To all those impacted by our operations both today and into the future:
Our job is to find and develop oil and natural gas and produce and sell petroleum products. This has always required a balance between fulfilling customer demand and addressing the impact of our operations on others and the environment. What we’re seeing today is that the dialogue around this balance is becoming increasingly difficult for everyone.
This is not surprising given the current backdrop. Global supply of oil and natural gas is becoming harder to access, while consumer demand continues to increase. This leads to higher commodity prices, which, in turn, causes consumer frustration and increased expectations from stakeholders who seek greater economic benefits. Societal demands to reduce the impact of human activities on the environment send out a clear message that we all must work to create a more sustainable future. And, last but not least, globalization is highlighting different standards of conduct in one country compared with another. Petro-Canada is facing all of these challenges.
Our 2008 capital budget of more than $5 billion shows our commitment to help contribute to the global supply of petroleum products. I view this investment as completely aligned with our corporate responsibility mindset. We are proud to be an energy company that supplies quality products to customers. What we also recognize is that society (represented by employees, customers, communities, governments and regulators, and non-governmental organizations (NGO’s)) sets the framework within which we must operate to supply energy to the market.
More and more, society is wrestling with the basic question, “I want to be able to use energy, but at what cost?” Petro-Canada’s approach to these tough conversations is first to listen and then learn — by putting ourselves in the place of those with whom we are working. We try and move polarized issues to solutions. We know that any conversation has to start with some level of trust. To earn this trust, Petro-Canada continues to work to develop a track record of responsible development. We aim to be transparent, explaining what we are doing well and what we need to improve. We set the bar on ethics high and apply the same standards wherever we operate around the world. We maintain long-term relationships with stakeholders, so when we cannot agree on something, we have an established foundation from which to work.
I commit to you that Petro-Canada will seek respectful dialogue today and into the future, working with our stakeholders to find the right balance between reliable energy supply and the needs of stakeholders.
Ron Brenneman
President and Chief Executive Officer
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