Cenovus Announces Update to Share Repurchase Program, The Canadian Business Journal

CALGARY, Alberta, November 7, 2022 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that the Toronto Stock Exchange (“TSX”) is the issuer of its regular course. announced that it had approved the renewal of the bid. (“NCIB”) will purchase up to 136,717,741 shares of common stock over the 12-month period from November 9, 2022 through November 8, 2023.

The update to Cenovus’ share repurchase program is consistent with the company’s capital allocation framework and aims to return cash to shareholders, generate strong returns on capital expenditures, and deleverage its balance sheet, thereby enabling investors to We support increasing the value of Cenovus believes that the market price of its common stock may not fully reflect the underlying values ​​and future prospects of its business. The Company believes a purchase of its common stock is an attractive investment opportunity and is in the best interest of Cenovas and its shareholders, depending on the trading price of its common stock and other relevant factors.

Cenovus’ previous NCIB to purchase up to 146,451,823 common shares is scheduled to expire on November 8, 2022. Brokerage fees under previous NCIB. Purchases were made on the open market through the TSX, the New York Stock Exchange (“NYSE”) and/or alternative trading systems in Canada and the United States.

The number of shares approved for purchase under the NCIB update represents 10% of Cenovus’ public float as defined by the TSX as of October 27, 2022. Purchases will be made on the open market through the facilities of the TSX, NYSE and/or alternative trading systems in Canada and the United States at the market price at the time of acquisition or such other price as permitted by securities laws. Rule 10b-18 under the Securities Exchange Act of 1934, or any waiver thereof.

Cenovus also has entered into an automated stock purchase plan (“ASPP”) with RBC Dominion Securities Inc. as the designated broker, which normally allows for the purchase of stock under the NCIB where it would not normally be permitted to purchase stock for regulatory reasons. You can buy shares. Limitations and customary self-imposed blackout periods. Pursuant to the ASPP, Cenovus will provide instructions to Designated Brokers during non-blackout periods, but may not change or suspend during blackout periods. Purchases made by Cenovus’ broker of choice are subject to securities rules, applicable securities laws, and the terms of the ASPP. All purchases made under the ASPP are included in the calculation of shares of common stock purchased under the NCIB. ASPP has been pre-cleared as requested by TSX.

The actual number of shares of common stock that may be purchased under the NCIB and the timing of any such purchases will be determined by Cenovus. His average daily trading volume through his TSX facility for the most recent six months was 6,623,094 shares of common stock. As a result, daily purchases through TSX’s facilities are limited to 1,655,733 shares, representing 25% of the average daily trading volume, with the exception of block purchases. Purchases on the New York Stock Exchange are made subject to Rule 10b-18 volume limits in terms of average daily trading volume and block trades. All shares of common stock acquired by Cenovus under the NCIB will be cancelled.

advisory
Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995 regarding Cenovus’ current expectations ( (collectively referred to as “forward-looking information”). Estimates and projections about the future of the company based on certain assumptions made in light of experience and perception of past trends. Although Cenovus believes that the expectations expressed by such forward-looking information are reasonable, there is no assurance that such expectations will prove correct.

Forward-looking information in this news release, identified by such words as “will” or similar expressions, may include updates to Cenovus’ stock repurchase program under the NCIB, the timing, the manner and quantity of purchases of its common stock under the NCIB, and cancellation of Cenovus common stock under such programs.

In preparing forward-looking information, we must rely on a number of assumptions and consider certain risks and uncertainties. Some of them are specific to Cenovus, while others apply industry-wide.

Readers are cautioned that events or circumstances other than those described above could cause Cenovus’ actual results to differ materially from those estimated, projected, expressed or implied in the forward-looking statements.

For additional information regarding Cenovus’ important risk factors, assumptions, risks and uncertainties, see the Risk Management and Risk Factors , and Advisory. for the periods ended December 31, 2021 and September 30, 2022, and other documents Cenovus files with Canadian securities regulators from time to time.gov and Cenovus website cenovus.com).

Cenova Energy Co., Ltd.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrade, refining and marketing operations in Canada and the United States. The company integrates environmental, social and governance considerations into its business plans and focuses on managing assets in a safe, innovative and cost-effective manner. Cenova’s common stock and warrants are listed on the Toronto and New York Stock Exchanges, and its preferred stock is listed on the Toronto Stock Exchange. For more information, please visit cenovus.com.

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