Parkland’s Burnaby Refinery Safely Returned to Normal Operations

Parkland Corporation (“Parkland”) (TSX:PKI) announced today that the Burnaby Refinery (“the refinery”) safely returned to normal operations on March 29, 2024, following an unplanned shutdown originating from extreme cold weather on January 12, 2024.

“I would like to thank the refinery team for their hard work and dedication to safely restore operations,” said Bob Espey, President and Chief Executive Officer. “During this shutdown period, we accelerated maintenance and refining optimization work previously scheduled for the third quarter of 2024. In addition, we have taken proactive steps to improve organization-wide marketing profitability and enhance the refinery’s utilization and profitability for the remainder of the year. I have confidence in our revised operational plan and the proven execution capabilities of our teams. Our 2024 Adjusted EBITDA Guidance range remains unchanged at $1.95 billion to $2.05 billion.”

As a result of this shutdown, we anticipate the refinery will deliver composite utilization of approximately 20 percent and an Adjusted EBITDA loss of between $60 and $65 million for the first quarter 2024. Parkland expects to deliver between $300 to $320 million of total Adjusted EBITDA for the first quarter of 2024.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our 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. 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 renewable fuels sourcing, manufacturing and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. 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.