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

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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.

Amanda Stephenson, The Canadian PressBill Harris, partner and portfolio manager at Avenue Investment Management, joins BNN Bloomberg to discuss Canadian large and mid-caps.

He said this was in spite of Parkland’s Burnaby refinery operating smoothly, with a strong utilization rate. “In terms of the dynamics that are causing the crack spreads to come down, there is a period here where we’re seeing lots of supply, so the market is sloppy,” said Espey. For its own third quarter, Parkland reported its earnings declined by 60 per cent year-over-year, from $230 million in 2023 to $91 million in the third quarter of 2024.

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