Oil and Gas News

Origin to undertake $250m share buy-back

Origin

Origin Energy said it plans to buy back shares worth up to $250 million, starting next month (April 2022). 

Chief executive officer Frank Calabria said the company is in a strong financial position, with a “robust” outlook for the business and a capital structure “comfortably” within its range. 

“This means we are now in a position to increase shareholder distributions with a share buy-back of $250 million.”  

Calabria said the company would balance any increase in cash flow that could be used for higher returns to shareholders with growth investments in the future. 

The buy-back coincides with the release of Origin’s refreshed energy strategy, released 9 March. 

Origin has also signalled its intention to grow its renewables devision, meeting demand for low carbon products and services. 

The company said it is “strategically positioned” to benefit from the energy transition, with a diverse portfolio of energy supplies and “unrivalled” customer solutions. 

Origin said further capital management initiatives may be considered with regard to the buy-back, subject to operating conditions and capital allocation alternatives. 

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