Australia's Origin Energy to book $840 million impairment on coronavirus hit

Credit: REUTERS/JASON REED

Origin Energy said on Wednesday it will book impairments of about A$1.2 billion ($840.12 million) after tax, joining a number of global energy companies that have slashed the value of their assets after a coronavirus-induced drop in oil and gas prices.

July 15 (Reuters) - Origin Energy ORG.AX said on Wednesday it will book impairments of about A$1.2 billion ($840.12 million) after tax, joining a number of global energy companies that have slashed the value of their assets after a coronavirus-induced drop in oil and gas prices.

Australia's top power and gas retailer expects to record non-cash charges of between A$1.16 billion and A$1.24 billion in its full-year accounts, it said in a statement to the stock exchange.

On Tuesday, Woodside Petroleum Ltd WPL.AX, another oil and gas major in the country, flagged impairments of $4.37 billion after tax.

($1 = 1.4284 Australian dollars)

(Reporting by Rashmi Ashok in Bengaluru Editing by Shri Navaratnam)

((Rashmi.Ashok@thomsonreuters.com; +918061822604;))

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