CaribPR Wire

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.

“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.

Logo – https://mma.prnewswire.com/media/1677455/Parkland_Corporation_Parkland_grows_U_S__retail_business_by_over.jpg

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.

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.

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.

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.

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.

CaribPR Wire, HOUSTON, March 16, 2021: The renewable energy transition is complex, but it is possible, practical and affordable. That is the topic global smart technology leader, Wärtsilä, will explore during the S&P Global Platts Central America and Caribbean Energy Webinar March 18. Energy Business Director, Latin America North, Wärtsilä Energy, Sampo Suvisaari; Business Development Manager, Latin America North, Raúl Carral and Business Development Manager, Central America and Caribbean, Francisco Picasso will discuss decarbonization strategies.

Suvisaari will chair the event and moderate the first panel discussion titled Fuel choices and dilemmas; fuel oil and LNG in Central America and the Caribbean.

“In these rapidly changing times for the energy industry in Central America the choice of fuel and of renewable energy deployment is more critical than ever,” Suvisaari said. “Now is the time to think of how to future-proof your investments for the next two decades and beyond.”

The blackouts in Texas and California revealed the need for firm capacity. Carral explains the value of these fuels to Latin America.

“Due to environmental and economic reasons we see in Central America and the Caribbean the continuous strong development of renewable energies like solar and wind power while there is also a continuous emergence of fuels, like natural gas / LNG, propane / LPG, and even ammonia and hydrogen, among others,” Carral said. “These new fuels in the region will prove to be most valuable when they operate with flexible power technologies, which will be also more prominent while integrating intermittent renewable energy.”

Picasso will moderate a panel discussion on renewable energy.

“The path to 100% requires ongoing discussion with thought leaders and industry experts to raise awareness and discover operational and financially realistic approaches to reliable decarbonization,” Picasso added. “A renewable energy future requires addressing economic, technological and political challenges which are different throughout the world.”

The three-hour webinar will begin at 9:00 a.m. EDT on March 18 and there is no charge for the event. Registrations close at 9:00 a.m. on March 17.

Wärtsilä Energy Business in brief
Wärtsilä Energy Business leads the transition towards a 100% renewable energy future. We help our customers unlock the value of the energy transition by optimising their energy systems and future-proofing their assets. Our offering comprises flexible power plants, energy management systems, and storage, as well as lifecycle services that ensure increased efficiency and guaranteed performance. Wärtsilä has delivered 72 GW of power plant capacity in 180 countries around the world.
https://www.wartsila.com/energy/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eea0d8f5-6589-4f59-bd02-0cba87dc428d

Especialistas de Path to 100% comparten los más recientes desarrollos que promueven la transición a la energía renovable

CARIBPR WIRE, HOUSTON, March 17, 2021: La transición hacia la energía renovable es compleja, sin embargo, es posible, práctica y asequible. Ese es el tema que el líder mundial de tecnología inteligente, Wärtsilä, explorará durante el Webinar de Energía en Centroamérica y el Caribe de S&P Global Platts el 18 de marzo. Sampo Suvisaari, director de negocios de energía de Wärtsilä Energy, Norte de América Latina; Raúl Carral gerente de desarrollo de negocios, Norte de América Latina y Francisco Picasso gerente de desarrollo de negocios, Centroamérica y el Caribe tratarán sobre las estrategias de descarbonización.

Suvisaari presidirá el evento y moderará el primer debate titulado, Opciones y dilemas de combustibles; fuelóleo y GNL en Centroamérica y el Caribe.

“En estos tiempos de rápido cambio para el sector energético en Centroamérica, la elección de combustible y de la implementación de energía renovable es más crítica que nunca”, dijo Suvisaari. “Hoy es el momento de pensar en cómo proteger sus inversiones en el futuro para las próximas dos décadas y más adelante”.

Los apagones en Texas y California revelaron la necesidad de capacidad firme. Carral explica el valor de estos combustibles para América Latina.

“Debido a razones ambientales y económicas hemos observado en Centroamérica y el Caribe el desarrollo continuo y fuerte de energías renovables, como la energía solar y eólica, además del surgimiento continuo de combustibles, como gas natural/GNL, propano/GLP, e incluso amoníaco e hidrógeno, entre otros”, dijo Carral. “Estos nuevos combustibles en la región comprobarán ser más valiosos cuando operen con tecnologías de energía flexible, que también serán más prominentes con su integración a la energía renovable intermitente”.

Picasso moderará un debate sobre energía renovable.

“El camino al 100% requiere un debate continuo con líderes visionarios y especialistas del sector para crear mayor conciencia y descubrir enfoques operativos y financieramente realistas para la descarbonización confiable”, agregó Picasso. “Un futuro de energía renovable requiere abordar desafíos económicos, tecnológicos y políticos que son diferentes en todo el mundo”.

El webinar de tres horas comenzará a las 9:00 a.m. EDT el 18 de marzo, el evento no tiene costo. Las inscripciones cierran a las 9:00 a.m. del 17 de marzo.

Wärtsilä Energy Business en resumen
Wärtsilä Energy Business lidera la transición hacia un futuro con energía 100% renovable. Ayudamos a nuestros clientes a descubrir el valor de la transición energética optimizando sus sistemas energéticos y protegiendo sus activos en el futuro. Nuestra oferta incluye plantas eléctricas flexibles, sistemas de gestión y almacenamiento de energía, así como servicios de ciclo de vida que garantizan una mayor eficiencia y rendimiento garantizado. Wärtsilä ofrece 72 GW de capacidad de planta eléctrica en 180 países de todo el mundo.
https://www.wartsila.com/energy/

Una foto asociada con este comunicado de prensa está disponible en,  https://www.globenewswire.com/NewsRoom/AttachmentNg/eea0d8f5-6589-4f59-bd02-0cba87dc428d

CaribPR Wire, CALGARY, Alberta, March 04, 2021: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the fourth quarter and year ended December 31, 2020 and 2021 outlook. Highlights include:

• Continued track record of steady dividend growth; our annual dividend will increase two cents per share, marking our ninth consecutive annual dividend increase and demonstrating conviction in our 2021 outlook and beyond.
• Confidence in our resilience and flexibility supports 2021 Adjusted EBITDA (attributable to Parkland) guidance of $1,200 million +/- 5 percent.
• Record safety performance through 2020; our front-line teams embraced extensive health and safety protocols to provide the essential fuels and services our customers depend on.
• 2020 Adjusted distributable cash flow of $478 million fully funded growth capital expenditures, acquisitions and net dividend payments for the year and validated the strength of our diverse geographic and product platform.
• 2020 Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $967 million, demonstrating the strength and resilience of our business model through a challenging year. Decisive interventions in March 2020 resulted in significant cost reductions and reduced capital expenditures in response to an uncertain business environment. Adjusted EBITDA was down from 2019 due to the economic impacts of COVID-19 and our 2020 Burnaby refinery turnaround. This was partially offset by strong marketing results driven by unit margins and costs controls.
• Q4 2020 Adjusted EBITDA of $247 million. Strong Canada and International marketing operations and refinery utilization of 90 percent was offset by lower refining margins in Supply and per unit fuel margins in the USA segment. This was lower than Q4 2019 primarily due to the economic impacts of COVID-19.
• Q4 2020 Net earnings attributable to Parkland of $53 million, or $0.36 per share, basic, a decrease from Q4 2019 primarily resulting from lower Adjusted EBITDA referenced above and certain non-cash items related to interest rate and foreign exchange impacts.
• Q4 2020 Fuel and petroleum product volume of 5.4 billion litres, a decrease of 7 percent relative to the prior year quarter due to the impacts of COVID-19. The impact of lower volumes on Adjusted EBITDA was mitigated by strong per unit fuel margins in Canada and International and robust Company C-Store same-store sales growth (”SSSG”) in Canada of around 8 percent, our 20th consecutive quarter of growth.
• Q4 2020 Operating and Marketing, General and Administrative (”MG&A”) costs of $339 million, $68 million lower than Q4 2019, reflecting the variability in our cost structure and sustained benefit of proactive cost control measures.
• We maintained significant liquidity of $1.3 billion and Total Funded Debt to Credit Facility EBITDA ratio of 2.9 times as of December 31, 2020, similar to the 2.8 times as of December 31, 2019. We proactively updated our syndicated credit facilities and refinanced near-term senior note maturities in June 2020, securing additional financial flexibility and positioning us to take advantage of potential future growth opportunities.

“I would like to thank our front-line teams for their exemplary work through the ongoing challenges posed by COVID-19, safely and reliably meeting our customers needs with the utmost professionalism,” said Bob Espey, President and Chief Executive Officer. “In 2020, we demonstrated financial prudence, safely provided the essential fuels and services our customers and communities rely on, enhanced our customer offerings and proved the resilience of our business through an extremely difficult external environment.”

“We are excited about the opportunities ahead of us,” added Espey. “We remain focused on our stated strategy and meeting our long-term growth ambitions. In 2021, we will strengthen our customer offerings and continue our organic growth initiatives, advance our disciplined acquisition strategy and deepen our commitment to providing customers with low carbon fuel choices as part of our broader sustainability efforts.”

Our Sustainability Journey

As we advance our Sustainability journey, we intend to provide regular updates on our environmental, social and governance efforts as part of our normal disclosure process. A snapshot of our recent successes includes:

• Published our inaugural Sustainability Report in fall 2020, outlining our established environmental, social and governance practices and setting the stage for development of our enterprise-wide sustainability strategy.
• Underpinned by work completed during the Refinery turnaround in 2020, we co-processed approximately 44 million litres of Canadian-sourced canola and tallow bio-feedstocks in 2020, marking an almost 140 percent increase from 2019.
• In January 2021, our Burnaby refinery set a new monthly record by co-processing approximately 10 million litres of Canadian sourced canola and tallow bio-feedstocks, well on our way to our 2021 target of co-processing up to 100 million litres of bio-feedstocks. Through this initiative we can offer customers a variety of low carbon fuels, including an up to 15 percent renewable content diesel. The annual environmental benefit of producing our low carbon fuels in 2021 is expected to be the equivalent of taking over 80,000 passenger vehicles off the road.
• Our ability to significantly reduce the carbon intensity of refined product from Burnaby is a result of highly capital efficient initiatives. We have accomplished the current levels of bio-feedstock throughput using existing refinery infrastructure and approximately $30 million of combined capital expenditures and operating costs since 2017.
• Successfully produced low carbon aviation fuel (bio-jet) and are moving towards commercialization.
• From March 1, 2021, JOURNIE™ Rewards Members can select a new ‘carbon offset’ reward option as part of their fuel purchase reward ‘unlocks’. Parkland will calculate the number of Carbon Offset Credits activated by Members and contribute to a Canadian carbon offset project on their behalf. Introducing the choice of a carbon credit offset as an ‘unlock’ in the JOURNIE™ app aligns with our broader effort to support our customers in reducing their own emissions.
• Record full-year safety performance with total recordable injury frequency (”TRIF”) of 1.12.

2021 Outlook

While we remain vigilant regarding the ongoing impacts of COVID-19, our performance through 2020 demonstrated the strength and resilience of our business model. Our track record gives us confidence in our ability to manage and thrive through periods of uncertainty and volatility. As a result, we are providing 2021 guidance metrics that account for near-term COVID-19 uncertainty but assume an economic recovery in the second half of the year. Highlights of our 2021 outlook include:

• Adjusted EBITDA (attributable to Parkland) of $1,200 million +/- 5 percent.
• Growth capital expenditures (attributable to Parkland) of $175 – $275 million. We will continue to exercise strict financial discipline when evaluating our organic growth initiatives and depending on market conditions, have significant flexibility in the level and timing of investment. Our growth capital expenditures include new-to-industry retail sites, On-the-run conversions and site upgrades, supply infrastructure, enhancing our digital capabilities, commercial bulk fuel and propane expansion and low-carbon initiatives at the Burnaby refinery.
• Maintenance capital expenditures (attributable to Parkland) of $225 – $275 million, which includes approximately $40 million of catch-up work deferred from 2020. Maintenance capital includes retail and commercial site and system upgrades, fleet maintenance, infrastructure improvements and work to maintain operational excellence at the Burnaby refinery.
• Burnaby refinery utilization of approximately 85 percent, reflecting the ongoing impacts of COVID-19 in the near-term and minor downtime in the second half of the year for a required catalyst change at the diesel and naphtha hydrotreating units.
• Maintain $50 – $70 million of annualized cost savings resulting from 2020 initiatives (combined Operating and marketing, general and administrative, or “MG&A”, costs).
• Full capture of our $42 million annual synergy target from the Sol acquisition is anticipated by the end of 2021, on-track with our original guidance upon announcement of the transaction.

Advancing our Disciplined Acquisition Strategy

• We continue to show momentum in our U.S. consolidation strategy. We announced five U.S. acquisitions and closed four during 2020. Late in the fourth quarter of 2020, we successfully completed the acquisition of: (i) all the assets of Sevier Valley Oil Company, Inc. and its related entities (collectively, “SVO”); and (ii) certain assets of Carter Oil Company, Inc. and its affiliates (collectively, “Carter”). The previously announced acquisition of assets of Story Distributing Company and its affiliates (collectively, “Story”) was completed in early February 2021. The five acquisitions added nearly 30 company retail sites and over 140 dealer retail sites to our Rockies and Northern Regional Operations Centers (”ROCs”) along with robust commercial, supply and distribution capabilities.
• Subsequent to 2020, we signed an agreement to acquire Conrad & Bischoff Inc. and its related companies (collectively, “C&B”). This acquisition will establish our fourth U.S. ROC, strengthen our supply advantage and add a high-quality retail network to our portfolio. The acquisition includes 19 high-quality company owned retail sites with proprietary branded backcourts and 39 retail dealer sites. In addition, terminal operations with combined tank storage of 30 million litres and capacity for 88 rail cars adds significant supply optionality in PADD IV. The transaction is expected to close in early Q2 2021.
• The SVO, Carter, Story and C&B acquisitions are expected to increase our run-rate USA segment Adjusted EBITDA by approximately 70 percent from 2020.
• Subsequent to 2020, we acquired two Midwest LPG terminals to expand our integrated logistics business and enhance our overall LPG supply optionality. The transaction closed in January 2021.
• Subsequent to 2020, we signed an agreement to acquire a residential and commercial LPG distributor in St. Maarten which further supports our LPG growth strategy in the International segment. The transaction is expected to close in late Q1 2021.

Q4 2020 Segment Highlights

• In Canada, fuel margins, convenience store sales and lower costs drove Adjusted EBITDA of $112 million, up $24 million relative to Q4 2019. We delivered our 20^th consecutive quarter of Company C-Store SSSG, surpassed 1.5 million JOURNIE™ Rewards members and captured retail market share.
• In International, enhanced logistics, storage optimization and cost control initiatives helped offset the impact of reduced tourist activity and generated Adjusted EBITDA of $72 million, approximately flat relative to Q4 2019. COVID-19 lockdown measures impacted volumes, however, we continue to benefit from geographic and product diversification within the region and growth in our LPG business. Natural resource economies performed well, with Guyana commercial operations growing approximately 15 percent in 2020.
• In USA, Adjusted EBITDA of $11 million was down $4 million relative to Q4 2019. The contribution from first half 2020 acquisitions was more than offset by COVID-19 impacts, with the Northern ROC seeing heavily restricted mobility in addition to reduced oil and gas activity. Furthermore, incremental repair and maintenance costs and lower marine fuel and lubricant margins contributed to the decline.
• In Supply, Adjusted EBITDA of $78 million was down $75 million relative to Q4 2019, primarily driven by lower crack spreads. Q4 2020 benefited from a 90 percent refinery utilization rate, low operating costs and solid performance from our integrated logistics business. This was offset by approximately $35 million relating to prior period adjustments, realized risk management losses on intermediation and a third-party power outage at the Burnaby refinery.
• Corporate Adjusted EBITDA expense of $26 million.

Consolidated Financial Overview

⁽¹⁾ Measure of segment profit and Non-GAAP financial measures. See Section 14 of the MD&A.
⁽²⁾ For comparative purposes, information for the year ended December 31, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, and the Canadian distribution business, formerly presented in Supply, are now included in Canada, reflecting a change in organizational structure in 2020.
⁽³⁾ Calculated using the weighted average number of common shares.
⁽⁴⁾ 2020 and 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 comparative figures reflect the accounting standards in effect for that year and are not restated to reflect the impact of IFRS 16, as is allowed under the modified retrospective approach for IFRS 16 adoption.
⁽⁵⁾ Amounts presented on a trailing-twelve-month (”TTM”) basis.
⁽⁶⁾ Beginning in Q1 2020, Credit Facility EBITDA includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI, and Total Funded Debt includes long term-debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI. The amounts presented for 2019 and 2018 have not been restated.

Ninth Consecutive Annual Dividend Increase

Parkland’s annualized common share dividend will increase $0.0204 per share, our ninth consecutive annual increase, from $1.2144 to $1.2348, effective with the monthly dividend payable on April 15, 2021 to shareholders of record at the close of business on March 22, 2021.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, March 5, at 6:30am MST (8:30am EST) to discuss the results.

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

https://produceredition.webcasts.com/starthere.jsp?ei=1432661&tp_key=f1590068d5

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

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

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

MD&A and Consolidated Financial Statements

The Q4 2020 MD&A and Q4 2020 Financial Statements provide a detailed explanation of Parkland’s operating results for the year ended December 31, 2020. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q4 2020 French MD&A and Q4 2020 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, estimated 2021 capital expenditures, expected timing of closing and benefits to be derived from announced acquisitions, potential future acquisition opportunities, expected increase to USA segment’s run-rate Adjusted EBITDA from the SVO, Carter, Story and C&B acquisitions, potential projects to extend Parkland’s supply advantage, the ongoing roll out of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, and Parkland’s ability to advance its growth agenda.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020, and “Forward-Looking Information” and “Risk Factors” included in 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 financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio, adjusted dividend payout ratio and growth and maintenance capital expenditures attributable to Parkland are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 14 of the Q4 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 16 of the Q4 2020 MD&A and Note 24 of the Q4 2020 FS for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as SSSG and refinery utilization, to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 14 of the Q4 2020 MD&A for further details.

Expected increase in run-rate USA segment Adjusted EBITDA including SVO, Carter, Story and C&B reflects the reported 2020 Adjusted EBITDA in the USA segment plus the annual run rate Adjusted EBITDA contribution expected from the acquired assets based on trailing-twelve-month performance at the time of acquisition. Due to closing date impacts of the acquisitions, this does not represent guidance for USA segment 2021 Adjusted EBITDA. Further, expected annual run rate Adjusted EBITDA contribution is calculated based on historical performance of the acquired businesses; future performance of such business may differ from historical results.

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

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

About Parkland Corporation

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

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

CaribPR Wire, CALGARY, Alberta, Dec. 03, 2020: Parkland Corporation (“Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into a series of transactions (the “Acquisitions”) to acquire:

• The assets of Story Distributing Company and its affiliates (collectively, “Story”). Story is a well-established retail and commercial fuel business headquartered in Bozeman, Montana. This acquisition adds scale and density to Parkland’s existing Northern Tier Regional Operating Center (“ROC”) and expands our presence in the high-growth Montana and Idaho markets.
• The assets of Carter Oil Company, Inc. and its affiliates (collectively, “Carter”). Carter is a wholesale and commercial fuel distributor based in Flagstaff, Arizona. This acquisition complements Parkland’s existing Utah and Arizona operations within our Rockies ROC and expands our presence in the high-growth Northern Arizona region.

On a combined basis, the Acquisitions include 13 quality company retail sites with strong non-fuel contribution, approximately 40 retail dealers as well as commercial fuel and lubricant distribution capabilities. The Acquisitions are expected to add annual fuel and petroleum product volume of approximately 275 million litres to our USA segment.

“We continue to build momentum in the U.S. and advance our growth strategy,” said Doug Haugh, President of Parkland USA. “These acquisitions expand our presence in high-growth regions and provide additional opportunities to leverage our On the Run convenience store brand and increase our supply and distribution capabilities. We see an attractive pipeline of opportunities and are well positioned for further growth.”

The Acquisitions are at valuation metrics consistent with Parkland’s prior U.S. transactions and will be funded with cash on hand and existing credit facility capacity. The transactions are subject to customary closing conditions, with Carter expected to close in the fourth quarter of 2020 and Story in early 2021. Closing will be confirmed as part of our regular quarterly disclosure.

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 Acquisitions and the timing thereof; expected benefits of the Acquisitions, the anticipated sources of funding of the Acquisitions, and future acquisition 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 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 Acquisitions; failure to achieve the anticipated benefits of the Acquisitions; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2019 dated March 5, 2020 and in the interim MD&A for the three and nine month period ended September 30, 2020 dated November 3, 2020, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

About Parkland

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the acquisition of SVO and the timing thereof; expected benefits of the acquisition, including potential organic growth and acquisition opportunities and the anticipated funding of the acquisition.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition; failure to achieve the anticipated benefits of the acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2019 dated March 5, 2020 and in the interim MD&A for the three and nine month period ended September 30, 2020 dated November 3, 2020, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

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

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

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

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

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

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

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

About Parkland

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

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

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

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

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

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

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

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

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

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

Forward Looking Statements

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

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators; changes and developments in regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

CARIB PR WIRE, CALGARY, Alberta, Aug. 06, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three and six months ended June 30, 2020. Highlights from the second quarter (three months) include:

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $191 million.
• Net earnings attributable to Parkland of $32 million or $0.22 per share, basic.
• Cash flow from operations fully funded capital expenditures, acquisitions and net dividend payments.
• Fuel and petroleum product volume decreased by 14 percent relative to 2019 due to the impact of COVID-19.
• Operating and marketing, general and administrative (”MG&A”) costs decreased by a combined $80 million relative to 2019. The cost reductions and strong per unit fuel margins helped offset the impact of volume declines.
• Refinery utilization was 64 percent for the quarter, reflecting the impact of the Burnaby refinery turnaround (the “Turnaround”). Post the Turnaround, utilization was between 75 – 80 percent to account for lower product demand.
• Closed $400 million offering of Senior Notes due 2028 and subsequently redeemed $400 million of Senior Notes maturing in 2021 and 2022.
• Improved liquidity of $1.6 billion and Total Funded Debt to Credit Facility EBITDA ratio of 2.7 times as of June 30, 2020.
• Modest increase to expected 2020 capital expenditures of $50 million, to an expected total of $325 million +/- 5%.
• Proudly supported our Canadian, US and International communities through the COVID-19 pandemic by donating over $4 million of fuel and premium food items.

“I would like to thank the Parkland team for safely serving our customers and delivering strong financial and operating performance, in what was the most challenging macro environment we have ever seen,” said Bob Espey, President and Chief Executive Officer. “We delivered solid margins, won new business and successfully managed our cash flow by reducing costs and controlling capital expenditures. Our financial and operating performance through the second quarter demonstrates the flexibility and resilience of our diversified business model. While we remain nimble in light of ongoing COVID-19 uncertainty, we are confident in our ability to advance our growth agenda.”

Q2 2020 Segment Highlights

Canada

Strong per unit fuel margins and convenience store traffic drove an over 30 percent increase in Adjusted EBITDA relative to 2019. We advanced key organic growth initiatives such as real-time pricing and enhanced digital analytics and continued to win new commercial business. We delivered our 18^th consecutive quarter of Company C-Store same-store sales growth (”SSSG’), completed the roll out of our JOURNIE™ Rewards program and advanced our National Fueling Network (”NFN”) to prepare for a second half 2020 launch. Second quarter highlights include:

• Adjusted EBITDA of $93 million, an increase of $22 million relative to 2019. The increase was primarily driven by strong per unit fuel margins, higher convenience store baskets and lower operating and MG&A costs.
• Fuel and petroleum product volume of 1.8 billion litres, a decrease of 24 percent relative to 2019 due to the impact of COVID-19. Retail fuel volume declined 28 percent while commercial and other volume declined 16 percent.
• Company volume SSSG of negative 29.3 percent, reflecting the volume decline due to COVID-19.
• Company C-Store SSSG of 12.1 percent, our 18th consecutive quarter of positive C-Store SSSG. The convenience store channel has been an attractive consumer option through COVID-19 and performed well despite the significant decline in forecourt traffic. The sales increase was driven by strong tobacco, alcohol, household essential, grocery and take-home format performance offset by lower car wash, fresh food and dispensed beverage offerings. Excluding the impact of cigarettes, Company C-Store SSSG was 7.3 percent.
• Operating Costs decreased $25 million and MG&A costs decreased $11 million relative to 2019, reflecting the natural variability in our cost structure, proactive cost control measures and a benefit from relief provided under the Canada Emergency Wage Subsidy (”CEWS”) program.
• Completed the roll out of JOURNIE™ Rewards at over 900 sites under the Chevron, Pioneer and Ultramar brands in Canada. Initial results are encouraging, with increased convenience and fuel baskets and early momentum with CIBC linked customers. We plan to begin joint marketing efforts with CIBC later this year as market conditions warrant. For more information on JOURNIE™, to save money on your fuel purchases and earn in-store rewards, please visit www.journie.ca.
• Our Canadian Commercial team secured a series of new organic business wins, including multi-million litre cardlock customers.

International

The International segment delivered a strong quarter despite an extensive COVID-19 impact in the Caribbean and South American regions. Our geographic and product diversity underpinned performance, with natural resource sector activity in South America and diversified economies in the Spanish Caribbean helping offset significant declines in aviation and retail. In addition, we meaningfully reduced costs and completed some of our ongoing integration work. The International team grew market share with minimal capital investment, including an exclusive commercial fuel supply agreement in Guyana and continued growth in the commercial mining sector. Our second quarter results demonstrate a robust base business excluding tourism and reinforce the long-term potential for International. Second quarter highlights include:

• Adjusted EBITDA of $54 million, a decrease of $20 million relative to 2019. The decrease was primarily driven by COVID-19 shutdowns, national curfew measures which required us to close certain retail gasoline and convenience stores, and lower aviation activity.
• Fuel and petroleum product volume of 1.2 billion litres, a decrease of 4 percent relative to 2019 due to the impact of COVID-19. Retail fuel volume declined 35 percent while commercial and other volume increased 15 percent. While Commercial and other volumes have lower per unit margins, this organic growth helped mitigate the overall decline.
• Reduced operating costs by $9 million and MG&A costs by $10 million relative to 2019, reflecting the natural variability in our cost structure, integration efforts and proactive cost control measures taken during the quarter.
• Our International team secured a five-year marine fuel contract with an international energy company in Guyana and continues to grow our presence in the power, energy, mining and construction sectors across the region.

USA

Our USA business performed well, with strong fuel margins, recent acquisitions, organic national accounts growth and proactive cost management contributing to a year over year increase in Adjusted EBITDA. We closed our previously announced acquisition of ConoMart Super Stores in mid-May, bringing seven high quality corporate retail locations and expanding our presence in Montana. Our recent acquisitions continue to perform well, and in particular, Tropic Oil delivered a record quarter through organic growth initiatives, including joint business opportunities with International and strength in the marine bunkering business in Miami. COVID-19 volume declines were offset by strong per unit retail and marine fuel margins. Second quarter highlights include:

• Adjusted EBITDA of $22 million, an increase of $9 million relative to 2019. The increase was primarily due to acquisitions, organic growth and strong retail and marine fuel margins.
• Fuel and petroleum product volume of 626 million litres, an increase of 59 percent relative to 2019 due to the impact of acquisitions and organic growth, offset by the impact of COVID-19. Retail fuel volume declined 14 percent while wholesale and commercial volume increased 73 percent.
• Operating Costs increased $15 million and MG&A costs increased $1 million relative to 2019, due to the impact of acquisitions.
• Our US team continues to win new business in a tough environment, adding national accounts customers in seven states, including several multi-million litre customers.

Supply

The Supply team delivered a safe and successful restart of the planned Turnaround in late April and reliable fuel supply to our customers with no interruptions. Our integrated logistics business performed well despite COVID-19 supply and demand impacts which lowered overall system volume. Refinery utilization and margins increased through June as the market recovered and we exited the quarter with balanced crude and finished product inventory levels. Second quarter highlights include:

• Adjusted EBITDA of $40 million, a decrease of $178 million relative to 2019 due to extended Turnaround timing driven by labour productivity challenges, some of which were COVID-19 related, reduced refinery utilization in response to lower product demand and strong refining crack spreads in the comparable 2019 period.
• Refinery utilization was 64 percent, reflecting downtime in early April and a standard production ramp up process. Utilization was between 75 – 80 percent for the remainder of the quarter and was supported by our integrated marketing channels in British Columbia.
• Invested $71 million of capital on the Turnaround during the six months ended June 30, 2020. Capital expenditures for the Turnaround were above original estimates of $60 million due to labour productivity challenges, some of which were COVID-19 related.
• Reduced operating costs by $26 million and MG&A costs by $3 million relative to 2019, reflecting the variable components of production costs, proactive cost control measures and relief provided under the CEWS program.
• We continue to pursue high-quality growth projects that extend our supply advantage, such as a fuel import terminal opportunity in the Port of Oshawa, Ontario, to provide a further cost-effective fuel supply source to our integrated marketing operations in the Greater Toronto Area.

Corporate

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

• MG&A costs of $17 million, a decrease of $12 million relative to 2019, reflecting the natural variability in our cost structure, deliberate cost control measures and relief provided under the CEWS program.
• Adjusted EBITDA expense of $18 million, which includes MG&A costs and minor foreign exchange impacts during the quarter.
• As a percentage of total adjusted gross profit, MG&A costs decreased to 3.5 percent (from 4.0 percent in 2019).
• We continue to enhance base systems and processes to capture efficiency, limit costs from re-emerging in 2021 and position ourselves to scale the business without adding complexity. Examples include teaming up with Amazon Web Services to strengthen our customer value proposition and accelerate our digital transformation and process improvements to further simplify reporting and deliver efficiencies.

Consolidated Financial Overview

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

Update on COVID-19 Business Impacts

While the beginning of the economic recovery from COVID-19 has not been linear, we saw a steady increase in fuel volumes through the second quarter and into July. The potential for a COVID-19 second wave and associated economic impacts are difficult to forecast, however, our business has demonstrated tremendous resilience and flexibility through the uncertainty and these characteristics position us well for the future. Operational highlights subsequent to quarter end include:

• Canada segment volumes steadily improved through the quarter and continued into July and are now trending approximately 15 percent lower relative to 2019, consisting of an approximate 15 percent decline in both retail volume and commercial and other volume. Retail volume continues to trend upwards, while the recovery in commercial and wholesale volume has slowed in-line with seasonal activity. Consolidated per unit fuel margins have moderated slightly from Q2 2020 but remain above prior year levels.
• Canadian convenience store sales have remained robust through July. Convenience store margins have improved slightly relative to Q2 2020 as higher margin categories such as car wash and fresh food and beverage offerings recover.
• Our International segment is entering a seasonal low period. Although many countries have begun to reopen their economies, certain key markets have temporarily increased their restrictions as a result of rising COVID-19 cases. Volumes are trending approximately 20 percent lower in July relative to 2019 as a result of lower wholesale and aviation volumes, consisting of an approximate 25 percent decline in the commercial lines of business and 10 percent in the retail line of business. Per unit fuel margins for the segment have modestly increased relative to Q2 2020 as a result of the shifting product mix.
• Including the impact of acquisitions, US retail gasoline volumes in July are trending in-line relative to 2019 while preliminary wholesale and commercial volume continues to trend well above 2019. Per unit fuel margins have moderated from the historical strength in Q2 2020.
• Refinery utilization has been between 80 and 85 percent through July 2020. We continue to optimize throughput rates and refinery yields to maximize margin within current market conditions.

2020 Capital Guidance

On March 30, 2020, Parkland took decisive action in response to COVID-19 and reduced its guidance for 2020 total capital expenditures to $275 million +/- 5%, a reduction of $300 million. This reduction was consistent with our priority to maintain financial flexibility and balance sheet strength. Based on stronger cash flow generation relative to our initial COVID-19 planning scenario, higher Turnaround costs and other maintenance spend, we have increased our 2020 total capital expenditure guidance (the “2020 Capital Program”) by $50 million to $325 million +/- 5%. We remain flexible with our second half program to adapt to the economic environment. Details of our amended capital program are below:

Conference Call and Webcast Details

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

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

https://produceredition.webcasts.com/starthere.jsp?ei=1345078

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: 51995975). International participants can call 1-587-880-2171 (toll) (Conference ID: 51995975).

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 Q2 2020 MD&A and Q2 2020 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and six months ended June 30, 2020. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q2 2020 French MD&A and Q2 2020 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, estimated 2020 capital expenditures, the ongoing launch of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, the expected launch of the National Fueling Network program in the second half of 2020, potential supply import opportunities, and Parkland’s ability to advance its growth agenda. Additionally, this press release contains certain preliminary July results to illustrate the impact COVID-19 has had on our business. These numbers are preliminary, subject to finalization and quarter-end accounting procedures and do not constitute guidance.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 20, 2020, and “Forward-Looking Information” and “Risk Factors” included in the Q2 2020 MD&A dated August 6, 2020, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio and adjusted dividend payout ratio are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 12 of the Q2 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 12 of the Q2 2020 MD&A and Note 20 of the Q2 2020 FS for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 12 of the Q2 2020 MD&A for further details.

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

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

About Parkland Corporation

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

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