Parkland will vigorously defend the interests of all shareholders while remaining open to continued negotiations to resolve differences with SOL

CALGARY, AB, Aug. 13, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) is surprised and disappointed by the application initiated by Simpson Oil Limited (”SOL”) today in the midst of Parkland’s ongoing, good faith efforts aimed at resolving its differences with SOL. The Company firmly rejects any characterization by SOL that the routine turnover in the management team over the past five years resulted in a material adverse change that would relieve SOL of any of its obligations under the Governance Agreement. This desperate legal maneuvering is without precedent.

“Parkland has worked tirelessly to resolve differences with SOL whose latest actions indicate they are seeking greater influence over our Board than we believe is in the best interests of all our shareholders,” said Michael Jennings, Chairman of Parkland’s Board of Directors.

“Parkland’s Board and Management are aligned in defending the Company’s rights and the interests of all its shareholders,” added Jennings. “We continue to remain open to a constructive resolution with SOL. We are ready to reengage with SOL at any time and are committed to reaching a resolution that maximizes shareholder value, ensures good governance practices, and protects the rights and interests of all our shareholders.”

Ongoing Efforts to Reach Amicable Resolution

Parkland has worked to resolve differences with SOL, aiming to enhance investor confidence and maximize value for all shareholders. The Company has made significant strides on several matters of concern to SOL, including the transition to our new Chairman Michael Jennings, and ongoing Board renewal, with three recent new Director appointments.

To find resolution with SOL, Parkland remains willing to sunset the 2019 Governance Agreement and reappoint two SOL nominees to the board, in order to allow Parkland to continue to execute its strategy without disruption.

Despite these latest disruptions, Parkland and its management team remain committed to delivering shareholder value by executing its strategic plan focused on organic growth, improving returns, debt reduction, and doubling cash flow per share.

Background on the Governance Agreement

The Governance Agreement was entered into freely by SOL on January 8, 2019, as part of the transaction where Parkland acquired 75 percent of SOL Investment, resulting in SOL becoming a significant shareholder of Parkland.

Governance agreements are a common instrument, where a transaction creates a significant shareholder, designed to assure certainty and stability to the company and help protect the rights of all other shareholders.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and 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 “aim”, “continue”, “focus”, “will”, “would” 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 execution of Parkland’s corporate strategy, Parkland’s strategic plan and the focus thereof, Parkland’s contractual rights and the enforcement of such rights, including the terms of the Governance Agreement, Parkland’s plan to focus on organic growth, improving returns, debt reduction, and doubling cash flow per share, and Parkland’s Customer Advantage and Supply Advantage.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland’s ability to execute its business strategy; action by other companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

CALGARY, AB, July 17, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2024 second quarter results after markets close on Wednesday, July 31, 2024. A conference call and webcast will then be held at 6:30 a.m. MT (8:30 a.m. ET) on Thursday, August 1, 2024, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/gaV9np4n75j

Analysts and 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: 41672249). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 41672249).

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 www.sedarplus.ca after the results are released.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing, and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

Aqualectra and Wärtsilä representatives celebrate the order of a 25 MW / 25 MWh Battery Energy Storage System (BESS) to the Caribbean island of Curaҫao

From left to right: Rudolf Garmes, Joseph Everon, Reagan Celestijn, Marc Tarbox, Tganni Louisy, Neysa Isenia, Vianney Muzo, Staffan Nygard, Mathias West, Christoffer Ek, Edul Raphaela, Granger Jahnastasio.

CARIBPR WIRE, WILLEMSTAD, Curaçao, May 20, 2024: Technology group Wärtsilä will supply the Caribbean island of Curaҫao with a 25 MW / 25 MWh Battery Energy Storage System (BESS). The system will enable the expansion of renewable energy capacity and the reduction of carbon emissions, representing an important step towards a sustainable energy future for the island. The order was placed by Aqualectra, Curacao’s government owned utilities company, and will be booked by Wärtsilä in Q2, 2024.

The BESS and the GEMS Digital Energy Platform will provide grid stability and reliability, reduce unserved energy and help mitigate the risk of brownouts and blackouts. In addition, the BESS system will allow Aqualectra to expand their renewables’ vision thus allowing more renewable generation in the power system. The BESS system will also help smooth the intermittency of renewables.

“Aqualectra’s strategic objective is to provide the community with affordable, sustainable, and reliable electricity. The Wärtsilä solution will support all these objectives through reducing generation costs, enabling the integration of renewables, and decreasing CO2 emissions, while providing high reliability,” comments Joseph Everon, Advisor to the CTO at Aqualectra.

The order with Wärtsilä follows a detailed modelling of the power system to determine the best way forward.

“The BESS and GEMS provide the reserves needed to improve asset loading, and therefore efficiency, availability of energy, grid stability and reliability. Wärtsilä’s leading technologies and our capabilities of lifecycle services will support Aqualectra’s vision of a sustainable energy future. We are pleased to continue our close partnership with this project,” says Christoffer Ek, Director of Decarbonisation services at Wärtsilä Energy.

“The Caribbean has been an important region for Wärtsilä for decades and we have established many long-term relationships over that time. Aqualectra has been one of those great partners and this announcement to add BESS to their system with Wärtsilä is another sign of that strong relationship. Wärtsilä is here with solutions and capabilities for the Caribbean, and we are excited to continue serving this market for decades to come,” says Jon Rodriguez, Energy Business Director at Wärtsilä Energy.

The Wärtsilä equipment is scheduled for delivery in Q1/2025, and the project is expected to be fully operational by the end of Q2/2025.

Aqualectra is an existing Wärtsilä customer. The company operates three Wärtsilä engine power plants comprising a total of 16 generating sets.

All Wärtsilä releases are available at www.wartsila.com/media/news-releases and at news.cision.com/wartsila-corporation where also the images can be downloaded. Use of the image(s) is allowed only in connection with the contents of this press release. Wärtsilä images are available at www.wartsila.com/media/image-bank.

Wärtsilä Energy in brief
Wärtsilä Energy is at the forefront of the transition towards a 100% renewable energy future. We help our customers and the power sector to accelerate their decarbonisation journeys through our market-leading technologies and power system expertise. Our solutions include flexible engine power plants, energy storage and optimisation technology, and services for the whole lifecycle of our installations. Our engines are future-proof and can run on sustainable fuels. Our track record comprises 79 GW of power plant capacity, of which 18 GW are under service agreements, and over 125 energy storage systems, in 180 countries around the world.
www.wartsila.com/energy

Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve environmental and economic performance. Our dedicated and passionate team of 17,800 professionals in more than 280 locations in 79 countries shape the decarbonisation transformation of our industries across the globe. In 2023, Wärtsilä’s net sales totalled EUR 6.0 billion. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a8af488e-6f63-4ea6-91b8-936849dd227f

Curazao da un paso importante hacia un futuro energético sostenible con el sistema de almacenamiento de energía en batería Wärtsilä

Los representantes de Aqualectra y Wärtsilä celebran el pedido de un sistema de almacenamiento de energía en batería (BESS) de 25 MW / 25 MWh para la isla caribeña de Curazao

De izquierda a derecha: Rudolf Garmes, Joseph Everon, Reagan Celestijn, Marc Tarbox, Tganni Louisy, Neysa Isenia, Vianney Muzo, Staffan Nygard, Mathias West, Christoffer Ek, Edul Raphaela y Granger Jahnastasio.

CARIBPR, WILLEMSTAD, Curazao, May 21, 2024: El grupo tecnológico Wärtsilä suministrará a la isla caribeña de Curazao un sistema de almacenamiento de energía en batería (BESS) de 25 MW / 25 MWh. El sistema permitirá la expansión de la capacidad de energía renovable y la reducción de las emisiones de carbono, lo que representa un paso importante hacia un futuro energético sostenible para la isla. El pedido fue realizado por Aqualectra, la empresa de servicios públicos propiedad del gobierno de Curazao, y será reservado por Wärtsilä en el segundo trimestre de 2024.

El BESS y la plataforma de energía digital GEMS ofrecerán estabilidad y confiabilidad a la red, reducirán la energía no servida y ayudarán a mitigar el riesgo de apagones y apagones. Además, el sistema BESS permitirá a Aqualectra ampliar la visión de sus energías renovables, permitiendo así una mayor generación renovable en el sistema eléctrico. El sistema BESS también ayudará a suavizar la intermitencia de las energías renovables.

“El objetivo estratégico de Aqualectra es ofrecer a la comunidad electricidad asequible, sostenible y confiable. La solución Wärtsilä apoyará todos estos objetivos a través de la reducción de costos de generación, permitiendo la integración de energías renovables y disminuyendo las emisiones de CO2, al tiempo que proporciona alta confiabilidad”, comenta Joseph Everon, asesor del director de tecnología de Aqualectra.

El pedido con Wärtsilä sigue un modelo detallado del sistema de energía para determinar el mejor camino a seguir.

“Los sistemas BESS y GEMS proporcionan las reservas necesarias para mejorar la carga de activos y, por lo tanto, eficacia, disponibilidad de energía, estabilidad de red y confiabilidad. Las tecnologías líderes de Wärtsilä y nuestras capacidades de servicios de ciclo de vida apoyarán la visión de Aqualectra de un futuro energético sostenible. Nos complace continuar nuestra estrecha asociación con este proyecto”, dice Christoffer Ek, director de servicios de descarbonización de Wärtsilä Energy.

“El Caribe ha sido una región importante para Wärtsilä durante décadas y hemos establecido muchas asociaciones de larga duración durante ese tiempo. Aqualectra está entre esos grandes socios y este anuncio de agregar a BESS a su sistema con Wärtsilä es otra señal de esa fuerte asociación. Wärtsilä está aquí con soluciones y capacidades para el Caribe, y estamos muy contentos de continuar sirviendo a este mercado en las próximas décadas”, dice Jon Rodríguez, director de la división de energía de Wärtsilä Energy.

El equipo Wärtsilä está programado para su entrega en el primer trimestre de 2025, y se espera que el proyecto esté completamente operativo para finales del segundo trimestre de 2025.

Aqualectra ya es cliente de Wärtsilä. La empresa opera tres centrales de energía de motores de Wärtsilä que incluyen un total de 16 grupos electrógenos.

Todos los comunicados de prensa de Wärtsilä están disponibles en, www.wartsila.com/media/news-releases y en news.cision.com/wartsila-corporation donde también se pueden descargar las imágenes. El uso de la (s) imagen(es) solo está permitido en conexión con el contenido de este comunicado de prensa. Las imágenes de Wärtsilä están disponibles en www.wartsila.com/media/image-bank.

Wärtsilä Energy en resumen
Wärtsilä Energy lidera la transición hacia un futuro energético cien por ciento renovable. Ayudamos a nuestros clientes y al sector de energía a acelerar sus procesos de descarbonización a través de nuestras tecnologías líderes en el mercado y experiencia en sistemas de energía. Nuestras soluciones incluyen centrales eléctricas de motores flexibles, tecnología de almacenamiento y optimización de energía y servicios para todo el ciclo de vida de nuestras instalaciones. Nuestros motores están preparados para el futuro y pueden funcionar con combustibles sostenibles. Nuestra trayectoria incluye 79 GW de capacidad de central eléctrica, de los cuales 18 GW están bajo acuerdos de servicio y más de 125 sistemas de almacenamiento de energía distribuidos a 180 países en todo el mundo.
www.wartsila.com/energy

Wärtsilä en resumen
Wärtsilä es un líder mundial en tecnologías innovadoras y soluciones de ciclo de vida para los mercados marino y energético. Enfatizamos la innovación en tecnología y servicios sostenibles para ayudar a nuestros clientes a mejorar continuamente el rendimiento ecológico y económico. Nuestro equipo dedicado y apasionado de 17.800 profesionales en más de 280 ubicaciones en 79 países da forma a la transformación de la descarbonización de nuestras industrias en todo el mundo. En 2023, las ventas netas de Wärtsilä alcanzaron un total de 6.0 mil millones de euros. Wärtsilä cotiza en el Nasdaq Helsinki.
www.wartsila.com

Una foto asociada con este comunicado de prensa está disponible en https://www.globenewswire.com/NewsRoom/AttachmentNg/a8af488e-6f63-4ea6-91b8-936849dd227f

]]> https://caribpr.com/cura%d2%abao-takes-important-step-towards-a-sustainable-energy-future-with-wartsila-battery-energy-storage-system/feed/ 0 https://caribpr.com/parkland-issues-statement-in-response-to-simpson-oil-limited/ https://caribpr.com/parkland-issues-statement-in-response-to-simpson-oil-limited/#comments Mon, 15 Apr 2024 11:30:08 +0000 caribpr http://caribpr.com/?p=15586 CALGARY, AB, April 15, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), announced its determination that a strategic review is unnecessary and does not consider the best interests of the majority of our shareholders. Parkland’s Board of Directors (the “Board”) continuously evaluates opportunities to enhance and maximize shareholder value. The current call for a strategic review represents another attempt by Simpson Oil Limited (”Simpson”) to circumvent established corporate governance without considering the interests of all shareholders.

In 2023, while having nominees on our Board, Simpson solicited a potential sale of Parkland at a valuation significantly below the Company’s intrinsic value. The Company engaged legal and financial advisors and conducted a thorough evaluation of the proposed transaction. In addition, the Board established a special committee and engaged their own independent advisors.

“After careful consideration, the Board determined that pursuing this alternative would not serve the best interests of the Company and its shareholders,” said Steven Richardson, Chair of the Board. “Parkland’s Board fulfils its responsibilities for the benefit of all shareholders, not at the direction of one.”

Parkland provides additional context for its determination that a strategic review is unnecessary.

Simpson Reverses Its Position on Successful Parkland Strategy

Before Simpson withdrew its nominees from the Board, they participated in the development of Parkland’s strategy and plans, which following a period of significant acquisitions, are currently aimed at capturing synergies, driving organic growth, and enhancing shareholder returns. This strategy, and the clear and disciplined capital allocation framework it is built on, was presented at the Company’s 2023 Investor Day and received strong support from the majority of shareholders. The significant increase in share price through 2023 demonstrates the effectiveness of our current strategic focus.

Simpson is in Violation of Shareholder Governance Agreement

While the Board values and welcomes the perspectives of shareholders, it must act in the best interests of the Company and all of its shareholders. In accordance with this duty, the Company entered into a Governance Agreement with Simpson dated January 8, 2019 (the “Governance Agreement”) where Simpson agreed to a range of provisions to ensure that Simpson would not be able to exercise undue influence and control over Parkland in pursuing its own interests.

It has become clear that Simpson is disregarding its obligations under the Governance Agreement in a manner that negatively impacts shareholder and other stakeholder interests. Parkland will enforce the terms of the Governance Agreement while remaining willing to engage with Simpson. A copy of the Governance Agreement is available on Parkland’s SEDAR+ profile at www.sedarplus.ca.

Parkland is Committed to Maximizing Shareholder Value

Parkland’s Board always remains open to exploring opportunities that would deliver maximum value for all shareholders. The Board has endeavoured to engage in constructive dialogue with Simpson through personal meetings, calls, and correspondence, all grounded in the principles of fiduciary responsibility, proper governance, and acting in the best interests of all shareholders.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing, and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and 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 “aim”, “continue”, “will”, “would” 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 evaluation of opportunities to enhance and maximize shareholder value, Parkland’s corporate strategy and plans, Parkland’s contractual rights and the enforcement thereof, including the terms of the Governance Agreement, and Parkland’s Customer Advantage.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to:  general economic, market and business conditions; Parkland’s ability to execute its business strategy; action by other companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Logo - https://mma.prnewswire.com/media/2386582/Parkland_Corporation_Parkland_Issues_Statement_in_Response_to_Si.jpg

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

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

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward looking statements”). When used in this news release, the words “expect”, “anticipate”, ”will”, ”could”, ”would”, ”believe” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, expectations for composite utilization of the refinery, total Adjusted EBITDA and Adjusted EBITDA loss during the first quarter of 2024; expectations regarding our operational plans and execution, including with respect to the refinery; and expectations regarding our 2024 Adjusted EBITDA Guidance range.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: the refinery continuing to operate as expected during the remainder of the first quarter of 2024 and for the rest of 2024; general economic, market and business conditions; Parkland’s ability to execute its business strategy, including without limitation, Parkland’s ability to successfully integrate acquisitions, capture synergies, successfully implement organic growth initiatives and to finance such initiatives on reasonable terms; 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; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. In addition, the 2024 Adjusted EBITDA Guidance reflects continued integration of acquired businesses, synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin of approximately 5 percent and Food, convenience and other adjusted gross margin of approximately 5 percent as compared to the year ended December 31, 2023; the realization of $100 million of run-rate MG&A cost efficiencies by the end of 2024; Refining adjusted gross margin of approximately $45 to $46 per barrel and average Burnaby Refinery composite utilization of 75 percent to 80 percent (factoring in the unplanned outage) based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day; the financial impact of the unplanned outage at the Burnaby Refinery and resumption of normal operations; enhancements to operations, utilization and optimization of supply at the Burnaby Refinery during 2024; and implementation of ongoing operating and MG&A cost reductions across the business. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

“James is a seasoned executive with significant expertise working within the many markets that Parkland serves,” said Steven Richardson, Chairman of the Board. “His international banking expertise coupled with his understanding of markets in Canada, the Caribbean and South America is invaluable to Parkland. James’ ability to provide strategic insight into global growth opportunities will add additional bench strength to our Board as we continue to advance our strategy to deliver long-term value to all shareholders. We are delighted to welcome James to our Board.”

Mr. Neate’s career spans more than three decades in the Canadian banking industry at Scotiabank. In his time, he held increasingly senior roles, with his most recent as President and Group Head of Corporate and Investment Banking. In this role, he held global management responsibility for Investment Banking, Global Business Payments, and Corporate Banking.

Mr. Neate’s appointment forms part of Parkland’s strategic Board renewal process that has been ongoing for the past 12 months and added three highly experienced directors to Parkland. Collaborating with two global search firms, Parkland has been adhering to a prudent refreshment of its Board, blending continuity with fresh perspectives to ensure a governance structure that supports Parkland’s long-term objectives.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

“We would like to thank Michael and Marc for their contributions to the Board,” stated Steven Richardson, the Chair of Parkland’s Board of Directors. “We have an independent Board that has unwavering confidence in the Company’s strategy and the management team’s capability to deliver shareholder value. The outstanding share performance of Parkland in 2023 is a clear expression of our shareholders’ support of Parkland’s direction and strategy.”

Parkland is in discussions with Simpson about its shareholding in the Company.

At its 2023 Investor Day, Parkland outlined its strategy to reduce debt, grow the business and increase shareholder returns. Driven by consistent operational execution, Parkland confirmed its 2024 Adjusted EBITDA Guidance of $2 billion, accelerating its previous guidance by a year. In addition, the Company set a longer-term objective to double Available Cash Flow per share by 2028.

In 2023, Parkland was a top performer on the Toronto Stock Exchange, achieving a total shareholder return of approximately 50 percent. The Company’s Board and management are focused on executing its strategy that will continue to create long-term value for all shareholders.

Mr. Christiansen and Mr. Halley were nominated for election to the Board pursuant to the terms of the Board Nomination Agreement between Simpson Oil and Parkland, dated March 21, 2023 (the “Board Nomination Agreement“), and subsequently elected to the Board at Parkland’s Annual General Meeting on May 4, 2023. Simpson has provided notice of its waiver of its nomination rights under the Board Nomination Agreement. In accordance with its terms, the Board Nomination Agreement will terminate as of April 2, 2024.

Simpson remains subject to the standstill, voting and other obligations set forth in the governance agreement between Simpson and Parkland dated January 8, 2019 (the “Governance Agreement“). Parkland will continue to enforce the terms of the Governance Agreement going forward. Copies of the Board Nomination Agreement and the Governance Agreement are available on Parkland’s SEDAR+ profile at www.sedarplus.ca.

Supported by a leading global search firm, Parkland is committed to ongoing Board renewal, including identifying qualified professionals to replace today’s departed Board members.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements“). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “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, strategies and model; Parkland’s cash flow, organic growth and the progress thereof; and Parkland’s Revised financial targets, including Adjusted EBITDA and Available Cash Flow per share objectives. 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; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refinery margins; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; 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; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. See also the assumptions, risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q3 2023 MD&A, 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.

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management 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 under IFRS 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 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Available cash flow per share^1,2 to double by 2028

Reduce Leverage Ratio^1,2 to low end of 2 to 3 times target range by the end of 2025

CALGARY, AB, Nov. 14, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI), will host its 2023 Investor Day today where its executive team will outline the Company’s continued growth plans, targets, and capital allocation strategy for the next five years.

“Since our 2021 Investor Day, we have continued to build and invest in our growth platform,” said Bob Espey, President and Chief Executive Officer. “This year, we saw the strength of our business model as we delivered strong organic growth and synergy capture, enabling us to increase Adjusted EBITDA Guidance, exceed our deleveraging goals, and accelerate our $2 billion ambition to 2024, a year ahead of schedule.”

“The success of Parkland’s strategy is due to our industry leading team, which is focused on safe and disciplined execution,” added Espey. “Our business is growing, and we are committed to meeting the evolving needs of our customers. We are reinforcing our financial foundation, delivering substantial cash flow and, through disciplined capital allocation, we will optimize returns for our shareholders.”

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

Customer Advantage

Parkland’s customer centric strategy demonstrates our commitment to becoming the number one choice for energy and convenience, for our Retail and Commercial customers, in the markets we serve.

Our JOURNIE™ loyalty platform is a foundation of this strategy as it expands its suite of partners and geographic reach. It will continue to unify our brands, delivering personalized customer offers, while incentivizing and rewarding customer loyalty across our retail fuel and EV charging locations, ON the RUN convenience stores, and food brands.

In addition to its retail footprint, Parkland serves a diverse range of Commercial customers in each of its markets. Our extensive proprietary infrastructure and dedicated team safely and reliably deliver products to our customers that meet their energy needs of today, and their evolving low carbon needs of tomorrow.

Supply Advantage

Parkland’s proven supply expertise underpins its strategy. By delivering approximately 28 billion litres of fuel annually, the Company’s scale, unique logistics assets, and capabilities provide purchasing power and optionality that enable us to achieve the lowest cost to serve. Our supply optimization allows us to create tremendous competitive advantage and unlock significant value in the markets we operate.

Disciplined Capital Allocation

We anticipate $6 billion in cumulative Available cash flow from 2024 to 2028. We are positioned to deliver sustainable growth, enhance shareholder returns and strengthen our balance sheet.

The Company’s capital allocation program will direct approximately $1.5 billion (25 percent) to dividends and share buybacks, and $1.5 billion (25 percent) to organic growth initiatives that reinforce our market position.

With the remaining $3 billion (50 percent) of anticipated capital, we will prioritize reducing our Leverage Ratio to the low end of our two to three times target range by the end of 2025. Beyond that and looking forward through 2028, we expect capital will be strategically allocated toward opportunities that generate the greatest shareholder returns, including additional share buybacks and inorganic growth opportunities. This framework underscores Parkland’s dedication to financial discipline and strategic agility, with the aim of delivering long-term value for our shareholders.

Parkland remains focused on executing its strategy, capturing synergies, lowering costs, and delivering organic growth. During Investor Day, Parkland will outline the Company’s 2024 Guidance and 2028 Ambitions.

2024 Guidance²

• Adjusted EBITDA of $2 billion +/- $50 million
• Capital expenditures¹ of between $475 million to $525 million.
• Available cash flow per share of $5.00.
• ROIC¹ of more than 11 percent.

2028 Ambitions

• Available cash flow of $8.50 per share, doubling from $4.25 per share in 2023³.
• Adjusted EBITDA of $2.5 billion, driven by organic growth, synergy capture and cost efficiencies. We see potential to generate up to $3 billion of Adjusted EBITDA in 2028, reflecting disciplined inorganic growth opportunities as outlined in our capital allocation framework.

Investor Day Webcast Details

The Investor Day presentation will be webcast, with video, beginning at 9 am Eastern Time (7 am Mountain Time) on November 14, 2023. For analysts and investors who have already registered to attend in person, or remotely, we look forward to your participation.

The presentation will be available live at https://investorday.parklandevents.ca/ and will be available for replay at www.parkland.ca/investors/presentations-webcasts following the conclusion of today’s event.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provides businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward-looking statements”). When used 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 strategies, objectives and initiatives; expected market trends; Parkland’s 2024 Adjusted EBITDA Guidance, 2024 Capital Expenditure Guidance, 2024 Available cash flow per share Guidance, 2024 ROIC Guidance; Parkland’s 2028 Available cash flow per share Ambition, 2028 Adjusted EBITDA Ambition, and anticipated potential to generate up to $3 billion of Adjusted EBITDA in 2028; Parkland’s expectation to generate $6 billion in cumulative Available cash flow between 2024 and 2028, and expected uses for such under Parkland’s capital allocation program, including direction of approximately $1.5 billion (25 percent) to dividends and share buybacks, $1.5 billion (25 percent) to organic growth initiatives, and $3 billion (50 percent) to reduction of Parkland’s Leverage Ratio to low 2x by 2025, and subsequently to additional share buybacks and inorganic growth 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 obligation 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; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; customer preferences and trends; Parkland’s competitive advantages, including key products and brands, proprietary infrastructure and supply advantage, and ability to maintain such advantages; Parkland’s ability to retain key employees; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s ability to identify buyers and complete divestments, if any, on terms reasonable to Parkland and in a timely manner; Parkland’s ability to execute on accretive organic initiatives and grow to meet its 2024 Guidance and 2028 Ambitions and expected outcomes; Parkland’s management systems and programs and risk management strategy; Parkland’s ability to pay future dividends and complete share buybacks; competitive environment of our industry; retail pricing, margins and refining crack spreads; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; 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; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; expectations with respect to debt repayment and non-cash working capital; and other factors, many of which are beyond the control of Parkland. In addition, the 2024 Adjusted EBITDA Guidance reflects continued integration of acquired businesses and synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin and Food, convenience and other adjusted gross margin of approximately 5 percent as compared to the year ending December 31, 2023; the realization of $100 million of MG&A cost efficiencies by 2024; and Refining adjusted gross margin of approximately $37 to $38 per barrel and average Burnaby Refinery utilization of 85 percent to 90 percent based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day. 2024 Available cash flow per share Guidance and 2024 ROIC Guidance assumes invested capital grows at a slower pace than Net Operating Profit After Tax through 2024. 2024 Capital Expenditure Guidance is mainly driven by increased Adjusted EBITDA and assumes no material changes to underlying operations and no planned major turnaround at the Burnaby Refinery. 2028 Ambitions reflect continued organic growth from growth capital expenditure attributable to Parkland in line with historical returns, synergy capture from previously completed acquisitions, identified cost efficiencies, potential acquisitions (not identified, but reflective of expected market returns and similar to expected returns from organic growth initiatives), disciplined inorganic growth opportunities, major planned Burnaby Refinery turnarounds in 2025 and 2028, interest rates on long term bank debt and corporate bonds as set out in the Interim Consolidated Financial Statements for the three and nine months ended September 30, 2023, with any maturing debts set to retire in the interim periods extended at current prevailing market rates, income taxes at expected corporate income tax rates, including the impact of Pilar II legislation, and the key material assumptions and risks include: ongoing operations without any material economic, legal, environmental or income tax changes and per share metrics impacted by share buybacks, with the assumption that the outstanding common shares do not change materially. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recently filed Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” in the Management’s Discussion and Analysis dated November 1, 2023, for the three and nine months ended September 30, 2023 (”Q3 2023 MD&A”), each as filed on the System for Electronic Data Analysis and Retrieval + (”SEDAR+”) and available on the Parkland website at www.parkland.ca.

Supplementary Financial Measures

This news release refers to certain non-GAAP financial measures and ratios and supplementary financial measures (collectively “specified financial measures”). Available cash flow and Available cash flow Guidance are non-GAAP measures; Available cash flow per share Guidance, Available cash flow per share Ambition, and ROIC Guidance are non-GAAP financial ratios; and Adjusted EBITDA Guidance, Adjusted EBITDA Ambition, Leverage Ratio Guidance, and Capital Expenditure Guidance are supplementary financial measures, all of which do not have standardized meanings prescribed by International Financial Reporting Standards (”IFRS”) and may not be comparable to similar financial measures used by other issuers who may calculate these measures differently. See below for further information on these specified financial measures. See Section 16 of the Q3 2023 MD&A for a discussion of Adjusted EBITDA Guidance, Leverage Ratio Guidance, and Capital Expenditure Guidance, including an explanation of their composition, and, where applicable, their reconciliations to the nearest IFRS measures, which is hereby incorporated by reference into this presentation. Investors are cautioned that these measures should not be construed as an alternative to net earnings or other directly comparable financial measures determined in accordance with IFRS as an indication of Parkland’s performance.

Available cash flow is a non-GAAP financial measure and Available cash flow per share is a non-GAAP financial ratio. The most directly comparable financial measure for Available cash flow and Available cash flow per share is cash generated from (used in) operating activities. These measures represent Parkland’s ability to generate cash flows for distribution to shareholders and investment in the growth of the business. Available cash flow is calculated as cash generated from (used in) operating activities adjusted for items such as (i) net change in non-cash working capital, (ii) change in other assets and other liabilities, (iii) change in risk management and other, (iv) maintenance capital expenditures, (v) dividends received from investments in associates and joint ventures, (vi) interest on leases and long-term debt, and (vii) principal payments on leases. Available cash flow per share is calculated as Available cash flow divided by the weighted average number of outstanding common shares. Available cash flow Guidance and Available cash flow per share Guidance are the forward-looking metrics of these historical measures for 2024 and Available cash flow per share Ambition is the forward-looking metric of the historical measure for 2028. Available cash flow per share replaced cash generated from (used in) operating activities per share in Parkland’s 2024 Guidance. See following table for a calculation of historical Available cash flow and Available cash flow per share and a reconciliation to cash generated from (used in) operating activities.

Return on Invested Capital (”ROIC”) is a non-GAAP ratio and is composed of Net Operating Profit After Tax (”NOPAT”) and Invested Capital. NOPAT describes the profitability of Parkland’s base operations, excluding the impact of leverage and expenses not directly related to operations. Invested capital is a measure of the total amount of capital deployed by Parkland that includes debt and equity, net of cash and cash equivalents (restricted and unrestricted). ROIC is used by management to assess the Company’s efficiency in allocating capital. The most directly comparable financial measure to ROIC is net earnings. ROIC Guidance is the forward-looking metric of this historical measure for 2024. 2024 NOPAT is assumed to grow in proportion to Adjusted EBITDA. The ROIC Guidance of 11 percent+ assumes Invested Capital increases at a slower pace than NOPAT through 2024. The ROIC calculated here differs from the absolute ROIC disclosed in the Management Information Circular. See following table for a calculation of historical ROIC for 2021 and 2022, the calculation of NOPAT and the reconciliation to net earnings and the calculation of Invested Capital.