MEG Energy Shares Rise as Shareholder Returns Increased Following Debt Reduction

Dow Jones

Oct 01, 2024

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)

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