Parkland Corp. mentioned it introduced the Burnaby Refinery again to regular operations on the finish of March.
Excessive chilly climate on January 12, 2024, compelled an unplanned shutdown. The corporate mentioned {that a} technical subject with a processing unit led to the shutdown.
“Throughout this shutdown interval, we accelerated upkeep and refining optimization work beforehand scheduled for the third quarter of 2024”, Bob Espey, President and Chief Govt Officer of Parkland, mentioned in an announcement. “As well as, we have now taken proactive steps to enhance organization-wide advertising and marketing profitability and improve the refinery’s utilization and profitability for the rest of the yr. I’ve confidence in our revised operational plan and the confirmed execution capabilities of our groups.
- Advertisement -
“Our 2024 Adjusted EBITDA Steering vary stays unchanged at $1.95 billion to $2.05 billion”.
Because of this shutdown, Parkland anticipated the refinery to ship composite utilization of roughly 20 % and lead to an adjusted EBITDA lack of between $60 and $65 million for the primary quarter 2024.
Parkland expects to ship between $300 million and $320 million of complete adjusted EBITDA for the primary quarter of 2024. This can be a lower from the fourth quarter of 2023, when the corporate reported an adjusted EBITDA of $463 million.
The corporate earlier introduced {that a} first-quarter dividend of $0.35 per share could be paid on April 15, 2024, to shareholders of file on March 22, 2024.
To contact the writer, electronic mail andreson.n.paul@gmail.com
