MEG Energy Shares Rise as Shareholder Returns Increased Following Debt Reduction

Dow Jones

2024-10-01

By Adriano Marchese

MEG Energy shares rose Tuesday morning after it said it will increase its capital returns to shareholders now that it has repaid its major debts.

Shares were 3.5% higher at 26.29 Canadian dollars ($19.44) in recent trading.

The Alberta-based energy company said it has concluded its multi-year deleveraging program after fully repurchasing the remaining balance of its $1.2 billion 2027 7.125% senior unsecured notes.

As a result, it said that it will increase capital returns to shareholders to 100% of free cash flow, which will be split between dividends and share buybacks.

The first quarterly dividend pf C$0.10 a share will be paid out on Oct. 15 to shareholders of record as of Sept. 17.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

October 01, 2024 10:18 ET (14:18 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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