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Parkland Fuel Corp. 2022 Earnings, Price Target Update

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Parkland Fuel Corporation (PKI-TSX) has grown from a western Canadian fuel distributor to become Canada's largest independent supplier and marketer of fuel and petroleum products with an expanding network of retail convenience stores in Canada the US, the Caribbean, Mexico, and South America. Of the 3,200 locations, 56% are in Canada, 20% in the US, and the balance is in Mexico and South America. Parkland serves customers through its retail, commercial, and wholesale sales channels, and optimizes its fuel supply to each by leveraging a growing portfolio of supply relationships and storage and logistics infrastructure including operating a refinery in Burnaby, BC. Annual sales volumes for fuel for 2022 were 27B litres compared to 23.5 B for 2022. Total assets as of Dec-31-2022 were $14.3B compared to $11.6B on Dec-31-2021($9.1B for 2020). Operating divisions include wholesale, retail fuel distribution, convenience store sales, and the new M&M Meats in Canada comprising 40% of AFFO, Refining operations from their Burnaby refinery contribution of 30%, International operations – 30%, and US – 8%. Parkland is in the process of adding 52 high-speed electric charging stations to existing service stations in Western Canada.

Products include fuel and lubricants, and 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. Parkland Retail Canada supplies and supports a network of 1,863 retail gas stations in Canada operating as Ultramar, Esso, Fas Gas Plus, Chevron, Pioneer, and Race Trac. Parkland Commercial Canada operates from 247 locations, delivering bulk fuel, bulk and cylinder exchange propane, heating oil, lubricants, and other related products and services to commercial, industrial, and residential customers in Canada through an extensive delivery network. Parkland Commercial uses a variety of regionally relevant trade names, including; Ultramar, Bluewave Energy, Pipeline Commercial, Chevron, Columbia Fuels, Island Petroleum, and Sparlings Propane. Parkland owns and operates Canada's leading convenience store brand, On the Run/Marché Express, commencing in 2022 from the acquisition of M&M Meats. Parklands Supply segment includes the refinery in Burnaby, which refines 55,000 bbl/d of crude and synthetic oil into gasoline, diesel, jet fuels, asphalts, heating fuels, heavy fuel oils, butanes, and propane. The Elbow River Marketing trading team, with its mid-continent fleet of over 2,090 rail cars, serves Parkland's brands as well as other Parkland customers with an array of petroleum products including; asphalt, fuel oil, crude, LPG, and refined renewables.

Volumes have grown from 4.2 B litres in 2011. Growth has been both organic growth and acquisitions.

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