Cenovus unveiled a plan to buy up to 10 per cent of its outstanding shares, making it the most aggressive share buyback program in the oilsands
Pourbaix said that a combination of $700 million to $800 million per month in free cash flow and expected asset divestitures would allow the company to reach its target “very, very quickly.”
The Calgary-based oilsands player had previously paused a number of planned asset sales when oil and gas prices fell last year but as commodity prices have strengthened, the company has again been working to sell off a number of non-core natural gas assets it purchased along with Houston-based ConcoPhillips Co.’s oilsands assets in 2017 and assets it purchased in its $9-billion blockbuster deal for Husky Energy Inc. last year, including Husky’s retail network of fill-up stations.
Cenovus also announced Wednesday it would double its dividend payout and unveiled a plan to buy up to 10 per cent of its outstanding shares, making it the most aggressive share buyback program in the oilsands, ahead of Suncor Energy Inc.’s plan to buy up 7 per cent of its own float.Article content
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