International Petroleum Corp. (IPC), an E&P with assets in Canada, Malaysia and France, repurchased nearly 65,000 of its own shares in part of a robust stock buyback trend among energy companies.
The Vancouver, Canada-based company announced that it repurchased 64,565 common shares on stock exchanges in Canada and Sweden between July 3 and July 7. It did not release the dollar amount spent on repurchasing the shares. A representative for the company said it will release the second quarter’s full amount spend on stock buybacks at the end of the quarter.
Energy companies’ stock buybacks are a pillar of their current strategy to keep investors on board by returning cash and offsetting fears of declining returns. The energy sector had the highest combined yields of buybacks and dividends of any sector in the S&P 500 during the first quarter of 2023.
IPC purchased 34,665 of its shares on the NASDAQ Stockholm and 29,900 shares on the Toronto Stock Exchange in early July.
The company has purchased more than 7 million shares since it issued a buyback program in December 2022. All common shares purchased on the company’s buyback program will be canceled, IPC said in a statement.
Up to 9.3 million shares may be repurchased in the company’s buyback program which ends in December. IPC has repurchased more than 7.1 million shares so far, and nearly 130.5 million shares are outstanding.
Recommended Reading
McKinsey: Big GHG Mitigation Opportunities for Upstream Sector
2024-11-22 - Consulting firm McKinsey & Co. says a cooperative effort of upstream oil and gas companies could reduce the world’s emissions by 4% by 2030.
US Drillers Cut Oil, Gas Rigs for Second Week in a Row
2024-11-22 - The oil and gas rig count fell by one to 583 in the week to Nov. 22, the lowest since early September. Baker Hughes said that puts the total rig count down 39, or 6% below this time last year.
Water Management Called ‘Massive Headwind’ for Permian Operators
2024-11-21 - Amanda Brock, CEO of Aris Water Solutions, says multiple answers will be needed to solve the growing amounts of produced water generated by fracking.
Coterra Takes Harkey Sand ‘Row’ Show on the Road
2024-11-20 - With success to date in Harkey sandstone overlying the Wolfcamp, the company aims to make mega-DSUs in New Mexico with the 49,000-net-acre bolt-on of adjacent sections.
Suriname's Staatsolie Says Exxon has Withdrawn from Offshore Block
2024-11-20 - Suriname's state-run oil company Staatsolie said on Nov. 20 that U.S. oil giant Exxon Mobil has withdrawn from its offshore block 52, and block operator Petronas Suriname E&P will take over its 50% stake.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.