Gas prices are displayed as a motorist prepares to pump gas at a station in North Vancouver on May 10, 2011. Shares in Parkland Fuel Corp., Canada’s largest independent fuel marketer, are up after it increased its adjusted 2019 earnings guidance on the back of strong third-quarter results. The Calgary-based company says it now expects its adjusted earnings before interest, taxation, depreciation and amortization will be $75 million higher than previously forecast, at $1.24 billion. The company which sells gasoline and diesel under brands including Fas Gas, Chevron, Esso, Ultramar and Pioneer, and operates On The Run convenience stores, reported third-quarter net earnings of $26 million, down from $49 million in the year-earlier period. THE CANADIAN PRESS/Jonathan Hayward

Gas prices are displayed as a motorist prepares to pump gas at a station in North Vancouver on May 10, 2011. Shares in Parkland Fuel Corp., Canada’s largest independent fuel marketer, are up after it increased its adjusted 2019 earnings guidance on the back of strong third-quarter results. The Calgary-based company says it now expects its adjusted earnings before interest, taxation, depreciation and amortization will be $75 million higher than previously forecast, at $1.24 billion. The company which sells gasoline and diesel under brands including Fas Gas, Chevron, Esso, Ultramar and Pioneer, and operates On The Run convenience stores, reported third-quarter net earnings of $26 million, down from $49 million in the year-earlier period. THE CANADIAN PRESS/Jonathan Hayward

Lower Mainland’s only gasoline supplier to close for 8 weeks for maintenance

The 55,000-barrel-per-day Burnaby refinery is putting fuel in storage to be drawn upon during the outage

The refinery that is the sole local supplier of motor fuel in the B.C. Lower Mainland is being scheduled for an eight-week maintenance shutdown early next year but owner Parkland Fuel Corp. says it is taking measures to keep prices at the pump in check.

The 55,000-barrel-per-day Burnaby refinery is putting fuel in storage to be drawn upon during the outage but that won’t be enough to last for the entire duration, said Dirk Lever, vice-president for refining, on a conference call to discuss Parkland’s third-quarter results on Tuesday.

“We have a fair amount of planning to do dealing with other refineries in order to source supply as we’re down,” he said.

“More material to pump prices on the West Coast are unplanned outages, rather than planned outages. So the fact this is a planned outage and has been orchestrated ahead of time, it should not have a material impact at the pump.”

Gasoline and diesel prices have been a hot topic in British Columbia.

A public inquiry concluded in August that there’s an unexplained difference of 13 cents per litre between Metro Vancouver and Seattle that is costing drivers on the Canadian side of the border nearly $500 million a year.

But it also found no evidence of collusion among the companies — including Parkland — that supply and market fuel.

Premier John Horgan called the public inquiry last May as gasoline prices reached a record-breaking $1.70 per litre in the Vancouver region.

Parkland’s down time shouldn’t result in higher prices because there has been sufficient preparation time, said market watcher Michael Ervin, senior vice-president with consulting firm Kent Group, on Tuesday.

He said prices are generally higher in the Vancouver area because of supply and demand.

B.C.’s other fuel refinery, the 12,000-bpd facility in Prince George, was recently sold by Husky Energy Inc. to Tidewater Midstream and Infrastructure Ltd.

Shares in Calgary-based Parkland, Canada’s largest independent fuel marketer, jumped by nearly five per cent early Tuesday after it increased its 2019 guidance on the back of third-quarter adjusted earnings that beat analyst expectations.

“Our business is performing well and the increase reflects our strong third quarter and confidence for Q4,” said CEO Bob Espey on the conference call.

The company, which sells gasoline and diesel under brands including Fas Gas, Chevron, Esso, Ultramar and Pioneer, and operates On The Run convenience stores in Canada, said it now expects its adjusted earnings in 2019 before interest, taxation, depreciation and amortization will be $1.24 billion, up $75 million from the previous forecast.

During the quarter, Parkland began the rollout of its national Journie Rewards customer loyalty program in partnership with CIBC in Canada and bought Florida-based fuel marketer Tropic Oil.

The company reported third-quarter net earnings of $26 million, down from $49 million in the year-earlier period, with the slip mainly attributed to an increase in interest on long-term debt relating to its purchase early this year of Caribbean fuel retailer Sol.

It reported adjusted EBITDA of $302 million in the three months ended Sept. 30, up from $200 million in the same period of 2018, as revenue jumped to $4.6 billion from $3.8 billion.

READ MORE: B.C. city breaks North American gas price record

Dan Healing, The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The baby boy born to Gillian and Dave McIntosh of Abbotsford was released from hospital on Wednesday (Nov. 25) while Gillian continues to fight for her life after being diagnosed with COVID-19.
Abbotsford mom with COVID-19 still fighting for life while newborn baby comes home

Son was delivered Nov. 10 while Gillian McIntosh was in an induced coma

Abbotsford resident Leonna Dunning is now $50,000 richer after a big win on a scratch ticket. (Submitted)
Abbotsford woman wins $50,000 on scratch ticket

Leona Dunning purchased winning ticket at 7-11 on McCallum Road

Google Maps image.
Four more school exposures in Abbotsford

Two public and two private schools record exposures from Nov. 16 to 19

Google Maps screenshot taken at 6:07 a.m.
TRAFFIC: Westbound dump-truck crash on Highway 1

Crash occurred around 6:45 a.m., west of 232nd Street in Langley

Krista Macinnis displays the homework assignment that her Grade 6 daughter received on Tuesday. (Submitted photo)
Abbotsford mom angry that students asked to list positive stories about residential schools

Daughter’s Grade 6 class asked to write down 5 positive stories or facts

A man wearing a face mask to help curb the spread of COVID-19 walks in downtown Vancouver, B.C., Sunday, Nov. 22, 2020. The use of masks is mandatory in indoor public and retail spaces in the province. THE CANADIAN PRESS/Darryl Dyck
B.C. records deadliest day of pandemic with 13 deaths, 738 new COVID-19 cases

Number of people in hospital is nearing 300, while total cases near 30,000

B.C. Premier John Horgan, a Star Trek fan, can’t resist a Vulcan salute as he takes the oath of office for a second term in Victoria, Nov. 26, 2020. (B.C. government)
Horgan names 20-member cabinet with same pandemic team

New faces in education, finance, economic recovery

A new ‘soft reporting’ room is opening inside the Ann Davis Transition Society offices on Dec. 1, 2020 which is thought to be the first of its kind in B.C. (Ann Davis Transitional Society/ Facebook)
New ‘trauma-informed’ reporting room opening next week in Chilliwack

It’s a space for reporting domestic violence, sexual assault, or gender-based violence to police

The corporate headquarters of Pfizer Canada are seen in Montreal, Monday, Nov. 9, 2020. The chief medical adviser at Health Canada says Pfizer’s COVID-19 vaccine could be approved in Canada next month. THE CANADIAN PRESS/Ryan Remiorz
Health Canada expects first COVID-19 vaccine to be approved next month

Canada has a purchase deal to buy at least 20 million doses of Pfizer’s vaccine,

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

The online poster for Joel Goddard, who left his Willoughby home Nov. 10, 2020, has been updated by his family and friends who received word that he’s been found.
Langley man missing since Nov. 10 found alive and safe in Abbotsford

Family of the Willoughby area man had been searching for days. Police find him at Abbotsford Airport

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A UBC study recommends an multi-government investment of $381 million to protect 102 species at risk in the Fraser River estuary. (Photo supplied by Yuri Choufour)
102 Fraser River estuary species at risk of extinction, researchers warn

UBC team develops $381-million strategy to combat crisis, boost economy

FILE – A paramedic holds a test tube containing a blood sample during an antibody testing program at the Hollymore Ambulance Hub, in Birmingham, England, on Friday, June 5, 2020. (Simon Dawson/Pool via AP)
Want to know if you’ve had COVID-19? LifeLabs is offering an antibody test

Test costs $75 and is available in B.C. and Ontario

Most Read