Origin announces A$250mn share buyback plan
Australia’s Origin Energy on March 9 announced its plans to undertake a share buyback of A$250mn. The programme is expected to begin in April.
“Origin is in a strong financial position, with a robust outlook for the business and a capital structure comfortably within our target range,” Origin CEO Frank Calabria said. “This means we are now in a position to increase shareholder distributions with a share buyback of A$250mn.”
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He said further capital management initiatives may be considered overtime, subject to operating conditions and capital allocation alternatives.
Origin also separately announced an update on its refreshed strategy. The company said it wants to become the lowest-cost retailer by 2024. It is aiming for a cash cost reduction in the range of A$200mn-A$250mn, based on 2018 costs.
The company said it wants to start domestic green hydrogen supply from the mid-2020s and export supply from the late 2020s.