June 17, 2005 00:00 ET

Petro-Canada Builds Principles into Actions - Issuing its 2004 Report to the Community

CALGARY--(CCNMatthews - June 17) - Petro-Canada today released its Report to the Community, outlining the company's performance in the areas of business conduct, community, environment and working conditions and human rights.

This annual publication is based on Petro-Canada's Principles for Responsible Investment and Operations. These Principles direct the Company's businesses operating around the world. The theme of the 2004 report is "Building our principles into actions." In 2004, those actions included:

  • Lowering green house gas emissions by 4%, compared to 2003;
  • Achieving a 6% decline in injury frequency rates and 50% decline in environmental exceedances, compared to 2003;
  • Being recognized for best practice corporate governance;
  • Providing business integrity training across the organization; and
  • Continuing to support communities, including investment of nearly $7 million in the areas of education, health and community services, environment and arts and culture.

President and Chief Executive Officer, Ron Brenneman said, "I believe shareholders and other stakeholders should care as much about how companies behave - the way they demonstrate their values - as they do about the financial returns they deliver. Our principles are the foundation of our daily business conduct."

Download the 2004 Report to the Community.

Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally. Its common shares trade on the TSX under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.

Legal Notice - forward looking information

This release contains forward-looking statements. Such statements are generally identifiable by the terminology used, such as "plan," "anticipate," "intend," "expect," "estimate," "budget" or other similar wording. Forward-looking statements include references to the expected close date and the use of proceeds of the offering. These forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to: general economic, market and business conditions; fluctuation in interest rates and foreign currency exchange rates; and other factors, many of which are beyond the control of Petro-Canada. These factors are discussed in greater detail in filings made by Petro-Canada with the Canadian provincial securities commissions and the United States Securities and Exchange Commission.

Readers are cautioned that the foregoing list of important factors affecting forward-looking statements is not exhaustive. Furthermore, the forward-looking statements contained in this release are made as of the date of this release, and Petro-Canada does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.

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