Parkland Corp. says its refinery in Burnaby, B.C., returned to normal operations on March 29. The company says the return comes after an unplanned shutdown on Jan. 12 due to extreme cold weather. A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. THE CANADIAN PRESS/Darryl Dyck
April 01, 2024 - 5:16 AM
CALGARY - Parkland Corp. says its refinery in Burnaby, B.C., returned to normal operations on March 29.
The company says the return comes after an unplanned shutdown on Jan. 12 due to extreme cold weather.
Parkland chief executive Bob Espey says that during the shutdown the company accelerated maintenance and refining optimization work that had been scheduled for the third quarter of 2024.
The company says the Burnaby refinery produces about 25 per cent of Greater Vancouver's gasoline and about 30 per cent the jet fuel for the Vancouver International Airport.
As a result of the shutdown, Parkland says it expects the refinery will report composite utilization of about 20 per cent and an adjusted EBITDA loss between $60 million and $65 million for the first quarter 2024.
Parkland says it expects $300 million to $320 million in total adjusted EBITDA for the first quarter of 2024.
This report by The Canadian Press was first published April 1, 2024.
Companies in this story: (TSX:PKI)
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