Cenovus Energy wins buyback renewal for up to 126M shares
The authorized quantity equals 10% of public float, while Cenovus will determine the actual number and timing of purchases.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
6-K
Rhea-AI Filing Summary
Cenovus Energy Inc. (CVE) announced that the Toronto Stock Exchange approved renewal of its normal course issuer bid, under which Cenovus may purchase up to 126,482,982 common shares from November 11, 2026 through November 10, 2027. Purchases are to be made on the open market through the TSX, NYSE and/or alternative trading systems in Canada and the United States at prevailing market prices or another price permitted by securities laws. All shares acquired under the NCIB will be cancelled.
Under its previous NCIB, Cenovus had repurchased 88,320,447 common shares through October 31, 2026 at a weighted-average price of $38.35 per common share, excluding brokerage fees and share buyback taxes; the prior bid was set to expire November 10, 2026. Cenovus had 1,807,322,179 common shares outstanding as of October 31, 2026. An automatic share purchase plan permits its designated broker to buy when Cenovus would ordinarily be unable to purchase shares due to regulatory restrictions and customary self-imposed blackout periods, based on instructions given during non-blackout periods that cannot be varied or suspended during a blackout. TSX purchases are limited to 1,333,112 shares per day, equal to 25% of average daily trading volume for the six months ended October 31, 2026, other than block purchase exceptions.
Key Figures
Renewed NCIB purchase authorization: up to 126,482,982 common shares
Authorization as a share of public float: 10%
Previous NCIB maximum: up to 120,250,990 common shares
+5 more
8 metrics
Renewed NCIB purchase authorization
up to 126,482,982 common shares
November 11, 2026 through November 10, 2027
Authorization as a share of public float
10%
Public float as defined by the TSX, as of October 31, 2026
Previous NCIB maximum
up to 120,250,990 common shares
Prior NCIB set to expire November 10, 2026
Shares repurchased under previous NCIB
88,320,447 common shares
Through October 31, 2026
Weighted-average repurchase price
$38.35 per common share
Previous NCIB through October 31, 2026, excluding brokerage fees and share buyback taxes
Common shares outstanding
1,807,322,179 common shares
As of October 31, 2026
Average daily trading volume
5,332,448 common shares
Through TSX facilities during the six months ended October 31, 2026
Daily TSX purchase limit
1,333,112 common shares
25% of average daily trading volume, other than block purchase exceptions
Key Terms
normal course issuer bid, automatic share purchase plan, public float, average daily trading volume
4 terms
normal course issuer bid financial
"normal course issuer bid (“NCIB”)"
A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.
public float market
"public float, as defined by the TSX"
Public float is the total number of a company's shares that are available for trading by the general public. It excludes shares held by company insiders or large stakeholders who are unlikely to sell them easily. This figure helps investors understand how much of the company's stock is actively available, which can influence its liquidity and how easily its price might change.
average daily trading volume market
"average daily trading volume through the facilities of the TSX"
The average daily trading volume is the typical number of shares or units of a security that change hands each trading day, calculated over a set period. It tells investors how active a market is—like average traffic on a road—so higher volume usually means easier, faster trades and smaller price swings when buying or selling, while low volume can make orders harder to fill and cause bigger price moves.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For November 2026
Commission File Number: 1-34513
CENOVUS ENERGY INC.
(Translation of registrant’s name into English)
4100, 225 6 Avenue S.W.
Calgary, Alberta, Canada T2P 1N2
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
DOCUMENTS FILED AS PART OF THIS FORM 6-K
See the Exhibit Index to this Form 6-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 9, 2026
| CENOVUS ENERGY INC. | |||||||||||||||||
| (Registrant) | |||||||||||||||||
| By: | /s/ Amanda D. Pankiw | |||||||||||||||||||||||||
| Name: | Amanda D. Pankiw | |||||||||||||||||||||||||
| Title: | Assistant Corporate Secretary | |||||||||||||||||||||||||
Form 6-K Exhibit Index
| Exhibit No. | ||||||||
99.1 | News Release dated November 9, 2026 | |||||||
Exhibit 99.1 | ||||||||
News Release |  | ||||
Cenovus Energy announces renewal of normal course issuer bid
Calgary, Alberta (November 09, 2026) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that the Toronto Stock Exchange (“TSX”) has approved the renewal of the company’s normal course issuer bid (“NCIB”) to purchase up to 126,482,982 common shares during the 12-month period commencing November 11, 2026, and ending November 10, 2027.
Cenovus may repurchase its common shares when it believes the market price represents an attractive investment opportunity and is in the best interest of Cenovus and its shareholders.
Cenovus’s prior NCIB for the purchase of up to 120,250,990 common shares is set to expire on November 10, 2026. As at October 31, 2026, Cenovus had repurchased an aggregate of 88,320,447 common shares at a weighted-average price of $38.35 per common share, excluding brokerage fees and share buyback taxes, under its prior NCIB. Purchases were made on the open market through the facilities of the TSX, New York Stock Exchange (“NYSE”) and/or alternative trading systems in Canada and the United States.
The number of shares authorized for purchase under the NCIB renewal represents 10% of Cenovus's public float, as defined by the TSX, as at October 31, 2026. On October 31, 2026, Cenovus had 1,807,322,179 common shares outstanding. Purchases will be made on the open market through the facilities of the TSX, NYSE and/or alternative trading systems in Canada and the United States at market prices prevailing at the time of acquisition or such other price as may be permitted by securities laws, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, or any exemptions therefrom.
Cenovus has also entered into an automatic share purchase plan (“ASPP”) allowing it to purchase common shares under the NCIB when the company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Cenovus will provide instructions during non-blackout periods to its designated broker, which may not be varied or suspended during the blackout period. Purchases by Cenovus's designated broker will be in accordance with stock exchange rules, applicable securities laws and the terms of the ASPP. All purchases made under the ASPP are included in computing the number of common shares purchased under the NCIB. The ASPP has been pre-cleared, as required by the TSX.
The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Cenovus. The average daily trading volume through the facilities of the TSX during the six-month period ending on October 31, 2026, was 5,332,448 common shares. Consequently, daily purchases through the facilities of the TSX will be limited to 1,333,112 common shares, which is equal to 25% of the average daily trading volume, other than block purchase exceptions. Purchases over the NYSE will be made in compliance with the volume limitations in Rule 10b-18 in relation to average daily trading volume and block trades. All common shares acquired by Cenovus under the NCIB will be cancelled.
CENOVUS ENERGY NEWS RELEASE | 1
Advisory
Forward-looking Information
This news release contains forward-looking statements and other information (collectively referred to as “forward-looking information”) about the company’s current expectations, estimates and projections, made in light of the company’s experience and perception of historical trends. Although the company believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.
This forward-looking information is current only as of the date indicated above. Readers are cautioned not to place undue reliance on forward-looking information as actual results may differ materially from those expressed or implied. Cenovus undertakes no obligation to update or revise any forward-looking information except as required by law.
Forward-looking information in this news release is identified by words such as “may” or “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about the renewal of Cenovus’s NCIB; the timing, methods and quantity of any purchases of common shares under the NCIB; and cancelling Cenovus common shares under such program.
Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.
Readers are cautioned that other events or circumstances, although not listed above, could cause Cenovus’s actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements.
The information in this news release is also subject to risks disclosed in our annual Management’s Discussion and Analysis (MD&A) for the period ended December 31, 2025, supplemented by updates in our most recent quarterly MD&A, available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and at cenovus.com.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating sustainability considerations into its business plans. Cenovus common shares are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.
Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.
Cenovus contacts:
CENOVUS ENERGY NEWS RELEASE | 2
Investors
Investor Relations general line
403-766-7711
Media
Media Relations general line
403-766-7751
CENOVUS ENERGY NEWS RELEASE | 3