(Source: Shutterstock.com)
Cenovus Energy, a Canadian integrated oil and natural gas company has received board approval to repurchase more than 133.1 million shares in the next 12 months.
The Calgary-based company’s current share board authorized purchase of up to 136.7 million common shares is set to expire on Nov. 8. As of Oct. 31, Cenovus had repurchased an aggregate of 44.3 million shares at a weighted average price of $24.74 per common share, excluding brokerage fees.
In a news release, Cenovus said the renewal of its share buyback program is “consistent with the company’s capital allocation framework, which supports enhancing value for investors by returning cash to shareholders, generating strong returns on capital investment and deleveraging its balance sheet.”
Recommended Reading
Money Talks: First Horizon's Investment Thesis on Oil, Gas
2025-04-20 - Macro events must be part of the investment thesis in a global commodities business, says Moni Collins, senior vice president for energy lending at First Horizon Bank.
Delfin LNG Moves Closer to Offshore Production
2025-04-18 - The Delfin LNG project would pioneer offshore LNG supply in the Gulf of Mexico.
Infosys Acquires Tech, Business Firm MRE Consulting for $36MM
2025-04-18 - Infosys said its all-cash deal to buy MRE Consulting will add newer capabilities and risk management to its offerings.
Blue Hydrogen’s Carbon Management Needs Policy, Scale to be Realized
2025-04-18 - Expectations are high for blue hydrogen’s carbon capture rates, but some companies have work to do to hit the mark.
Texas Upstream Employment Slips in March, TIPRO Says
2025-04-18 - Texas’ upstream energy sector employed 204,400 people in March, down by 700 people from the previous month.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.