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.
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


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

By 2030, reduce annual emissions by 10 megatonnes across our value chain.

Optimize our core business while reducing cost and carbon emissions

How we reduce emissions

Energy efficiency
Fuel switching
Carbon Capture Use and Storage (CCUS)
New technologies

Operational excellence

Cost competitiveness

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

Expanding the businesses we’re in today

Renewable fuels

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


Deliver low GHG electricity capacity to market


Develop a low GHG hydrogen to market business

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

Help valued customers contribute to a net-zero world

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

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

How we’re bringing this objective to life

This page contains forward-looking information.  Please see Advisory for further information.