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.”