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

Township of Langley crews were called to a structure fire in the 7200blk 208th St in Willoughby on Friday, Jan. 22, 2020 (Curtis Kreklau/South Fraser News Services)
VIDEO: Two-alarm blaze in Langley’s Willoughby neighbourhood

Crews respond to multiple reports of a structure fire in the 7200 block of 208th Street on Friday

Black Press Media Files
BC Teacher’s Federation asks for vaccine prioritization

‘Hopefully more vaccines are approved and the immunization strategy will be adjusted and accelerated’

Theatre in the Country presents Lady Windermere’s Fan by Oscar Wilde. (TIC/Special to the Aldergrove Star)
Oscar Wilde, Kauffman and Hart, and adult acting classes all happening at Langley theatre

Theatre in the Country continues to showcase Zoom performances while now offering scene studies

Curator Kobi Christian with an exhibit on historic clothing that was on display at the Langley Centennial Museum last February. (Langley Advance Times files)
Langley museum gets $75,000 grant

The funding is to go towards improving facilities

Tyler Tardi will serve as a fifth on Team Laycock at the 2021 Tim Hortons Brier. (Black Press Media file photo)
Tyler Tardi to serve as alternate for B.C. team at Brier

Langley/Cloverdale curler to serve as ‘fifth’ on Team Laycock at Calgary-hosted championships

Toronto Public Health nurse Lalaine Agarin sets up for mass vaccination clinic in Toronto, Jan. 17, 2021. B.C. is set to to begin its large-scale immunization program for the general public starting in April. THE CANADIAN PRESS/Frank Gunn
B.C.’s COVID-19 mass vaccinations expected to start in April

Clinics to immunize four million people by September

Chief Public Health Officer Theresa Tam speaks during a daily briefing in Ottawa. (THE CANADIAN PRESS/Adrian Wyld)
31 cases of COVID-19 variants detected in Canada: Health officials

Dr. Theresa Tam made announces 13 more variant COVID-19 cases in Canada

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

Daily COVID-19 cases reported to each B.C. health region, to Jan. 20, 2021. Island Health in blue, Northern Health green, Interior Health orange, Vancouver Coastal in red and Fraser Health in purple. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infection rate stays stable with 508 cases Friday

Vaccine delivered to more than 110,000 high-risk people

The District of Saanich’s communications team decided to take part in a viral trend on Thursday and photoshopped U.S. Senator Bernie Sanders into a staff meeting photo. (District of Saanich/Twitter)
Bernie Sanders makes guest appearance municipal staff meeting in B.C.

Vancouver Island firefighters jump on viral trend of photoshopped U.S. senator

School District 57 headquarters in Prince George. (Mark Nielsen, Local Journalism Initiative Reporter)
Prince George school district settles with sexual abuse victim

Terms were part of an out-of-court settlement reached with Michael Bruneau, nearly four years after he filed a lawsuit

Surrey provincial court. (File photo: Tom Zytaruk)
New COVID-19 protocols set for provincial courthouses

The new rules were issued on Jan. 21, and took effect immediately

Police in Vancouver looking for male suspect who allegedly spat and attacked a store manager for not wearing a mask, at 7-Eleven near Alma Street and West 10th Avenue just before noon on Dec. 17, 2020. (Vancouver police handout)
VIDEO: Man spits on 7-Eleven manager over mask rule, sparking Vancouver police probe

‘Unfortunately, the store manager sustained a cut to his head during the assault’

The Vancouver-based SAR team successfully rescued two lost snowshoers off of the west side of Tim Jones Peak in the early morning of Monday, Jan. 19. (North Shore Rescue photo)
B.C.’s busiest SAR team raises alarm after 2021 begins with fatality, multiple rescues

‘People beyond ski resort areas of Seymour, Grouse, and Cypress go without cell reception,’ SAR warns

Most Read