(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
US Drillers Cut Oil, Gas Rigs for Third Week In a Row
2023-10-06 - Drillers have cut active rigs for three quarters in a row in a delayed response to the sharp drop in prices since the middle of 2022.
US Drillers Cut Oil Rigs to Lowest Since Jan 2022 for Second Week
2023-11-10 - The combined oil and natural gas rig count, traditionally an early indicator of future output, fell by two to 616 in the week to Nov. 10, the lowest since February 2022.
TotalEnergies Eyes New South America, Africa Cash Flow Potential
2023-10-29 - TotalEnergies SE CEO Patrick Pouyanné believes recent exploration successes in South America and Africa hold potential to boost the French company’s production and cash flow.
US Drillers Add Oil, Gas Rigs for Second Week in a Row
2023-10-20 - The oil and gas rig count, an early indicator of future output, rose two to 624 in the week to Oct. 20.
US Drillers Add Oil and Gas Rigs for Fourth Week in a Row
2023-12-08 - U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since November 2022.