December 9, 2009 / 12:51 PM / 9 years ago

UPDATE 1-EnCana renews share buyback plan

* Plans to buyback up to 37.5 mln, or 5 pct of its shares

* Buybacks under plan will commence on Dec. 14

TORONTO, Dec 9 (Reuters) - Canada’s EnCana Corp (ECA.TO) said on Wednesday it will renew its stock buyback program. The energy producer plans to repurchase and cancel up to 37.5 million, or 5 percent of its common shares.

EnCana said it has received approval for renewal of its normal course issuer bid (NCIB) from the Toronto Stock Exchange.

The company plans to fund its share buyback using cash in hand, cash flow from operations and the proceeds from potential dispositions.

Calgary, Alberta-based EnCana suspended its buyback program earlier this year, after it moved ahead with plans to split itself into two independent energy companies. [ID:nN10405416]

The company said share buybacks under the new plan will commence on Dec. 14 and purchases of common shares may be made until Dec 13, 2010.

EnCana also declared a quarterly dividend of 20 cents a share payable on Dec. 31 (Reporting by Euan Rocha; Editing by Derek Caney)

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