Origin Energy Stategic Positioning, page-127

STO mgmt are much more competent than ORG given the way they have turned around their mid tier assets, though to be fair, ORG mgmt probably borders on a level of incompetence...which is why STO trades x2 ORG's market cap despite higher debt and lower FCF % return.

However, ORG's resource base is more proven on a sales vs production basis whilst STO fields are in decline and they have some big upstrean capex spend to keep their plants running e.g GLNG, Darwin LNG and to an extent PNG LNG.

Not so long ago STO was contemplating a move to energy retailing and given current depressed state of the electricity market it could provide them with an opportunity to establish themselves at the bottom of the cycle...i would like to think ORG being a takeout, however im sure the regulator would be all of them...