The following excerpt is from the company's SEC filing.
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While alternative energy sources will play an increasingly important role in the decades ahead, all internationally
recognized forecasts indicate fossil fuels will continue to be an essential requirement through 2050 and beyond as part of a diversified energy mix, including as a feedstock for carbon fibres, asphalt, plastics and other important products.
Thats why its critical to take action now to ensure Canada takes its place as a leading supplier of responsibly produced oil to meet the worlds demand for energy well into the future.
The Oil Sands Pathways to Net Zero initiative is an industry driven, made-in-Alberta solution which will strengthen our
position as global ESG leaders, said Sonya Savage, Albertas Minister of Energy. Every credible energy forecast indicates that oil will be a major contributor to the energy mix in the decades ahead and even beyond 2050. Alberta is
uniquely positioned and ready to meet that demand. This initiative will also pave the way for continued technological advancements, ultimately leading to the production of net zero barrels of oil.
Canadian Natural Resources Limited
Canada has an opportunity to lead on climate change by delivering meaningful emissions reductions as well as balancing sustainable economic
development, said Tim McKay, Canadian Natural President. Canadian ingenuity has enabled oil sands development and with continued innovation, positions Canada to be the ESG-leading barrel to meet global energy demand. We are committed to
working together with industry partners and governments to help meet Canadas climate objectives while providing sustainable long-term economic and social benefits for Canadians from the oil sands.
collaborative effort amongst oil sands peers shows our serious commitment to global climate leadership, said Alex Pourbaix, Cenovus President and CEO. We are doing more than just talking about the need to play a role we are taking
bold action to address our emissions challenge and earn our spot as the supplier of choice to meet the worlds growing demand for energy.
Canada has what it takes to be the responsible energy provider to the world, said Brad
Corson, Imperial Chairman, President and Chief Executive Officer. Canadas long-term success in achieving its climate goals lies in a collective commitment to innovation, global competitiveness, supportive public policy and open and
ongoing dialogue on constructive
OIL SANDS PATHWAYS TO NET ZERO
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solutions. Imperial is collaborating with others in industry and governments to develop and commercialize the breakthrough technologies that will reduce emissions and support societys net
We are pleased to be part of this collaborative effort committed to the critical measures needed to achieve net zero greenhouse gas emissions
in the oil sands, said Derek Evans, President and Chief Executive Officer of MEG Energy. Bold action today demonstrates our commitment to tackling climate change and global climate leadership. This alliance working collectively with the
federal and Alberta governments and all stakeholders will ensure that Canada continues to be a leading supplier to the world of responsibly produced oil.
Collaboration among companies, innovators and governments is critical to achieving ambitious goals. Thats how we built a budding oil
sands resource into one of the worlds most reliable and ESG-leading oil basins in the world, said Mark Little, Suncor President and Chief Executive officer. Canada - as one of the few jurisdictions with industrial-scale commercial
CCUS projects in operation -- coupled with Albertas abundant natural gas resources, geology and relevant technological expertise - is well positioned to lead in this area.
About the Pathways initiative member companies
Canadian Natural Resources Limited (Canadian Natural) is a senior oil and natural gas production company, with continuing operations in its core areas
located in Western Canada, the U.K. portion of the North Sea and Offshore Africa. Canadian Natural shares trade under the symbol CNQ on the Toronto and New York stock exchanges. Refer to the Companys website for complete forward-looking
statements at www.cnrl.com
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading,
refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business
plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the companys preferred shares are listed on the Toronto Stock Exchange under the symbol CVE. For more information, visit cenovus.com.
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After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canadas energy
resources. As Canadas largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
MEG is an
energy company focused on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. MEG is actively developing innovative enhanced oil recovery projects that utilize steam-assisted gravity drainage
(SAGD) extraction methods to improve the responsible economic recovery of oil as well as lower carbon emissions. MEG transports and sells its thermal oil (AWB) to customers throughout North America and internationally.
Suncor Energy is
Canadas leading integrated energy company, with a global team of over 30,000 people. Suncors operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the US, and our
national Petro-Canada retail distribution network (now including our Electric Highway network of fast-charging EV stations). A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is responsibly developing petroleum resources, while
profitably growing a renewable energy portfolio and advancing the transition to a low-emissions future. Suncor is listed on the UN Global Compact 100 stock index. Suncors common shares (symbol: SU) are listed on the Toronto and New York stock
Statements of future events or conditions in this press release, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as achieve,
aspiration, believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, forecast, vision, strategy, outlook, schedule, future, continue, likely, may, should, will and/or similar references to outcomes in
future periods. Forward-looking statements in this press release include, but are not limited to, references to the viability, timing and impact of the Oil Sands Pathways to Net Zero initiative collaboration and the development of pathways in
support of a net-zero future; support for the pathways from the Government of Alberta and the Government of Canada; the ability to enable net zero emissions from oil production and preserve economic contribution from the industry; the continued role
of fossil fuels as part of a diversified energy mix; and the deployment of technologies to reduce GHG emissions, such as CCUS, process improvements, energy
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efficiency, fuel switching, electrification, infrastructure corridors and new emissions-reducing technologies. All net-zero references in this announcement apply to emissions from oil sands
operations (defined as scope 1 and scope 2 emissions).
Forward-looking statements are based on current expectations, estimates, projections and assumptions at the
time the statements are made. Actual future results, including expectations and assumptions concerning: demand growth and energy source, supply and mix; amount and timing of emissions reductions; the adoption and impact of new facilities or
technologies, including on reductions to GHG emissions; project plans, timing, costs, technical evaluations and capacities, and the ability to effectively execute on these plans and operate assets; that any required support for the pathways from the
Government of Alberta and the Government of Canada will be provided; applicable laws and government policies, including climate change and restrictions in response to COVID-19; production rates, growth and mix; general market conditions; and capital
and environmental expenditures, could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and the resulting
price, differential and margin impacts; political or regulatory events, including changes in law or government policy and actions in response to COVID-19; the receipt, in a timely manner, of regulatory and third-party approvals including for new
technologies; lack of required support from the Government of Alberta and the Government of Canada; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and GHG
regulation and changes to such regulation; availability and allocation of capital; availability and performance of third-party service providers; unanticipated technical or operational difficulties; project management and schedules and timely
completion of projects; reservoir analysis and performance; unexpected technological developments; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis;
operational hazards and risks; general economic conditions, including the occurrence and duration of economic recessions; and other factors referenced by the companies in their most recent respective annual reports and managements
discussion and analysis, as applicable.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some
that are similar to other oil and gas companies and some that are unique to the companies. Actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance
on them. The companies undertake no obligation to update any forward-looking statements contained in this press release, except as required by applicable law.
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The above information was disclosed in a filing to the SEC. To see the filing, click here.
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