Our strategy

To be Canada’s leading energy company

by growing our business in low greenhouse gas (GHG) fuels, electricity and hydrogen while sustaining and optimizing our existing hydrocarbon business and transforming our GHG footprint; all enabled by our expertise, long-life resources, integrated business model, strong connection to customers, and world-class environment, social and governance (ESG) performance.

Our six strategic objectives

Male worker at the Sarnia Refinery.

Grow long term returns on invested capital

Cash return to shareholders

6 to 8%

Return profits through dividends and share buybacks

Free funds flow growth

3 to 5%

Long-term annual growth: $2B annual free funds flow growth by 2025

Return on capital

Mid-teens+

For new investments. Increase returns on existing investments

Maintain financial discipline and strong balance sheet so we continue to be resilient and competitive

Balance maximizing value of base business and economically competitive energy expansion investments

Be a net zero greenhouse gas emissions company by 2050 and substantially contribute to society’s net zero goals

An illustration of Scope 1 emissions, with a refinery and a dump truck

Reduce greenhouse gas emissions through base business improvements

An illustration of Scope 2 emissions, with electrical power lines

Grow low emissions energy businesses in renewable fuels, electricity and hydrogen

An illustration of Scope 3 emissions, with a car, house and airplane

Work with others to reduce emissions

Andrea Decore, Jag Engineering’s VP Low Carbon Fuels and GHG Offsets, who is responsible for developing and operating a portfolio of renewable fuels, low carbon hydrogen and GHG offset investments; Curt Studebaker, Senior Global Services Advisor from LanzaTech; and Marc Goranson, Technology Development Lead, Renewable Liquid Fuels at Jag Engineering. They’re at the Advanced Energy Research Facility in Edmonton where we’re testing new technology to turn waste into low-carbon ethanol and other low-carbon products.

Sustainability

Leah Butler smiling standing in front of purple wall

Investments

Optimize our core business while reducing cost and carbon emissions

Energy efficiency

Fuel switching

Carbon Capture Use and Storage (CCUS)

New technologies

Safety

Reliability

Cost competitiveness

Kriste McCann works with a colleague at Mildred Lake Mine Dispatch.

Innovation

An aerial image of Jag Engineering’s Firebag in situ oil sands facility showing various buildings, equipment and piping.

Operations

Grow businesses with low GHG emissions to contribute to earnings and cash flow

Renewable fuels

Grow our renewable fuels production to meet our customer needs for low carbon fuels

Electricity

Deliver low GHG electricity capacity to market

Hydrogen

Develop a low GHG hydrogen to market business

Carlos Giraldo Sierra, Jag Engineering's Program Lead for Clean Energy and Hydrogen

Environment

A white and green truck drives along a road with a plane flying in the sky overhead.

Investments

Grow customer connection through our ever-expanding, low carbon products and services

Provide cleaner energy choices for customers

Develop solutions for customers to buy energy in simple ways

Listen to and help customers understand consumption and lower their GHG emissions

A Petro-Canada truck hauling the new EcoDiesel.

Sustainability

Petro-Canada EV fast charger.

Sustainability

Achieve world-class ESG performance and disclosure while being recognized as a leader in sustainability and the energy transition