Cenovus Energy announces renewal of share buyback program

Executive Summary

• The Toronto Stock Exchange approved Cenovus Energy’s renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 120,250,990 common shares from Nov 11 2025 to Nov 10 2026.
• The renewed NCIB represents approximately 10% of the company’s public float (≈1.75 billion shares outstanding).
• Cenovus has already repurchased 82,563,942 shares under the prior NCIB at a weighted‑average price of $21.58 per share.

Key Details

• Authorized Repurchase Amount: Up to 120,250,990 common shares (≈10% of public float).
• Renewal Period: 12 months – November 11 2025 through November 10 2026.
• Prior NCIB Expiration: November 10 2025; prior limit was 127,489,549 shares.
• Shares Already Repurchased (as of Oct 31 2025): 82,563,942 shares at a weighted‑average price of $21.58 per share (excludes brokerage fees and taxes).
• Outstanding Shares (Oct 31 2025): 1,745,535,223 common shares.
• Daily Purchase Limits: Up to 2,318,371 shares on TSX (25% of average daily volume of 9,273,486 shares for the six‑month period ending Oct 31 2025); NYSE purchases subject to Rule 10b‑18 volume limits.
• Automatic Share Purchase Plan (ASPP): Allows purchases during periods when normal buybacks are restricted; pre‑cleared by TSX and included in NCIB totals.
• Cancellation of Shares: All shares acquired under the NCIB will be cancelled, reducing total share count.
• Strategic Rationale: Aligns with Cenovus’s capital allocation framework to return cash to shareholders, enhance shareholder value, and maintain a resilient balance sheet.

Notable Quotes

(No direct quotes were provided in the release.)