CALGARY, Alberta, Nov. 07, 2023 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that the Toronto Stock Exchange (“TSX”) has approved the renewal of the company’s normal course issuer bid (“NCIB”) to purchase up to 133,160,021 common shares during the 12-month period commencing November 9, 2023 and ending November 8, 2024.
Cenovus’s 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. Cenovus believes there are times when the market price of its common shares may not fully reflect the underlying value of its business and future prospects. Depending on the trading price of its common shares and other relevant factors, the company believes purchasing common shares represents an attractive investment opportunity and is in the best interest of Cenovus and its shareholders.
Cenovus’s prior NCIB for the purchase of up to 136,717,741 common shares is set to expire on November 8, 2023. As at October 31, 2023, Cenovus had repurchased an…
