Using the balanced scorecard approach based on sustainable development parameters is a powerful and useful methodology to evaluate the sustainable performance of organization or company. In this paper, a new approach based on sustainability balanced scorecard (SBSC) and multi criteria decision making (MCDM) approaches is developed for evaluating the performance of oil producing companies in Iran. For reflecting the interdependent relationships among factors influencing the problem under consideration, analytical network process (ANP), a branch of the MCDM techniques, is employed. However, using the ANP method for calculating the preference ratings of alternatives is a time-consuming and bothersome process; therefore, COPRAS (COmplex PRoportional ASsessment) technique is adopted to prioritize the feasible alternatives in terms of linguistic variables. Based on this study, the results demonstrate the effectiveness of the proposed model. The performance evaluation model proposed by using a combination of the MCDM methods and the SBSC approach helps authorities to make an attempt for achieving a competitive advantage. [ABSTRACT FROM AUTHOR]