Parkland temporarily shuts down refinery processing operations; Will maintain reliable fuel supply to lower mainland and Vancouver Island
CALGARY, AB, Jan. 24, 2024 /CNW/ - Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI), today announced that it has temporarily shut down processing operations at the Burnaby Refinery ("the refinery"). To ensure reliability of supply, Parkland has increased imports of refined products into our on-site shipping terminal, which will be safely delivered to customers across the lower mainland and Vancouver Island.
"Due to recent extreme cold weather, we proactively initiated steps to pause processing operations at the refinery," said Alex Coles, Vice President and General Manager, Burnaby Refinery. "While restarting, we encountered an issue with a processing unit on January 21, 2024. As a result, we paused the restart and the refinery's processing operations remain temporarily shut down."
The refinery's blending, shipping, terminal, and rack activities remain operational. This enables refined fuels to be offloaded from ships and rail directly into the refinery, where they can be safely stored and reliably distributed to customers. We expect the refinery will return to normal operations in approximately four weeks.
Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.
In addition to meeting our customers' needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland's proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.
Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward looking statements"). When used in this news release, the words "expect'', ''will'', ''could'', ''would'', "believe", "continue" and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, expectations and plans with respect to maintaining reliable fuel supply to the lower mainland and Vancouver Island; and expectations regarding the refinery returning to normal operations, including the timing with respect thereto of approximately four weeks.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland's ability to successfully increase imports of refined products into its on-site shipping terminal and safely store and deliver such refined products to customers; anticipated weather and environmental conditions; expectations with respect to re-start operations and processes necessary to return the refinery to normal operations, including the timing thereof; expectations for operations of the refinery's blending, shipping, terminal, and rack activities; actions by governmental authorities and other regulators; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form, and under the headings "Forward-Looking Information" and "Risk Factors" in Parkland's Management's Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland's website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Parkland Corporation
Investor Inquiries: Valerie Roberts, Director, Investor Relations, 403-956-9282, [email protected]; Media Inquiries: Simon Scott, Director, Corporate Communications, 403-956-9272, [email protected]
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