Cenovus Energy Renews Buyback Program for 10% of Public Float
By Adriano Marchese
Cenovus Energy has renewed its share repurchase program for another year in which it can buy back up to 10% of its issued and outstanding shares.
The Canadian energy company on Friday said that the Toronto Stock Exchange approved its plan to renew its normal course issuer bid to buy back up to about 120.3 million shares for cancellation.
Shares of Cenovus are up 9% this year, closing on Thursday at 23.75 Canadian dollars ($16.82). At that closing price, the value of the shares intended for buyback would be worth about C$2.86 billion.
The company can begin buying back shares starting on Nov. 11.
Cenovus Energy recently reached a deal to acquire MEG Energy in a strategic move to expand its oil sands portfolio. The agreement included the divestiture of certain assets to Strathcona Resources, which was also trying to acquire MEG.
The transaction, which was finally voted on and passed by MEG shareholders this week, aims to consolidate Cenovus' position in thermal oil production in the competitive landscape of Canadian oil patch.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 07, 2025 09:04 ET (14:04 GMT)
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