Global refinery market weakness hits Parkland Corp.'s Burnaby refinery

Fuel retailer Parkland Corp. has lowered its full-year earnings forecast as sluggish market conditions continue to take a bite out of margins at the company's Burnaby, B.C. refinery.

Crack spreads globally are currently low due to a variety of factors, including weak economic conditions that have reduced fuel demand in China as well as the U.S. government's sale of 1 million barrels of gasoline last quarter from its Northeast supply reserve, which pushed more fuel onto the market.

Many global oil majors are also reporting decreased third-quarter earnings due to weakness from their refining segments. Reuters reported Thursday that French giant TotalEnergies saw its third-quarter earnings hit a three-year low this year, in large part due to the collapse of refining margins. This is the second consecutive quarter the company has lowered its forecast, from $1.95 billion to $2.05 billion originally.

Both U.S.-based activist investor Engine Capital LP, as well as Parkland's largest shareholder Simpson Oil Ltd., have called on Parkland to conduct a review of strategic alternatives — including a possible sale of the company. Saskatchewan RCMP say that human remains found on Monday north of Lloydminster near the Alberta/Saskatchewan border were those of Serayne Kematch.

One constituency remains to be decided in Saskatchewan's 2024 election, it will come down to final mail-in ballots

Österreich Neuesten Nachrichten, Österreich Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Global refinery market weakness hits Parkland Corp.'s Burnaby refineryFuel retailer Parkland Corp. has lowered its full-year earnings forecast as sluggish market conditions continue to take a bite out of margins at the company’s Burnaby, B.C. refinery.
Herkunft: BNNBloomberg - 🏆 83. / 50 Weiterlesen »

Global refinery market weakness hits Parkland Corp.'s Burnaby refineryCALGARY — Fuel retailer Parkland Corp. lowered its full-year earnings forecast Thursday, as sluggish market conditions continue to take a bite out of margins at the company's Burnaby, B.C. refinery.
Herkunft: SooToday - 🏆 8. / 85 Weiterlesen »

Global refinery market weakness hits Parkland Corp.’s Burnaby facilityThe Calgary-headquartered company is experiencing similar challenges to refiners worldwide.
Herkunft: GlobalCalgary - 🏆 50. / 61 Weiterlesen »

Global refinery market weakness hits Parkland Corp.'s Burnaby refineryCALGARY — Fuel retailer Parkland Corp. has lowered its full-year earnings forecast as sluggish market conditions continue to take a bite out of margins at the company's Burnaby, B.C. refinery.
Herkunft: PGCitizen - 🏆 65. / 51 Weiterlesen »

Global refinery market weakness hits Parkland Corp.'s Burnaby refineryCALGARY — Fuel retailer Parkland Corp. has lowered its full-year earnings forecast as sluggish market conditions continue to take a bite out of margins at the company's Burnaby, B.C. refinery.
Herkunft: BurnabyNOW_News - 🏆 14. / 77 Weiterlesen »

Parkland lowers full-year earnings forecast as global refinery market weakness weighsParkland is experiencing similar challenges to refiners worldwide, as the industry deals with a glut of fuel supply and weak global economic conditions that have reduced demand
Herkunft: globebusiness - 🏆 31. / 66 Weiterlesen »