Parkland Fuel

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Parkland Corporation
FormerlyParkland Beef Industries
Parkland Industries
Parkland Fuel Corporation
TypePublic
TSX: PKI
S&P/TSX Composite Component
IndustryRetail (Convenience stores)
Fuel Retailing
FounderJack Donald
Headquarters
Calgary, Alberta
,
Canada
Key people
Bob Espey (President and Chief executive officer)
SubsidiariesPioneer Energy
Ultramar
Websitewww.parkland.ca/en Edit this at Wikidata

Parkland Corporation (previously known as Parkland Fuel Corporation) is a Canadian convenience store operator and independent fuel retailing company based in Calgary, Alberta. Its subsidiaries include several gas station chains, including Pioneer, Fas Gas Plus and Ultramar, as well as several commercial fuel distribution operations.

It is the largest independent fuel retailing company in Canada,[1] as well as the second-largest convenience store operator.[2] It is listed on the Toronto Stock Exchange, with a market capitalization of $3.9 billion as of March 2018.[2]

History[]

Parkland Industries was founded as Parkland Beef Industries, a publicly traded cattle feedlot.[1] In 1975, it was acquired by Jack Donald, and renamed Parkland Industries.[1] Donald had previously founded and sold a chain of retail gas stations called Parkland Oil Products Ltd.[3] At Parkland Industries, Donald pivoted the company from cattle to fuel retailing; it established Fas Gas Plus, a western Canadian gas station chain, in 1977.[1] In its early years, the company was headquartered in Red Deer, Alberta; it moved to Calgary in the mid-2010s.[4]

In the following 30 years, the company grew significantly, in the context of offloading of retail gas operations by larger, integrated oil companies.[1] By the end of 2012, the company had 720 gas stations and $4.1 billion in annual revenue.[1] In 2010, it renamed itself Parkland Fuel Corporation.[1] In 2020, it renamed itself to Parkland Corporation.[5]

In 2013, Parkland acquired Elbow River Marketing, with 1,400 rail cars.[6] in late 2014, it announced the acquisition of Pioneer Energy, an Ontario gas station chain with 393 stations, for $378 million.[7] The deal increased the company's station count to over 1000, and was part of a larger acquisition strategy by the company.[8]

In August 2016, the company announced the acquisition of most of CST Brands' Canadian assets for $965 million, as part of that company's acquisition by Alimentation Couche-Tard for $4 billion. This included the majority of the Ultramar chain, including 490 retail locations and 72 cardlocks in Ontario, Quebec and Atlantic Canada. The sale gave Parkland a total of just over 1,500 retail locations.[9][10][11]

As part of Imperial Oil's exit from retail location ownership, Parkland also acquired the remaining On the Run franchise network, Canadian trademarks, and 17 Esso-branded gas stations.[12][13]

In 2017, Parkland acquired Chevron's Canadian downstream fuel operations for $1.5 billion.[14] As part of the deal, the company acquired the Burnaby Refinery in Burnaby, British Columbia, and increased its station count to 1800.[14][15]

In October 2018, Parkland announced it would acquire 75% of SOL Investments, a retail gas station operator based in the Caribbean, for $1.57 billion.[16]

Operations[]

Parkland's three businesses are retail gas stations, commercial fuel distribution, and fuel supply and wholesaling.[2]

Its retail gas station brands in Canada include Fas Gas Plus (primarily in Western Canada), Pioneer (primarily in Ontario), Ultramar (primarily in Atlantic Canada, Quebec, and Ontario), Chevron (primarily in British Columbia, with locations in Alberta beginning to be opened in 2019) and Race Trac (a franchised brand with independently run locations. Unrelated to the U.S. chain RaceTrac).[17] The company also runs a number of gas stations under the Esso banner. As of the end of 2017, the company has 1848 stations in its network, of which it owns 596.[17] Unlike gas retailing operations owned by integrated oil and gas companies, which generally buy from a single supplier, Parkland sources its fuel from multiple suppliers.[1]

In 2016, Parkland acquired the On the Run brand and franchise network in Canada from Imperial Oil. The company has since begun to utilize On the Run in conjunction with its own retail petroleum brands to leverage its recognition, and introduced a refreshed version of the brand in 2018.[12][18]

In addition to its retail arm, Parkland distributes fuel, including propane, diesel, and heating oil, to mainly commercial customers. It operates under various brands, including Bluewave Energy, Sparlings, and Ultramar.[17]

References[]

  1. ^ a b c d e f g h "How Parkland Fuel Corp. became Canada's largest independent fuel distributor - Alberta Oil Magazine". Alberta Oil Magazine. 2013-08-05. Retrieved 2018-03-16.
  2. ^ a b c "The next Couche-Tard? Shrewd acquisitions create new Alberta powerhouse". The Globe and Mail. 2018-03-10. p. B9. Retrieved 2018-03-16.
  3. ^ "Jack C. Donald | The Alberta Order of Excellence". www.lieutenantgovernor.ab.ca. Retrieved 2018-03-16.
  4. ^ "Varcoe: Parkland Fuel keeps growing amid fuel sector shakeup". Calgary Herald. 2017-10-03. Retrieved 2018-03-17.
  5. ^ https://www.parkland.ca/application/files/4216/2007/4276/MDA_Q1_2021_-_Final_-_w_cover.pdf
  6. ^ Healing, ,Dan. "New rail rules to park some Parkland oil tankers". www.calgaryherald.com. Retrieved 2018-03-16.
  7. ^ "Parkland Fuel Corp to buy Canada's Pioneer Energy". Reuters. 2014-09-17. Retrieved 2018-03-16.
  8. ^ "Why Alberta-based Parkland Fuel Corp is in no rush to see oil prices rise". Financial Post. 2016-03-14. Retrieved 2018-03-16.
  9. ^ "Parkland to buy CST's Canadian assets from Couche-Tard in $965-million deal". The Globe and Mail. 2016-08-22. Retrieved 2018-03-16.
  10. ^ "Couche-Tard gets US$4.4-billion deal with CST Brands; Parkland Fuels gets a piece". Canadian Press. Retrieved 2019-06-30.
  11. ^ Aug. 22, Greg Lindenberg on; 2016. "Parkland to Acquire Most of CST's Canadian Assets". CSP Daily News. Retrieved 2019-06-30.CS1 maint: numeric names: authors list (link)
  12. ^ a b Dudley, Stewart. "What's in a name?". Canadian Fuels Association. Retrieved September 23, 2018.
  13. ^ "Imperial Oil to sell Esso stations for $2.8B". CBC News. Retrieved 2018-09-23.
  14. ^ a b "Canada's largest fuel retailers buys Chevron Canada assets in B.C. for $1.5B". CBC News. Retrieved 2018-03-16.
  15. ^ "The big squeeze: pain ahead if Alberta cuts oil flow to B.C." Richmond News. Retrieved 2018-03-21.
  16. ^ "Parkland Fuel to buy 75% stake in Caribbean fuel marketer SOL Investments for $1.57 billion". Financial Post. 2018-10-10. Retrieved 2018-10-15.
  17. ^ a b c "Parkland 2017 Annual Report" (PDF).
  18. ^ "Ben's Pioneer Gas opens new premises". The Chesterville Record. 2018-03-01. Retrieved 2018-09-23.

External links[]

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