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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