How can industries transition towards newer conceptions of good, and consequently, more sustainability outcomes? From a historical, inductive case study of Alberta’s oil and gas industry between 1938 and 2019, I examine how values constituted the incumbent extractive institution’s transformation. Using process theoretic methods and topic modeling, I theorize how this transformation transpired via an axiological motor consisting of two sets of opposing processes that remake “worth” across two dimensions. I conceptualize worth as a register, or measure, infusing “the good” in values. My theory of remaking worth primarily contributes by furthering “a constitutive approach” to institutional analysis, advancing institutional scholarship beyond overly cognitive explanations of change and maintenance. Second, it also explains how the remaking of worth, in driving values transformation, anchors the construction of grand challenges.