CALGARY – Canadian oil and gas companies finding little love in the stock market are repurchasing their neglected shares, driving a rise in share buybacks that’s already reached a record high this year. Using scarce dollars to buy your own stock instead of investing to grow the business may seem wasteful to some, but observers say it makes sense if you have money in your wallet and find your shares in the bargain bin. “As a CEO, the way I look at it is, it’s a cyclical business. Buying back your shares when you have good cash flow and a good balance sheet, when your shares are down to really low levels, is actually good business,” said Dale Dusterhoft, CEO of Calgary-based well completion company Trican Well Service Ltd. “But then when your multiples are up and you’re in an up cycle, using your capital to buy other things is good business as well.” Trican bought back 9.8 million shares in October after renewing its annual buyback program. It bought the maximum allowed 10 per cent of its stock for $119 million under its 2017-18 program. Some 627 million shares had been repurchased in 2018 for cancellation by 209 […]