Parkland Completes Acquisition of Chevron Canada’s Downstream Fuel Business

Source Press Release
Company Parkland Fuel CorpChevron Corporation 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date October 01, 2017

Parkland Fuel Corporation (“Parkland”) (TSX:PKI), Canada’s largest and one of North America’s fastest growing independent marketers of fuel and petroleum products, announced today the closing of its acquisition of Chevron Canada R & M ULC which operates a downstream fuel business in British Columbia and Alberta.

“This acquisition provides Parkland with British Columbia’s strongest fuel marketing business and will make Parkland the exclusive distributor of Chevron-branded fuels. With this acquisition, Parkland is also acquiring the Burnaby Refinery, a proven asset that directly supports our core fuel marketing business in an important region, and enhances our supply advantage,” said Bob Espey, President and Chief Executive Officer of Parkland. “We are extremely pleased to welcome the Chevron Canada refining and marketing employees to the Parkland team. We believe in and are committed to investing in these assets, and the local employees who will help us grow in BC and beyond.”

Parkland closed the transaction on October 1, 2017 at 00:59am (Calgary time).

Parkland will update its 2017 Adjusted EBITDA guidance concurrently with the release of its Q3 2017 financial results.

SUMMARY OF ACQUIRED BUSINESS

The Acquisition includes:

• 129 Chevron branded retail service stations principally located in the Greater Vancouver area

• 37 commercial cardlock locations in British Columbia and Alberta

• Wholesale aviation business serving the Vancouver International Airport

• Three terminals located in Burnaby, Hatch Point, and Port Hardy, BC

• 55,000 bpd light / sweet crude refinery located in Burnaby, BC

Source: EvaluateEnergy® ©2018 EvaluateEnergy Ltd