This week, Parkland reported overall net earnings of $64 million in Q1 2025, compared to a net loss of $5 million in Q1 2024, and adjusted earnings of $65 million compared to $43 million in Q1 2024.
“Our first quarter of 2025 saw a recovery from 2024 as the refinery offset a slow start to the year and a one-time $53 million impact due to a decision to exit the California compliance market," said Bob Espey, president and chief executive officer. "It is still early in the year, and as we assess performance across our business, we are encouraged by several positive developments. Our international segment continues to deliver strong growth, refining margins have been stronger than anticipated, and we expect a robust driving season in Canada. While the macroeconomic and regulatory environment remains volatile, these tailwinds highlight the resilience of our portfolio and reinforce my confidence in the foundation we have built at Parkland."
Parkland’s U.S.A. segment delivered an adjusted EBITDA of $16 million, compared to $31 million in Q1 2024. The retailer said the decrease was “driven by macroeconomic pressures continuing to impact fuel and convenience demand in line with broader industry trends, as well as regulatory developments that also impacted Parkland's ability to capture supply optimization opportunities associated with moving refined product between Canada and the U.S.”
Refining delivered an adjusted EBITDA of $79 million, compared to an adjusted EBITDA loss of $33 million in Q1 2024. Parkland said the increase relative to Q1 2024 was “primarily driven by an 11-week unplanned shutdown in the comparative period. Composite utilization at the Burnaby Refinery was approximately 76% in Q1 2025, as compared to approximately 20% in Q1 2024. The Burnaby Refinery successfully completed a three-week planned maintenance in the quarter and performed safely and reliably, which allowed us to benefit from favorable market conditions.”
Yesterday, NACS Daily reported that Sunoco will acquire Parkland in a USD $9.1 billion deal.
The deal is expected to close in the second half of 2025 and generate more than $250 million in run-rate synergies by the third year, Parkland said.