Dec 22 (Reuters) - Origin Energy Ltd ORG.AX :
* Origin reduces exposure to low oil prices ORG.AX
* Taken steps to reduce company's exposure to low oil prices by purchasing put options on oil (oil puts) for the 2017 financial year
* Origin energy-oil puts provide Origin with the right to sell 15 million barrels of Japan customs-cleared crude (jcc) at strike price of a$55/bbl for 75 per cent of volume
* Says cost of the oil puts is $82 million after tax and will be expensed in underlying profit in the 2017 financial year
* Any payout that Origin receives under the oil puts will be recognised in underlying profit in that year"
* Source text for Eikon ID:nASX6qThD7