Since the share buyback program began in November 2021, Cenovus has purchased approximately 118 million common shares, delivering $2.5 billion in returns to shareholders. The current NCIB will expire on November 8, 2022. Cenovus has received approval from the Board of Directors to make an application for another NCIB program. The company will apply for approval to repurchase up to 137 million of the company's common shares, representing approximately 10% of its public float, as defined by the TSX.