- MEG Energy (MEG) starts a share buyback program
- Each share will be valued at $21.85, and the corporation has repurchased 3.4 million shares for cancellation
- The company has purchased the block purchase exception under its normal course issuer bid
- MEG has 23.6 million shares remaining under its current NCIB, which expires on March 9
- It wasn’t too long ago that MEG Energy reported a record-breaking Q1 for operational and financial results
- MEG Energy Corp. (MEG) is down 2.65 per cent, trading at C$22.06 at 1:17 pm ET
MEG Energy Corp. (MEG) has announced a share buyback program which is part of a 15 million share block trade on the TSX.
Each share will be valued at $21.85, and the corporation has repurchased 3.4 million shares for cancellation.
The company has purchased the block purchase exception under its normal course issuer bid, and other institutional shareholders have purchased the remaining shares of the block.
MEG has 23.6 million shares under its current NCIB, which expires on March 9, 2023.
It wasn’t too long ago that MEG Energy reported a record-breaking Q1 for operational and financial results.
On May 5, MEG summarized how it experienced record-breaking funds flow from operating activities and adjusted funds flow of $587 million.
The energy company also reached record bitumen production volumes of 101,128 barrels per day.
MEG is an energy company focused on sustainable in situ thermal oil production in Alberta, Canada’s southern Athabasca oil region. MEG continues to develop enhanced oil recovery projects, utilizing steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil and lower carbon emissions.
In addition, MEG also transports and sells thermal oil (AWB) to customers throughout North America and internationally.
MEG Energy Corp. (MEG) is down 2.65 per cent, trading at C$22.06 at 1:17 pm ET.