Who Owns Petro-Canada?

Petro-Canada was established in 1975 as a federal Crown corporation by the Government of Canada under Prime Minister Pierre Trudeau. The company was created in response to the 1973 oil crisis, which had exposed Canada's vulnerability to foreign oil supply disruptions and the dominance of multinational oil companies in the Canadian petroleum sector. The creation of Petro-Canada was part of a broader Canadian energy nationalism movement that sought to increase Canadian ownership and control over the country's natural resources.

In its early years, Petro-Canada made several significant acquisitions to build its asset base. The company acquired Atlantic Richfield Canada (1976), Pacific Petroleums (1979), Petrofina Canada (1981), and BP Canada (1983), rapidly becoming one of Canada's largest oil and gas companies. These acquisitions gave Petro-Canada significant upstream oil and gas assets, refining capacity, and a nationwide retail network.

Petro-Canada became a visible symbol of Canadian energy nationalism, with its distinctive red maple leaf logo appearing on service stations across the country. The company's retail network became one of the most recognized brands in Canada, and Petro-Canada service stations were known for their cleanliness, customer service, and the quality of their petroleum products.

The political winds shifted in the late 1980s and early 1990s as the Progressive Conservative government of Brian Mulroney pursued a more market-oriented economic policy. In 1991, the Government of Canada began privatizing Petro-Canada, selling shares to the public through an initial public offering. The privatization was completed over several years, with the government fully divesting its stake by 2004.

As an independent public company, Petro-Canada continued to grow its oil sands operations, expand its retail network, and develop its international exploration portfolio. The company invested heavily in oil sands development in Alberta, recognizing the enormous long-term potential of Canada's oil sands reserves.

In 2009, Suncor Energy and Petro-Canada announced a merger of equals valued at approximately $21 billion, creating Canada's largest energy company. The merger was structured so that Suncor shareholders received approximately 60% of the combined company and Petro-Canada shareholders received approximately 40%. The combined company retained the Suncor name but kept the Petro-Canada brand for its retail operations, recognizing the brand's strong consumer recognition and loyalty.