Parkland Corp. Cuts Earnings Forecast Amid Global Refinery Challenges

Weak refining margins and oversupply issues have led Parkland to lower its financial outlook for 2024.

Parkland Corp. has reduced its full-year earnings guidance to between $1.7 and $1.75 billion, down from an earlier forecast of $1.9 to $2.0 billion.
The company's Burnaby refinery in British Columbia is facing a 73% drop in adjusted earnings from its refining segment year-over-year.
Global economic conditions and an oversupply of fuel have weakened 'crack spreads,' affecting profitability for refiners worldwide, including Parkland.
Parkland's third-quarter earnings fell 60% compared to last year, from $230 million to $91 million, due to challenging market conditions.
Despite current difficulties, CEO Bob Espey remains optimistic about future demand growth and market correction but expects challenges to persist through the year.