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Parkland Fuel Corp - Q2-2018 Earnings & Price Target Update

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Parkland Fuel Corporation has grown from a western Canadian fuel distributor to become Canada's largest independent distributor of fuel and lubricants, managing a Canadian nationwide network of sales channels for retail, commercial, wholesale and home heating fuel customers. Parkland provides motorists, businesses, consumers and wholesale customers with gasoline, diesel, propane, lubricants, heating oil and other products through a network of locations across North America. Volumes have grown from 4.16 B litres in 2011 to 9.6B litres in 2015 and following the CTS (Ultramar) acquisition on Jun-28-2017 and Chevron acquisition on Oct-2017 to 13.3B litres annually as of Dec-31-2017. The forecast for 2018 is 16M litres. Revenues are earned from a chain of 1,755 retail service stations and convenience stores in Canada, sales to commercial customers and wholesalers in Canada and the US from refining. The CTS acquisition added 633 locations and it their largest acquisition to date. In Oct1-1-2019 Parkland paid $1.5B to acquire 129 Chevron branded retail service stations principally located in the Greater Vancouver area, 37 commercial cardlock locations in British Columbia and Alberta, Wholesale aviation business serving the Vancouver International Airport, three terminals located in Burnaby, Hatch Point, and Port Hardy, BC; 55,000 bpd light / sweet crude refinery located in Burnaby, BC. Total assets more than doubled during 2017 to $5.4B as of Dec-31-2017.

The acquisition of the Retail Fuel and Convenience Stores contributed 55% of earnings, Fuel Products Supply including refining operations at 30%, Commercial (Wholesale) Fuel - 15% including Parkland USA operations (5% of total)

Retail Fuels Segment

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