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Pipes carry natural gas outside an EnCana facility in Alberta. (Dave Simms/CBC) Natural gas producer EnCana Corp. has received approval to buy back up to five per cent of its own shares.
The company can purchase and cancel up to 37.5 million of its common shares. As of Nov. 30, EnCana had 751,276,027 outstanding common shares.
The company's shares closed at $29.26 on the Toronto Stock Exchange on Tuesday, so the plan could cost as much as $1.1 billion should EnCana opt to buy its full allotment.
The Calgary-based company said in a release it plans to fund any share purchases from cash, cash flow and proceeds from potential dispositions. Any purchases would begin Dec. 14 and continue until Dec. 13 of next year.
The company also announced a quarterly dividend of 20 cents a share, payable Dec. 31 to shareholders of record on Dec. 21.
After moving ahead with plans to split itself into two independent energy companies earlier this year, EnCana suspended its previous stock buyback program. Under the split, which closed Nov. 30, EnCana will continue on as a pure natural gas player while its former oil assets are now contained in Cenovus Energy Inc.
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