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Parkland announces plans to expand co-processing activities and build British Columbia’s largest renewable diesel complex

The environmental effect of the renewable fuels produced will equate to the permanent removal of approximately 700,000 or 25 per cent of the passenger vehicles on British Columbia’s roads

CALGARY, AB, May 9, 2022 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced plans to increase renewable fuel production at its Burnaby Refinery in British Columbia. This is one of many steps we are taking to advance our commercial decarbonization strategy and provide our customers with a portfolio of low carbon products and services to help them meet their low carbon goals. Today’s announced plans include:

  • building on our track record of innovation and leadership, by expanding our existing co-processing volumes to approximately 5,500 barrels per day, and
  • building a stand-alone renewable diesel complex, within the Burnaby Refinery capable of producing approximately 6,500 barrels per day of renewable diesel.

Renewable fuels produced through these plans will have one eighth of the carbon intensity of conventional fuels. They will reduce related greenhouse gas emissions by approximately 2 megatonnes per year. In addition, Parkland is designing the stand-alone renewable diesel complex to ensure it does not increase emissions from the Burnaby Refinery. Today’s announcement follows collaboration with the Government of British Columbia (”BC”) and supports the Government’s ambition to achieve net-zero emissions by 2050.

We currently estimate that these projects will require an investment of approximately $600 million, with the majority of capital investment expected to be deployed in 2024 and 2025. Parkland has received BC Government support for over 40 per cent of the project costs in the form of BC Low-Carbon Fuel Standard Compliance Credits.

“I applaud the Government of British Columbia for their vision and support of these innovative projects,” said Bob Espey, President & Chief Executive Officer. “This announcement advances our decarbonization strategy and our commitment to provide customers with low carbon choices which help them meet their environmental goals. Renewable fuels play a critical role in Canada’s climate ambitions by enabling customers to reduce their carbon footprint using their existing vehicle.”

“Parkland’s plans to increase our province’s renewable fuel capabilities support our Clean BC targets,” said The Hon. Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “This is a big step forward in our transition to a lower-carbon economy. Harnessing Parkland’s technical expertise and infrastructure to lower the environmental impact of our transportation is something we can be proud of. When combined with BC’s other sources of renewable power and efforts to electrify the passenger vehicle fleet, we continue to set the bar for Canada.”

These plans will have a positive impact on employment in British Columbia and are expected to directly create up to 1,000 high-quality, family sustaining jobs during the construction phase. Following stakeholder consultation, we aim to make a final investment decision in the second half of 2023, with production expected to commence in 2026. We are currently assessing the feasibility and availability of financial support to produce Sustainable Aviation Fuel (”SAF”) as part of these plans, in support of decarbonizing Canada’s aviation sector.

About Parkland

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

Forward Looking Statement

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; plans to expand our co-processing capability to approximately 5,500 barrels per day; plans to build British Columbia’s largest renewable diesel complex capable of producing approximately 6,500 barrels per day of renewable diesel; the environmental effects of the renewable fuels produced through these plans, including equating to removing approximately 700,000 or 25 per cent of the passenger vehicles on British Columbia’s roads, having one eighth of the carbon-intensity of conventional fuels, reducing related greenhouse gas emissions by approximately 2 megatonnes per year and ensuring Parkland does not increase emissions from the Burnaby Refinery; the estimated required investment for these projects and the timing of the deployment thereof; the impact of these plans on the Government’s ambition to achieve net-zero emissions by 2050 and Clean BC targets; the impact of these plans on employment and job opportunities in British Columbia; details with respect to stakeholder consultation and making a final investment decision, including the timing thereof, and expected timing of commencing production; and Parkland’s commercial decarbonization strategy and its commitment to provide customers with low carbon choices.

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: ability to execute and realize all or any of the anticipated benefits of expanding its co-processing activities and building a stand-alone renewable diesel complex; ability to fund these projects; the receipt of necessary approvals and support by third parties; general economic, market and business conditions; competitive action by other companies; 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 Revised Annual Information Form dated March 17, 2022, and “Forward-Looking Information” and “Risk Factors” included in the Q1 2022 MD&A dated May 4, 2022 and the Q4 MD&A dated March 3, 2022, 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.

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Parkland Corporation Announces the Results of the 2022 Annual General Meeting of Shareholders

CALGARY, AB, May 6, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX: PKI) held its annual general meeting of shareholders on May 5, 2022 (the “Meeting”).

Parkland Logo (CNW Group/Parkland Corporation)

The Company is pleased to announce that all ten of the nominees listed in its management information circular dated March 25, 2022 (the “Information Circular”) were elected as directors of the Corporation and PricewaterhouseCoopers LLP, Chartered Accountants, was reappointed as Parkland’s auditor at the Meeting.

The results of these votes, as well as the results for the other items of 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

69,559,297

98.29%

1,213,403

1.71%

Lisa Colnett

68,708,391

97.08%

2,064,309

2.92%

Robert Espey

70,638,802

99.81%

133,898

0.19%

Tim W. Hogarth

68,645,703

96.99%

2,126,997

3.01%

Richard Hookway

69,628,364

98.38%

1,144,336

1.62%

Angela John

70,628,630

99.80%

144,070

0.20%

Jim Pantelidis

68,409,931

96.66%

2,362,769

3.34%

Steven Richardson

67,676,971

95.63%

3,095,729

4.37%

David A. Spencer

63,034,974

89.07%

7,737,726

10.93%

Deborah Stein

67,910,704

95.96%

2,861,996

4.04%

Resolution 2

The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2022.

Votes For

70,545,377

99.24%

Votes Withheld

537,255

0.76%

Resolution 3

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

62,564,610

88.40%

Votes Against

8,208,090

11.60%

Voting results for all matters have been posted on SEDAR.

About Parkland Corporation

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the essential fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the essential fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

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Parkland delivers record quarterly results

CALGARY, AB, May 4, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), a leading international food and convenience store operator, independent supplier and marketer of fuel and petroleum products and leader in renewable energy, announced today its financial and operating results for the three months ended March 31, 2022. Highlights include:

Q1 2022 Highlights

  • Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)1 of $387 million, up 23 percent year-over-year underpinned by the impact of acquisitions, consistent operating performance, continued organic growth in our marketing business, strong supply performance and robust margins.
  • Net earnings attributable to Parkland (”net earnings”) of $55 million, or $0.36 per share, basic, an increase of 90 percent from prior year and Adjusted earnings attributable to Parkland (”Adjusted earnings”)1 of $136 million, or $0.88 per share, basic, up approximately 48 percent year-over-year.
  • Trailing twelve months (”TTM”) distributable cash flow per share1 of $4.73, an increase of approximately 9 percent relative to Q1 2021.
  • Cash used in operating activities of $48 million, compared to cash generated from operating activities of $264 million, down $312 million year-over-year, driven by a working capital outlay of $436 million related to increasing commodity prices.
  • Continued to strengthen our customer proposition with the close of the previously announced acquisitions of Crevier and M&M Food Market.
  • Fuel volumes of approximately 7 billion liters, up over 26 percent from Q1 2021, reflecting the impact of acquisitions, growing customer demand for essential fuels and ongoing economic recovery from COVID.
  • Continued to expand our ON the RUN convenience brand with 37 additional locations and attracted 300,000 new members to our JOURNIE™ Rewards loyalty program.
  • Generated $25 million of Total Renewable Adjusted EBITDA1 and accomplished a world first by co-processing tall oil to create renewable fuels at the Burnaby refinery. In addition to demonstrating our leading position in co-processing, tall oil further diversifies our bio-feedstock supply chain.

______________________________________

1

Specified Financial Measure. See “Specified Financial Measures” section of this news release.

“Our first quarter results demonstrate the strength of our strategy,” said Bob Espey President and Chief Executive Officer. “We grew our marketing business by integrating recent acquisitions and leveraging our supply advantage.”

“We continue to prioritize organic growth initiatives, integrate and capture synergies from recent acquisitions and are confident we can achieve the high end of our 2022 Adjusted EBITDA guidance,” added Espey. “I am proud of the Parkland team who are dedicated to powering our customers’ journeys and energizing the communities we serve.”

Q1 2022 Segment Highlights

To align with strategic initiatives and provide greater visibility into our operations, we have made several enhancements to our reporting disclosures. To align with USA and International segment reporting, the Canada segment now includes its respective supply, trading and wholesale activities. The Burnaby refinery results can be found in a new Refining segment. In addition, Total Renewable Adjusted EBITDA and the results of our Retail and Commercial lines of business are separately disclosed. For comparative purposes, prior period information has been restated and reclassified to conform to the presentation used in the current period.

  • Canada delivered Adjusted EBITDA2 of $191 million, up 28 percent, from Q1 2021 ($149 million). Performance was underpinned by strong margins, increasing fuel volumes, the close of our previously announced acquisitions (Crevier and M&M Food Market), and organic growth. Food and Company C-Store Same Store Sales Growth2 (”SSSG”) (excluding cigarettes) was 1.7 percent. We opened 37 new ON the RUN stores and welcomed an additional 300,000 customers to our JOURNIE™ Rewards loyalty program, bringing total members to 3.2 million.
  • International delivered Adjusted EBITDA of $82 million, up 22 percent, from Q1 2021 ($67 million). Performance was underpinned by fuel volume growth primarily driven by a recovery in tourism (aviation) and wholesale, contribution from our previously announced acquisition in St. Maarten, and supply synergies from our Isla joint venture in Dominican Republic.
  • USA delivered Adjusted EBITDA of $47 million, up 147 percent, from Q1 2021 ($19 million). Performance was underpinned by prior year acquisitions and related synergies, strong margins, higher marine fuel demand and new cruise ship contracts. Margin improvements helped mitigate the impact of inflation.
  • Refining delivered Adjusted EBITDA2 of $89 million, down 8 percent, from Q1 2021 ($97 million). Utilization3 of 92.2 percent (Q1 2021 – 91.0 percent) and a stronger margin was offset by higher operating costs.

__________________________________________

2 Specified Financial Measure. See “Specified Financial Measures” section of this news release.
3 Non-Financial Measure. See “Non-Financial Measures” section of this news release.

Sustainability Leadership

Sustainability is deeply embedded across our business. Our ‘Drive to Zero’ strategy includes our goals to achieve zero safety incidents, zero spills, zero tolerance for racism and discrimination, zero tolerance for corruption, bribery, and unethical behaviour and to help our governments achieve their goal of net-zero emissions by 2050. Notable accomplishments from the first quarter include:

  • Improving our TTM lost time injury frequency rate4 to 0.14 (Q1 2021 – 0.25) and TTM total recordable injury frequency rate4 to 1.19 (Q1 2021 – 1.22), reflecting our continued focus on safety.
  • Delivering a world first, by co-processing tall oil in a fluid catalytic cracker without pretreatment to produce renewable fuels with approximately one eighth of the carbon intensity of regular fuels (tall oil is a waste product from the pulp and paper industry).
  • Co-processing over 20 million litres of bio-feedstocks, which has the equivalent impact of taking over 16,000 cars off the road.
  • Generating $25 million of Total Renewable Adjusted EBITDA.
  • Advancing our plans to launch the largest (by site count) electric vehicle ultra-fast charger network in British Columbia, which is expected to open to customers in 2022.

___________________________________

4Non-Financial Measure. See “Non-Financial Measures” section of this news release.

Consolidated Financial Overview

($ millions, unless otherwise noted)

Three months ended March 31,

Financial Summary

2022

2021

Fuel and petroleum product volume (million litres)

6,972

5,523

Sales and operating revenue(2)

7,606

4,226

Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(4)

387

314

Canada(2)(3)(4)

191

149

International

82

67

USA(1)(3)

47

19

Refining(1)(2)(3)(4)

89

97

Corporate(3)

(22)

(18)

Net earnings (loss) attributable to Parkland

55

29

Net earnings (loss) per share – basic ($ per share)

0.36

0.19

Net earnings (loss) per share – diluted ($ per share)

0.35

0.19

Adjusted earnings (loss) attributable to Parkland (”Adjusted earnings”)(5)

136

92

Adjusted earnings (loss) per share – basic ($ per share)(5)

0.88

0.61

Adjusted earnings (loss) per share – diluted ($ per share)(5)

0.87

0.61

TTM Distributable cash flow(5)

724

646

TTM Distributable cash flow per share(5)

4.73

4.34

Dividends

49

47

Dividends per share(6)

0.3141

0.3053

Weighted average number of common shares (million shares)

155

150

Total assets

12,844

9,592

Non-current financial liabilities

6,846

4,311

(1)

The supply and trading business in the United States, formerly presented in the Supply segment (now Refining), is now included in the USA segment, reflecting a change in organizational structure in the first three months of 2021.

(2)

Certain amounts within sales and operating revenue, cost of purchases, and marketing, general and administrative were restated and reclassified to conform to the presentation used in the current period. For comparative purposes, information for the three-months ended March 31, 2021 was restated due to a change in segment presentation. The supply, wholesale and logistics businesses, formerly presented in the Supply segment, are now included in the Canada segment, reflecting a change in organizational structure in the first three months of 2022. Following the change, the Supply segment has been renamed to “Refining” as it only includes the results of the Burnaby refinery. This change better aligns Canada results with those of USA and International which carry supply businesses within their respective divisions.

(3)

Certain amounts in the comparative period were also restated and reclassified to conform to the presentation used in the current period with respect to the allocation of Corporate costs.

(4)

Total of segments measure. See “Specified Financial Measures” section of this news release.

(5)

Non-GAAP financial measure or non-GAAP financial ratio. See “Specified Financial Measures” section of this news release.

(6)

Supplementary financial measure. See “Specified Financial Measures” section of this news release.

Q1 2022 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 5, at 6:30 am MDT (8:30 am 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=1544615&tp_key=5bc5cc6104

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: 22960035). International participants can call 1-800-389-0704 (toll-free) (Conference ID: 22960035).

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 management’s discussion and analysis for the three months ended March 31, 2022 (the “Q1 2022 MD&A”) and consolidated financial statements for the three months ended March 31, 2022 (the “Q1 2022 Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three months ended March 31, 2022. 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 French version of the Q1 2022 MD&A and Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the essential fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the essential fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

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, Parkland’s ability to meet the high end of its 2022 Adjusted EBITDA guidance; Parkland’s ESG goals and targets; expected benefits and synergies to be derived from acquisitions; 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, assumptions 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, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; Parkland’s ability to achieve its goals and targets relating to its “Drive to Zero” sustainability; 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 Revised Annual Information Form dated March 17, 2022, and “Forward-Looking Information” and “Risk Factors” included in the Q1 2022 MD&A dated May 4, 2022, 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-Financial Measures

Parkland uses a number of non-financial measures, including composite utilization, TTM lost time injury frequency rate and TTM total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures 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 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and ratios and supplementary financial measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage and liquidity of the business. These specified financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings is a non-GAAP financial measure and Adjusted earnings per share is a non-GAAP financial ratio included in this news release to assist management, investors and analysts with the analysis of the core operating performance of business activities of Parkland on a consolidated level. These non-GAAP financial measures and ratios do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See section 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios. See below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share for the three months ended March 31, 2022 and March 31, 2021.

Three months ended March 31,

($ millions, unless otherwise stated)

2022

2021

Net earnings (loss) attributable to Parkland

55

29

Add: Net earnings (loss) attributable to NCI

13

7

Net earnings (loss)

68

36

Add:

Acquisition, integration and other costs

13

5

Loss on modification of long-term debt

24

(Gain) loss on foreign exchange – unrealized

6

4

(Gain) loss on risk management and other – unrealized

11

5

Other (gains) and losses(1)

72

45

Other adjusting items(2)

6

(1)

Tax normalization(3)

(26)

(18)

Adjusted earnings (loss) including NCI

150

100

Less: Adjusted earnings (loss) attributable to NCI

14

8

Adjusted earnings (loss)

136

92

Weighted average number of common shares (million shares)(4)

155

150

Weighted average number of common shares adjusted for the effects of dilution (million shares)(4)

156

152

Adjusted earnings (loss) per share ($ per share)

Basic

0.88

0.61

Diluted

0.87

0.61

(1)

Other (gains) and losses for the three months ended March 31, 2022, include the following: (i) $4 million non-cash valuation loss (2021 – $8 million non-cash valuation gain) due to the change in redemption value of Sol Put Option; (ii) $86 million non-cash valuation loss (2021 – $59 million non-cash valuation loss) due to the change in fair value of redemption options; (iii) $18 million gain (2021 – $6 million gain) in Other items. Refer to Note 12 of the Q1 2022 Consolidated Financial Statements.

(2)

Other Adjusting Items for the three months ended March 31, 2022 include the share of depreciation and income taxes for the Isla joint venture of $4 million (2021 – nil).

(3)

The tax normalization adjustment was applied to net earnings (loss) adjusting items that were considered temporary differences, such as gains and losses on asset disposals, acquisition, integration and other costs, unrealized foreign exchange gains and losses, gains and losses on risk management and other, changes in fair value of redemption options, changes in estimates of environmental provisions, and debt modifications. The tax impact was estimated using the effective tax rates applicable to jurisdictions where the related items occur.

(4)

Weighted average number of common shares are calculated in accordance with Parkland’s accounting policy contained in Note 2 of the Annual Consolidated Financial Statements.

TTM distributable cash flow is a non-GAAP financial measure and TTM distributable cash flow per share is a non-GAAP ratio. TTM distributable cash flow is a cash metric that adjusts for the impact of seasonality in Parkland’s business by removing non-cash working capital items and excludes the effect of items that are not considered representative of Parkland’s ability to generate cash flows. Such items include: (i) acquisition, integration, and other costs; (ii) turnaround maintenance capital expenditures, and; (iii) interest on leases and long-term debt, and principal payments on leases attributable to non-controlling interests. Distributable cash flow does not have any standardized meaning under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Parkland uses this non-GAAP financial measure to monitor normalized cash flows of the business by eliminating the impact of Parkland’s working capital fluctuations and expenditures used in acquisition, integration and other activities, which can vary significantly from quarter-to-quarter.

Three months ended

Trailing twelve
months ended

March 31,
2022

($ millions, unless otherwise noted)

June 30,
2021

September 30,
2021

December 31,
2021

March 31,
2022

Cash generated from (used in) operating activities(1)

322

200

118

(48)

592

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(21)

(26)

(22)

(26)

(95)

301

174

96

(74)

497

Reverse: Change in other liabilities and other assets(2)

(9)

4

8

(2)

1

Reverse: Net change in non-cash working capital(2)

22

119

148

436

725

Include: Maintenance capital expenditures attributable to Parkland

(45)

(40)

(112)

(29)

(226)

Exclude: Turnaround maintenance capital expenditures

3

8

11

Include: Proceeds on asset disposals

1

4

4

1

10

Reverse: Acquisition, integration and other costs

11

12

24

13

60

Include: Interest on leases and long-term debt

(54)

(56)

(59)

(64)

(233)

Exclude: Interest on leases and long-term debt attributable to NCI

1

1

1

1

4

Include: Payments on principal amount on leases

(33)

(36)

(38)

(37)

(144)

Exclude: Payments on principal amount on
leases attributable to NCI

4

5

5

5

19

Distributable cash flow

199

190

85

250

724

Weighted average number of common shares (million shares)

153

Distributable cash flow per share

4.73

(1)

Supplementary financial measure. See “Specified Financial Measures” section of this news release.

(2)

For comparative purposes, information for the quarter ended September 30, 2021 was restated due to a change in presentation for certain emission credits and allowances held for trading, which were formerly included in “Risk management and other” and are now included in “Inventories”.

Three months ended

Trailing twelve

months ended

March 31,
2021

($ millions, unless otherwise noted)

June 30,
2020

September 30,
2020

December 31,
2020

March 31,
2021

Cash generated from (used in) operating activities(1)(2)

629

253

(40)

264

1,106

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(15)

(24)

(20)

(23)

(82)

614

229

(60)

241

1,024

Reverse: Change in other liabilities, other assets and other instruments

(3)

27

12

(14)

22

Reverse: Net change in non-cash working capital

(425)

89

288

53

5

Include: Maintenance capital expenditures attributable to Parkland

(50)

(18)

(39)

(20)

(127)

Exclude: Turnaround maintenance capital expenditures

16

1

2

19

Include: Proceeds on asset disposals

5

2

6

5

18

Reverse: Acquisition, integration and other costs

8

9

14

5

36

Include: Interest on leases and long-term debt

(59)

(59)

(56)

(54)

(228)

Exclude: Interest on leases and long-term debt attributable to NCI(3)

1

1

1

3

Include: Payments on principal amount on leases

(35)

(40)

(35)

(35)

(145)

Exclude: Payments on principal amount on
leases attributable to NCI

5

6

4

4

19

Distributable cash flow(4)

76

247

137

186

646

Weighted average number of common shares (million shares)

149

Distributable cash flow per share

4.34

(1)

For comparative purposes, information for previous periods was restated due to a change in presentation of cash flows from (used in) operating and financing activities. Interest paid on long-term debt and leases, formerly included in “Cash generated from (used in) operating activities”, is now included in “Cash generated from (used in) financing activities”, reflecting a more relevant presentation of finance costs payments.

(2)

Supplementary financial measure. See “Specified Financial Measures” section of this news release.

(3)

Beginning September 30, 2020, interest on leases and long-term debt attributable to NCI is excluded from distributable cash flow.

(4)

Prior to March 31, 2021, distributable cash flow and the dividend payout ratio were referred to as adjusted distributable cash flow and adjusted dividend payout ratio, respectively. The previous measures were consolidated to a single primary measure representing Parkland’s ability to generate cash flows.

Food and Company C-Store SSSG refers to the period-over-period sales growth generated by retail convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions, renovations, and changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Food and Company C-Store SSSG does not have any standardized meaning under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. See below for a reconciliation of convenience store revenue of the Canada segment with the Food and C-Store Same Store Sales (”SSS”) and calculation of the Food and Company C-Store SSSG.

Three months ended March 31,

($ millions)

2022

2021

%(1)

2021

2020

%(1)

Food and Company C-Store revenue

100

92

92

89

Add:

Point-of-sale (”POS”) value of goods and services sold at Food and Company
C-Store operated by retailers and franchisees(2)

130

129

130

121

Less:

Rental and royalty income from retailers, franchisees and others(3)

(25)

(24)

(24)

(24)

Same Store revenue adjustments(4)(5) (excluding cigarettes)

(25)

(7)

(5)

(3)

Same Store Food and Company C-Store Sales

180

190

(5.5)%

193

183

5.5%

Less:

Same Store revenue adjustments(4)(5) (cigarettes)

(91)

(103)

(104)

(102)

Same Store Food and Company C-Store Sales (excluding cigarettes)

89

87

1.7%

89

81

10.2%

(1)

Percentages are calculated based on actual amounts and are impacted by rounding.

(2)

POS values used to calculate Food and Company C-Store SSSG are not a Parkland financial measure and do not form part of Parkland’s consolidated financial statements.

(3)

Includes rental income from retailers in the form of a percentage rent on Food and Company C-Store sales, royalty, franchisee fees and excludes revenues from automated teller machine, POS system licensing fees, and others.

(4)

This adjustment excludes the effects of acquisitions, opening and closing stores, temporary closures (including closures for On the Run / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models, to derive a comparable same-store metric.

(5)

Excludes sales from the businesses acquired in 2022 as these will not impact the metric until after the completion of one year of the acquisitions in 2023 as the sales or volume generated in 2022 establish the baseline for these metrics.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including dividends per share, TTM dividends and TTM cash generated from (used in) operating activities, to evaluate the success of our strategic objectives and to set variable compensation targets for employees. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance.  Adjusted EBITDA for the Canada and Refining segments and Total Renewable Adjusted EBITDA (being a summation of Canada and Refining segment renewable subsegments) are also total of segments measures. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three months ended March 31, 2022 and March 31, 2021.

Reporting segments

Canada

Refining

International

USA

Corporate

IntersegmentEliminations(3)

Consolidated

Sub-segments

Renewable

Conventional

Total

Renewable

Conventional

Total

Total Renewable

Sub-segment

Total Conventional

Sub-segment(4)

For the three months ended March 31,

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

Fuel and petroleum product volume (million litres)(1)

120

80

3,300

3,044

3,420

3,124

979

804

979

804

120

80

4,279

3,848

1,524

1,229

1,860

1,086

(811)

(720)

6,972

5,523

Sales and operating revenue

121

66

3,731

2,332

3,852

2,398

73

56

1,003

554

1,076

610

194

122

4,734

2,886

1,722

1,004

2,018

892

(878)

(557)

7,790

4,347

Sub-segment eliminations(2)

(121)

(66)

(63)

(55)

(184)

(121)

Sales and operating revenue – after eliminations

3,731

2,332

1,013

555

1,722

1,004

2,018

892

(878)

(557)

7,606

4,226

Cost of purchases

109

62

3,354

2,031

3,463

2,093

54

24

798

436

852

460

163

86

4,152

2,467

1,470

835

1,840

813

(878)

(557)

6,747

3,644

Sub-segment eliminations(2)

(121)

(66)

(63)

(55)

(184)

(121)

Cost of purchases – after eliminations

3,342

2,027

789

405

1,470

835

1,840

813

(878)

(557)

6,563

3,523

Fuel and petroleum product adjusted gross margin, before the following:

12

4

317

253

329

257

19

32

203

117

222

149

31

36

520

370

229

147

129

48

909

601

Gain (loss) on risk management and other – realized

(3)

1

(4)

(3)

(3)

(70)

(5)

(70)

(5)

(3)

1

(70)

(9)

(92)

(32)

(18)

(5)

(183)

(45)

Gain (loss) on foreign exchange – realized

1

(1)

1

(1)

2

3

2

3

1

2

2

2

3

3

4

8

9

Other adjusting items to adjusted gross margin

(2)

(2)

Fuel and petroleum product adjusted gross margin

10

5

317

248

327

253

19

32

135

115

154

147

29

37

452

363

139

118

111

43

3

2

734

563

Food, convenience and other adjusted gross margin

60

48

60

48

2

1

2

1

62

49

23

22

49

31

134

102

Total adjusted gross margin

10

5

377

296

387

301

19

32

137

116

156

148

29

37

514

412

162

140

160

74

3

2

868

665

Operating costs

1

1

149

119

150

120

2

2

61

46

63

48

3

3

210

165

40

34

84

42

337

244

Marketing, general and administrative

1

1

46

31

47

32

4

3

4

3

1

1

50

34

23

19

29

13

25

20

128

87

Share in (earnings) loss of associates and joint ventures

(5)

(2)

(5)

(2)

Other adjusting items to Adjusted EBITDA

(1)

(1)

(1)

(5)

(1)

(6)

(1)

Adjusted EBITDA including NCI

8

3

183

146

191

149

17

30

72

67

89

97

25

33

255

213

109

90

47

19

(22)

(18)

414

337

Attributable to NCI

27

23

27

23

Adjusted EBITDA attributable to Parkland (”AdjustedEBITDA”)

8

3

183

146

191

149

17

30

72

67

89

97

25

33

255

213

82

67

47

19

(22)

(18)

387

314

Add: Adjusted EBITDA attributable to NCI

27

23

Less:

Acquisition, integration and other costs

13

5

Depreciation and amortization

155

154

Finance costs

70

83

(Gain) loss on foreign exchange – unrealized

6

4

(Gain) loss on risk management and other – unrealized

11

5

Other (gains) and losses

72

45

Other adjusting items(2)

6

(1)

Income tax expense (recovery)

13

6

Net earnings (loss)

68

36

Less: Net earnings (loss) attributable to NCI

13

7

Net earnings (loss) attributable to Parkland

55

29

(1) Fuel and petroleum product volume for renewable activities only includes fuel trading volumes and does not include volumes of low-carbon intensity feedstocks used for co-processing and blending.

(2) Represents elimination of transactions between Renewable and Conventional sub-segments within Canada and Refining.

(3) Includes inter-segment sales and cost of purchases. See Note 13 of the Interim Condensed Consolidated Financial Statements.

(4) Total of Conventional sub-segment is not a financial measure used by Parkland to evaluate performance and is not a Total of segment measure under NI 52-112. It is included in the table above for the reconciliation purposes only.

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Parkland announces date of 2022 first quarter results and virtual Annual General Meeting

CALGARY, AB, April 20, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, or “our”) (TSX: PKI) expects to announce its 2022 first quarter results after markets close on Wednesday, May 4, 2022. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, May 5, 2022, 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=1544615&tp_key=5bc5cc6104

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: 22960035). International participants can call 1-800-389-0704 (toll-free) (Conference ID: 22960035).

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.caand www.sedar.com after the results are released.

Virtual Annual General Meeting

Parkland will hold its 2022 Annual General Meeting of shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Thursday, May 5, 2022, 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 available at www.parkland.ca and under Parkland’s profile at www.sedar.com.

About Parkland

Parkland’s purpose is to Power Journeys and Energize Communities. Through our portfolio of trusted and locally relevant food, convenience, retail, commercial and wholesale brands, we serve over one million customers per day across Canada, the United States, the Caribbean region and Central and South America. In addition to leveraging our supply and storage capabilities to provide the essential fuels that our diverse customers rely on, we are a leader in renewable energy and are building an Electric Vehicle (”EV”) charging network to serve growing demand for convenient charging from EV drivers in select markets and decarbonizing through renewable fuels manufacturing, compliance and carbon offsets marketing and trading.

Parkland’s proven strategy is centered around growing organically, realizing a supply advantage, acquiring prudently, and integrating successfully. We are positioned to lead through the energy transition and are focused on developing our existing business in resilient markets, further diversifying our retail business into food, convenience, and renewable energy solutions (including EV charging), and helping our commercial customers decarbonize their operations. Our strategy is enabled and underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

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Parkland delivers strong 2021 results led by record marketing performance; increases dividend and 2022 Guidance

CALGARY, AB, March 3, 2022 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI), a leading food and convenience store operator, independent supplier and marketer of fuel and petroleum products and leader in renewable energy, announced today its financial and operating results for the three months and year ended December 31, 2021, increased its 2022 Guidance and announced it is raising its annual dividend for the tenth consecutive year. Highlights include:

Q4 2021 Highlights

  • Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)1 of $260 million reflects record performance in all our marketing segments. We estimate an approximately $35 million negative impact on Adjusted EBITDA from the British Columbia floods, which required the shutdown of the Transmountain Pipeline and led to a pause in refinery processing operations.2
  • Net earnings attributable to Parkland (”net earnings”) of $23 million, or $0.15 per share, basic, a decrease of 57 percent from prior year, and Adjusted earnings attributable to Parkland (”Adjusted earnings”)3 of $55 million, or $0.36 per share, basic, up approximately 28 percent year-over-year.4

2021 Highlights

  • Adjusted EBITDA of $1.260 billion, up over 30 percent from prior year.
  • Net earnings of $97 million, or $0.64 per share, basic, up approximately 20 percent from 2020 and Adjusted earnings of $372 million, up 200 percent from 2020.
  • Trailing twelve months distributable cash flow per share3 of $4.34, up 35 percent from 2020.
  • Cash flow from operating activities of $904 million fully funded capital expenditures, dividend payments, and interest on leases and long-term debt.
  • Undertook a record number of acquisitions for attractive values with significant synergy potential; accelerating delivery of our strategy and building on our track record of prudent acquisitions.
  • Maintained strong liquidity position, with cash and cash equivalents of $284 million and unused credit facilities of $1,270 billion as at December 31, 2021. Continued to enhance financial strength by taking advantage of favourable conditions to refinance senior notes. Parkland has no debt maturities until 2026.
  • Delivered 12 percent year-over-year growth in our Canada, USA and International marketing segments.
  • Fuel and petroleum volume of 24 billion litres, up over 10 percent from 2020, reflecting the impact of acquisitions, resilient customer demand and ongoing recovery from COVID.
  • Continued to expand our ON the RUN convenience brand with 107 additional locations and grow the reach of our JOURNIE™ rewards program to 1,200 locations. Over the past year, we have almost doubled JOURNIE™ membership, from 1.5 million active members to over 2.9 million.

2022 Outlook

  • Increased 2022 Adjusted EBITDA guidance to $1.5 billion +/- 5 percent, reflecting our execution confidence and the expected close of previously announced acquisitions.
  • Increased the annual dividend by 5.3 percent to $1.300 per share and starting in the second quarter will switch to a quarterly payment schedule.

“I want to thank the Parkland team for an incredible year,” said Bob Espey President and Chief Executive Officer. “While the BC floods prevented us delivering record Adjusted EBITDA, I am proud of the way we supported impacted communities. We accelerated all aspects of our strategy in 2021 and announced a record number of acquisitions. We expanded our retail, food and loyalty business, and made significant progress on our decarbonization strategy by doubling our renewable fuel production, growing our voluntary carbon offset business and advancing our electric vehicle charging network.”

“Parkland is poised for continued growth,” added Espey. “We enter 2022 ahead of our plan to deliver $2 billion of run-rate Adjusted EBITDA by the end of 2025. We are focused on integrating and capturing synergies from the businesses we acquired, driving returns and deleveraging. Our base business and recent acquisitions are on track to deliver strong cash flow, giving us confidence to increase our dividend. Our opportunities for growth and value creation have never been greater.”

Q4 2021 Segment Highlights

  • Canada delivered Adjusted EBITDA of $117 million, up almost 5 percent, from $112 million in Q4 2020. Performance was underpinned by robust fuel and convenience margins, company C-store same-store sales growth5 (”SSSG”) of 4.7 percent (excluding cigarettes) and ongoing economic recovery. We continued to expand our ON the RUN convenience brand and successfully extended JOURNIETM Rewards across our FasGas network, and now have 2.9 million active members.
  • International delivered Adjusted EBITDA of $78 million, up over 8 percent, from $72 million in Q4 2020. Performance was underpinned by a strong base and resource business, with growing wholesale volumes. We continue to see signs of recovery in some of the larger tourism markets with others expected to reopen in 2022.
  • USA delivered Adjusted EBITDA of $41 million, up over 400 percent, from $8 million in Q4 2020. Performance was underpinned by the impact of acquisitions, synergy capture and continued organic growth initiatives. We are seeing a gradual return in cruise ship sailings in Florida and our teams continued to offset the impact of inflation.
  • Supply delivered Adjusted EBITDA of $58 million, down 28 percent, from $81 million in Q4 2020. Performance was impacted by the BC floods, which required the shutdown of the Transmountain Pipeline and led to a pause in refinery processing operations. We estimate an approximately $35 million negative impact on Adjusted EBITDA from this event. During the quarter, we also completed a minor planned maintenance turnaround. In 2021, we co-processed a record 86 million litres of bio-feedstocks which has the equivalent environmental effect of taking over 70,000 cars off the road. Full-year composite utilization6 was 84 percent driven by safe and consistent operational performance.

Parkland is a Sustainability Leader: Awarded AA ESG Rating from MSCI

Sustainability is deeply embedded across our business and through 2021, we continued to strengthen our focus on this important area. In recognition of our commitment to sustainability, we received an AA ESG Rating from Morgan Stanley Capital International (”MSCI”). This places us in the top 17 percent of index constituents. Key highlights and environmental accomplishments include:

  • Published our Sustainability Report which reflects our goal to achieve zero safety incidents, zero spills, zero tolerance for racism and discrimination, zero tolerance for corruption, bribery, and unethical behaviour and to help our governments achieve their goal of net-zero emissions by 2050. Grounded in meaningful and measurable targets, including ambitious greenhouse gas emission reduction targets, our report formalizes our enterprise-wide sustainability strategy and can be viewed by clicking this link: Parkland – Drive to Zero.
  • Extended our track record of renewable fuel leadership at the Burnaby Refinery, co-processing a record 86 million litres of bio-feedstocks. These fuels play a crucial role helping our commercial customers decarbonize their energy use. In 2021 this had the equivalent effect of taking over 70,000 cars off the road. We have more than doubled our renewable fuel production every year since 2019.
  • Committed to build British Columbia’s largest network (by site count) of Electric Vehicle (”EV”) ultra-fast chargers. Strategically located on key arterial routes between Vancouver Island and Calgary, this network will offer customers unrivalled amenity in the form of high-speed charging, premium ON the RUN convenience stores and food choices. This network is expected to open during the summer of 2022.
  • Continued to grow our carbon offset and renewable business, which plays an integral role in our sustainability strategy and in helping our customers meet their environmental commitments. With global demand for voluntary offsets increasing, we delivered significant growth and transacted carbon offset credits across various North American registries.
  • Became a signatory of the United Nations Global Compact, a voluntary initiative to support the United Nation’s Sustainable Development Goals.

Updated 2022 Guidance: Adjusted EBITDA of $1.5 billion

Reflecting confidence in our execution capability and continued growth trajectory, as well as the expected close of previously announced acquisitions, we are increasing our Adjusted EBITDA guidance previously disclosed in Parkland’s November 16, 2021 news release. Highlights include:

  • Adjusted EBITDA of $1.5 billion +/- 5 percent. This is up approximately 20 percent from 2021 results.
  • Capital expenditures (attributable to Parkland) are expected to be at the lower end of between $475 million and $575 million, comprising:
    • Growth capital expenditures7 (attributable to Parkland) of between $250 million and $300 million.
    • Maintenance capital expenditures7 (attributable to Parkland) of between $225 million and $275 million.

Consolidated Financial Overview

($ millions, unless otherwise noted)

Three months ended December 31,

Year ended December 31,

Financial Summary

2021

2020

2021

2020

Fuel and petroleum product volume (million litres)(1)

6,398

5,485

23,900

21,424

Sales and operating revenue(1)

6,286

3,506

21,468

14,011

Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(2)

260

247

1,260

967

Canada(4)

117

112

439

435

International

78

72

294

270

USA(5)

41

8

136

72

Supply(4)(5)

58

81

509

282

Corporate

(34)

(26)

(118)

(92)

Net earnings (loss) attributable to Parkland

23

53

97

82

Net earnings (loss) per share – basic ($ per share)

0.15

0.36

0.64

0.55

Net earnings (loss) per share – diluted ($ per share)

0.15

0.35

0.64

0.54

Adjusted earnings (loss) attributable to Parkland (”Adjusted earnings”)(3)

55

43

372

124

Adjusted earnings (loss) per share – basic ($ per share)(3)

0.36

0.29

2.46

0.83

Adjusted earnings (loss) per share – diluted ($ per share)(3)

0.36

0.28

2.45

0.82

TTM Distributable cash flow(3)(6)

660

480

660

480

TTM Distributable cash flow per share(3)(6)(7)

4.34

3.22

4.34

3.22

Dividends

47

47

190

184

Dividends per share(7)

0.3087

0.3036

1.2314

1.2110

Weighted average number of common shares (million shares)

153

149

151

149

Total assets

11,550

9,094

11,550

9,094

Non-current financial liabilities

6,033

4,377

6,033

4,377

(1)

Certain amounts within sales and operating revenue and fuel and petroleum product volumes were restated and reclassified to conform to the presentation used in the current period.

(2)

Measure of segment profit. See “Specified Financial Measures” section of this news release.

(3)

Non-GAAP financial measure. See “Specified Financial Measures” section of this news release.

(4)

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 2020.

(5)

For comparative purposes, information for previous periods was restated due to a change in segment presentation. The supply and trading business in the United States, formerly presented in the Supply segment, is now included in the USA segment, reflecting a change in organizational structure in 2021.

(6)

Amounts presented on a trailing-twelve-month basis (”TTM”).

(7)

Calculated based on weighted average number of shares.

Announcing a 5.3 percent annual dividend increase and adoption of quarterly payment schedule

Parkland’s annualized common share dividend will increase 5.3 percent from $1.235 to $1.300, effective with the monthly dividend payable on April 15, 2022 to shareholders of record at the close of business on March 22, 2022. Starting in the second quarter, any declared dividends will be paid on a quarterly basis, at the expected rate of $0.325 per share.

Q4 2021 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, March 4, 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=1527086&tp_key=bb26fea062

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: 33819081). International participants can call 1-587-880-2171 (toll) (Conference ID: 33819081).

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 management’s discussion and analysis for the quarter and year ended December 31, 2021 (the “Q4 2021 MD&A”) and audited consolidated financial statements for the year ended December 31, 2021 (the “Annual Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three months and year ended December 31, 2021. 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 Q4 2021 French MD&A and Annual Consolidated French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland’s purpose is to Power Journeys and Energize Communities. Through our portfolio of trusted and locally relevant food, convenience, retail, commercial and wholesale brands, we serve over one million customers per day across Canada, the United States, the Caribbean region and Central and South America. In addition to leveraging our supply and storage capabilities to provide the essential fuels that our diverse customers rely on, we are a leader in renewable energy and are building an EV charging network to serve growing demand for convenient charging from EV drivers in select markets and decarbonizing through renewable fuels manufacturing, compliance and carbon offsets marketing and trading.

Parkland’s proven strategy is centered around growing organically, realizing a supply advantage, acquiring prudently, and integrating successfully. We are positioned to lead through the energy transition and are focused on developing our existing business in resilient markets, further diversifying our retail business into food, convenience, and renewable energy solutions (including EV charging), and helping our commercial customers decarbonize their operations. Our strategy is enabled and underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

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, Parkland’s ambition to generate run-rate Adjusted EBITDA of $2 billion by 2025 and the key strategic pillars underpinning such ambition; Parkland’s 2022 guidance, including Adjusted EBITDA, growth and maintenance capital expenditure guidance; expected future dividend amounts, timing and frequency; Parkland’s ESG goals and targets, including the expected expansion of our renewables and carbon offset business; expected benefits and synergies to be derived from acquisitions, potential future acquisition opportunities, expected timing of the opening of Parkland’s electric vehicle ultra-fast charging network in British Columbia; 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, assumptions 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, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; Parkland’s ability to achieve its ESG targets; 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 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q4 2021 MD&A dated March 3, 2022, 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.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and ratios and supplementary financial measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage and liquidity of the business. These specified financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 15 of the Q4 2021 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. Please refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three month and twelve month periods ending December 31, 2020 and December 31, 2021.

Three months ended December 31,

Year ended December 31,

($ millions)

2021

2020

2021

2020

Net earnings (loss)

27

64

126

112

Add:

Acquisition, integration and other costs

24

14

52

52

Depreciation and amortization

156

144

616

609

Finance costs

86

58

323

250

(Gain) loss on foreign exchange – unrealized

6

(7)

(2)

(Gain) loss on asset disposals

(5)

1

(13)

2

(Gain) loss on risk management and other – unrealized

(11)

(11)

10

(10)

Other (gains) and losses(1)

20

(29)

203

(4)

Other adjusting items(2)

4

12

6

Income tax expense (recovery)

(22)

30

36

42

Adjusted EBITDA including NCI

285

271

1,358

1,057

Deduct: Attributable to NCI

25

24

98

90

Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)

260

247

1,260

967

(1)

Other (gains) and losses for the three months ended December 31, 2021 include the following: (i) $25 million gain (2020 – $34 million loss) due to the change in redemption value of Sol Put Option; (ii) $34 million loss (2020 – $72 million gain) due to the change in fair value of redemption options; and (iii) $11 million loss (2020 – $9 million loss) in Other items. Other (gains) and losses for the year ended December 31, 2021 include the following: (i) $87 million loss (2020 – $23 million loss) due to change in redemption value of Sol Put Option; (ii) $86 million loss (2020 – $34 million gain) due to change in fair value of redemption options; and (iii) $30 million loss (2020 – $7 million loss) in Other items. Refer to Note 22 of the Annual Consolidated Financial Statements.

(2)

Other Adjusting Items for the three months ended December 31, 2021 include the share of depreciation and income taxes for the Isla joint venture of $4 million (2020 – nil). Other Adjusting Items for the year ended December 31, 2021 include the following: (i) $1 million loss (2020 – $5 million loss) on foreign exchange on cash pooling arrangements within gain (loss) on foreign exchange – realized; (ii) an unrealized gain of nil (2020 – $9 million loss) on Intermediation Facility Derivatives within fuel and petroleum product cost of purchases; (iii) share of depreciation and income taxes from the Isla joint venture of $7 million (2020 – nil).

Non-GAAP Financial Measures and Ratios

Adjusted earnings is a non-GAAP financial measure and Adjusted earnings per share is a non-GAAP financial ratio included in this news release to assist management, investors and analysts with the analysis of the operating and financial performance and liquidity of Parkland. These non-GAAP financial measures and ratios do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See section 15 of the Q4 2021 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios. Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share for the three and twelve month periods ending December 31, 2020 and December 31, 2021.

Three months ended December 31,

Year ended December 31,

($ millions, unless otherwise stated)

2021

2020

2021

2020

Net earnings (loss)

27

64

126

112

Add:

Acquisition, integration and other costs

24

14

52

52

Loss on modification of long-term debt

18

77

3

(Gain) loss on foreign exchange – unrealized

6

(7)

(2)

(Gain) loss on asset disposals

(5)

1

(13)

2

(Gain) loss on risk management and other – unrealized

(11)

(11)

10

(10)

Other (gains) and losses(4)

20

(29)

203

(4)

Other adjusting items(1)

4

12

6

Tax normalization(2)

(13)

15

(42)

(3)

Adjusted earnings (loss) including NCI

70

54

418

156

Less: Adjusted earnings (loss) attributable to NCI

15

11

46

32

Adjusted earnings (loss)

55

43

372

124

Weighted average number of common shares (million shares)(3)

153

149

151

149

Weighted average number of common shares adjusted for the effects of
dilution (million shares)(3)

153

151

152

151

Adjusted earnings (loss) per share ($ per share)

Basic

0.36

0.29

2.46

0.83

Diluted

0.36

0.28

2.45

0.82

(1)

Other Adjusting Items for the three months ended December 31, 2021 include the share of depreciation and income taxes for the Isla joint venture of $4 million (2020 – nil). Other Adjusting Items for the year ended December 31, 2021 include the following: (i) $1 million loss (2020 – $5 million loss) on foreign exchange on cash pooling arrangements within gain (loss) on foreign exchange – realized; (ii) an unrealized gain of nil (2020 – $9 million loss) on Intermediation Facility Derivatives within fuel and petroleum product cost of purchases; (iii) share of depreciation and income taxes from the Isla joint venture of $7 million (2020 – nil).

(2)

The tax normalization adjustment was applied to net earnings (loss) adjusting items that were considered temporary differences, such as gains and losses on asset disposals, acquisition, integration and other costs, unrealized foreign exchange gains and losses, gains and losses on risk management and other, changes in fair value of redemption options, changes in estimates of environmental provisions, and debt modifications. The tax impact was estimated using the effective tax rates applicable to jurisdictions where the related items occur.

(3)

Weighted average number of common shares are calculated in accordance with Parkland’s accounting policy contained in Note 2 of the Annual Consolidated Financial Statements.

(4)

Other (gains) and losses for the three months ended December 31, 2021, include the following: (i) $25 million gain (2020 – $34 million loss) due to the change in redemption value of Sol Put Option; (ii) $34 million loss (2020 – $72 million gain) due to the change in fair value of redemption options; (iii) $11 million loss (2020 – $9 million loss) in Other items. Other (gains) and losses for the year ended December 31, 2021, include the following: (i) $87 million loss (2020 – $23 million loss) due to change in redemption value of Sol Put Option; (ii) $86 million loss (2020 – $34 million gain) due to change in fair value of redemption options; (iii) $30 million loss (2020 – $7 million loss) in Other items. Refer to Note 22 of the Annual Consolidated Financial Statements.

Distributable cash flow is a cash metric that adjusts for the impact of seasonality in Parkland’s business by removing non-cash working capital items and excludes the effect of items that are not considered representative of Parkland’s ability to generate cash flows. Such items include: (i) acquisition, integration, and other costs; (ii) turnaround maintenance capital expenditures; (iii) the change in certain risk management and other instruments, and (iv) interest on leases and long-term debt, and principal payments on leases attributable to non-controlling interests. Parkland uses this non-GAAP financial measure to monitor normalized cash flows of the business by eliminating the impact of Parkland’s working capital fluctuations and expenditures used in acquisition, integration and other activities, which can vary significantly from quarter-to-quarter. Please refer to the table below for the reconciliation of distributable cash flow to cash generated from (used in) operating activities and a calculation of distributable cash flow per share for the trailing twelve month periods ending December 31, 2020 and December 31, 2021.

Three months ended

Trailing twelve
months ended

($ millions, unless otherwise noted)

March 31,
2021

June 30,
2021

September 30,
2021

December
31, 2021

December 31,
2021

Cash generated from (used in) operating activities(2)

264

322

200

118

904

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(23)

(21)

(26)

(22)

(92)

241

301

174

96

812

Reverse: Change in other liabilities and other assets(3)

(14)

(9)

4

8

(11)

Reverse: Net change in non-cash working capital(3)

53

22

119

148

342

Include: Maintenance capital expenditures attributable to Parkland

(20)

(45)

(40)

(112)

(217)

Exclude: Turnaround maintenance capital expenditures

3

8

11

Include: Proceeds on asset disposals

5

1

4

4

14

Reverse: Acquisition, integration and other costs

5

11

12

24

52

Include: Interest on leases and long-term debt

(54)

(54)

(56)

(59)

(223)

Exclude: Interest on leases and long-term debt attributable to NCI

1

1

1

1

4

Include: Payments on principal amount on leases

(35)

(33)

(36)

(38)

(142)

Exclude: Payments on principal amount on leases attributable to NCI

4

4

5

5

18

Distributable cash flow(1)

186

199

190

85

660

Weighted average number of common shares (million shares)

152

Distributable cash flow per share

4.34

(1)

Prior to March 31, 2021, distributable cash flow was referred to as adjusted distributable cash flow.

(2)

For comparative purposes, information for previous periods was restated due to a change in presentation of cash flows from (used in) operating and financing activities. Interest paid on long-term debt and leases, formerly included in “Cash generated from (used in) operating activities”, is now included in “Cash generated from (used in) financing activities”, reflecting a more relevant presentation of finance costs payments.

(3)

For comparative purposes, information for the quarter ended September 30, 2021 was restated due to a change in presentation for certain emission credits and allowances held for trading which were formerly included in “Risk management and other” and are now included in “Inventories”.

Three months ended

Trailing twelve
months ended

($ millions, unless otherwise noted)

March 31,
2020

June 30,
2020

September 30,
2020

December 31,
2020

December 31,
2020

Cash generated from (used in) operating activities(2)

328

629

253

(40)

1,170

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(20)

(15)

(24)

(20)

(79)

308

614

229

(60)

1,091

Reverse: Change in other liabilities, other assets and other instruments

(21)

(3)

27

12

15

Reverse: Net change in non-cash working capital

(135)

(425)

89

288

(183)

Include: Maintenance capital expenditures attributable to Parkland

(118)

(50)

(18)

(39)

(225)

Exclude: Turnaround maintenance capital expenditures

55

16

1

2

74

Include: Proceeds on asset disposals

3

5

2

6

16

Reverse: Acquisition, integration and other costs

21

8

9

14

52

Include: Interest on leases and long-term debt

(59)

(59)

(59)

(56)

(233)

Exclude: Interest on leases and long-term debt attributable to NCI(3)

1

1

2

Include: Payments on principal amount on leases

(39)

(35)

(40)

(35)

(149)

Exclude: Payments on principal amount on leases attributable to NCI

5

5

6

4

20

Distributable cash flow(1)

20

76

247

137

480

Weighted average number of common shares (million shares)

149

Distributable cash flow per share

3.22

(1)

Prior to March 31, 2021, distributable cash flow was referred to as adjusted distributable cash flow.

(2)

For comparative purposes, information for previous periods was restated due to a change in presentation of cash flows from (used in) operating and financing activities. Interest paid on long-term debt and leases, formerly included in “Cash generated from (used in) operating activities”, is now included in “Cash generated from (used in) financing activities”, reflecting a more relevant presentation of finance costs payments.

(3)

Beginning September 30, 2020, interest on leases and long-term debt attributable to NCI is excluded from distributable cash flow.

Company C-Store SSSG refers to the period-over-period sales growth generated by retail convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Company C-Store SSSG does not have any standardized meaning under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Please see below for a reconciliation of convenience store revenue of the Canada segment with the C-Store same store sales (”SSS”) and calculation of the Company C-Store SSSG.

Three months ended
December 31,

Three months ended
December 31,

($ millions)

2021

2020

%

2020

2019

%

Convenience Store (”C-store”) revenue

93

95

95

91

Add:

Point-of-sale (”POS”) value of goods and services sold at C-stores
operated by retailers(3)

141

143

143

131

Less:

Rental income from retailers and others(1)(2)

(26)

(23)

(23)

(25)

Same Store revenue adjustments(4) (excluding cigarettes)

(9)

(9)

(6)

(4)

Same Store C-store Sales(5)

199

206

(3.2)%

209

193

7.8      %

Less:

Same Store revenue adjustments(4) (cigarettes)

(102)

(114)

(115)

(107)

Same Store C-Store sales (excluding cigarettes)(5)

97

92

4.7%

94

86

8.7      %

(1)

Includes rental income from retailers in the form of a percentage rent on convenience store sales.

(2)

Other excluded revenues include automated teller machine and POS system licensing fees.

(3)

POS values used to calculate Company C-Store SSSG are not a Parkland financial measure and do not form part of Parkland’s consolidated financial statements.

(4)

This adjustment excludes the effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models, to derive a comparable same-store metric.

(5)

Percentages are calculated based on unrounded numbers.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including maintenance capital expenditures and growth capital expenditures, to evaluate the success of our strategic objectives and to set variable compensation targets for employees and which are included in this news release. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See section 15 of the Q4 2021 MD&A, which is incorporated by reference into this news release, for further details on the supplementary financial measures used by Parkland.

Non-Financial Measures

In addition to specified financial measures, Parkland uses a number of non-financial measures, including composite utilization, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures 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 15 of the Q4 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

__________

1

Total of segment measure. See “Specified Financial Measures” section of this news release.

2

Estimated based on lost crude throughput and refining margins during the temporary pause in refining operations from November 22 to December 11, 2021.

3

Non-GAAP financial measure. See ” Specified Financial Measures” section of this news release.

4

See “Specified Financial Measures” section of this news release for a reconciliation of net earnings to Adjusted earnings.

5

Non-GAAP financial measure. See ” Specified Financial Measures” section of this news release.

6

Non-financial measure. See “Non-Financial Measures” section of this news release.

7

Supplementary financial measure. See “Specified Financial Measures” section of this news release.

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Parkland Announces Date of 2021 Fourth Quarter & Year-End Results

CALGARY, AB, Feb. 17, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2021 fourth quarter and year-end results after markets close on Thursday, March 3, 2022. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a.m. EST) on Friday, March 4, 2022, 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=1527086&tp_key=bb26fea062

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: 33819081). International participants may call 1-800-389-0704 (toll free) (Conference ID: 33819081).

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 Corporation

Parkland’s purpose is to Power Journeys and Energize Communities. We are a leading operator and consolidator of convenience retail and fuel marketing businesses. Through our portfolio of trusted and locally relevant convenience, retail, commercial and wholesale brands, we serve over one million customers per day across Canada, the United States, the Caribbean region and Central and South America. In addition to leveraging our supply and storage capabilities to provide the essential fuels that our diverse customers rely on, we are a leader in manufacturing low carbon fuels and are rapidly building a charging network to serve growing demand for convenient charging from electric vehicle drivers in select markets.

Parkland’s proven strategy is centered around growing organically, realizing a supply advantage, acquiring prudently, and integrating successfully. We are positioned to win through the energy transition and are focused on developing our existing business in resilient markets, further diversifying our retail business into convenience, food, and electric vehicle charging, and helping our commercial customers decarbonize their operations. Our strategy is enabled and underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

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Parkland ramps-up processing operations at the Burnaby Refinery

CALGARY, AB, Dec. 14, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), announced today, that following the restart of the Trans Mountain Pipeline (”the Pipeline”) on December 5, 2021, it is ramping-up processing operations at the Burnaby Refinery (the “Refinery”). The Pipeline is the primary source of crude oil feedstock to the refinery.

“Having maintained the refinery in ready-mode and following delivery of sufficient, consistent quality crude oil feedstocks via the pipeline, we are ramping-up processing operations,” said Ryan Krogmeier, SVP Supply, Trading and Refining. “I am proud of the Parkland team. Throughout the pause in processing operations, we played a critical role importing essential fuels into our British Columbia terminals, from where they were stored and distributed to our customers across the lower mainland and Vancouver Island.”

“We are grateful to Parkland and the team at the Burnaby Refinery for ensuring British Columbians in the Lower Mainland and on Vancouver Island continued to enjoy reliable access to the fuels they depend on over the past several weeks,” said The Hon. Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “During times of crisis we are reminded of the value of partnership between our communities and the essential businesses that support them.”

Refinery Operational Status and Guidance
The shutdown of the Pipeline, on November 14, 2021, resulted in a lack of available crude oil feedstocks into the Burnaby Refinery. As a direct result, processing operations were significantly reduced from November 15, 2021, paused between November 22, 2021 and December 10, 2021, and began to ramp-up from December 11, 2021.

Primarily driven by the pipeline shutdown and pending the continued successful ramp-up of processing operations, we now expect 2021 Adjusted EBITDA (attributable to Parkland) will be close to the midpoint of our guidance of $1.25 billion.

Parkland remains confident in its 2022 guidance and reaffirms our previously disclosed Adjusted EBITDA (attributable to Parkland) of $1.45 billion +/- 5 percent. This is up approximately 16 percent from 2021 guidance, and approximately 50 percent from 2020.

About Parkland Corporation
Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. 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”). 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 2021 and 2022 Adjusted EBITDA 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, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to reduce GHG in its refining and marketing business, Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; 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 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, 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.

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Parkland Announces Normal Course Issuer Bid

CALGARY, AB, Nov. 29, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, “our”, or “the Company”) (TSX: PKI) announced today that the Toronto Stock Exchange (”TSX”) has accepted the Company’s notice of intention to implement a normal course issuer bid (the “NCIB”) during the 12-month period commencing December 1, 2021 and ending November 30, 2022.

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On November 25, 2021, Parkland had 152,457,236 common shares issued and outstanding. Under the NCIB, a maximum of 15,091,885 common shares (representing 10% of the public float of common shares as of November 25, 2021) may be repurchased by Parkland in open market transactions on the TSX during the 12-month period commencing December 1, 2021 and ending November 30, 2022.

“In the right conditions, and in addition to our regular monthly dividend, the NCIB will provide optionality to return additional capital to shareholders,” said Bob Espey, President and Chief Executive Officer. “We will continue to exercise strict capital discipline, and the decision to repurchase Parkland shares will be evaluated against our other investment opportunities and leverage guidelines. We are focused on creating long-term shareholder value, and only our most accretive opportunities will secure capital.”

The NCIB is intended to augment Parkland’s ongoing return of capital to shareholders through dividends. Parkland believes that the market price of its common shares may not, from time to time, accurately reflect their underlying value. Accordingly, purchasing its own common shares for cancellation under the NCIB may represent an attractive investment opportunity to enhance shareholder value.

The common shares will be purchased through the facilities of the TSX and/or alternative trading systems in Canada at the prevailing market price at the time of purchase. All common shares purchased under the NCIB will be cancelled. In accordance with the rules of the TSX, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the NCIB are limited to a maximum of 94,920 common shares, which represents 25% of the average daily trading volume on the TSX of 379,683 for the six months ended October 31, 2021. The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Parkland. There can be no assurance as to the precise number of common shares that will be purchased under the NCIB, if any. Parkland may discontinue purchases under the NCIB at any time, subject to compliance with applicable regulatory requirements.

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 NCIB, potential purchases of common shares under the NCIB, returning additional capital to shareholders and future accretive investment opportunities.

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, assumptions and uncertainties including, but not limited to, the failure to obtain approval of the NCIB from the TSX, failure to realize the anticipated benefits of the NCIB, a failure to execute purchases under the NCIB,  general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; 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 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, 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.

About Parkland Parkland is a leading independent convenience store operator and supplier, marketer and retailer of fuel and petroleum products. Parkland serves 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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Parkland Announces Closing of Senior Unsecured Notes Offering

CALGARY, AB, Nov. 23, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”) (TSX: PKI) announced today the closing of its previously announced private offering (the “Offering”) of US$800 million aggregate principal amount of 4.625% senior unsecured notes due 2030 (the “notes”).

Parkland will use the net proceeds of the Offering to redeem all of the outstanding $300 million aggregate principal amount of its 6.500% senior notes with a final maturity date of January 21, 2027 (the “6.5% Senior Notes”) and to repay the drawings under its revolving bank credit facility (the “Revolving Facility”), with the remainder to be used for general corporate purposes. Amounts repaid under the Revolving Facility may be redrawn, subject to the terms of the Revolving Facility, for general corporate purposes including acquisitions and capital spending.

The notes were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of these notes, except as required by law, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful.

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 “may”, “to be”, “will” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to the use of proceeds from the Offering, the redemption of the 6.5% Senior Notes, the repayment of amounts outstanding under the Revolving Facility and the re-drawing of such amounts.

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 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in the management’s discussion and analysis for the quarter ended September 30, 2021, dated November 2, 2021, which are filed on SEDAR and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. 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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Parkland initiates steps to pause refinery processing operations in response to ongoing Trans Mountain Pipeline shut down

CALGARY, AB, Nov. 22, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), announced today, that in response to the ongoing crisis in British Columbia that resulted in the shutdown of the Trans Mountain Pipeline on November 14, it has initiated steps to pause refinery processing operations at the Burnaby Refinery (”the refinery”) and maintain the refinery in ready-mode. The Trans Mountain Pipeline is the primary source of crude oil feedstock to the refinery.

“Due to a lack of crude oil supply from the Trans Mountain Pipeline, we are maintaining the refinery in ready-mode,” said Ryan Krogmeier, SVP Supply, Trading and Refining. “Ready-mode, is a state of operational readiness which positions us to recommence processing once sufficient crude oil feedstocks become available.”

While the refinery’s processing operations are being paused, its blending, shipping, terminal, and rack activities remain operational. This enables available fuels to be offloaded from ships and rail directly into the refinery, from where they can be stored and distributed across the lower mainland and Vancouver Island.

“We are focused on serving our customers and communities,” added Krogmeier. “Our teams are working tirelessly to source and import available refined fuels. By leveraging our supply capabilities and infrastructure at the refinery, we are confident in our ability to keep our retail and commercial locations supplied with fuel.”

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. 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”). When used in this news release the words “expect”, “will”, “continue”, “confident” 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: recommencing processing at the Burnaby refinery, importing refined fuels and supplying our retail and commercial locations.

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 effects of the COVID-19 pandemic on economic, market and business conditions; 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 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, 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.

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Parkland’s strategy to drive sustainable growth through the energy transition

CALGARY, AB, Nov. 16, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI), a leading convenience retailer, fuel marketer and consolidator, introduced today its refreshed strategy to drive sustainable growth and released its Sustainability Report which includes ambitious greenhouse gas emission reduction targets. Parkland will host its 2021 Investor Day later today, where its executive team will outline the company’s continued growth and energy transition plans.

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“Parkland’s proven business model and resilient base business is uniquely positioned to capture high growth opportunities through the energy transition,” said Bob Espey, President and Chief Executive Officer. “We are focused on meeting the evolving needs of our retail customers who are seeking convenience destinations which include high-quality food offers at all times of the day. Furthermore, we are well positioned to partner with our commercial customers to help them decarbonize their operations. We expect our strategy to deliver significant near-term value, sustainable per share returns, and position our business for long-term success.”

During today’s Investor Day, Parkland’s executive team will discuss:

The tremendous opportunity we see through the energy transition. We believe the decarbonization of society is inevitable, but expect it will look different in each channel and region we operate. Our refreshed strategy leverages our existing business which has a long, profitable future, and will generate strong returns and cash flow to enable investment in energy transition opportunities. Underpinned by the strong fundamentals in convenience and food, renewable fuels, and emerging demand for electric vehicle charging, we will meaningfully shift our capital allocation toward these high-return opportunities. Highlights include:

  • Developing our existing business; our business model is underpinned by strong market fundamentals, and a track record of delivery through organic growth, acquiring and integrating quality businesses, and capturing supply chain cost advantages. We will continue to consolidate high-quality assets in markets where we expect long-lasting customer demand, seizing opportunities to create additional value and position the business to transition in the future.
  • Diversifying our retail business; our retail sites of the future will look different. We will build on our existing capabilities to create convenience destinations, with high-quality stores and significantly expanded all-day-dining food offerings. In addition, we will launch standalone ON the RUN conveniences stores, and enhance our digital capabilities in support of ON the RUN, food, and electric vehicle charging, where we see demand.
  • Helping our customers Decarbonize; we will leverage our existing capabilities in supply, trading and refining to provide our commercial customers with a portfolio of low carbon products and services. This includes almost tripling our co-processing volumes by 2025 to over 300 million liters. Our ambition is to deliver 1MT of annual greenhouse gas (”GHG”) emissions reductions, equivalent to making approximately 350,000 vehicles zero emission.

2022 Guidance

Parkland targets continued growth in 2022. Highlights include:

  • Adjusted EBITDA (attributable to Parkland) of $1.45 billion +/- 5 percent. This is up approximately 16 percent from 2021 guidance, and approximately 50 percent from 2020.
  • Capital expenditures (attributable to Parkland) of between $475 million and $575 million, comprised of:
    • Growth capital expenditures (attributable to Parkland) of between $250 million and $300 million.
    • Maintenance capital expenditures (attributable to Parkland) of between $225 million and $275 million.

Parkland Publishes Sustainability Report: ‘Drive to Zero’

This morning, we published our latest Sustainability Report. Titled ‘Drive to Zero’, it reflects our goal to achieve zero safety incidents, zero spills, zero tolerance for racism and discrimination, zero tolerance for corruption, bribery, and unethical behaviour and to help our governments achieve their goal of net-zero emissions by 2050. Grounded in meaningful and measurable targets, our report formalizes our enterprise-wide sustainability strategy. Key commitments include:

  • Additional ESG performance measures incorporated into executive compensation by 2022
  • Conduct proactive sustainability assessments for all acquisitions starting in 2022
  • Reduce our customers’ GHG emissions by 1MT through low-carbon fuel production by 2026
  • Reduce GHG emissions from our marketing businesses by 40 percent per site by 2030
  • Reduce GHG emissions from our refining business by 15 percent per barrel processed by 2030

Parkland’s Sustainability Report can be viewed here: https://www.parkland.ca/en/sustainability/overview

Investor Day Webcast Details

The Investor Day presentation will be webcast, with video, beginning at 9 a.m. Eastern Time (7 a.m. Mountain Time) on November 16, 2021. For analysts and investors who have already registered to attend in person, or remotely, we look forward to your participation.

Analysts and Investors who have not yet registered, but wish to attend remotely, are encouraged to email  parklandinvestorday@humancontact.com. Analysts and Investors who have not yet registered, but wish to attend in-person, are encouraged to email Melanie Evans at melanie.evans@parkland.ca.

Parkland’s Investor Day presentation is available online at https://www.parkland.ca/en/investors/presentations-webcasts. The video webcast of the presentation will be available for replay from November 18, 2021 using the same link.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. 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”). 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, Parkland’s ambition to achieve $2 billion run-rate Adjusted EBITDA by the end of 2025, 2022 Adjusted EBITDA and capital expenditure (growth and maintenance) guidance, strategies for developing our existing business and diversifying our retail business, launching standalone On the Run locations, tripling our co-processing volumes by 2025 to over 300 million liters, deliver 1MT of annual emissions reductions, reduce GHG emissions from our marketing businesses by 40 percent per site by 2030, Reduce GHG emissions from our refining business by 15 percent per barrel processed by 2030, 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, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to reduce GHG in its refining and marketing business, Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; 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 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, 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 and other financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Adjusted EBITDA is a non-GAAP financial measure and does not have a standardized meanings prescribed by IFRS and may not be comparable to similar financial measures used by other issuers. 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 14 of the Q3 2021 MD&A for a discussion of non-GAAP measures, the reasons Parkland considers it appropriate for supplemental analysis and their reconciliations to the nearest applicable IFRS measure. 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.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as growth and maintenance capital expenditures, 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 14 of the Q3 2021 MD&A for further details.

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Parkland strengthens retail convenience network and supply advantage with acquisition in its growing Pacific Northwest region

CALGARY, AB, Nov. 11, 2021 /PRNewswire-HISPANIC PR WIRE/ – 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 substantially all of the assets of Lynch Oil and certain of its affiliates (collectively, “Lynch”). This acquisition strengthens our growth platform across the Pacific Northwest and complements our existing retail, commercial and wholesale businesses in Idaho.

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“This acquisition advances our strategy by strengthening our retail convenience network and supply advantage in a growing market where we already have a significant presence,” said Doug Haugh, President of Parkland USA. “We are excited to welcome the Lynch team to Parkland and look forward to growing our customer base and providing them with the quality products and exceptional service they expect.”

Family owned and operated since 1923, Lynch’s operations are concentrated in southern and central Idaho.  This acquisition adds annual fuel sales of over 180 million litres and includes five large-format convenience stores and forecourts, two travel centers, two stand-alone car washes, and a rail storage terminal. Gross profit from the acquired assets is split roughly 60 percent retail, convenience, carwash and non-fuel, and 40 percent commercial and wholesale.

90 percent of the transaction consideration will be funded out of existing credit facility capacity, and the remaining 10 percent with Parkland common shares issued from treasury. The transaction is expected to close in the fourth quarter of 2021.

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 Lynch and the timing thereof; expected benefits of the acquisition, increasing retail and convenience presence in the market, potential supply advantage resulting from the transaction, consolidation opportunities for Parkland, the expected gross profit split amongst the segments of the business, 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, including approval by the U.S. Federal Trade Commission and Department of Justice; failure to realize all or any of 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 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, 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.

About Parkland

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. 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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Parkland Announces Pricing of US$800 Million Offering of Senior Unsecured Notes

CALGARY, AB, Nov. 9, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced today that it has priced its previously announced private offering of senior unsecured notes, and increased the aggregate principal amount of notes to be offered thereunder from US$500 million to US$800 million (the “Offering”). The notes will bear interest at 4.625% per annum and have a maturity date of May 1, 2030. Closing of the Offering is expected to occur on or about November 23, 2021.

Parkland Logo

Parkland intends to use the net proceeds of the Offering to redeem all of the outstanding $300 million aggregate principal amount of its 6.5% Senior Notes (the “6.5% Senior Notes”) with a final maturity date of January 21, 2027 and to repay the drawings under its revolving bank credit facility, with the remainder to be used for general corporate purposes, including acquisitions and capital spending. Amounts repaid under the revolving bank credit facility may be redrawn for general corporate purposes, including acquisitions and capital spending. The redemption date for the 6.5% Senior Notes will be December 8, 2021 and the redemption is conditional on the closing of the Offering.

The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may be offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

Certain information included herein is forward-looking. Many of these forward looking statements can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, “objective” or similar words and include, but are not limited to, statements regarding the use of proceeds of the Offering, the timing and successful completion of the Offering and statements regarding the redemption of the 6.5% Senior Notes. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this press release. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. Such factors include, but are not limited to, risks associated with: closing of the Offering and effecting the redemption of the 6.5% Senior Notes since it is conditional on closing of the Offering; failure to obtain any necessary consents and approvals required to complete the Offering; failure to complete the Offering and redemption; and general economic, market and business conditions; and other factors, many of which are beyond the control of Parkland.  There is a specific risk that Parkland may be unable to complete the Offering and the redemption in the manner described in this press release or at all. If Parkland is unable to complete the Offering and/or redemption, there could be a material adverse impact on Parkland and on the value of its securities.  See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca.

Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. 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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Parkland Announces US$500 Million Offering of Senior Unsecured Notes

CALGARY, AB, Nov. 8, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced today that, subject to market and other conditions, it plans to commence a private offering of US$500 million aggregate principal amount of senior unsecured notes due 2030 (the “Offering”).

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Parkland intends to use the net proceeds of the Offering, if completed, to redeem all of the outstanding $300 million aggregate principal amount of its 6.5% Senior Notes (the “6.5% Senior Notes”) with a final maturity date of January 21, 2027 and to repay a portion of the drawings under its revolving bank credit facility. Amounts repaid may be redrawn for general corporate purposes, including acquisitions and capital spending.  A redemption notice will be delivered by Parkland today for the 6.5% Senior Notes, and the redemption will be conditional on the completion of the Offering.

The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may be offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful. This announcement does not constitute a notice of redemption with respect to the 6.5% Senior Notes.

Forward-Looking Statements

Certain information included herein is forward-looking. Many of these forward looking statements can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, “objective” or similar words and include, but are not limited to, statements regarding the size and terms of the Offering, whether the Offering will proceed, the use of proceeds of the Offering, the timing and successful completion of the Offering and statements regarding the redemption of the 6.5% Senior Notes. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this press release. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. Such factors include, but are not limited to, risks associated with: closing of the Offering and effecting the redemption of the 6.5% Senior Notes since it is conditional on closing of the Offering; failure to obtain any necessary consents and approvals required to complete the Offering; failure to complete the Offering and redemption; and general economic, market and business conditions; and other factors, many of which are beyond the control of Parkland.  There is a specific risk that Parkland may be unable to complete the Offering and the redemption in the manner described in this press release or at all. If Parkland is unable to complete the Offering and/or redemption, there could be a material adverse impact on Parkland and on the value of its securities.  See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca.

Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. 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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Parkland grows U.S. retail business by over 90 percent with acquisition in the rapidly growing South Florida region

CALGARY, AB, Nov. 3, 2021 /PRNewswire-HISPANIC PR WIRE/ – 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 substantially all of the assets of Urbieta Oil Co. and certain of its affiliates (collectively, “Urbieta”). This acquisition complements Parkland’s existing Florida commercial business by establishing a large retail and convenience growth platform with high quality real estate in Miami.

Parkland Logo

“This acquisition advances our growth strategy to increase our convenience retail presence in a region where we have had success with fuel supply and commercial operations,” said Doug Haugh, President of Parkland USA. “Adding the Urbieta stores nearly doubles our U.S. retail business, provides immediate scale in a resilient, fast-growing market, and creates opportunity to meet customers’ needs through our ON the RUN convenience brand”.

Family owned and operated since 1974, Urbieta is a well-established retail, convenience, and fuel distribution business with 2020 annual fuel sales of approximately 465 million litres. Urbieta’s operations are concentrated in the Miami market. The transaction includes 94 retail locations including the real estate purchase of 54 strategic sites.

“In addition to adding an exceptional team, this acquisition provides a springboard for growth in the Southern Florida market with close proximity to our Caribbean business,” added Haugh. “The fragmented U.S. market presents a long runway of consolidation opportunities for Parkland to build scale, and better serve our customers. We will remain disciplined in our appraisal of the opportunities we see in front of us.”

The valuation metrics of this transaction reflect Urbieta’s scale, significant retail weighting and the purchase of strategic real estate. Gross profit from the acquired assets is split approximately 85 percent retail and 15 percent commercial and wholesale operations. 90 percent of the transaction consideration will be funded out of existing credit facility capacity, and the remaining 10 percent with Parkland common shares issued from treasury. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2021.

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 Urbieta and the timing thereof; expected benefits of the acquisition, increasing retail and convenience presence in the market, Parkland’s ability to add value to the acquired network through its expanded ON the RUN brand, consolidation opportunities for Parkland, the expected gross profit split amongst the segments of the business, 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, including approval by the U.S. Federal Trade Commission and Department of Justice; failure to realize all or any of 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 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, 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.

About Parkland

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. 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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Parkland appoints Angela John and Richard Hookway to its Board of Directors

CaribPR Wire, CALGARY, Alberta, Aug. 05, 2021: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) today announced the appointment of Angela John and Richard Hookway to Parkland’s Board of Directors (the “Board”), effective today.

“We are delighted to welcome Angela and Richard to our Board of Directors,” said Jim Pantelidis, Chairman of the Board. “Collectively, they bring extensive global experience in supply, low carbon technologies and in creating value across the entire downstream value chain. We expect our Board and Parkland’s shareholders will benefit greatly from their contributions.”

Angela John currently serves as Director, New Energy Ventures with Williams where she develops and implements clean energy strategies for renewables, emerging technologies, and carbon markets. Previously, Angela spent 27 years with BP including 19 years in the global supply and trading organization focusing on renewable fuels and energy markets. She held a variety of leadership roles, including Senior Vice President Marketing and Origination and Vice President Marketing and Supply. Angela has a Master of Business Administration from Northwestern’s Kellogg School of Management and a Bachelor of Science in Chemical Engineering from the University of Houston.

Richard Hookway is a highly experienced executive and Board Director who is currently a non-executive member of the Supervisory Board at Royal Vopak N.V. Previously, Richard was Chief Executive Officer of the global business division of Centrica plc, and an executive member of the Centrica plc Board. In addition, Richard spent 35 years with BP in a variety of global leadership roles including Chief Executive Officer of their Natural Gas Liquids and Commercial and Industrial businesses, and Chief Financial Officer for their Downstream and Petrochemical businesses. Richard has a Master of Science in Management from Stanford University and a Bachelor of Science in Mathematics from the University of Manchester.

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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Parkland Corporation Announces Date of 2021 Second Quarter Results

CaribPR Wire, CALGARY, Alberta, July 22, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2021 second quarter results after markets close on Thursday, August 5, 2021. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Friday, August 6, 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=1481382&tp_key=85182819cb

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: 18980971). International participants can call 1-587-880-2171 (toll) (Conference ID: 18980971).

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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Parkland advances its track record of energy transition leadership in British Columbia; announces BC’s largest EV ultra-fast charging network

CaribPR Wire, CALGARY, Alberta, June 21, 2021: Parkland Corporation (“Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce plans to launch the largest network (by site count) of Electric Vehicle (“EV”) ultra-fast chargers in British Columbia (“BC”), Canada. Strategically located on major highways and in key cities and towns across Parkland’s extensive retail portfolio, this network of approximately 25 high-quality sites will stretch from Vancouver Island to Calgary and is expected to open to customers in 2022.

“Parkland’s purpose is to power journeys and energize communities and for over 50 years we have served our customers’ evolving energy and convenience needs,” said Bob Espey, President and Chief Executive Officer. “Coupled with our track record of renewable fuel manufacturing, our ultra-fast charging network is one of many disciplined, focused investments we are making as part of our approach to energy transition.”

“We are committed to meeting customer demand and learning about customer preferences in emerging EV markets,” added Donna Sanker, President Parkland Canada. “While adoption is in its early phases, BC leads the way in North America, making this province a natural, scalable step for our EV charging network. Our BC retail portfolio covers major population centres and highway corridors and includes our high-quality convenience stores and exclusive Triple O’s food offering. Collectively, these create convenience destinations where customers can shop, eat and use complimentary wi-fi while they charge their vehicles.”

Helping customers make the most of every stop
We will install, own, and operate up to 100 EV ultra-fast charging ports at approximately 25 of our existing retail locations. The charging ports will be branded ON the RUN to connect with our well-established convenience store brand at our retail sites. Highlights will include:

  • Network Coverage: Strategically located on highways and in major destinations including Victoria, Nanaimo, Vancouver, Whistler, Abbotsford, Kelowna, Penticton, Kamloops, Revelstoke and into Calgary.
  • Ultra-fast Charging: Delivering up to a 150-kilowatt charge, Parkland’s ON the RUN ultra-fast chargers will be capable of delivering up to an 80 percent charge to most EV’s in approximately 20 minutes.
  • Customer Amenities and Convenience: Vast majority of locations will feature an ON the RUN convenience store, Triple O’s restaurant and complimentary wi-fi, enabling customers to make the most of every stop.
  • Maximum Compatibility: ON the RUN ultra-fast chargers will be compatible with most popular EV models.

Advancing our track record of energy transition leadership
The addition of an EV ultra-fast charging network in BC which connects to Calgary is a natural and scalable extension to how we power our customers’ journeys. In parallel, and as part of our broader energy transition activities, we will continue to focus on our leading renewable fuel manufacturing capabilities in BC. We look forward to providing more details of our energy transition strategy through 2021 and at our November Investor Day.

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 plans to launch a network of EV fast chargers in BC; the expected geography of Parkland’s EV charging network; the branding of Parkland’s planned EV charging network; technical capability of the EV network, including amount of charge, time to charge and compatibility with the market of EVs; and Parkland’s focus on renewable fuel manufacturing capabilities in BC.

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; the ability of suppliers to meet commitments; Parkland’s ability to negotiate the required right of way’s in order to install the EV chargers; unexpected delays that affect Parkland’s ability to achieve its targets in this press release; actions by governmental authorities and other regulators; changes and developments in regulations; ability to obtain required government or regulatory approval; 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 and annual 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.

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Parkland announces date of 2021 first quarter results and virtual Annual General Meeting

CaribPR Wire, CALGARY, Alberta, April 15, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2021 first quarter results after markets close on Monday, May 3, 2021. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Tuesday, May 4, 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=1450915&tp_key=c49f8f1250

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: 83343797).

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
Parkland will hold its 2021 Annual General Meeting of shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Tuesday, May 4, 2021, 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 available at www.parkland.ca and under Parkland’s profile at www.sedar.com.

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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Parkland Announces Closing of Senior Unsecured Notes Offering

CaribPR Wire, CALGARY, Alberta, April 13, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) announced today the closing of its previously announced private offering (the “offering”) of US$800 million aggregate principal amount of 4.500% senior unsecured notes due 2029 (the “notes”).

Parkland will use the net proceeds of the offering to redeem all of its 6.000% senior notes due 2026 in the aggregate principal amount of US$500 million, to redeem the remaining C$200 million of its 5.625% senior notes due 2025 in the aggregate principal amount of C$500 million not already called for redemption and repay certain amounts outstanding under its revolving bank credit facility.

The notes were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and offered and sold outside the United States to a non-U.S. person pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of these notes, except as required by law, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful. This news release is neither an offer to purchase nor a solicitation of an offer to sell any of the 6.000% senior notes due 2026 or the 5.625% senior notes due 2025 and this press release shall not constitute a notice of redemption in respect therefor.

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 “may”, “will”, “would” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to the use of proceeds from the offering, the redemption of the 6.000% senior notes and the 5.625% senior notes and the repayment of certain amounts outstanding under Parkland’s revolving bank credit facility.

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 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in the management’s discussion and analysis for the year ended December 31, 2020, dated March 4, 2021, 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 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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