APA has a diversified portfolio of energy assets, comprising both established and greenfields gas transmission pipelines as well as a growing number of complementary energy assets.

A feature of APA’s energy investments is that they are typically underpinned by long term contracts with secure counterparty’s and revenues tend to be relatively predictable over time.

APA has been successful in diversifying its asset base by adding quality assets that reduce APA’s unit holders reliance upon a single State or a single asset.  The charts below compare APA’s revenue sources in June 2002 with those forecast for June 2006.  Further growth and asset diversification will occur over time as projects currently under development and completed and start generating revenue.

The estimated earnings contribution of each pipeline system is dependent on the size of the market being supplied, the tariff structure and contract arrangements and, over time, the growth profile of the major purchasers and consumers of the natural gas transported by APA's pipelines. As the accompanying pie chart highlights, the Moomba to Sydney Pipeline is the largest asset in APA's portfolio and contributes just over half of forecast earnings (before interest, tax, depreciation and amortisation) for the 2 years to 30 June 2002.