and the Australia Pacific LNG CSG to LNG project
Origin‟s investment in its 52.8% owned New Zealand subsidiary Contact
Energy Ltd
Corporate activities that are not allocated to other operating segments
and business development activities outside of Origin‟s existing
operations
12 |
This reflects management‟s view of the operational performance
of the business

$ million
Underlying EBITDA up 41% to $1,157 million
1,400
1,200
1,000
800
600
400
200
818
Origin Underlying EBITDA Movement - Dec 10 to Dec 11
83% 50%
1% 33%
41%
52%
(16) 217 2 (10) 1,157
81
282
145
75
-
Dec 10
Underlying
EBITDA
Energy
Markets
Expl. & Prod.
Australia
Pacific LNG
Contact Corporate Dec 11
Underlying
EBITDA
Underlying EBITDA increased by 41%, largely reflecting:
• Full 6 months‟ contribution from the acquired NSW energy assets
• Significantly reduced exploration expense in Exploration & Production segment
13 |

$ million
During the half year Origin spent $764 million on growth capital,
and contributed $173 million to APLNG
Growth Capital and APLNG Expenditure by
Segment (includes capitalised interest)
1,000
900
800
700
600
500
400
300
200
100
0
937
846
Dec 10 Dec 11
Energy Markets
Exploration & Production
Contact
Corporate
APLNG
• Growth capital expenditure 1 , excluding APLNG
contribution, down 10% on prior half year
• Key areas of capital expenditure include:
- Mortlake Power Station ($96m)
- Eraring Power Station ($92m)
- Retail Transformation ($46m)
- Ironbark ($52m)
- BassGas ($37m)
- Otway ($35m)
- Contact‟s Te Mihi geothermal
development ($93m)
• Total capital expenditure within APLNG $2.5b
- Origin‟s cash contribution $173m
14 | (1) Including capitalised interest of $89 million (Dec 10: $74 million)

Origin has raised additional capital to further strengthen its
balance sheet, improve liquidity and diversify its funding sources
Funding Diversity at 31 December 2011
Funding Diversity at 30
Jun June 2010 1 2010 ($5.6b)
Dec 2011 2 ($9.5b)
Funding Diversity at 31 December
5% 7%
2011
4% 15%
26%
10% 5% 7% 26%
55%
Bank Facilities - Domestic
Bank Facilities European - Domestic Hybrid Issue
European Hybrid Issue
US Private Placement
Senior Unsecured Notes - US Issue
US Private Placement
Senior Unsecured Notes - US Issue
7%
10%
7%
45%
45%
26%
Bank Facilities - International
Bank Australian Facilities Retail -Notes
International
Australian Medium Term Retail Notes Notes
Medium Term Notes
• Given facilities Origin has in place, there
is no intention to raise additional equity
for APLNG Train 1 and other committed
projects
• Future funding choices, including
additional equity, will be dependent on:
• Timing of APLNG Train 2 decision
• Final equity share in APLNG
• The quantum and cost of project
finance for APLNG
• Consideration of credit metrics
• Other business activity
Given the success of recent funding initiatives and current committed
obligations, the underwritten DRP will not be exercised and the DRP
discount will be zero for the December 2011 half year dividend
15 |
(1) As at 30 June 2010; excludes Contact
(2) As at 31 December 2011; excludes Contact

$ million
Without additional future commitments, the majority of
expenditure over the next three years will be APLNG related
5,000
Growth Capital and APLNG Expenditure by Segment
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
NSW
Acquisition
FY2011 FY2012 FY2013 FY2014
Energy Markets
Exploration & Production
Contact
Corporate
2
APLNG - Origin cash contribution based on FID 1
estimates and Origin equity at 42.5%
• With $5.5 billion of
committed undrawn facilities
and cash, Origin is well
placed to fund future
commitments
• APLNG funding currently
assumes no allowance for
project finance
16 |
(1) Historical numbers include capitalised interest, forward looking estimates do not include capitalised interest
(2) APLNG numbers represent Origin’s cash injection requirements rather than Origin’s share of total APLNG capital expenditure

cents per share
FY2001
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
A fully franked interim dividend of 25 cps has been declared,
which represents a 55% payout ratio
60
50
40
30
20
10
0
4
3
2
Dec Half
Jun Half
Additional
Origin Dividend History
25 25 25 25
11 13 9
25 25 25 25
7
8
5
5 6 7 9 10 12
• Ex-dividend date: 28 February 2012
• Record Date: 5 March 2012
• Payment Date: 30 March 2012
• Dividend Reinvestment plan will apply
to this dividend with zero discount
• Origin intends to maintain a minimum
annual payout ratio of 60% of annual
Underlying Profit
Franking
100% 100% 40% 100% 100% 100% 100% 100% 100% 100% 100% 100%
17 |
Origin‟s DRP underwrite agreement will not be exercised for the
December half year dividend

3. Operational Review
Grant King, Managing Director

Energy Markets
‣ Underlying EBITDA up 52% to $820 million
‣ Strong earnings growth from NSW acquisition
‣ Lower average wholesale energy costs due to deepening integration, supporting margins
‣ NSW market churn increased, as expected
‣ Successful migration of pre-NSW acquisition customer base to SAP
‣ Continued integration activities for acquired NSW retail businesses
($m)
900
Underlying
EBITDA
Total Assets
less Segment
Liabilities
($b)
12
600
820
820
12.5
10.0
8
300
538
538
5.9
4
Six months‟ contribution from NSW acquisition
Lower average cost of energy
Lower energy consumption
0
Dec 10 Dec 11
Dec 10 Dec 11
0
19 |

Origin‟s Energy Markets business is an integrated provider of
energy products
• Diverse and flexible legacy
fuel portfolio
• 5,310 MW generation portfolio
• Operationally diverse
• Geographically diverse
• 3,075,000 electricity
customer accounts
• 950,000 gas customer
accounts
• 355,000 LPG customer
accounts
• Solar PV installations
• Solar hot water
• Heating and Cooling
• Electric Vehicle Charging
• Trigeneration
20 |

Capacity (MW)
Capacity (MW)
Capacity (MW)
Origin‟s large, diverse fuel portfolio, and flexible gas transport
arrangements, are central to its integrated business model …
400
300
200
100
Fuel/Generation - Gas
Fuel/Generation - Coal
Retail - Gas
Retail - Electricity
10,000
9,000 10,000 10,000
9,000 9,000
8,000
8,000 8,000
7,000
7,000 7,000
6,000
6,000 6,000
5,000
5,000 5,000
4,000
4,000 4,000
3,000 3,000 3,000
2,000 2,000
Peak
Electricity
Peak Peak
Electricity
Retail
Retail
Retail
Demand
Contract or or
or
Spot Spot
Spot
Market Market
Market
Long Long Term Term
Contracts
Movement of gas
0
Optionality to:
• Send gas to generation portfolio
• Send gas to retail portfolio
• Send gas to wholesale market
1,000 1,000
-
--
Peak Peak Demand
Peak Demand
Optionality to:
Supply Supply
Supply
• Run coal-fired generation
• Run gas-fired generation
• Run peaking liquids generation
• Run pumped-storage hydro generation
• Purchase from market (contract or pool)
21 |
… which together with a flexible and diverse generation portfolio,
enables a competitive cost of energy

Energy Markets delivered strong earnings growth from the NSW
acquisition
Performance Metrics, $m
(% change from Dec 10)
Natural Gas
Electricity
Noncommodity
Revenue 1 624 (+2%) 3,827 (+78%) 136 (-36%) 350 (+5%)
Gross Profit 126 (+20%) 930 (+68%) 18 (-42%) 94 (+5%)
Underlying EBITDA 820 (+52%)
Underlying EBIT 697 (+53%)
Underlying EBIT/Sales % 14.1% (13.8% in Dec 10)
Volumes (sold) 68 PJ (-7%) 22 TWh (+57%)
245 kt (-1%)
n.a.
Customer accounts („000) 2 950 (+3%) 3,075 (-4%) 355 (-3%)
Gross Profit per customer ($) 267 (+1%) 265 (+5%)
Cost to Serve 3 per customer ($) (70) (-1%)
LPG
Earnings uplift from
NSW acquisition
Cost to Serve maintained
Underlying EBITDA per customer ($) 197 (+2%) 80 (-15%)
Underlying EBIT per customer ($) 169 (+1%) 43 (-28%)
22 |
Effective portfolio management led to steady margins broadly in
line with the prior half year‟s strong performance
(1) Energy Markets earns pool revenue and revenue from the sale of gas swaps. These revenues are netted off with the associated costs
within the wholesale energy costs line of Electricity COGS and the associated cost in Natural Gas COGS respectively
(2) Customer account movement since 30 June 2011
(3) Cost to serve includes the benefit associated with the unwind of the Transitional Service Agreements entered into as part of the NSW
Acquisition ($49m)

Base
Load/
Interm.
Externally
A diverse generation portfolio and high reliability levels
delivered a competitive cost of energy
Contracted Wind Peaking
Eraring
Darling Downs
Ladbroke Grove
Quarantine
Roma
Uranquinty
Shoalhaven
Mt Stuart
Cullerin Range
Worsley
Osborne
Bulwer Island
0% 20% 40% 60% 80% 100%
Equivalent Reliability Factor (ERF) Capacity Factor
• Eraring Power Station ERF was 86%
due to fire in transformer of Unit 2
• First of two Mortlake units available
for dispatch in January 2012
- Completion of second unit
expected in second half of
FY2012
• Origin has a portfolio of gas fired
and wind developments providing
future optionality
Option to run generation harder
23 |

Energy Markets has successfully migrated 2.6 million customers
to a new industry-leading billing and customer relationship
management system
• Four large-scale migrations of Origin‟s 2.6
million pre-NSW customers onto new integrated
SAP billing platform successfully completed
• New online functionality in final stages of being
launched
• SAP solution provides robust platform to support
implementation of Clean Energy Package,
commencing 1 July 2012
• Successful Retail Transformation setting up for
the integration of retail systems from the NSW
acquisition
25 |

Origin continues to develop its new retail products and
business lines to deliver innovative solutions to customers
Origin’s portfolio of non-commodity products include solar electricity, solar hot water, heating,
cooling, electric vehicle charging, trigeneration systems and smart meters
• Revenue for non-commodity business reduced by 36% reflecting fewer solar PV installations
• Significant impact on demand due to policy changes
• Origin‟s other non-commodity product offerings performing well and continue to complement
core commodity business
• E-Mobility business recently announced Australia‟s first 100% electric vehicle car share scheme in
partnership with GoGet and is currently negotiating charging partnerships with electric vehicle
manufacturers for Australian market
• Cogent signed several major deals including Victoria‟s City of Dandenong co-generation plant
• Tendril Energize TM home energy manager trial operational; preparing for mass market roll out
26 |

Exploration & Production
‣ Underlying EBITDA up 83% to $179 million
‣ Steady operational performance
‣ Completed major planned maintenance shutdowns at Kupe and Otway
‣ Commenced BassGas Mid Life Enhancement Project
‣ Lower exploration activity
($m)
200
Underlying
EBITDA
Total Assets
less Segment
Liabilities
($b)
4
150
179
179
3.5
3.1
2.8
3
Lower exploration expense (down $86m)
100
50
0
98
98
Dec 10 Dec 11
Dec 10 Dec 11
2
1
0
Higher commodity prices (+10%)
Lower production (-2%) and sales (-4%) volumes
Higher operating costs (+27%) associated with
planned shutdowns and flood recovery
27 |

Notwithstanding planned shutdowns at Otway, BassGas and
Kupe …
PJe
50
mmboe
8.6
mmboeOrigin Gas Production Origin PJe Gas by Production Half Yearby Half Year
8.6
10
mmboe
1.7
7.7
40
6.9
6.9
8
1.4
30
6.0
5.1
5.1
6
1.0
20
4.3
3.4
3.4
4
0.7
10
2.6
1.7
1.7
2
0.3
0
0.9
0.0
0
0.0
Dec Jun Dec Jun Dec Jun Dec Jun Dec
Dec Jun Dec Jun Dec Jun Dec Jun Dec
0.0
Total Liquids SA Cooper & SWQ
FY 08 FY09 FY10 FY11 FY12
Dec Jun Dec Jun Dec Jun Dec
Otway - Onshore FY 08 FY09 Perth FY10 FY11 FY12
Surat
Bass
Total Liquids SA Cooper & SWQ SA Otway Cooper - Onshore & SWQ Otway - Onshore Perth
FY09 FY10 FY11 FY12
Taranaki - Onshore Otway - Offshore
Bass Taranaki - Onshore Otway - Of
Perth Surat Bass
Taranaki - Onshore Otway - Offshore Kupe
28 |
… Origin delivered steady operational performance

Major planned maintenance shutdowns have been undertaken on
Origin‟s key offshore producing assets …
Australian Offshore - Otway
• Lower production (-9%) resulting from planned maintenance shutdown in November 2011
• Inlet compression project being commissioned, planned to be operational in March 2012
• The offshore Thistle-1 exploration prospect will be drilled in April 2012
• Geographe Field Development underway; drilling planned to commence in May 2012
Australian Offshore - BassGas
• Lower production (-10%) due to commencement of Phase 1 of BassGas Mid Life
Enhancement project in December 2011
• Phase 2 of the project (drilling of additional wells) planned to take place over summer
2012/2013
Australian Onshore – Cooper, Surat and Perth Basins
• Production up on prior half year (+4%) with increases across all basins
• Marginally higher production in Cooper Basin despite lower gas volumes and wet weather
during the December Quarter causing delays in operational and drilling activities
Australian Onshore – Queensland CSG (Ironbark)
• Community consultation continued
• Construction on pilot ponds and gathering network commenced; a third multi-well pilot is
planned for drilling in the Ironbark area in the March Quarter 2012
New Zealand Offshore - Kupe
• Production increased (+5%) reflecting reduced planned maintenance days
• Kupe joint venture parties entered into 2-year agreement with BP Singapore for sale and
marketing of Kupe light crude
29 |
… underpinning asset reliability and increased production capability
into an expanding gas market

Asset reliability is currently being optimised in anticipation of
industry gas demand tripling over the next 5 years
2,500
2,000
1,500
1,000
500
0
PJ
East coast gas production 2000-2017 (PJ)
LNG
Ramp Gas
East Coast
Source: EnergyQuest Feb 2012
Gas demand
expected to triple
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Calendar Years
• Origin currently supplies around 15% of
eastern Australia‟s gas
• Maintenance & enhancement of offshore assets
creates flexibility to address opportunities as
LNG projects ramp-up gas production through
to 2017
• In addition upside potential exists in all major
regions in which Origin is involved
• Cooper Basin – contingent resources,
deep gas and shale gas
• Surat / Bowen – Ironbark CSG, deep gas
potential in Surat and Bowen
• Otway Basin - spare plant capacity,
Geographe development, Halladale &
Black Watch fields, Thistle exploration
Source: EnergyQuest February 2012
LNG well assumptions: FY2012, gas production new permits
estimates for LNG
projects that have reached FID. Based on company
announcements for contracted offtake from two trains,
• Bass Basin – BassGas MLE and upside in
with start-up staggered over two years for each project.
Fuel Trefoil, gas assumed Rockhopper to be 10%. and further
exploration
Origin has a diverse equity gas position in eastern Australia, with upside
potential identified in all regions
30 |
LNG assumptions (source: EnergyQuest): gas production estimates for LNG projects that have reached FID. Based on company announcements for contracted
offtake from two trains, with start-up staggered over two years for each project. Fuel gas assumed to be 10%.

Origin is exploring for resources in regions that offer high
prospectivity and access to growing markets…
New Zealand
• Anadarko, as operator, continued preparations to drill Caravel-1 in the
offshore Canterbury Basin in late 2012 targeting significant gas and liquids
• Manutahi oil project delivering encouraging early results onshore Taranaki
South East Asia
• Dao Ruang-3 appraisal drilling in the Khorat Plateau onshore Thailand
concluded; results indicated limited potential; plugged and abandoned
• Continued evaluation of opportunities throughout South East Asia
• Preparations continue for drilling in Block 121 in the Song Hong Basin,
offshore Vietnam, during FY2013
Kenya
• Completed farmout of 5% interest in Block L8 to Tullow Oil
• Preparations continue for drilling of Mbawa-1 well in the Lamu Basin in late 2012.
Acreage comprises over 5,000 km 2 with attractive exploration opportunities in the
emerging plays offshore East Africa
Botswana
• Established Kubu Energy Resources, a 50:50 JV with Sasol, to explore for CSG in Botswana
• Consistent with Origin's strategy to target resources close to markets at low entry prices
• Exploration operations expected to commence in the Karoo Basin later in 2012
… working with experienced joint venture partners
31 |

Australia Pacific LNG
‣ Underlying EBITDA down 50% to $16 million
‣ FID on LNG Train 1 and infrastructure to support Train 2 taken in July 2011
‣ Origin equity share in APLNG JV reduced from 50% to 42.5%
‣ Binding agreements signed with Kansai and Sinopec for Train 2 LNG sales
‣ Sinopec to take additional 10% interest in APLNG 1 ; Origin‟s share will reduce to 37.5%
‣ Project remains on track with FID 2 expected by mid 2012
($m)
40
Underlying
EBITDA
Total Assets
less Segment
Liabilities
($b)
8
30
32
32
32
5.7 6
5.2
5.7
20
4
16
16
16
10
2
0
0
Dec 10 Dec 11 Dec 10 Dec 11
Lower sales revenue
Higher operating costs
Dilution of Origin‟s interest from 50% to 42.5%
32 | (1) Binding and conditional on Australian and Chinese Government approvals and a Final Investment Decision on Train 2

Origin, as part of the APLNG joint venture, is developing one
of Australia‟s largest CSG to LNG projects
Compelling Project
• Leverages strong growth in Asia
• Oil-linked revenues
• Strong and aligned joint venture
• Large, quality reserves base
• Successful history of working sustainably with communities
• Extensive experience in CSG and LNG development
Robust First Phase Economics, with Additional Train 2 Benefits
• Train 1 economics underpinned by high quality, low cost CSG reserves base
• Attractive returns in its own right
• Train 2 benefits from economies of scale
33 |

APLNG‟s CSG to LNG project is underpinned by a long history of
production growth and a large, high quality reserves base
PJ
120
30,000
100
80
25,000
60
20,000 40
30,000
20
25,000
0
20,000
15,000
10,000
15,000
10,000
5,000
5,000
-
-
Jan-Jun
Jul-Dec
Origin Share
• APLNG production up 4% on the
prior half year to 52 PJ
• Production capacity from both
operated and non-operated
assets increased to 323 TJ/day
• APLNG currently operates 335
producing wells; a further 48
development wells drilled but
not producing
Estimated
Requirements
estic Gas Origin Contract 3C 2C 3P 2P
Ramp and Tail Gas Train 2 Train 1 QCLNG GSA Domestic Gas Origin Contract 3C 2C 3P 2P
34 |
Ramp and Tail Gas Train 2 Train 1
QCLNG GSA Domestic Gas Origin Contract
3C
2C
3P
2P
APLNG increased 2P reserves by 1,035 PJ to 12,810 PJ and 3P reserves
have increased to 16,022 PJ
Note: Some of APLNG’s CSG reserves and resources are subject to reversionary right.
Refer to Origin’s Management Discussion & Analysis for the half year ended 31 December 2011 for further information

APLNG continues to make good progress against project
milestones
• FID 1 in July 2011
• Marketing agreements in place to underpin two
trains
– Train 1 - Sinopec (4.3 mtpa) 1
– Train 2 - Kansai (1.0 mtpa) 2
– Train 2 – Sinopec (3.3 mtpa) 2
• Sinopec to increase holding to 25% 3
• Major contracts awarded
• Costs confirmed for key Train 2 contracts,
including Bechtel EPC contract
• Overall construction approximately 12% complete
• On schedule and budget for Train 1 LNG mid-2015
(Train 2 early 2016)
35 |
(1) Binding and unconditional
(2) Binding and conditional on a Final Investment Decision on Train 2
(3) Binding and conditional on Australian and Chinese Government approvals and a Final Investment Decision on Train 2

Upstream activities are ramping up with land access, drilling and
gas processing facilities tracking within plan
• Participated in over 200 wells during the half
• Two hybrid coil tubing drilling rigs now in operation; capability to
drill wells in less than 4 days per rig; more rigs to be added
progressively over the coming months
• On track to drill 30 wells per month by mid 2012, with up to 1,100
new production wells expected to be drilled by the end of 2015 to
support initial ramp requirements for two trains
• Land access on schedule; 428 well locations scouted; land access
plan ensures rigs minimise down-time
• First Siemens electric drive compressor completed factory
acceptance testing in January, on schedule
• Plant module construction awarded to BJC Thailand – first module
shipment due mid 2012, on schedule
• Gas processing and water treatment facilities construction on track
to commence mid-2012
Milestones
Date
36 |
First two Savanna rigs introduced mid 2011
Initial drilling for Train 1 complete mid 2013
Mechanical completion of first gas processing plant mid 2013
Train 1 - gas processing plants complete late 2014
First gas to LNG Train 1 early 2015

Preparations for the major pipeline construction activities and gas
field electrification project are on track
• EPC pipeline contract awarded to McConnell Dowell,
Consolidated Contracting Co. joint venture in July 2011
• Line pipe awarded to MetalOne in Japan; first delivery
made in January 2012
• APLNG and QCLNG collaborating on Narrows crossing;
execution by QCLNG delayed however significant float
remains for APLNG
• Pipeline land access arrangements progressing at rate
which maintains pipeline construction productivity;
agreements reached with one third of properties
• Engineering on schedule and welding on track to
commence in June 2012
• Train 1 electrification contracts awarded to Powerlink
and on schedule
Milestones
Date
Line pipe manufacture 2011 and 2012
Welding commences mid 2012
Pipeline completion early 2014
Train 1 electrification complete mid 2014
37 |

Curtis Island site preparations are progressing well, and
major downstream contracts have been awarded
January 2012
• Bechtel responsible for all activity on Curtis Island under a
fixed price contract
• Costs confirmed for key Train 2 contracts, including Bechtel
EPC contract; long lead items awarded
• Engineering, procurement and construction of Curtis Island
and Mainland facilities approximately 12% complete
• On budget and schedule for Train 1 start-up mid-2015
• Roll-on roll-off facility complete, including required
dredging works
• LNG tank area site preparations on track; tank contractor
mobilisation in March 2012
• Curtis Island site camp on schedule for June 2012 operations
Milestones
Date
38 |
Complete 2015
Commenced Curtis Island works mid 2011
Awarded EPC contract to Bechtel mid 2011
1st occupancy of Curtis Island camp mid 2012
Heavy mechanical erection start late 2012
First LNG module delivery early 2013
Pre-commissioning late 2014
Train 1 ready for start-up mid 2015

The APLNG Project is committed to community engagement,
education and minimising environmental impacts …
Example Programs include
• Independently chaired community consultative
committees operating in regional centres
• Skills Queensland program to enable farmers to
support CSG infrastructure on their land
• Program to address housing affordability in
regional communities commenced
• Development drilling using minimal disturbance
lease construction
• Community information sessions run
- For example, over 1,000 people attended
sessions in Roma, Miles, Chinchilla, Brisbane
and Canberra to view a 1,500 metre rock core
section showing Surat Basin geology to explain
facts regarding groundwater, fraccing,
drilling, well integrity and the environment
• Assurance and reporting of environment and
social regulatory compliance managed using
common information and data register
39 |
… with many programs implemented and EIS assurance reporting
centralised to ensure compliance with State and Federal requirements

APLNG 100% capital expenditure for the half year was
$2.5 billion …
APLNG Capital Expenditure for the half year to Dec 11
A$m Upstream Downstream Total
Development expenditure 852 1,550 2,402
Exploration & appraisal 91 - 91
Total 943 1,550 2,493
Origin cash contribution 173
• APLNG capital expenditure in the table above includes:
- CSG to LNG export project (total US$14 billion based on forward
exchange rates assumed at the time of APLNG FID 1)
- domestic operations
- capitalised pre-LNG operating and maintenance costs
- development of gas to supply third party LNG projects
- exploration and appraisal activities
• Over 2/3 of costs based in AUD, with balance primarily in USD.
• Due to movements in foreign exchange rates total project cost have
increased when expressed in USD and decreased if expressed in AUD
APLNG FID 1 LNG project costs by currency
AUD USD EUR
40 |
… with expected capital expenditure in line with currency splits at
the time of FID for the first phase of the project

Contact Energy
‣ Underlying EBITDA up 1% to $182 million
‣ Flexibility delivering savings benefits
‣ Low hydro volumes and high retail competition
‣ Te Mihi and Enterprise Transformation projects on track
‣ Balance Sheet strengthened
($m)
200
160
Underlying
EBITDA
180 182
Total Assets
less Segment
Liabilities
4.1
4.7
4.4
($b)
5
4
120
3
Higher wholesale electricity prices
80
40
2
1
Gas take-or-pay savings
Low hydro generation
Higher operational costs
0
Dec 10 Dec 11
Dec 10 Dec 11
0
41 |

Contact is one of New Zealand‟s leading energy companies,
supplying gas, electricity and LPG products across the country
Generation Portfolio
• 290 MW geothermal generation
• 752 MW hydro generation
• 1,176 MW gas generation
• Over 2,000 MW in generation
development opportunities
Energy Retailer
• 443,000 electricity customers
• 60,000 gas customers
• 60,200 LPG customers 1
42 |
(1) Including franchises

Increased portfolio flexibility and improved wholesale prices
were offset by an unfavourable fuel mix and retail competition
Balance sheet gearing level remains strong
• Successful NZ$200m capital bond issue
• Issue tapped NZ retail market demand for
higher yield securities
• Export credit financing (NZ$105m) provides
15 year amortising funding at competitive
rates, further diversifying funding mix
Solid operational progress under challenging
market conditions
• Wholesale market prices responded to belowaverage
hydro storage levels
• Ahuroa Gas Storage and lower contract volumes
eliminated direct gas take-or-pay costs
• Low hydro inflows delivered unfavourable fuel
cost mix
• Operating costs increased with particular
increases in SAP licence and support costs and
insurance
• Pricing offers positively impacted customer
numbers; mass market margins consequently
compressed. Time-of-Use sales continues to
gain
• Increase in mass market tariffs absorbed by
“OLOT” (Online On Time) discount, and
increases in network and operating costs
43 |

Increased portfolio diversity and flexibility, along with strategic
development opportunities provide a positive outlook
Lower Average Cost of Generation
and increased portfolio flexibility
• 166 MW Te Mihi geothermal power
station, under development
• Peaking power stations
• Diverse generation fuel mix
• Gas storage
• Flexible gas recontracting
structure
• CCGT operating regime
Positioned for Growth
• Tauhara – New Zealand‟s lowest
cost generation development
• Diverse range of development
options across all fuels
• Will only be developed when
market signals dictate
44 |

Corporate
‣ Underlying EBITDA down 33% to ($40) million
‣ Commenced geothermal exploration in Chile, and acquired additional
concessions
‣ Technical feasibility of PNG hydroelectric development confirmed
($m)
50
Underlying
EBITDA
Total Assets
less Segment
Liabilities
($b)
1.2
25
0.9 1.0
0.6
0
0.0
-25
(30)
(40)
-0.6
Increased expenditure on international growth
-50
Dec 10 Dec 11
Dec 10 Dec 11
-1.2
45 |

Building on its domestic success, Origin is exploring for
resources in markets that offer high prospectivity and access to
growing demand
• Low cost resources
• Fuel source of the future
• Leverage existing experience
• Low cost market entry
• Growing demand for energy
• Low regulatory environment
• Feasibility studies for PNG hydro have begun; FID expected by 2015
• Exploration continued in Chile; JV acquired additional geothermal concessions
• Exploration activities continue in Indonesia in second half FY2012
• Habanero 4 exploration well scheduled to spud in coming weeks
• Transform Solar completed commissioning 20 MW p.a. production line
• Exploring range of alternative pathways to scale SLIVER technology
46 |

4. Outlook
Grant King, Managing Director

Based on prevailing market conditions, Origin confirms its
FY2012 guidance provided in August 2011
• Origin provided FY2012 guidance based on prevailing business conditions and following
assumptions:
- Full year contribution from NSW acquisition
- Initial contribution from Mortlake Power Station
- Lower levels of planned exploration expense versus prior year
- Improved profitability due to increased flexibility of Contact‟s energy supply portfolio
• Performance largely in line with expectations, with variations including:
- Lower volumes in Australian energy markets from mild weather offset by strong
performance of generation portfolio
- Mortlake Power Station previously expected during first half; both units now expected to
be fully operational by end of second half
- Increased portfolio flexibility for Contact and improved New Zealand wholesale prices
largely offset by low hydro generation volumes and high levels of retail competition
Based on Origin’s current assessment of operations and prevailing market
conditions, Origin anticipates Underlying EBITDA and Underlying Profit to
increase by around 35 and 30 per cent respectively when compared with FY2011
48 |

Origin continues to deepen the integration of its business …
… which is delivering strong growth in earnings and a robust business
in challenging markets …
• Extensive fuel position
• Large, flexible and diverse generation portfolio
• Australia‟s leading energy retailer
• Integration across the energy chain supports stability of margins
… as well as an expectation for strong growth in the medium term …
• Margin growth through Origin‟s legacy gas, coal and renewables positions due to
imminent tightening of market supply/demand balances
• Gas supply to third party CSG to LNG projects at export prices
• Commencement of APLNG‟s project, offering exposure to rapidly growing Asian
energy markets
… and low-cost options for growth in the longer term
• Gas development options on Australian east coast such as Ironbark and Halladale/Blackwatch
• Unconventional reserves growth in Australia (Cooper, Surat/Bowen, Perth basins)
• Exploration and development of geothermal resources in Chile and Indonesia
• Assessment and development of hydro resources in PNG
• Exploration for gas in New Zealand, Otway/Bass basins, South East Asia, Botswana and Kenya
49 |

Thank you
Further Information
Lina Melero
General Manager, Corporate Communication
Email: lina.melero@originenergy.com.au
Office: +61 2 8345 5217
Mobile: + 61 427 017 798
Website
www.originenergy.com.au
50 |