CaribPR Wire

CALGARY, AB, Sept. 3, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland” or the “Company”) today announced that it is initiating a process to divest its Florida-based retail and commercial businesses.

Simpson Oil’s approach runs counter to Parkland’s continuing good faith efforts to reach a resolution with its significant shareholder

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

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

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

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

Ongoing Efforts to Reach Amicable Resolution

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

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

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

Background on the Governance Agreement

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

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

About Parkland Corporation

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

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

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release, the words “aim”, “continue”, “focus”, “will”, “would” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the execution of Parkland’s corporate strategy, Parkland’s strategic plan and the focus thereof, Parkland’s contractual rights and the enforcement of such rights, including the terms of the Governance Agreement, Parkland’s plan to focus on organic growth, improving returns, debt reduction, and doubling cash flow per share, and Parkland’s Customer Advantage and Supply Advantage.

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

First quarter Adjusted EBITDA¹ of $327 million

Safely restarted the Burnaby Refinery and returned to normal operations

Progressing $500 million of non-core asset dispositions

CALGARY, AB, May 1, 2024 /PRNewswire/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced its financial and operating results for the three months ended March 31, 2024.

“The team continues to deliver on our strategy and optimize our portfolio,” said Bob Espey, President and Chief Executive Officer. “We have identified more than $400 million of non-core assets for disposition, many of which have been sold or are in the advanced stages of negotiation. This represents more than 80 percent of our $500 million target by the end of 2025.”

“I have full confidence in our team’s ability to execute our operational plan that leverages our customer advantage and unique supply benefits, despite headwinds in some of the markets where we operate,” added Espey. “We expect to deliver our 2024 Adjusted EBITDA Guidance range of $1.95 to $2.05 billion and see a clear pathway to achieving a Leverage Ratio at the low end of our 2 to 3 times target range by the end of 2025.”

Q1 2024 Highlights

• Adjusted EBITDA of $327 million, a decrease of 17 percent as compared to the first quarter of 2023, driven by an unplanned shutdown of the Burnaby Refinery, which began as a result of extreme cold weather and was extended by technical issues during the subsequent start-up. The Burnaby Refinery safely returned to normal operations on March 29, 2024.
• Net loss of $5 million ($0.03 per share, basic), a decrease of $82 million as compared to the first quarter of 2023, and Adjusted earnings² of $43 million ($0.25 per share, basic), a decrease of $71 million from the first quarter of 2023.
• TTM Available cash flow² of $770 million, an increase of 23 percent from 2023, and TTM Cash generated from (used in) operating activities³ of $1,683 million, consistent with 2023.
• TTM Available cash flow per share² of $4.38, an increase of 16 percent from 2023, and TTM Cash generated from (used in) operating activities per share³ of $9.56, a decrease of 7 percent from 2023.
• Leverage Ratio⁴ of 3.1 times (2.8 times at Q4 2023), reflecting the impact of the unplanned shutdown of the Burnaby Refinery.
• Purchased for cancellation approximately 1.8 million common shares for $82 million under our normal course issuer bid (”NCIB”) program in Q1 2024.
• Parkland’s quarterly dividend increased from $0.34 to $0.35 per common share, or $1.40 per common share annualized, representing a 3 percent increase from the prior year. Dividends are expected to be declared and paid on a quarterly basis.

Q1 2024 Segment Highlights

• Canada delivered Adjusted EBITDA of $191 million, up 14 percent from Q1 2023 ($167 million). This increase was primarily driven by stronger fuel unit margins, partially offset by lower commercial volumes due to unseasonably warm weather. Company same-store volume growth (”Company SSVG”⁵) was 5.9 percent, demonstrating the improved productivity of our company-owned network.
• International delivered Adjusted EBITDA of $149 million, down 19 percent from Q1 2023 ($183 million). The decrease was primarily driven by lower fuel unit margins and wholesale volumes as compared to Q1 2023, partially offset by successful cost controls.
• USA delivered Adjusted EBITDA of $33 million, up 57 percent from Q1 2023 ($21 million). Performance reflects ongoing integration efforts, including C-store improvements and On the Run rebrands. Lower fuel unit margins and volumes reflect broader industry trends.
• Refining reported an Adjusted EBITDA loss of $32 million, compared to Adjusted EBITDA of $38 million in Q1 2023. Composite utilization⁵ at the Burnaby Refinery was 20 percent, reflecting the unplanned shutdown, compared to 34 percent in Q1 2023, reflecting a scheduled turnaround. During the quarter, we accelerated maintenance and refining optimization work previously scheduled for the third quarter of 2024. As a result, we expect to enhance the Burnaby Refinery’s utilization and profitability for the remainder of the year.
• Parkland’s total recordable injury frequency rate⁵ on a trailing-twelve-months basis was 1.07, compared to 0.97 at March 31, 2023.

Consolidated Financial Overview

Q1 2024 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 2, 2024 at 6:30 am MT (8:30 am ET) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/xr4dJn89YLk

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 10413873). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 10413873).

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 at www.parkland.ca.

MD&A and Interim Condensed Consolidated Financial Statements

The Management’s Discussion and Analysis for the three months ended March 31, 2024 (the “Q1 2024 MD&A”) and Interim Condensed Consolidated Financial Statements for the three months ended March 31, 2024 (the “2024 Interim Condensed Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three months ended March 31, 2024. An English version of these documents will be available online at www.parkland.ca and the System for Electronic Data Analysis and Retrieval + (”SEDAR+”) after the results are released by newswire under Parkland’s profile at www.sedarplus.ca. The French versions of the Q1 2024 MD&A and the Q1 2024 Condensed Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR+ as soon as they become available.

About Parkland Corporation

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

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

Forward-Looking Statements

Certain statements contained herein 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 strategies, objectives and initiatives; Parkland’s 2024 Adjusted EBITDA Guidance range and goal of achieving a Leverage Ratio at the low end of our 2-3x target range by the end of 2025; Parkland’s expectation to enhance the Burnaby Refinery’s utilization and profitability for the remainder of 2024; Parkland’s expectations regarding future dividend amounts, and timing and frequency of payments; Parkland’s portfolio optimization strategy and target of completing $500 million of non-core asset dispositions, and the timing in respect thereof; and Parkland’s plans to implement ongoing operating and MG&A cost reductions.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligation to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties, many of which are beyond the control of Parkland, including, but not limited to: general economic, market and business conditions; Parkland’s ability to execute its business strategies, objectives, and initiatives, including the completion, financing and timing thereof, realizing the benefits therefrom, and meeting our targets and commitments relating thereto; Parkland’s ability to pay future dividends and complete share repurchases, if any, using its NCIB program; realization of the expected impact of the maintenance and refining optimization work completed on the Burnaby Refinery’s utilization and profitability; Parkland’s ability to execute on its asset disposition target, including with respect to identifying buyers, and completing such dispositions, if any, on terms reasonable to Parkland and in a timely manner; and the assumptions and risks described under “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s most recent Annual Information Form, and under “Forward-Looking Information” and “Risk Factors” in the Q1 2024 MD&A, which are incorporated by reference herein, each as filed on SEDAR+ and available on the Parkland website at www.parkland.ca. In addition, the 2024 Adjusted EBITDA Guidance reflects continued integration of acquired businesses, synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin of approximately 5 percent and Food, convenience and other adjusted gross margin of approximately 5 percent as compared to the year ended December 31, 2023; the realization of $100 million of run-rate MG&A cost efficiencies by the end of 2024; Refining adjusted gross margin of approximately $45 to $46 per barrel and average Burnaby Refinery composite utilization of 75 percent to 80 percent (factoring in the unplanned outage) based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day; enhancements to operations, utilization and optimization of supply at the Burnaby Refinery during 2024; and implementation of ongoing operating and MG&A cost reductions across the business. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage, and liquidity of the business. These specified financial measures do not have any standardized meaning under International Financial Reporting Standards (”IFRS”) and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q1 2024 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings (loss) is a non-GAAP financial measure and Adjusted earnings (loss) per share is a non-GAAP financial ratio, each representing the underlying core operating performance of business activities of Parkland at a consolidated level. The most directly comparable financial measure to Adjusted earnings (loss) and Adjusted earnings (loss) per share is Net earnings (loss).

Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland’s operational business is performing, while considering depreciation and amortization, interest on leases and long-term debt, accretion and other finance costs, and income taxes. The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company’s overall performance, as they exclude certain significant items that are not reflective of the Company’s underlying business operations.

See Section 16 of the Q1 2024 MD&A, which is incorporated by reference into this news release, for the detailed definition and composition of Adjusted earnings (loss).

Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share.

Available cash flow is a non-GAAP financial measure and Available cash flow per share is a non-GAAP financial ratio. The most directly comparable financial measure for Available cash flow and Available cash flow per share is cash generated from (used in) operating activities. Parkland uses these measures to monitor its ability to generate cash flow for capital allocation, including distributions to shareholders, investment in the growth of the business, and deleveraging. Available cash flow is calculated as cash generated from (used in) operating activities adjusted for items such as (i) net change in (a) non-cash working capital and (b) other assets and other liabilities, (ii) maintenance capital expenditures, (iii) dividends received from investments in associates and joint ventures, (iv) interest on leases and long-term debt, and (v) payments on principal amounts on leases. Available cash flow per share is calculated as Available cash flow divided by the weighted average number of outstanding common shares. See following table for a calculation of historical Available cash flow and Available cash flow per share and a reconciliation to cash generated from (used in) operating activities.

The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See Section 16 of the Q1 2024 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios.

Capital Management Measures

Parkland’s primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland’s overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. In order to manage its financing requirements, Parkland may adjust capital spending or dividends paid to shareholders, or issue new shares or new debt. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA and does not have any standardized meaning prescribed under IFRS Accounting Standards. It is therefore unlikely to be comparable to similar measures presented by other companies. The detailed calculation of Leverage Ratio is as follows:

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 16 of the Q1 2024 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the  three months ended March 31, 2024 and March 31, 2023.

Parkland uses Adjusted gross margin as a measure of segment profit (loss) to analyze the performance of sale and purchase transactions and performance on margin. The most directly comparable financial measure is sales and operating revenue. See Section 16 of the Q1 2024 MD&A, which is incorporated by reference into this news release, for the detailed definition of Adjusted gross margin.

Refer to the table below for a detailed calculation of Adjusted gross margin for the three months and three months ended March 31, 2024 and March 31, 2023.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including Adjusted EBITDA Guidance, Leverage Ratio Guidance, TTM Cash generated from (used in) operating activities, and TTM Cash generated from (used in) operating activities per share, and these measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these measures differently. See Section 16 of the Q1 2024 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland, including the composition of such measures.

Non-Financial Measures

Parkland uses a number of non-financial measures, including Company SSVG, composite utilization and total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q1 2024 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

CALGARY, AB, April 1, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”) (TSX: PKI) announced today that the Burnaby Refinery (”the refinery”) safely returned to normal operations on March 29, 2024, following an unplanned shutdown originating from extreme cold weather on January 12, 2024.

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

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

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

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

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

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

CALGARY, AB, Feb. 7, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) today is pleased to announce the appointment of investment banking executive, James Neate to its Board of Directors (the “Board”), effective February 10, 2024.

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

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

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

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

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

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

CALGARY, AB, Oct. 20, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2022 third quarter results after markets close on Wednesday, November 2, 2022. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, November 3, 2022, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/APvXEkv1p2a

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 73952116). International participants may call 1-800-389-0704 (toll free) (Conference ID: 73952116).

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

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

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

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

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

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

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1544615&tp_key=5bc5cc6104

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 22960035). International participants can call 1-800-389-0704 (toll-free) (Conference ID: 22960035).

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

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

Parkland will hold its 2022 Annual General Meeting of shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Thursday, May 5, 2022, at 9:00 a.m. MDT (11:00 a.m. EDT).

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

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

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

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CALGARY, AB, Jan. 18, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), will host a webcast and conference call on Tuesday, January 18, at 4:00pm MDT (6:00pm EDT) to discuss its announced acquisition of M&M Food Market.  To listen to the live webcast and watch the presentation, please use the following link: https://produceredition.webcasts.com/starthere.jsp?ei=1524874&tp_key=388fcb2af7

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: 68511332). International participants can call 1-800-389-0704 (toll) (Conference ID: 68511332).

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.

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

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

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

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

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

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

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

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

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

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

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to 2021 and 2022 Adjusted EBITDA guidance.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to reduce GHG in its refining and marketing business, Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

CALGARY, AB, Nov. 30, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), a leading consolidator of convenience retail and fuel marketing businesses, announced today it has entered into an agreement to acquire approximately 156 retail locations, from Cenovus Energy Inc. (”the Acquisition”). This Acquisition bolsters Parkland’s existing Canadian convenience retail network by adding high-quality retail locations in Greater Vancouver, Vancouver Island, Calgary, and the Greater Toronto area.

“This acquisition is a natural fit for Parkland,” said Donna Sanker, President Parkland Canada. “Consistent with our recently announced strategy to develop our retail network in key Canadian markets and diversify our retail business to better serve our customers, it provides an opportunity to create convenience destinations by expanding our ON the RUN convenience brand, enhancing food offerings, and strengthening the Parkland national network for JOURNIE™ Rewards.”

This Acquisition includes 109 company owned sites and 47 dealer locations and is expected to add annual fuel volumes of approximately 400 million litres to our network.

“The Acquisition is a unique opportunity to expand our coverage in markets where Parkland has an existing supply advantage and offsets a portion of our planned organic growth capital,” added Sanker. “We will convert a significant number of the company owned sites to ON the RUN and accelerate our plan to build a network of over 1,000 ON the RUN locations in Canada and the U.S. by 2025.”

The total cash consideration for this transaction is approximately $156 million and reflects a post-synergy multiple consistent with certain prior transactions of approximately 5 times. Subject to approval under the Competition Act (Canada) and other closing conditions, the transaction is expected to close in mid-2022.

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

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

Forward Looking Statement
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the Acquisition and the timing thereof; expected benefits of the acquisition, including potential organic growth, creating convenience destinations, Parkland’s ability to expand its ON the RUN convenience brand, enhancing its food offer and JOURNIE™ Rewards loyalty program, the expected product volume resulting from the transaction, offset of planned organic growth capital and a post-synergy multiple of approximately 5 times.

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 the Acquisition; failure to satisfy the conditions to closing of the Acquisition, including approval under the Competition Act (Canada); 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.

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

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

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

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

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

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the NCIB, potential purchases of common shares under the NCIB, returning additional capital to shareholders and future accretive investment opportunities.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, the failure to obtain approval of the NCIB from the TSX, failure to realize the anticipated benefits of the NCIB, a failure to execute purchases under the NCIB,  general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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

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

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

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

Forward-Looking Statements

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

No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. See the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in the management’s discussion and analysis for the quarter ended September 30, 2021, dated November 2, 2021, which are filed on SEDAR and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland Corporation

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

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

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

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

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

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

About Parkland Corporation

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

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

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “continue”, “confident” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: recommencing processing at the Burnaby refinery, importing refined fuels and supplying our retail and commercial locations.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions and the effects of the COVID-19 pandemic on economic, market and business conditions; the ability of suppliers and other counterparties to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

CALGARY, AB, Nov. 11, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce that through its wholly-owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into an agreement to acquire substantially all of the assets of Lynch Oil and certain of its affiliates (collectively, “Lynch”). This acquisition strengthens our growth platform across the Pacific Northwest and complements our existing retail, commercial and wholesale businesses in Idaho.

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

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

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

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the acquisition of Lynch and the timing thereof; expected benefits of the acquisition, increasing retail and convenience presence in the market, potential supply advantage resulting from the transaction, consolidation opportunities for Parkland, the expected gross profit split amongst the segments of the business, and the anticipated funding of the acquisition.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition, including approval by the U.S. Federal Trade Commission and Department of Justice; failure to realize all or any of the anticipated benefits of the acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland

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

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

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

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

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

Forward-Looking Statements

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

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

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

About Parkland Corporation

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

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

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.

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CALGARY, AB, Nov. 2, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) today announced its financial and operating results for the three and nine months ended September 30, 2021. Highlights for the three months ended September 30, 2021 (”Q3 2021″) include¹:

• Record Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $364 million, up 8 percent year-over-year, underpinned by record Adjusted EBITDA in our International and U.S. segments that reflect accretive acquisitions and realized synergies, record co-processing volumes at the Burnaby refinery, consistent execution, and ongoing post-COVID economic recovery.
• Net earnings attributable to Parkland of $115 million, or $0.76 per share, basic, an increase of approximately 50 percent relative to the prior year, and record Adjusted earnings attributable to Parkland (”Adjusted earnings”) of $107 million, or $0.70 per share, basic, up approximately 15 percent year-over-year.
• Trailing twelve-month distributable cash flow per share of $4.72, an increase of approximately 44 percent relative to prior year of $3.28.
• Co-processed a record 33 million litres (2,300 barrels per day) of bio-feedstock at the Burnaby Refinery, helping our customers decarbonize their operations and placing us on track to achieve our target of 100 million litres, which is equivalent to taking over 80,000 passenger vehicles off the road in 2021.

“I want to congratulate the entire Parkland team for delivering the strongest quarterly and year-to-date results in Parkland’s history,” said Bob Espey, President and Chief Executive Officer. “Underpinned by our quality brands and consistent ability to anticipate and meet the evolving needs of our customers, including meeting a growing need for low-carbon fuels, we delivered $1 billion of Adjusted EBITDA during the first nine months of the year, demonstrating the strength and growth trajectory of our company.”

“Each segment of our business performed strongly,” added Espey. “From record results in our USA and International segments, ongoing post-COVID economic recovery in Canada and record co-processing volumes in Burnaby, our teams have set us up for a strong finish to the year. We remain focused on maintaining our financial strength and have high confidence in achieving the upper end of our full-year Adjusted EBITDA guidance and longer-term growth ambition.”

Q3 2021 Segment Highlights²

• Our Canadian segment delivered Adjusted EBITDA of $105 million, down 18 percent relative to Q3 2020. Lower unit fuel margins, reduced benefit from the COVID-related wage assistance program and a shift in product mix were partially offset by recovering volumes and growth in merchandise gross profit. Company C-store same-store sales growth (”SSSG”) was 1.7 percent excluding cigarettes, driven by growth in high margin categories including beverages, centre of store and food service. We continue to optimize results by leveraging our proprietary brands, including ON the RUN and 59th Street, at company owned retail sites and our JOURNIE^TM rewards program, which now has more than 2.5 million members.
• Our International segment delivered record Adjusted EBITDA of $83 million, up 8 percent relative to Q3 2020. Results were underpinned by a strong base business, the successful integration of the Isla Dominicana de Petroleo Corp. joint venture and other acquisitions, plus recovering onshore and aviation volumes driven by the slowly recovering tourism industry.
• Our USA segment delivered record Adjusted EBITDA of $44 million, up 110 percent relative to Q3 2020. Results were driven by the impact of acquisitions and synergies, new business wins including national accounts, and a robust summer driving season, which offset weakness of marine bunkering in our Florida market due to COVID.
• Our Supply segment delivered Adjusted EBITDA of $161 million, up 30 percent relative to Q3 2020. We continue to reliably and safely operate the Burnaby refinery delivering composite utilization of 101 percent (92 percent in Q3 2020) and co-processed a record 33 million litres of bio-feedstock, resulting in year-to-date compliance cost savings of more than $35 million³. Recovering fuel volumes underpinned strong margins in our integrated logistics business. Planned maintenance at the Burnaby refinery commenced in early October and the refinery was substantially operational by the end of October 2021.
• Corporate Adjusted EBITDA expense of $29 million, was consistent with pre-COVID Q3 2019 and up from $12 million in Q3 2020, reflecting reduced benefit from the COVID related wage assistance program and administrative costs to support the partial return to pre-COVID business activities and growth programs.

Developing our Business: A Track-Record of Disciplined and Accretive Acquisitions

From late last year, we have announced or closed 13 accretive acquisitions for an investment of approximately $850 million, including purchase price adjustments. The Total Funded Debt to Credit Facility EBITDA ratio of 3.2 times as of September 30, 2021 reflects the closing of three previously announced acquisitions. There are no credit facility or bond maturities until 2026 and the company has significant financial liquidity. Highlights from the third quarter include:

• Announced the acquisition of Montreal-based Pétroles Crevier Inc. Expected to close in Q1 2022, this acquisition will extend our existing retail network in Quebec and expand our presence in key markets.
• Signed and closed agreements to acquire Colorado-based Master Petroleum, North Dakota-based Red Carpet Carwash and Florida-based Bradenton Fuel Oil, all of which strategically build upon our existing capabilities in those regions.

Our Sustainability Journey

As we advance our sustainability journey, we are committed to providing regular updates on our environmental, social and governance efforts as part of our normal disclosure process. Q3 2021 highlights include:

• As part of our commitment to help our customers decarbonize their operations and essential mobility needs, we delivered another co-processing record at the Burnaby refinery. The refinery co-processed approximately 33 million litres of Canadian bio-feedstock during the third quarter of 2021, for a total of 82 million litres during the first nine months of 2021. We are on track to achieve our target of 100 million litres, which will have the equivalent effect of taking over 80,000 passenger vehicles off the road in 2021.
• Consistent with our commitment to Board renewal, we appointed two new Board members, Angela John and Richard Hookway. Together they bring extensive global experience in supply, low carbon technologies and in creating value across the entire downstream value chain. We expect Parkland, and our shareholders, will benefit greatly from their contributions.
• In July 2021, we launched a Diversity and Inclusion Leadership program to a selection of our Vice Presidents, Directors and Managers across all regions completing over 500 hours of training. We also hosted Pride Month events, Hispanic Heritage month events and held other events hosted by our Women’s network.
• Throughout September, employees in all our operating geographies came together to recognize Canada’s National Day for Truth and Reconciliation. This included a virtual event hosted by senior leaders and attended by approximately 800 employees that featured a former-elected chief, and residential school survivor and author. The event was designed to educate our employees on the history of Canadian Indigenous people.

Parkland’s second Sustainability report will be issued in the fourth quarter and will provide enhanced disclosure, including greenhouse gas reduction targets.

Changes to Dividend Reinvestment Plan

On November 2, 2021, the Company announced a reduction of the Enhanced Dividend Reinvestment Plan (”Enhanced DRIP”) from a 5 percent per share discount to a 2 percent per share discount, effective immediately.

Consolidated Financial Overview

Registration Available for 2021 Investor Day on November 16, 2021

Parkland will host its 2021 Investor Day presentation on November 16, 2021 at 7:00 a.m. MST (9:00 a.m. EST). The event will be held at the Fairmont Royal York in Toronto, Ontario and simultaneously webcast with video for those unable to attend in person. The event will include presentations from Parkland’s leadership team on our long-term growth and energy transition strategy, capital allocation and financial outlook.

To ensure a safe and engaging in-person event, we will be following Ontario’s COVID protocols. Analysts and investors who wish to attend the event, either in person or remotely, are invited to register using the following link: https://parkland.fluid.events/ParklandInvestorDay

Q3 2021 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Wednesday, November 3, 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=1502999&tp_key=0713d330d0

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: 88891002). International participants can call 1-587-880-2171 (toll) (Conference ID: 88891002).

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

MD&A and Consolidated Financial Statements

The Q3 2021 MD&A and Q3 2021 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2021. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q3 2021 French MD&A and Q3 2021 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

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

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

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, Parkland’s expectation of achieving the upper end of its 2021 Adjusted EBITDA guidance and achieving its 2021 co-processing target and long-term growth ambitions, expected benefits and synergies to be derived from acquisitions, expected closing dates of announced transactions, expecting timing of Parkland publishing its second sustainability report, and Parkland’s ability to advance its growth agenda.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Adjusted EBITDA and Adjusted gross margin are measures of segment profit and non-GAAP financial measures. Total funded debt to credit facility EBITDA ratio, Adjusted earnings, distributable cash flow, and distributable cash flow per share attributable to Parkland are non-GAAP financial measures. These measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar financial measures used by other issuers. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 14 of the Q3 2021 MD&A for a discussion of non-GAAP measures, the reasons Parkland considers it appropriate for supplemental analysis and their reconciliations to the nearest applicable IFRS measure.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as Company C-Store SSSG, refinery utilization and composite 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 Q3 2021 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.