Dividend declarations and share purchases
The Board of Directors has declared a quarterly base dividend of $0.180 per common share, payable on June 28, 2024 to shareholders of record as of June 14, 2024.
The Board also declared a variable dividend of $0.135 per common share to shareholders of record on May 17, 2024, payable on May 31, 2024.
In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2, Series 3, Series 5 and Series 7 – payable on July 2, 2024 to shareholders of record as of June 14, 2024 as follows:
| Preferred shares dividend summary |
| Share series | Rate (%) | Amount ($/share) |
| Series 1 | 2.577 | 0.16106 |
| Series 2 | 6.711 | 0.41715 |
| Series 3 | 4.689 | 0.29306 |
| Series 5 | 4.591 | 0.28694 |
| Series 7 | 3.935 | 0.24594 |
| | | |
All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.
In the first quarter, the company returned $436 million to shareholders, composed of $165 million through its normal course issuer bid and $271 million through common and preferred share dividends. In addition, the variable dividend will deliver $251 million to shareholders in the second quarter.
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