Cenovus Energy approved to buy back up to 120.25M shares over 12 months.

Cenovus Energy has received approval from the Toronto Stock Exchange to renew its normal course issuer bid, allowing the purchase of up to 120,250,990 common shares over 12 months. This move aligns with the company's capital allocation framework, which prioritizes shareholder value enhancement, strong returns on capital investment, and a resilient balance sheet. The share buyback program aims to take advantage of potential undervaluation of Cenovus's shares.