CaribPR Wire

CaribPR Wire, CALGARY, Alberta, Feb. 17, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 fourth quarter and year-end results after markets close on Thursday March 4, 2021. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a.m. EST) on Friday, March 5, 2021, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1432661&tp_key=f1590068d5

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 87395118). International participants can call 1-587-880-2171 (toll) (Conference ID: 87395118).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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- Innovative, fully integrated solar photovoltaic generation and lithium-ion battery energy storage system, will displace 30-35% of the islands’ diesel-generated baseload power

- Sustainable microgrid system to reduce CO2 emissions by more than 740,000 metric tons over 20 years

BASSETERRE, Saint Kitts and Nevis and YVERDON-LES-BAINS, Switzerland, Dec. 10, 2020 /PRNewswire-HISPANIC PR WIRE/ – The Government of St. Kitts and Nevis, the state-owned St. Kitts Electric Company (SKELEC) and Leclanché SA (SIX: LECN) today broke ground on a landmark solar generation and storage project that will provide between 30-35% of St. Kitts baseload energy needs for the next 20-25 years while reducing carbon dioxide emissions by more than 740,000 metric tons.

The $70 million microgrid project is being built by Leclanché, one of the world’s leading energy storage companies, which will serve as the prime engineering, procurement and construction (EPC) contractor.   Leclanché will provide a turnkey solar plus storage solution together with its main subcontractor Grupotec, headquartered in Valencia, Spain, an experienced engineering and construction firm and leader in the photovoltaic energy sector. Leclanché will own and operate the facility under its strategic build, own and operate model through its SOLEC Power Ltd subsidiary with partner Solrid Ltd.

Construction and start-up will take approximately 18 months. The project consists of a fully integrated 35.7 MW solar photovoltaic system (solar field) and a 14.8 MW / 45.7 MWh lithium-ion battery energy storage system (BESS) utilizing Leclanché’s proprietary energy management system software. Upon completion, the St. Kitts project will be the largest solar generation and energy storage system in the Caribbean and a model for other island nations worldwide. In its first year of operation, the system will generate approximately 61,300 MWh of electricity with a 41,500 metric ton reduction of CO₂ emissions.

“Today’s groundbreaking marks a significant milestone for our citizens, tourist economy, our broader business community and indeed the entire Caribbean region, despite the delays caused by COVID-19,” said Dr. Honorable Timothy Harris, St. Kitts and Nevis Prime Minister.“This visionary project will help secure our energy independence, provide long-term price stability and reduce our reliance on diesel fuel.”

“The amount of carbon dioxide emissions we will reduce – nearly three quarters of a million metric tons over 20 years – is a significant demonstration of our strong policy for clean, renewable energy. We invite our Caribbean neighbors – and island communities around the world – to consider joining us in a commitment to a sustainable energy future for our children and generations to come,” said Harris.

Very Beneficial Use of Government-owned Land:
The project is being built in St. Kitts’ Basseterre Valley on a 102-acre plot of government-owned land adjacent to the current SKELEC power station and next to the thriving capital city of Basseterre, the heart of the country’s economic region.

The land, which was once used for sugar cane production but has been idle for years, was leased to Leclanché by the Government of St. Kitts and Nevis under a 20-year agreement with an automatic five-year renewal. Environmental Impact Assessment and geotechnical analysis were successfully completed in 2019, demonstrating the renewable energy project will bring a positive impact to the Basseterre Valley.

Novel “No Capital Outlay” Arrangement with St. Kitts
“SKELEC has been working closely with Leclanché for nearly two years now developing a state-of-the-art and highly sustainable energy production and storage system to serve our citizens,” said Honorable Shawn Richards, Deputy Prime Minister Public Infrastructure, Post and Urban Development. “St. Kitts residents will enjoy energy price stability for a generation while benefitting from cleaner air and water.”

“We set out to create a model solar energy production and storage system here for SKELEC that generates long-term financial and environmental benefits for the utility and its customers without SKELEC having to make a costly up-front investment,” said Anil Srivastava, CEO, Leclanché. “Together, we have designed a system whose construction and ongoing energy production will be paid for over time from the sale of clean and reliable solar energy. We are pleased to have accomplished both objectives while developing a project financeable by well-established institutional investors.”

Clean, renewable energy produced from the solar + storage project will be sold to SKELEC under a 20-year power purchase agreement at flat rate over that entire period which is designed to provide a significant long-term savings to the projected diesel generation costs.

How the Solar Generation and Storage System Works
Currently, tankers deliver diesel fuel to St. Kitts on a weekly basis, and the fuel is then burned in generators to produce all the nation’s electricity. This expensive process contributes to local pollution and global warming (each gallon of diesel generates 22 pounds of CO₂ when burned). The solar and storage project should reduce diesel use by 30-35%, saving money and the environment.

Leclanché’s fully integrated system consists of three core components: the solar field, battery storage system and energy management system software.

The solar panels collect sunlight that is converted into electricity. The solar project on St. Kitts will be oversized, allowing a portion of that electricity to meet current electric demand on the island, and the remainder to charge the large-scale battery storage system to meet island demand after the sun sets. The battery system will also improve grid stability and serve as a back-up in case one of the diesel generators fails.

The batteries will be housed in 14 custom-designed enclosures near the main SKELEC power station and adjacent to the solar field. Additional equipment such as inverters, transformers and protection devices will ensure that the electricity from the new project is reliable and safe.

Leclanché’s energy management system software integrates all the different components of the system and coordinates the delivery of electricity to the grid according to SKELEC’s requirements. Once completed in the first half of 2022, the solar and storage system will replace over four million gallons of diesel per year, and the battery system will enable the remaining diesel generators to operate more efficiently.

For more information, write to [email protected] or visit www.leclanche.com.

About Leclanché
Headquartered in Switzerland, Leclanché SA is a leading provider of high-quality energy storage solutions designed to accelerate our progress towards a clean energy future. Leclanché’s history and heritage is rooted in over 100 years of battery and energy storage innovation and the Company is a trusted provider of energy storage solutions globally. This coupled with the Company’s culture of German engineering and Swiss precision and quality, continues to make Leclanché the partner of choice for both disruptors, established companies and governments who are pioneering positive changes in how energy is produced, distributed and consumed around the world. The energy transition is being driven primarily by changes in the management of our electricity networks and the electrification of transport, and these two end markets form the backbone of our strategy and business model. Leclanché is at the heart of the convergence of the electrification of transport and the changes in the distribution network. Leclanché is the only listed pure play energy storage company in the world, organised along three business units: stationary storage solutions, e-Transport solutions and specialty batteries systems. Leclanché is listed on the Swiss Stock Exchange (SIX: LECN).

SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9

Disclaimer

This press release contains certain forward-looking statements relating to Leclanché’s business, which can be identified by terminology such as “strategic”, “proposes”, “to introduce”, “will”, “planned”, “expected”, “commitment”, “expects”, “set”, “preparing”, “plans”, “estimates”, “aims”, “would”, “potential”, “awaiting”, “estimated”, “proposal”, or similar expressions, or by expressed or implied discussions regarding the ramp up of Leclanché’s production capacity, potential applications for existing products, or regarding potential future revenues from any such products, or potential future sales or earnings of Leclanché or any of its business units. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of Leclanché regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Leclanché’s products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results.

Logo - https://mma.prnewswire.com/media/711940/Leclanche_Logo.jpg

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CaribPR Wire, CALGARY, Alberta, Nov. 19, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) is pleased to announce the appointment of Marcel Teunissen as Chief Financial Officer (“CFO”), effective December 1, 2020.

Marcel joins Parkland from Royal Dutch Shell, where he was Executive Vice President, Finance, Integrated Gas and New Energies, responsible for the financial management of Shell’s global portfolio of LNG assets and its emerging new energy business. With over 23 years of experience, Marcel has worked globally across the entire energy value chain, with an emphasis on refining, retail and related infrastructure.

“I am delighted to welcome Marcel to the Parkland Team and look forward to his contributions as we embark upon our next phase of growth,” said Bob Espey, President and Chief Executive Officer at Parkland. “His leadership experience, financial and business acumen, and broad global experiences make him an ideal fit to help drive our growth strategy and deliver market-leading results.”

Marcel brings an extensive background in corporate finance, treasury, financial planning and analysis, tax, strategic planning and commodity & financial risk management. He has also worked in many of the markets across Parkland’s diverse geographies, including Canada and the Caribbean.

Upon Marcel’s arrival, Darren Smart, who has served as interim CFO since December 2019, will return to his role of Senior Vice President, Strategy & Corporate Development which will be expanded to include developing and leading Parkland’s low-carbon and renewables strategy. Darren will continue to report directly to Bob Espey, President and Chief Executive Officer.

“I want to thank Darren for his tremendous work as interim CFO,” said Espey. “He embraced a large mandate through a global pandemic and ensured that we emerged with a stronger balance sheet and a high performing finance function. He accomplished this while simultaneously leading our Strategy and Corporate Development groups and developing a re-invigorated pipeline of accretive acquisition opportunities. Darren is key to Parkland’s success and I look forward to partnering with him to execute our aggressive growth agenda and to seize profitable, low-carbon and renewable opportunities.”

About Parkland Corporation
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves. Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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CaribPR Wire, CALGARY, Alberta, Nov. 10, 2020: Parkland Corporation (“Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into an agreement to acquire all the assets of Sevier Valley Oil Company, Inc. and its related companies (collectively, “SVO”).

Based in Richfield, Utah, SVO is a well-established retail and commercial fuel business with annual fuel and petroleum product volume of approximately 350 million litres. SVO’s primary operations are in Southwestern Utah along with a presence in Northern Utah and Colorado. The acquisition of SVO adds seven company retail locations and over 20 retail dealers in addition to robust diesel and lubricant distribution capabilities.

“We continue to expand our U.S. footprint and execute on our growth strategy,” said Doug Haugh, President of Parkland USA. “This acquisition meaningfully expands our retail presence in rapidly growing Southern Utah and presents a fantastic opportunity to leverage our North American On the Run convenience store brand, enhance our customer proposition and drive incremental value.”

“The acquisition strongly complements our existing Rockies Regional Operating Center and positions us for further organic and acquisition growth in neighboring Nevada and Arizona,” added Haugh. “We are delighted to welcome Garrett Ekker and the SVO team to Parkland and look forward to the continued growth of our USA business.”

This acquisition is at valuation metrics consistent with Parkland’s prior U.S. transactions and will be funded out of existing credit facility capacity. SVO’s annual fuel and petroleum product volume of approximately 350 million litres is based on the trailing-twelve-month period ending July 2020 and contains a mix of retail, wholesale and commercial volume consistent with our existing USA segment.

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.

Forward-Looking Statements
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”, “pursue” 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, the successful completion of the acquisition of SVO and the timing thereof; expected benefits of the acquisition, including potential organic growth and acquisition opportunities and the anticipated funding of the acquisition.

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 may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition; failure to achieve the anticipated benefits of the acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2019 dated March 5, 2020 and in the interim MD&A for the three and nine month period ended September 30, 2020 dated November 3, 2020, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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CaribPR Wire, CALGARY, Alberta, Nov. 03, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three and nine months ended September 30, 2020. Highlights from the third quarter (unless otherwise indicated) include:

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $338 million.
• Net earnings attributable to Parkland of $76 million, or $0.51 per share, basic.
• Adjusted distributable cash flow of $342 million (nine months ended September 30, 2020) fully funded growth capital expenditures, acquisitions and net dividend payments.
• Fuel and petroleum product volume continued to recover from the impact of COVID-19; total company volumes were within 5 percent of Q3 2019 volumes.
• Pro-active cost reductions and strong per unit fuel margins continued to offset the impact of volume declines. Operating and marketing, general and administrative (”MG&A”) costs were $47 million lower relative to Q3 2019.
• Marketing segments (Canada, International and USA) generated a 24 percent increase in Adjusted EBITDA over Q3 2019.
• Strong refinery utilization of 90 percent, which highlights the quality of our Burnaby refinery. This utilization rate reflected robust local demand and our best-in-class ability to successfully market distillate through the challenges of COVID-19.
• Maintained liquidity of $1.6 billion and lowered our Total Funded Debt to Credit Facility EBITDA ratio to 2.6 times as of September 30, 2020.
• Published our inaugural Sustainability Report outlining our established environmental, social and governance practices and setting the stage for development of our enterprise-wide sustainability strategy.

“I would like to congratulate the Parkland team for exceptional financial and operating performance,” said Bob Espey, President and Chief Executive Officer. “We continue to prove the resilience of our business model and first-rate execution capabilities. These strengths have underpinned our success year-to-date and give us confidence in our ability to manage through challenging market environments, grow the business and add shareholder value.”

“I am especially proud of the way our team has maintained a focus on safety, managed costs, won new business, published our inaugural Sustainability Report and continued to serve our customers and support our communities over the last nine months,” added Espey. “In addition, we have maintained strict financial discipline and positioned ourselves to grow our existing business organically and through acquisitions in the current environment.”

Q3 2020 Segment Highlights

Canada: Recovering volumes, strong margins and c-store sales

Steady volume recovery, strong fuel margins and convenience store sales drove a 23 percent increase in Adjusted EBITDA relative to Q3 2019. We delivered our 19^th consecutive quarter of Company C-Store same-store sales growth (”SSSG’), surpassed one million JOURNIE™ Rewards members and continued to win new business. Third quarter highlights include:

• Adjusted EBITDA of $128 million, up $24 million relative to 2019. The increase was primarily driven by strong per unit fuel margins, higher convenience store baskets and lower operating and MG&A costs.
• Fuel and petroleum product volume of 2.3 billion litres, a decrease of 7 percent relative to 2019 due to the impact of COVID-19. Retail fuel volumes were 8 percent lower than prior year while commercial and other volumes were 6 percent lower.
• Company C-Store SSSG of 10.7 percent, reflecting the attractiveness of the convenience store channel, the quality of our customer value proposition, strong execution and domestic tourism impacts. We saw particular strength in our new-to-industry and rebranded On the Run sites, with sales increases across most major categories, offset by lower car wash.
• Operating Costs decreased $10 million and MG&A costs decreased $8 million relative to 2019, reflecting proactive cost control measures and natural variability in our cost structure.
• JOURNIE™ Rewards membership continued to grow and now exceeds one million active members. We have witnessed high engagement from our initial promotional campaigns, increases in backcourt conversion and growing CIBC cardholder penetration.

International: Strong supply performance, shipping optimization and cost efficiencies

The International segment delivered a 22 percent increase in Adjusted EBITDA relative to Q3 2019, driven by strong supply performance, shipping optimization and cost reduction initiatives. Rolling COVID-19 lockdowns resulted in lower volumes; however, we continued to benefit from geographic and product diversity within our portfolio. The International team continued to drive new growth, in particular, securing new natural resource sector business in Suriname and new diesel supply contracts in the Spanish Caribbean. Third quarter highlights include:

• Adjusted EBITDA of $77 million, up $14 million relative to 2019. The increase was primarily driven by profitable supply sourcing initiatives, including a one-off supply gain of approximately $10 million, and lower costs, offset by reduced aviation and retail activity.
• Fuel and petroleum product volume of 1.1 billion litres, a decrease of 8 percent relative to 2019 due to the impact of COVID-19. Retail fuel volumes were 15 percent lower while commercial and other volumes were 3 percent lower. Although International is experiencing continuing progress in demand recovery with the easing of COVID-19 restrictions, we anticipate the recovery will be tempered until COVID-19 restrictions are lifted and tourism activity returns to normal.
• Reduced operating costs by $7 million and MG&A costs by $6 million relative to 2019, reflecting the sustained benefit of proactive cost control measures, natural variability in our cost structure and integration.

USA: National accounts growth and strong margins

The USA segment delivered a 35 percent increase in Adjusted EBITDA relative to Q3 2019, driven by recent acquisitions, organic growth and strong fuel and non-fuel unit margins. This performance was partially offset by COVID-19 volume impacts and lower commercial activity in our Northern Regional Operations Center (”ROC”). The USA team is realizing the benefits of local scale, winning new business and growing volume in the Rockies and Southeast ROCs and improving fuel and lubricant supply economics. We continue to evaluate acquisition opportunities to increase our marketing presence and optimize our growing supply advantage. Third quarter highlights include:

• Adjusted EBITDA of $23 million, up $6 million relative to 2019. The increase was primarily due to acquisitions, strong unit margins and coordinated marketing efforts to grow national accounts.
• Fuel and petroleum product volume of 653 million litres, an increase of 44 percent relative to 2019 due to the impact of acquisitions and organic growth, offset by the impact of COVID-19. Retail fuel volume increased 4 percent while wholesale and commercial volume increased 51 percent.
• Operating Costs increased $8 million and MG&A costs increased $4 million relative to 2019, due to the impact of acquisitions.
• Consistent with our strategy to grow our non-fuel business, we acquired the license for the exclusive use of the On the Run trademark in the majority of U.S. states. This positions us to create a unified, North American convenience store brand and our first pilot rebranding is planned for the first half of 2021.

Supply: Burnaby refinery operated at 90 percent utilization

Adjusted EBITDA in the Supply segment decreased 16% relative to Q3 2019, driven by the impacts of COVID-19 but mitigated by strong refining utilization and steady performance from our integrated logistics business. Our ability to market diesel and jet fuel allowed our refinery to run more efficiently, resulting in utilization rates meaningfully above the North American average. Third quarter highlights include:

• Adjusted EBITDA of $122 million, down $24 million relative to 2019 due to COVID-19 related volume and pricing impacts which drove lower refinery utilization and margins compared to 2019, but strong considering external market factors.
• Refinery utilization was 90 percent, underpinned by our integrated marketing channels in British Columbia and ability to place both diesel and jet fuel at prevailing market prices.
• Reduced operating costs by $15 million and MG&A costs by $6 million relative to 2019, reflecting the variable components of production costs and proactive cost control measures.
• We continue to pursue high-quality growth projects that extend our supply advantage, such as diesel import and export opportunities and development of our renewable fuel strategy.

Corporate – organizational efficiency delivering sustainable MG&A savings

The Corporate segment includes centralized administrative services and expenses incurred to support operations. Third quarter highlights include:

• MG&A costs of $22 million, down $7 million relative to 2019, reflecting the sustained benefit of proactive cost control measures and natural variability in our cost structure.
• As a percentage of total adjusted gross profit, MG&A costs decreased to 3.3 percent (from 4.3 percent in 2019).
• Adjusted EBITDA expense of $12 million, which includes MG&A costs and foreign exchange gains on US dollar debt repayments during the quarter.

Consolidated Financial Overview

($ millions, unless otherwise noted)	Three months ended September 30,						Nine months ended September 30,
Financial Summary	2020(4)		2019(4)		2018(4)		2020(4)		2019(4)		2018(4)
Sales and operating revenue	3,505		4,605		3,811		10,537		13,674		10,936
Fuel and petroleum product volume (million litres)	5,324		5,622		4,211		16,008		16,483		12,624
Adjusted gross profit(1)	674		679		465		1,754		2,104		1,408
Adjusted EBITDA including non-controlling interest (”NCI”)	364		322		200		786		1,031		602
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(1)	338		302		200		720		963		602
Canada(2)	128		104		97		323		292		304
International	77		63		—		198		208		—
USA	23		17		8		63		41		17
Supply	122		146		121		202		507		362
Corporate	(12	)	(28	)	(26	)	(66	)	(85	)	(81	)
Net earnings (loss)	91		26		49		48		228		129
Net earnings (loss) attributable to Parkland	76		24		49		29		206		129
Net earnings (loss) per share – basic ($ per share)	0.51		0.16		0.37		0.19		1.41		0.98
Dividends	47		45		39		137		133		118
Per share	0.3036		0.2985		0.2934		0.9074		0.8921		0.8770
Weighted average number of common shares (million shares)	149		148		133		149		147		132
TTM distributable cash flow(1)(5)	479		566		310		479		566		310
Per share(1)(3)(5)	3.24		3.96		2.35		3.24		3.96		2.35
TTM adjusted distributable cash flow(1)(5)	484		594		495		484		594		495
Per share(1)(3)(5)	3.27		4.15		3.75		3.27		4.15		3.75
TTM dividends(5)	181		174		157		181		174		157
TTM dividend payout ratio(1)(5)	38	%	31	%	51	%	38	%	31	%	51	%
TTM adjusted dividend payout ratio(1)(5)	37	%	29	%	32	%	37	%	29	%	32	%
TTM weighted average number of common shares (million shares)(5)	148		143		132		148		143		132
Total assets	8,978		9,157		5,736		8,978		9,157		5,736
Total Funded Debt to Credit Facility EBITDA ratio(1)(6)	2.56		2.58		2.62		2.56		2.58		2.62
Interest coverage ratio(1)	5.52		5.97		5.91		5.52		5.97		5.91
Growth capital expenditures attributable to Parkland(1)	15		71		29		65		152		52
Maintenance capital expenditures attributable to Parkland(1)	18		46		28		186		141		135

_{(1)  Measure of segment profit and Non-GAAP financial measures. See Section 12 of this MD&A.
(2)  For comparative purposes, information for the three and nine months ended September 30, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, and the Canadian distribution business, formerly presented in Supply, are now included in Canada, reflecting a change in organizational structure in the first six months of 2020.
(3)  Calculated using the weighted average number of common shares.
(4)  2020 and 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 comparative figures reflect the accounting standards in effect for that year and are not restated to reflect the impact of IFRS 16, as is allowed under the modified retrospective approach for IFRS 16 adoption.
(5)  Amounts presented on a trailing-twelve-month (”TTM”) basis.
(6)  Beginning in Q1 2020, Credit Facility EBITDA includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI, and Total Funded Debt includes long term-debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI. The amounts presented for 2019 and 2018 have not been restated.}

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Wednesday, November 4, at 6:30am MST (8:30am EST) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1390182&tp_key=aefbc264cf

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 51942789). International participants can call 1-587-880-2171 (toll) (Conference ID: 51942789).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q3 2020 MD&A and Q3 2020 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2020. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q3 2020 French MD&A and Q3 2020 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

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”, “pursue” 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, business objectives and strategies, estimated 2020 capital expenditures, potential acquisition opportunities, potential projects to extend Parkland’s supply advantage, the ongoing roll out of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, and Parkland’s ability to advance its growth agenda.

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 law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 20, 2020, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2020 MD&A dated November 3, 2020, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio, adjusted dividend payout ratio and growth and maintenance capital expenditures attributable to Parkland are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 12 of the Q3 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 12 of the Q3 2020 MD&A and Note 19 of the Q3 2020 FS for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as SSSG and refinery utilization, to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 12 of the Q3 2020 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”).

About Parkland Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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CaribPR Wire, CALGARY, Alberta, Oct. 20, 2020: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 third quarter results after markets close on Tuesday, November 3, 2020. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Wednesday, November 4, 2020, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1390182&tp_key=aefbc264cf

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 51942789).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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CaribPR Wire, CALGARY, Alberta, Sept. 30, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) is pleased to publish its inaugural Sustainability Report which outlines its established environmental, social and governance practices and sets the stage for the development of an enterprise-wide sustainability strategy. The report includes insight into Parkland’s 2019 operations and key 2020 milestones and is available at www.parkland.ca/Sustainability

“Our inaugural Sustainability Report is a natural next step in our sustainability journey,” said Bob Espey, President and Chief Executive Officer. “While sustainability practices are already deeply embedded across our business, we have completed critical work to identify five strategic focus areas that are important to our business and stakeholders and align with our ambitious growth strategy. This report and the work that underpins it are just a start. Together, they set the stage for us to develop an enterprise-wide sustainability strategy that is grounded in meaningful targets, ongoing transparency and regular performance reporting.”

The report highlights Parkland’s existing sustainability practices coupled with the company’s philosophy and aspirations within each of its five strategic focus areas;

• Climate Change: We are committed to meeting our customers growing need for energy while at the same time contributing to the world’s transition to a lower carbon future.
• Safety and Emergency Preparedness: Safety is foundational to our organizational culture, and the safety of our people, customers and communities is our top priority.
• Product Transportation and Storage: Extensive systems and processes across our operations protect the environment and ensure our products stay safely where they belong.
• Diversity and Inclusion (D&I): Underpinning our focus on attracting and retaining the best talent, we are committed to delivering equal opportunities and an environment where all employees can contribute their best.
• Governance and Ethics: We measure our business practices against the highest standards of ethical conduct, and are guided by our values of Safety, Integrity, Community and Respect.

“This report highlights the importance of sustainability to Parkland and provides a springboard to the creation of our enterprise sustainability strategy,” said Christy Elliott, Vice President, Senior General Counsel and Executive Sponsor of Sustainability. “We will build on our accomplishments and low carbon leadership and are actively developing meaningful targets across our business.”

Parkland’s Sustainability Report is aligned with recommendations from the Task Force on Climate Related Financial Disclosures (TCFD) and includes guidance from the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI).

About Parkland Corporation
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage, acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Forward Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). In particular, this news release contains forward-looking statements with respect to, among other things, the development of an enterprise-wide sustainability strategy that is grounded in meaningful targets, ongoing transparency and annual performance reporting, and Parkland’s aspirations with respect to Climate Change, Safety and Emergency Preparedness, Product Transportation and Storage, Diversity and Inclusion (D&I) and Governance and Ethics.

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 law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators; changes and developments in regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

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CaribPR Wire, CALGARY, Alberta, Sept. 10, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced it has acquired the license for the exclusive use of the On the Run trademark in the majority of U.S. states. The acquisition positions Parkland to expand On the Run across the U.S. to create a unified, North American convenience store brand.

“We are excited to expand the On the Run convenience store brand across the U.S. and harness the advantages of our scale,” said Ian White, Senior Vice President, Strategic Marketing & Innovation at Parkland. “As we continue to advance our ambitious growth strategy, the time is right to create a unified, North American retail and convenience store brand. On the Run is an established retail brand that we can quickly and efficiently scale by leveraging the capabilities we have established in the Canadian market.”

The strategic rationale for this acquisition includes:

• Expanding On the Run across the U.S. to create a unified North American convenience brand;
• Capturing efficiencies through common brand collateral, product assortments, private label product ranges and operational continuity;
• Opportunity to rebrand our existing U.S. convenience stores and efficiently incorporate the On the Run convenience brand to newly developed sites;
• Greater optionality and a strong convenience store foundation for future U.S. M&A activities;
• Support the organic growth of our dealer business by providing an enhanced, bundled offer that combines a leading convenience store brand with multiple forecourt fuel brands.

“The On the Run retail brand provides a solid platform for our continued U.S. growth,” added Doug Haugh, President, Parkland USA. “Building on our existing On the Run brand image, product assortments and private label goods in Canada, we look forward to meeting the convenience needs of our U.S. customers under the On the Run banner. Our U.S. customers will enjoy enhanced interior and exterior rebranding elements, larger and brighter canopies and a variety of new product offerings, all backed by their same local and friendly service teams.”

Through this acquisition, Parkland has acquired, for a one-time fee, the perpetual license for the exclusive use of the On the Run trademark in the majority of U.S. states. The deal includes an option to purchase the On the Run U.S. trademark together with the license owner’s On the Run franchise business.

About Parkland Corporation
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Forward Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). In particular, this news release contains forward-looking statements with respect to, among other things, Parkland’s growth strategy with respect to the On the Run brand; Parkland’s ability to create a unified On the Run convenience store brand, including Parkland’s opportunity to rebrand existing sites and incorporate the On the Run brand to new sites; Parkland’s opportunity to incorporate the On the Run brand to its dealer business; and the expected enhanced customer experience from Parkland’s use of the On the Run brand.

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 law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, Parkland’s ability to execute its strategy with respect to the On the Run brand in the United States; general economic, market and business conditions; industry capacity; competitive action by other companies; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators; changes and developments in regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/2965ce74-f1d9-4a15-8c37-7bb62ec77cdc

https://www.globenewswire.com/NewsRoom/AttachmentNg/ce262265-1412-4033-8f32-1e65206709cc

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CaribPR Wire, CALGARY, Alberta, June 09, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) is pleased to announce a proactive update to its syndicated credit agreement terms. Highlights of the amended credit agreement include:

• An additional C$300 million of commitments under our syndicated credit facilities, maturing January 8, 2023. Pro forma the amendment, cash and cash equivalents plus unused credit facilities as of March 31, 2020 would have been C$1.2 billion.
• As at March 31, 2020 Total Funded Debt to Credit Facility EBITDA was 2.9 times, with a covenant limit of 5.0 times. Effective from Q4 2020 though Q3 2021, Parkland’s Total Funded Debt to Credit Facility EBITDA covenant limit will increase to 6.0 times, reverting to 5.0 times thereafter.
• The effective interest rate on the updated syndicated credit facilities is materially unchanged and all other financial covenants remain the same.

“We continue to see improvement in fuel demand and robust convenience store sales in most markets,” said Darren Smart, Interim-Chief Financial Officer. “Recognizing that the COVID-19 recovery remains dynamic, we have taken proactive steps to secure additional financial flexibility and to position us to take advantage of potential future growth opportunities. We remain focused on maintaining our balance sheet strength and are committed to exercising strict capital discipline. We would like to thank our banking group for their ongoing support and partnership in our future success.”

Forward-Looking Statements

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 “potential” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to the ability to take advantage of potential future growth opportunities.

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 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. See the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in the Q1 2020 MD&A, which are filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). See Section 12 – “Non-GAAP Financial Measures” of the Q1 2020 MD&A for a description of “Credit Facility EBITDA” and “Total Funded Debt to Credit Facility EBITDA”.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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CaribPR Wire, CALGARY, Alberta, May 13, 2020: Parkland Fuel Corporation (“Parkland”, “We”, “Our” or “Us”) (TSX:PKI) announced today that through its wholly-owned U.S. subsidiaries (collectively, “Parkland USA”), it has completed the previously announced asset agreement to acquire ConoMart Super Stores.

ConoMart Super Stores operates seven retail sites located in and around Billings, Montana. Please see Parkland’s press release dated March 9, 2020, for more information about this acquisition.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »

CaribPR Wire, CALGARY, Alberta, May 08, 2020: Parkland Fuel Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) held its annual and special meeting of shareholders on May 7, 2020 (the “Meeting”).

The Company is pleased to announce that shareholders representing approximately 99.9% of votes cast approved a special resolution authorizing the Company to amend its articles to change its name to “Parkland Corporation” and the adoption of “Corporation Parkland” as its French name. The common shares of the Company will continue to trade on the Toronto Stock Exchange (TSX) under its existing trading symbol, PKI. The effective date of the name change will be May 15, 2020 and the Company’s common shares will commence trading on the TSX under the new name within 2-3 business days. Each existing share certificate reflecting the current name of the Company will continue to represent a valid certificate until such certificate is transferred, re-registered or otherwise exchanged.

Furthermore, all matters presented at the meeting were approved included the election of all nine of the nominees listed in its management information circular dated March 31, 2020 (the “Information Circular”). The complete results of voting for business considered at the Meeting are set out below:

Resolution 1

Election of directors of Parkland for the ensuing year.

Nominee	Votes For	%For		Votes Withheld	%Withheld
John F. Bechtold	96,389,584	92.85	%	7,420,425	7.15	%
Lisa Colnett	100,789,666	97.09	%	3,020,343	2.91	%
Robert Espey	102,351,997	98.60	%	1,458,012	1.40	%
Timothy Hogarth	98,907,395	95.28	%	4,902,614	4.72	%
Jim Pantelidis	96,481,478	92.94	%	7,328,531	7.06	%
Domenic Pilla	101,206,634	97.49	%	2,603,375	2.51	%
Steven Richardson	101,635,187	97.90	%	2,174,822	2.10	%
David A. Spencer	97,735,762	94.15	%	6,074,247	5.85	%
Deborah Stein	100,431,854	96.75	%	3,378,155	3.25	%

Resolution 2

The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2020.

Votes For	103,611,494	99.27	%
Votes Withheld	765,180	0.73	%

Resolution 3

The approval of Parkland’s restated shareholder rights plan, as set forth and described in the Information Circular.

Votes For	97,354,559	93.78	%
Votes Against	6,455,450	6.22	%

Resolution 4

The approval of unallocated options under Parkland’s stock option plan, as set forth and described in the Information Circular.

Votes For	97,171,975	93.61	%
Votes Against	6,638,034	6.39	%

Resolution 5

The approval of amendments to Parkland’s restricted share unit plan, as set forth and described in the Information Circular.

Votes For	100,203,588	96.53	%
Votes Against	3,606,421	3.47	%

Resolution 6

The approval of unallocated restricted share units under Parkland’s restricted share unit plan, as set forth and described in the Information Circular.

Votes For	100,442,293	96.76	%
Votes Against	3,367,716	3.24	%

Resolution 7

The approval of Parkland’s corporate name change from “Parkland Fuel Corporation” or “Corporation Pétroles Parkland” to “Parkland Corporation” or “Corporation Parkland”, respectively, as set forth and described in the Information Circular.

Votes For	104,272,205	99.90	%
Votes Against	104,469	0.10	%

Resolution 8

The approval, on a non-binding and advisory basis, of Parkland’s approach to executive compensation as more particularly set forth and described in the Information Circular.

Votes For	96,526,981	92.98	%
Votes Against	7,283,028	7.02	%

Voting results for all matters have been posted on SEDAR.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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CaribPR WIRE CALGARY, Alberta, May 06, 2020: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three months ended March 31, 2020. First quarter highlights include:

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $191 million.
• Net earnings (loss) attributable to Parkland of $(79) million or $(0.53) per share, basic.
• Strong financial position with significant liquidity to manage through challenging market environments. Cash and cash equivalents plus unused credit facilities was $908 million as of March 31, 2020.
• Total Funded Debt to Credit Facility EBITDA ratio was 2.9 times (relative to a covenant of 5.0 times) as of March 31, 2020.
• Cash flow from operating activities of $258 million fully funded growth and maintenance capital expenditures, dividend payments and the Kellerstrass acquisition.
• Trailing-twelve-month adjusted dividend payout ratio of 40 percent.
• Fuel and petroleum product volume of 6.0 billion litres, up 12 percent from Q1 2019.
• Acted decisively and prudently in response to the novel coronavirus (”Covid-19″) to ensure the safety of our employees, customers and communities, mitigate the impacts of the pandemic, maintain balance sheet strength and increase the resilience of our business.

“We delivered strong financial and operating performance through the first 10 weeks of the year with base operations and growth initiatives on-track with our plan,” said Bob Espey, President and Chief Executive Officer. “Covid-19 paused this momentum in mid-March, however, despite this and other economic headwinds, including a declining Canadian dollar and lower, more volatile commodity prices, our diverse business is proving resilient.”

“We entered this challenging period with a strong balance sheet and acted decisively to protect it. We removed over $300 million of capital expenditures from our 2020 plans and reduced our fixed and variable expenses,” added Espey. “I want to thank the Parkland team who are intensely focused on safely providing essential products and services to our customers and supporting our communities. These characteristics underpin our resilience and growth capabilities. I would also like to thank the refinery team for their hard work and for safely completing the turnaround in April.”

Our commitment to safety, customers and community

Parkland’s top priority is the safety of its employees, customers and communities and to reliably provide an essential service in the 25 countries we operate.

In response to Covid-19 and in-line with recommendations from local health authorities, enhanced operating procedures and protocols were instituted to maintain our sites to even higher levels of cleanliness. From rigorous sanitization and disinfecting protocols, plexiglass guards in our company-owned convenience stores and navigating global supply shortages to provide personal protective equipment to our front-line teams, we have, and will continue to put safety first.

Parkland’s retail and commercial brands remain trusted, integral parts of their communities. Consistent with our values, we have extended over $3.5 million of fuel discounts to front-line health care workers and first responders across Canada, the US and our International business through April. We are providing free hot showers, as well as food and snack discounts, to Canada’s truck-driving community at select company cardlock and convenience store locations. We will continue to monitor the needs of our customers and communities and remain committed to providing safe and reliable services and giving back to those in need.

Q1 2020 Segment Highlights

Supply

Operations were focused on the safe and successful execution of the Burnaby refinery turnaround and continued performance from our integrated logistics operations. Our supply team reliably sourced and maintained uninterrupted fuel supply for our customers during the turnaround. We advanced our US supply business through the expansion of our Houston office operations and saw strong organic growth in wholesale volumes. First quarter highlights include:

• Due to the Burnaby refinery turnaround which began on February 1, 2020, Adjusted EBITDA was $39 million; a decrease of $104 million relative to 2019.
• As a result of the planned turnaround, refinery utilization was 30.9 percent.
• Invested $55 million of capital and $27 million of operating costs on the turnaround. The additional operating expenses were mostly offset by lower fuel, catalyst and chemical costs while the plant was shut down.

Canada

We have combined Canada Retail and Canada Commercial into one “Canada” segment to align with our US and International segment reporting and to reflect the operational accountability of our Canadian leadership team.

Our Canadian business performed well through the quarter. We gained momentum on our growth initiatives through the first 10 weeks but experienced a pause in mid-March due to the Covid-19 pandemic. We delivered our 17^th consecutive quarter of Company C-Store same-store-sales growth (”SSSG”), progressed the national roll out of our JOURNIE™ Rewards program and developed our network through On-the-Run (”OTR”) conversions and New to Industry (”NTI”) sites. In addition, we grew our industrial propane market share and benefited from the high-grading of our commercial customer base in 2019.  First quarter highlights include:

• Adjusted EBITDA of $103 million, a decrease of $14 million relative to 2019. The decrease was driven by lower retail fuel margins in the first part of the quarter, a warmer winter heating season and lower volume demand in the second half of March due to Covid-19.
• Fuel and petroleum product volume of 2.4 billion litres, a decrease of 6 percent relative to 2019. The business saw strong growth early in the year but was offset by weakness in March due to Covid-19.
• Company C-Store SSSG of 0.4 percent, our 17th consecutive quarter of positive C-store SSSG despite weakening sales in the latter half of March due to Covid-19.
• Company volume SSSG of negative 4.3 percent. Company volume was trending well through the first 10 weeks of the quarter relative to 2019 but decreased in March due to Covid-19.
• Commenced the national launch of JOURNIE™ Rewards in January 2020 with CIBC as our strategic banking partner. Initial results remain encouraging with strong membership acquisition and engagement. Due to reduced site traffic and additional preventative safety measures as a result of Covid-19, we deferred our national roll-out strategy and marketing campaigns until the economy improves. For more information on JOURNIE™ and how to become a registered member please visit www.journie.ca.

International

Our International business had a strong start to the year, benefiting from organic growth initiatives, supply synergies and a robust tourist industry. We continued to benefit from strength in our wholesale channel and marine bunkering business which resulted from new customer wins and the collaboration with our Tropic Oil operations in Florida. This momentum paused in mid-March due to Covid-19 which led to a decline in fuel demand and lower supply margins. First quarter highlights include:

• Adjusted EBITDA of $67 million, a decrease of $4 million relative to 2019. The decrease was driven by demand reductions in March due to Covid-19 and margin pressure due to commodity price volatility.
• Fuel and petroleum product volume of 1.4 billion litres, an increase of 31 percent relative to 2019, consisting of 406 million litres sold through retail channels and 990 million litres sold through commercial and wholesale channels.

USA

Our USA business had a strong quarter with improved operational efficiency and significant growth excluding the impact of M&A. We closed our previously announced acquisition of Kellerstrass Oil in mid-February, bringing 84 new dealer locations and expanding our presence in Idaho, Wyoming and northern Utah. Our recent acquisitions have exceeded investment case to date, and in particular, Tropic Oil has driven strong organic growth and also benefited our International business. We saw a volume decline in mid-March due to the Covid-19 pandemic which was offset by strength in retail and marine fuel margins.  First quarter highlights include:

• Adjusted EBITDA of $18 million, an increase of $7 million relative to 2019. The increase was primarily due to our 2019 acquisitions, organic growth and strong retail and marine fuel margins.
• Fuel and petroleum product volume was 634 million litres, up 92 percent relative to 2019.

Corporate

The Corporate segment includes centralized administrative services and expenses incurred to support operations. First quarter highlights include:

• Marketing, General and Administrative (”MG&A”) costs were flat relative to 2019, at $27 million.
• Adjusted EBITDA of negative $36 million, which includes MG&A costs and a loss on US dollar debt repayments resulting from the significant decline in the USD/CAD exchange rate during the quarter.
• As a percentage of total adjusted gross profit, marketing, general and administrative expenses increased to 4.6 percent (up from 3.9 percent in 2019).

Consolidated Financial Overview

($ millions, unless otherwise noted)	Three months ended March 31,
	2020(5)		2019(5)		2018(5)
Financial Summary
Sales and operating revenue	4,359		4,215		3,342
Fuel and petroleum product volume (million litres)	5,975		5,336		4,211
Adjusted gross profit(1)	593		697		430
Adjusted EBITDA including non-controlling interest (”NCI”)	214		339		153
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(1)	191		315		153
Supply	39		143		71
Canada(2)	103		117		107
International	67		71		—
USA	18		11		4
Corporate	(36	)	(27	)	(29	)
Net earnings (loss)	(74	)	91		20
Net earnings (loss) attributable to Parkland	(79	)	77		20
Net earnings (loss) per share ($ per share)
Per share – basic	(0.53	)	0.53		0.15
Per share – diluted	(0.53	)	0.52		0.15
Dividends	45		43		38
Per share outstanding	0.3002		0.2951		0.2902
Weighted average number of common shares (million shares)	148		145		131
TTM distributable cash flow(3)(6)	417		512		142
Per share(3)(4)(6)	2.82		3.76		1.13
TTM adjusted distributable cash flow(3)(6)	444		595		315
Per share(3)(4)(6)	3.00		4.38		2.50
TTM dividends(6)	179		164		148
TTM dividend payout ratio(3)(6)	43	%	32	%	104	%
TTM adjusted dividend payout ratio(3)(6)	40	%	28	%	47	%
TTM weighted average number of common shares (million shares)	148		136		126
Total assets	9,446		8,998		5,492
Total long-term liabilities	5,487		5,108		2,524
Shares outstanding (millions)	149		146		132
Total Funded Debt to Credit Facility EBITDA ratio(3)(7)	2.93		2.71		2.74
Interest coverage ratio(3)	5.78		7.18		6.00
Growth capital expenditures attributable to Parkland(3)	31		29		10
Maintenance capital expenditures attributable to Parkland(3)	118		50		76

(1) Measure of segment profit. See Section 12 of this MD&A.
(2) For comparative purposes, information for the three months ended March 31, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, are now combined as the Canada segment, reflecting a change in organizational structure in the first quarter of 2020.
(3) Non-GAAP financial measure. See Section 12 of this MD&A.
(4) Calculated using the weighted average number of common shares.
(5)  2020 and 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 comparative figures reflect the accounting standards in effect for that year and are not restated to reflect the impact of IFRS 16, as is allowed under the modified retrospective approach for IFRS 16 adoption.
(6) Amounts presented on a trailing-twelve-month (”TTM”) basis
(7) Beginning in Q1 2020, Parkland includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI in Credit Facility EBITDA and includes long term debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI in Senior Funded Debt and Total Funded Debt. The 2019 and 2018 numbers have not been adjusted.

Update on Covid-19 business impacts

The duration and impact of Covid-19 is difficult to forecast, however, it has already led to significantly reduced global economic activity and fuel demand. Based on our own conservative demand and economic recovery model, we took immediate action to protect our business and financial strength, and enhance our resilience to position the Company to emerge stronger.

• Canada segment volumes have declined approximately 35 percent in April relative to 2019, consisting of an approximate 40 percent decline in retail gasoline volumes and 25 percent in commercial and other volume. Rural markets have been less impacted than major urban centers and key supply chains have remained open for trucking traffic.
• US segment volumes have declined approximately 20 percent in April relative to 2019, excluding the impact of acquisitions, consisting of an approximate 20 percent decline in wholesale and commercial volume and 35 percent in US retail gasoline volume. The US segment has fewer major urban centers in our areas of operations and a higher commercial weighting of the portfolio.
• International segment on-shore volumes have declined approximately 40 percent in April relative to 2019, consisting of an approximate 25 percent decline in the commercial lines of business and 55 percent in the retail line of business. Many countries in the International segment have extensive curfew measures and higher exposure to tourist activity.
• The impact of the volume declines has been partially offset by generally stronger fuel margins (per litre) in April. This benefit has been most pronounced in the US, followed by our Canada segment, and less so in our International segment.
• Convenience store sales in Canada are marginally down in April relative to 2019. Tobacco, alcohol and household essentials have performed well, while confectionery items and car wash traffic have declined along with the temporary suspension of frozen and hot beverage offerings and fresh food service. We have altered our merchandising strategy where appropriate to prioritize higher demand categories and our teams have done a great job at keeping shelves merchandised.
• Refinery utilization as of May 6, 2020 is approximately 75 percent, which accounts for lower fuel demand in locally served markets. Based on the current refinery throughput, we have been able to reduce jet fuel to less than 10 percent of output. We will continue to optimize utilization rates going forward based on demand projections.
• Despite the current economic slowdown and reduction to our 2020 capital program, there are several high return initiatives we are focused on in the interim such as the integration of recent acquisitions and enhancing our digital capability and back-office systems. These initiatives will allow us to resume our growth programs when the economy improves.

2020 Capital Program Guidance

On March 30, 2020, Parkland reduced its guidance for 2020 Total Capital expenditures to $275 million +/- 5%, a reduction of $300 million. This reduction is consistent with our priority to maintain financial flexibility and balance sheet strength. The capital expenditures included in the reduction can be deferred until an improvement in the current economic environment. Further detail can be found in our press release dated March 30, 2020 and in the Q1 2020 MD&A.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 7 at 6:30am MDT (8:30am EDT) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1302735&tp_key=014a45b92e

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 14261230). International participants can call 1-587-880-2171 (toll) (Conference ID: 14261230).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q1 2020 MD&A and Q1 2020 FS provide a detailed explanation of Parkland’s operating results for the three months ended March 31, 2020. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

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”, “pursue” 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, business objectives, estimated 2020 capital expenditures, the ongoing launch of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, and Parkland’s ability to quickly resume growth strategy when economic conditions improve. Additionally, this press release contains certain preliminary April results to illustrate the impact COVID-19 has had on our business. These numbers are preliminary, subject to finalization and quarter end accounting procedures and do not constitute guidance.

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 law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the Covid-19 pandemic; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Q1 2020 MD&A dated May 6, 2020, filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio and adjusted dividend payout ratio are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 12 of the Q1 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 12 of the Q1 2020 MD&A and Note 20 of the Q1 2020 FS for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 12 of the Q1 2020 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”).

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »

CaribPR Wire, CALGARY, Alberta, April 27, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 first quarter results after markets close on Wednesday, May 6, 2020. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, May 7, 2020, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1302735&tp_key=014a45b92e

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 14261230).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

Virtual Annual General Meeting
Due to the ongoing public health concerns regarding COVID-19, Parkland will hold its 2020 Annual and Special Meeting of shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Thursday, May 7, 2020, at 9:00 a.m. MDT (11:00 a.m. EDT).

All Shareholders will be able to attend the live virtual meeting. Information for shareholders is posted in Parkland’s Management Information Circular dated March 31, 2020 available at www.parkland.ca and under Parkland’s profile at www.sedar.com.

Burnaby Refinery turnaround
Parkland is pleased to announce the Burnaby Refinery turnaround is complete and confirm the facility is now fully operational.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »

CaribPR Wire, CALGARY, Alberta, April 06, 2020: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today that we are nearing completion of the required work for the 2020 Burnaby refinery turnaround and have begun the startup sequence for the facility.

We expect an approximate two-week process to reach full operational capability when accounting for additional coronavirus (“COVID-19”) preventative safety measures. COVID-19 has required Parkland to change processes and procedures in response to guidance from Provincial health authorities. This has led to a decrease in the number of staff on site and lower productivity.

“I would like to thank the Parkland team and contractors for all their hard work during this maintenance event,” commented Ryan Krogmeier, Senior Vice President, Supply, Trading, Refining and HSE. “We are proud of the outstanding safety results to date and the effort exhibited by everyone involved.”

Forward-Looking Statements

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”, “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: the expected completion of the required work for the Burnaby refinery turnaround, the beginning of the startup sequence and the process to reach full operational capability.

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 law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions and the extent and duration COVID-19 pandemic and its effects on such economic, market and business conditions; the effect on demand for Parkland’s products as a result of the COVID-19 pandemic; the ability of suppliers and other counterparties to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in the 2019 annual management’s discussion and analysis dated March 5, 2020 (the “Q4 2019 MD&A”), which are filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »

CaribPR Wire, CALGARY, Alberta, March 30, 2020: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today in response to the uncertain economic impact of novel coronavirus (“COVID-19”): a reduction in its 2020 Capital Expenditure program, the withdrawal of its 2020 Adjusted EBITDA guidance, reiteration of the Company’s financial strength and other corporate updates.

“We are responding quickly and prudently to the ongoing COVID-19 pandemic,” commented Bob Espey, President and Chief Executive Officer. “During this unprecedented period of uncertainty, our priority is to protect the health and safety of our employees as they continue to provide an essential service to the communities we serve. We are proud to remain operational through this period and I would like to thank our team for their ongoing commitment to safely meeting our customer’s energy and convenience needs.”

“The agility of our business model is evident by being able to quickly taper our 2020 capital expenditure program and reduce costs to reflect the current business environment. We will maintain the operational flexibility to resume our growth initiatives when conditions improve. Underpinned by our integrated and resilient business model, diverse geographic platform, and extensive product offering, we have a strong track record of growth and expect that to continue once conditions improve.”

2020 Capital Expenditure Program revision

On March 5, 2020, Parkland issued guidance for 2020 Total Capital expenditures of $575 million +/- 5%. Consistent with our priority to maintain financial flexibility and balance sheet strength, we are reducing our 2020 Capital Program by $300 million to $275 million +/- 5%. The capital expenditures included in the reduction can be deferred until an improvement in the current economic environment. Details of our updated 2020 plans are below:

Capital Expenditures ($ millions)
Growth	85
2020 Refinery Turnaround Maintenance	60
Other Maintenance	130
Total Capital Expenditures (1)	275	+/- 5%

⁽¹⁾ the “2020 Capital Program”

We expect to have invested approximately $130 million of total capital expenditures by the end of Q1 2020. Our revised 2020 growth capital still enables Parkland to maintain leadership in low-carbon fuel refining by increasing bio-feed capacity by 250 percent, enhance our supply capability through infrastructure investments and build additional digital capability such as the JOURNIE™ Rewards program.

2020 Adjusted EBITDA Guidance withdrawn

The current COVID-19 situation and associated impact on economic activity is expected to reduce demand for fuel globally. Parkland remains focused on providing essential fuel and convenience services to our customers, however, the extent and duration of the impact is uncertain. As a result, we are withdrawing our 2020 Adjusted EBITDA Guidance Range.

Snapshot of Parkland’s financial strength

Coupled with our actions outlined above, we have a strong financial position with significant liquidity to manage through challenging market environments. As of December 31, 2019, we had liquidity of nearly $1 billion, made up of approximately $750 million of committed credit facility capacity and $250 million of cash. Our existing credit facility has a maturity date of January 8, 2023. Furthermore, our Total Funded Debt to Credit Facility EBITDA ratio was 2.8 times as of December 31, 2019, which has a covenant limit of 5.0 times.

Other corporate updates

• There is no change to our 2020 Refinery Turnaround Maintenance projections. We are on track to begin startup of the Burnaby refinery in early April and will provide notification when we achieve full operational capability. After startup, optimal utilization rates will be determined based on the demand outlook at the time.
• Demonstrating the flexibility of our operational platform, we will reduce variable and fixed costs while retaining our core capabilities to ensure we can continue our growth programs when current market conditions change. These measures are designed to preserve cash flow during this period of reduced demand and are also consistent with our long-term goals of building a scalable platform for growth.
• In support of our cost initiatives, effective April 1, 2020 and for the remainder of 2020, Parkland’s President and CEO will take a 35 percent salary reduction while other members of the leadership team will take a 25 percent reduction. Similarly, Parkland’s Board of Directors will take a 25 percent reduction in cash retainer fees.
• Parkland’s balance sheet should also benefit from reduced working capital requirements as a result of lower global energy prices.

Forward-Looking Statements

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”, “pursue” 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: the revised 2020 Capital Program, including expected maintenance and growth capital expenditure estimates and projects; expected Q1 2020 capital expenditures; the expected timing of startup of the Burnaby refinery and the expected utilization rates at the Burnaby refinery upon startup; expected working capital benefits to Parkland due to lower energy prices; and our ability to accelerate growth activity when current market conditions change.

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 law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions and the extent and duration COVID-19 pandemic and its effects on such economic, market and business conditions; the effect on demand for Parkland’s products as a result of the COVID-19 pandemic; the ability of suppliers and other counterparties to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in the 2019 annual management’s discussion and analysis dated March 5, 2020 (the “Q4 2019 MD&A”), which are filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Adjusted EBITDA is a measures of segment profit. See Section 13 of the Q4 2019 MD&A and Note 27 of the 2019 annual consolidated financial statements for a reconciliation of this measure of segment profit to the nearest IFRS measure. Management considers this to be an important supplemental measure of Parkland’s performance and believes this measure is used frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. However, Adjusted EBITDA may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance. Investors are encouraged to evaluate the measure and the reasons Parkland considers it appropriate for supplemental analysis.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »

CaribPR Wire, CALGARY, Alberta, March 05, 2020: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its fourth quarter and full-year 2019 financial and operating results and provided its 2020 Guidance. Fourth quarter and full-year highlights include:

• Fourth quarter Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $302 million and net earnings (attributable to Parkland) of $176 million ($1.19 per share, basic), up 6 percent and 129 percent respectively from the fourth quarter of 2018
• Full-year 2019 Adjusted EBITDA of $1,265 million, up 43 percent from 2018
• Full-year 2019 net earnings (attributable to Parkland) of $382 million ($2.60 per share, basic), up 85 percent from 2018
• Full-year 2019 fuel and petroleum product volume of 22.4 billion litres, up 32 percent from 2018
• Full-year 2019 Adjusted distributable cash flow of $561 million ($3.82 per share) and adjusted dividend payout ratio of 32 percent
• Delivered $180 million run-rate synergies from the 2017 Ultramar and Chevron acquisitions; one year ahead of schedule
• Demonstrated continued balance sheet strength and financial flexibility with a Total Funded Debt to Credit Facility EBITDA ratio of 2.8 times as of December 31, 2019
• 2020 Adjusted EBITDA Guidance of $1,130 million +/- 5 percent and 2020 Total Capital Expenditures of $575 million +/- 5 percent

“I am proud of the team’s accomplishments in 2019,” said Bob Espey, President and Chief Executive Officer. “In addition to celebrating our 50th year as a publicly traded company, we continued to deliver across all our strategic pillars. We advanced our organic growth initiatives, acquired and integrated four businesses, captured synergies and accelerated our low carbon fuel capability. We achieved an outstanding first year of International operations, our 16th straight quarter of positive C-store SSSG in Canada, and saw our US organic growth strategy bear fruit.”

“Underpinned by our integrated business model, diverse geographic platform, extensive product offering and balance sheet strength, we funded our 2019 growth capital and US M&A program within cash flow,” added Espey. “Parkland has a proven history of growth and value creation and the opportunities in front of us have never been greater. Thank you to the Parkland team for another great year and for continuing our focus on safe and reliable operations.”

Dividend Increase

Parkland’s annualized common share dividend will increase two cents per share, from $1.194 to $1.214, effective with the monthly dividend payable on April 15, 2020 to shareholders of record at the close of business on March 20, 2020.

Segment Highlights

Supply
The Supply segment delivered strong performance through full-year 2019, driven by safe and reliable operations at the Burnaby refinery, strong refining margins and consistent execution from our integrated logistics operations. We continued to successfully co-process biofeeds at the Burnaby refinery, reinforcing our leadership in low-carbon fuel refining while supporting British Columbia’s low carbon fuel aspirations. Fourth quarter and full-year highlights include:

• Fourth quarter Adjusted EBITDA of $152 million (Pre-IFRS 16: $142 million), a decrease of $57 million relative to 2018 (excluding the impact of IFRS 16). The fourth quarter of 2018 experienced exceptionally wide Western Canadian crude differentials which drove higher than normal refining margins in that period
• Fourth quarter Burnaby refinery utilization of 91.6 percent was slightly lower than expected due to a third party electrical outage which interrupted throughput for 6 days
• Produced approximately 1,200 bbl per day of biofuels throughout 2019; enough to supply around 10,000 vehicles with renewable gasoline for a year

Canada
We continued to advance our retail initiatives, including the national roll out of JOURNIE™ Rewards with CIBC as our strategic banking partner. We are highly focused on network development, growing our On the Run / Marché Express brand and developing innovative store concepts to enhance our customer value proposition and drive traffic. In 2019 we held our market share position in a competitive fuel margin environment and continued to grow the snacks, beverages and carwash categories. Fourth quarter and full-year highlights for Canada Retail include:

• Fourth quarter Adjusted EBITDA of $56 million (Pre-IFRS 16: $48 million), a decrease of $30 million relative to 2018 (excluding the impact of IFRS 16) driven by lower retail fuel margins and $3 million of additional Marketing, General and Administrative costs attributed to the development of JOURNIE^TM
• Fourth quarter Company C-Store same-store-sales growth (”SSSG”) of 0.9 percent, our 16th straight quarter of positive C-store SSSG. Excluding the impact of cigarette sales, C-Store SSSG would have been 7.1 percent. For the full year 2019, Company C-Store SSSG was 2.5 percent, or 5.5 percent excluding the impact of cigarettes
• Fourth quarter Company volume SSSG was (3.1) percent. For full-year 2019, we maintained our market share and Company volume SSSG was essentially flat
• Added 27 New to Industry (”NTI”) sites and converted 65 sites to On the Run / Marché Express in 2019
• After a year of piloting the JOURNIE™ Rewards program, soft launch in Q4 2019 and full launch beginning in January 2020, we are seeing strong program metrics across Canada. Mobile membership engagement and members opting for mobile communication are both over 50 percent. We are seeing higher average fill rates and C-store basket size for program members, which indicates the program design is resonating for customers. We are halfway through our national launch and target approximately 1,000 participating sites by March 31, 2020. We encourage readers to sign up for the program using the mobile app available for anyone to download on iOS and Android platforms. For more information on JOURNIE™ and how to become a registered member please visit www.journie.ca
• On February 24, 2020, we announced a multi-year agreement with Triple O’s restaurants to strengthen our range of freshly prepared, high quality meal options across Canada

The Canada Commercial segment continues to position for growth, advancing our Regional Operating Center (”ROC”) model transition and National Fueling Network (”NFN”) platform. We continue to improve our operating efficiency through the ROC transition, cost management initiatives and strategic focus on higher margin business. NFN is a unifying national commercial brand which we expect to launch in the second half of 2020. We continue to feel the impact of weaker forestry and upstream energy sectors but have benefited from our diverse product and geographic offering within Canada. Fourth quarter highlights for Canada Commercial include:

• Adjusted EBITDA of $33 million (Pre-IFRS 16: $31 million), up $4 million relative to 2018 (excluding the impact of IFRS 16)
• Fuel and petroleum product volume of 804 million litres, relatively flat to 2018

International
The International segment delivered strong performance in 2019, exceeding our investment case in the first year. Supported by operational execution, we delivered on our organic growth initiatives with strong volume growth in wholesale, LPG, aviation, and bunkering, managed costs and improved shipping optimization. We are on track to meet our synergy targets by the end of 2021. Fourth quarter highlights include:

• Adjusted EBITDA of $73 million (Pre-IFRS 16: $58 million)
• Fuel and petroleum product volume of 1,581 million litres, consisting of 460 million litres sold through retail channels and 1,121 million litres sold through commercial and wholesale channels

USA
We continued to progress our organic growth and acquisition strategy in the US, adding three businesses in 2019 and another subsequent to year-end. The Tropic Oil acquisition, based in Florida, added a third ROC which will be the operating platform that drives organic growth and enables further acquisitions across the region, while also leveraging our International operations. We are starting to realize the benefits of local scale, delivering strong organic fuel volume growth, improved lubricant supply economics and C-store merchandising savings. Fourth quarter highlights include:

• Adjusted EBITDA of $15 million (Pre-IFRS 16: $15 million), up $4 million relative to 2018
• Fuel and petroleum product volume was 621 million litres, up 93 percent relative to 2018

Corporate
The Corporate segment includes centralized administrative services and expenses incurred to support operations. Fourth quarter highlights include:

• Total costs of $27 million (Pre-IFRS 16: $28 million)
• As a percentage of total adjusted gross profit, marketing, general and administrative expenses favorably decreased to 3.8 percent (down from 5.5 percent in 2018)

Consolidated Financial Overview

On January 1, 2019, Parkland adopted IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 increases Adjusted EBITDA by reducing operating costs and increasing depreciation, amortization, and finance costs. IFRS 16 also increases Parkland’s assets and liabilities and has no overall impact to cash flow. For further information, refer to the Q4 2019 Annual Consolidated Financial Statements (”Q4 2019 FS”) and Q4 2019 Management’s Discussion and Analysis (”Q4 2019 MD&A”) for the year ended December 31, 2019.

($ millions, unless otherwise noted)	Three months ended December 31,						Year ended December 31,
	2019(4)		2018(4)		2017(4)		2019(4)		2018(4)		2017(4)
Financial Summary
Fuel and petroleum product volume (million litres)	5,925		4,354		4,432		22,408		16,978		13,333
Adjusted gross profit(1)	728		587		469		2,832		1,995		1,094
Adjusted EBITDA including non-controlling interest (”NCI”)	327		285		198		1,358		887		418
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(1)	302		285		198		1,265		887		418
Supply	152		199		94		658		561		160
Canada Retail	56		78		94		283		316		231
International	73		—		—		281		—		—
Canada Commercial	33		27		28		99		93		70
USA	15		11		4		56		28		16
Corporate	(27	)	(30	)	(22	)	(112	)	(111	)	(59	)
Net earnings	186		77		49		414		206		82
Net earnings attributable to Parkland	176		77		49		382		206		82
Net earnings per share ($ per share)
Per share – basic	1.19		0.58		0.37		2.60		1.56		0.70
Per share – diluted	1.17		0.57		0.37		2.55		1.53		0.69
Distributable cash flow(2)	149		151		45		564		416		151
Per share(2)(3)	1.01		1.14		0.33		3.84		3.15		1.29
Adjusted distributable cash flow(2)	142		175		102		561		568		251
Per share(2)(3)	0.96		1.32		0.78		3.82		4.30		2.15
Dividends	44		41		39		177		159		138
Dividends declared per share outstanding	0.2985		0.2934		0.2886		1.1906		1.1704		1.1510
Dividend payout ratio(2)	30	%	27	%	89	%	31	%	38	%	91	%
Adjusted dividend payout ratio(2)	31	%	23	%	38	%	32	%	28	%	55	%
Shares outstanding (millions)	148		134		131		148		134		131
Weighted average number of common shares (million shares)	148		133		131		147		132		117
Total Funded Debt to Credit Facility EBITDA ratio(2)	2.79		2.47		2.62		2.79		2.47		2.62
Interest coverage ratio(2)	5.32		6.52		7.65		5.32		6.52		7.65
Growth capital expenditures attributable to Parkland	69		57		15		221		109		35
Maintenance capital expenditures attributable to Parkland	91		52		50		232		187		75

⁽¹⁾ Measure of segment profit. See Section 13 of the MD&A.
⁽²⁾ Non-GAAP financial measure. See Section 13 of the MD&A.
⁽³⁾ Calculated using the weighted average number of common shares.
⁽⁴⁾ 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 and 2017 comparative figures reflect the accounting standards in effect for those years. Specifically, they are not restated to reflect the impact of IFRS 16, which is allowed under the modified retrospective approach for the adoption of IFRS 16.

The following table outlines the impact of IFRS 16 on Adjusted EBITDA as reported for the year ended December 31, 2019:

	Three months ended December 31,								Year ended December 31,
($ millions)	2019						2018		2019						2018
	Adjusted EBITDA as reported		IFRS 16 Impact		Pre-IFRS 16 Amount(1)		Adjusted EBITDA as reported		Adjusted EBITDA as reported		IFRS 16 Impact		Pre-IFRS 16 Amount(1)		Adjusted EBITDA as reported
Supply	152		(10	)	142		199		658		(32	)	626		561
Canada Retail	56		(8	)	48		78		283		(26	)	257		316
Canada Commercial	33		(2	)	31		27		99		(7	)	92		93
International	73		(15	)	58		—		281		(57	)	224		—
USA	15		—		15		11		56		(2	)	54		28
Corporate	(27	)	(1	)	(28	)	(30	)	(112	)	(4	)	(116	)	(111	)
Consolidated	302		(36	)	266		285		1,265		(128	)	1,137		887

⁽¹⁾ Pre-IFRS 16 amounts are comparable to the reported information for the respective prior periods, which were calculated under IAS 17.

Formalization of Environmental, Social & Governance (”ESG”) Committee

In 2019, Parkland’s Board appointed an Environmental, Social & Governance (”ESG”) committee to carry out its governance and oversight responsibilities in relation to these matters. We also initiated a Sustainability Task Force which is comprised of cross-functional leaders that represent each of our business streams. The Sustainability Task Force is responsible for helping develop our sustainability strategy, policy and disclosure. As part of this process, we will look for innovative sustainable business opportunities to continue providing value to our customers, shareholders and communities.

2020 Adjusted EBITDA and Capital Program Guidance

Our 2020 plan targets cash flow in excess of capital expenditures. Details of our 2020 plans are below:

Guidance Metric ($ millions)
Adjusted EBITDA (1)	1,130	+/- 5%
Capital Expenditures
Growth	300
2020 Refinery Turnaround Maintenance	60
Other Maintenance	215
Total Capital Expenditures (2)	575	+/- 5%
Approximate Capital Breakdown	Total Capital Expenditures (2)
Supply	40%
Canada	35%
International	15%
USA	5%
Corporate	5%
Consolidated	100%

⁽¹⁾ the “2020 Adjusted EBITDA Guidance Range” ⁽²⁾ the “2020 Capital Program”

Our 2020 Capital Program supports our 3-5 percent organic growth target on marketing related volumes and is focused on network development, expanding digital capabilities, improving customer value proposition, enhancing our supply & logistics capability and investing in our low carbon advantage. 2020 Refinery Turnaround Maintenance capital expenditures exclude an additional $25 million of operating expenses related to the turnaround.

The 2020 Adjusted EBITDA Guidance Range and 2020 Capital Program include some other key assumptions highlighted below:

• An 8-week turnaround at the Burnaby refinery, currently underway and expected to last until the beginning of April 2020
• Refining, fuel and non-fuel margin forecasts based on our view of future market conditions which are consistent with rolling three year averages
• Includes the portion of International operations that is attributable to Parkland (75 percent)
• The low end of our 2020 Guidance Range accounts for potential adverse market conditions or interruptions to our operations, as well as the potential for lower margins than currently observable, while the high end of our 2020 Guidance Range accounts for greater than expected contributions from acquisition synergies, organic growth and higher margins than currently observable

In addition, the factors and assumptions which contribute to Parkland’s assessment of the 2020 Adjusted EBITDA Guidance Range and 2020 Capital Program are consistent with existing Parkland disclosure and such guidance is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Q4 2019 MD&A and the Annual Information Form for a description of such factors, assumptions, risks and uncertainties.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, March 6 at 6:30am MST (8:30am EST) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://event.on24.com/wcc/r/2202396/DE9374B8003A48A6DC3F09374333E802

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 95848696). International participants can call 1-587-880-2171 (toll) (Conference ID: 95848696).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q4 2019 MD&A and Q4 2019 FS provide a detailed explanation of Parkland’s operating results for the year ended December 31, 2019. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

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”, “pursue” 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, cash flow growth, run-rate synergies, fuel volume growth, business objectives, the 2020 Adjusted EBITDA Guidance Range and the 2020 Capital Program, the expected launch of the National Fueling Network, contribution of the Sol business and other previous acquisitions, strategic marketing and operational efforts to increase fuel volume, the ongoing launch of the JOURNIE™ Rewards loyalty program, U.S. growth opportunities, and supply improvement and optimization and plans and objectives of or involving Parkland.

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 law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Q4 2019 MD&A dated March 5, 2020, filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio and adjusted dividend payout ratio are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 13 of the Q4 2019 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 13 of the Q4 2019 MD&A and Note 27 of the Q4 2019 FS for a reconciliation of these measures of segment profit. Annual synergies is a forecasted annualized measure and is considered to be forward-looking information. See Section 13 of the Q4 2019 MD&A. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Sections 3 and 13 of the Q4 2019 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”). Refer to the Q4 2019 FS and Q4 2019 MD&A for reconciliations of Pre-IFRS 16 measures.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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CaribPR Wire, CALGARY, Alberta, Feb. 24, 2020: Parkland Fuel Corporation (“Parkland”) (TSX: PKI) announced today a multi-year agreement to strengthen its already extensive range of freshly prepared, high quality meal options by expanding its existing, long-standing relationship with Triple O’s restaurants.

This new and exclusive agreement builds on the success of Parkland’s existing network of convenience stores which feature Triple O’s in British Columbia. Importantly, it paves the way for more restaurants in British Columbia, as well as Triple O’s entry into new and densely populated markets in Alberta and Ontario.

“We look forward to working with Triple O’s to expand their presence in BC and launch their high-quality food brand and award-winning menu into Alberta and Ontario,” said Ian White, Parkland’s Senior Vice President of Strategic Marketing and Innovation. “As part of our organic growth strategy, our goal is to include a high-quality food offering in every new and retrofitted On the Run convenience store.”

The combination of Parkland’s powerful network of fuel brands, accompanied by Triple O’s freshly prepared, high-quality, breakfast, lunch, dinner and snack options strongly complement Parkland’s already extensive food offering and is a natural, differentiated extension to its On the Run convenience store brand.

“This is an exciting day for the Triple O’s family,” said Warren Erhart, President of White Spot Hospitality. “We have a longstanding and successful partnership with Parkland in British Columbia and look forward to expanding on this success in new markets. With consumers’ evolving needs for convenience and premium quality food, it is with great pride and passion that we are now able to share our delicious and craveable taste of Triple O’s with our signature burgers, fresh-cut Kennebec fries and hand-scooped milkshakes, to so many more Canadians. Simply put, Triple O’s offers a taste like no other!”

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). In particular, this news release contains forward-looking statements with respect to, among other things, strengthening the range of freshly prepared meal options, expanding Parkland’s relationship with Triple O’s; expansion of Triple O’s presence in British Columbia, Alberta and Ontario; including a good offering in every new and retrofitted On the Run convenience store; statements related to operational efficiency; business objectives and growth strategies.

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 law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; competitive action by other companies; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators; changes and developments in regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

About Triple O’s
Triple O’s Restaurants is a division of White Spot Hospitality, Canada’s longest-running restaurant chain since 1928. With over 60 premium quick service restaurants throughout British Columbia, Alberta and Asia, our guests can enjoy our signature burgers made with 100% fresh Canadian beef and Secret Triple “O” Sauce, fresh-cut Kennebec fries and hand-scooped milkshakes. Our restaurants offer a casual and authentic West Coast dining experience at Chevron gas stations, free-standing restaurants, sports arenas and on university and college campuses. White Spot Hospitality is proud to be recognized with the platinum status designation as one of Canada’s Best Managed Companies, one of Canada’s top 150 iconic brands as awarded by Interbrand Canada, awarded a gold medal for excellence in franchising by the Canadian Franchise Association and as one of BC’s Most Loved Brands as recognized by Ipsos. www.tripleos.com.

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CaribPR Wire, CALGARY, Alberta, Feb. 14, 2020: Parkland Fuel Corporation (“Parkland”, “We”, “Our” or “Us”) (TSX:PKI) announced today that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has completed the previously announced acquisition of the entities and assets comprising Kellerstrass Oil Company (collectively, “Kellerstrass”).

Based in Salt Lake City, Kellerstrass is a regional retail dealer and commercial fuel business with branches in Utah, Idaho and Wyoming. Please see Parkland’s press release dated January 16, 2020 for more information about this acquisition.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »