Frank Calabria, named on Friday as Origin Energy’s new chief executive officer, said he’ll focus on paying down a $9 billion debt pile and consider more asset sales when he takes over from Grant King next month.
“We set a target and I would be very disappointed if we don’t get well below that” by June 2017, said Mr Calabria. “Clearly we want to accelerate debt reduction.”
Origin has been weighed down by debt used to help fund its share of the $25.9 billion Australia Pacific liquefied natural gas project in Queensland state, which is nearing completion. It’s among oil and gas producers that are struggling as lower prices and weaker demand growth crimp revenue…
Read the full article at: http://www.smh.com.au/business/new-origin-ceo-frank-calabria-to-focus-on-cutting-9-billion-debt-20160911-grdolg.html
