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.

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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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