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Cenovus Energy renews share buyback program
The Fly

Cenovus Energy renews share buyback program

Cenovus Energy announced that the Toronto Stock Exchange has approved the renewal of the company’s normal course issuer bid to purchase up to 136,717,741 common shares during the 12-month period commencing November 9, 2022 and ending November 8, 2023. Cenovus’s prior NCIB for the purchase of up to 146,451,823 common shares is set to expire on November 8, 2022. As at November 3, 2022, Cenovus repurchased an aggregate of 117,993,150 common shares at a weighted-average price of $21.19 per common share. The number of shares authorized for purchase under the NCIB renewal represents 10% of Cenovus’s public float. Cenovus has also entered into an automatic share purchase plan with RBC Dominion Securities as its designated broker, allowing it to purchase common shares under the NCIB when the company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Daily purchases through the facilities of the TSX will be limited to 1,655,733 common shares, which is equal to 25% of the average daily trading volume, other than block purchase exceptions.

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