Parkland Corp. said it has brought the Burnaby Refinery back to normal operations at the end of March.
Extreme cold weather on January 12, 2024, forced an unplanned shutdown. The company said that a technical issue with a processing unit led to the shutdown.
“During this shutdown period, we accelerated maintenance and refining optimization work previously scheduled for the third quarter of 2024”, Bob Espey, President and Chief Executive Officer of Parkland, said in a statement. “In addition, we have taken proactive steps to improve organization-wide marketing profitability and enhance the refinery’s utilization and profitability for the remainder of the year. I have confidence in our revised operational plan and the proven execution capabilities of our teams.
“Our 2024 Adjusted EBITDA Guidance range remains unchanged at $1.95 billion to $2.05 billion”.
As a result of this shutdown, Parkland expected the refinery to deliver composite utilization of approximately 20 percent and result in an adjusted EBITDA loss of between $60 and $65 million for the first quarter 2024.
Parkland expects to deliver between $300 million and $320 million of total adjusted EBITDA for the first quarter of 2024. This is a decrease from the fourth quarter of 2023, when the company reported an adjusted EBITDA of $463 million.
The company earlier announced that a first-quarter dividend of $0.35 per share would be paid on April 15, 2024, to shareholders of record on March 22, 2024.
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