Petro-Canada
NYSE : PCZ
TSX : PCA

Petro-Canada

July 28, 2006 13:00 ET

Petro-Canada Issues its 2005-2006 Report to the Community

CALGARY, ALBERTA--(CCNMatthews - July 28, 2006) - Petro-Canada today released its 2005-2006 Report to the Community, outlining priorities and performance relative to the commitments made in the Company's Principles for Responsible Investment and Operations.

Highlights from 2005 include:

  • lower total greenhouse gas emissions and primary air pollutants, mainly due to closure of the Oakville refinery;
  • a significant decrease in flaring and environmental exceedances;
  • an improvement in safety by reducing the total recordable injury frequency for employees and contractors by 18% compared with 2004;
  • implementation of corporate-wide Guidelines for Security and the Protection of Human Rights; and
  • more than $7.2 million in cash and in-kind contributions to non-profit organizations.

"As Petro-Canada's business grows, so too must the Company's corporate responsibility strategies and plans," said Ron Brenneman, Petro-Canada's president and chief executive officer. "Our areas of focus are operating safely, reducing our environmental impact, retaining and attracting employees and positively interacting with stakeholders impacted by our operations."

The report also includes some stories of general interest like:

  • Petro-Canada's work with the national oil company in Libya to share improved operating and safety standards;
  • innovative water management projects at our coal bed methane operations in the U.S. Rockies;
  • the Company's efforts to transplant unique flowers at the site of our proposed Fort Hills mine; and
  • Petro-Canada's partnership programs with the Olympics and Paralympics.

Download the report (PDF, 56 pp., 3,619 KB) »

To download the report, please visit www.petro-canada.ca. If you would like a print copy, please contact Joanne Manser at (403) 296-3235. If you have feedback on the report, please email.

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. The Company creates value by responsibly developing energy resources and providing world class petroleum products and services. Petro-Canada's common shares trade on the Toronto Stock Exchange 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, but are not limited to, references to corporate strategies and goals and environmental matters. 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; industry capacity; competitive action by other companies; fluctuations in commodity prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas (including LNG) to markets; the effects of weather conditions; changes in environmental and other regulations; risks attendant with oil and gas and LNG operations; 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 (U.S.) Securities and Exchange Commission (SEC).

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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