1997 Winner: Outstanding Leadership In Alberta Science
Aggressive Innovation leads to Massive Expansion
PanCanadian Petroleum Ltd. was formed 26 years ago and until the 1990’s remained a mid-sized oil and gas producer. In 1992, the company developed and implemented an aggressive strategic plan in which innovation and the implementation of technology were encouraged and promoted throughout its operations. Today, PanCanadian is the largest producer of conventional crude oil in Canada and is simultaneously one of the biggest natural gas producers. The company leads the entire Canadian petroleum industry as a marketer of crude oil, natural gas and natural gas liquids.
The Judges were impressed with PanCanadian’s willingness to collaborate in the development of new technologies. Development and implementation of new technologies that have emerged from PanCanadian’s 1992 initiative have had a very positive impact on the companies’ financial indices. Over the past five years, revenues have nearly tripled, even after correcting for inflation, and shareholders have seen steady growth with a recent 2 for 1 split that has effectively produced a 100% increase in market value.