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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Parkland Corporation    PKI   CA70137W1086

PARKLAND CORPORATION

(PKI)
  Report
Delayed Quote. Delayed Toronto Stock Exchange - 12/04 01:09:28 pm
41.56 CAD   +2.97%
12/03Parkland advances growth strategy with two U.S. acquisitions
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11/20TSX rises 0.7% to 17,028.73
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11/19PARKLAND : appoints Marcel Teunissen as Chief Financial Officer
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U.S. oil refiners look to leapfrog Canadians in making renewable diesel

10/04/2020 | 01:02am EST

WINNIPEG, Manitoba/NEW YORK (Reuters) - U.S. oil refineries are moving aggressively to produce renewable diesel, partly to cash in on Canada's greener fuel standard before Canadian refiners modify their own plants.

Canadian Prime Minister Justin Trudeau's government intends to present its Clean Fuel Standard this year, aiming to cut 30 million tonnes of emissions by 2030.

Renewable diesel, made by processing spent cooking oil, canola oil or animal fats, can be used in high concentrations or without blending in conventional diesel engines.

So far, Canadian companies have been slow in preparing to make the fuel, with only three projects publicly announced, said Ian Thomson, president of the Advanced Biofuels Canada industry group.

At least five U.S. refiners have announced plans to produce renewable diesel or said they are considering it, including Phillips 66 and HollyFrontier Corp.

"This is Canada's to lose," Thomson said. "If Canada's refiners want to get left out of the game, they will dig their heels in and oppose the standard. Meanwhile, the Americans will build."

Renewable diesel is a niche market, making up just 0.5% of the 430-billion gallon per year global diesel market, according to investment bank Morgan Stanley.

Greenhouse gas emissions from renewable diesel and traditional biodiesel are typically 50% to 80% lower than conventional diesel.

U.S. states such as Colorado and Washington are moving toward such standards and along with Canada's fuel standard, a sufficient market is developing, said HollyFrontier executive Tom Creery, on the company's second-quarter earnings call.

Suncor Energy Inc, Canada's second-biggest oil producer, has been considering a renewable diesel plant in Montreal, but the pandemic slowed its progress, said Chief Sustainability Officer Martha Hall Findlay.

Canadian refiners face longer regulatory delays than competitors in the United States, setting them at a disadvantage, she said.

"The timelines would force investment in facilities outside Canada because of the sheer fact that we can't build them that fast," Hall Findlay said. "That seems a little backward."

New supply could far overshoot demand if all announced projects are built, Morgan Stanley said.

Parkland Fuel Corp is producing renewable diesel and renewable gasoline in its Burnaby, British Columbia refinery, and is considering expanding capacity, said Senior Vice-President Ryan Krogmeier. 

"There's a tremendous opportunity for Canada to harness its natural resources," he said. "The market for renewable fuels is really taking off."

However, Canada's criteria for crops to be made into biofuels are too strict to be practical, said farmer Markus Haerle, a corn and soybean grower and chair of Grain Farmers of Ontario.

Federal officials have told the group that farms must meet strict requirements to qualify their crops, such as growing them at least 30 metres (98 ft) from waterways and on land that has not been significantly cleared of trees.

"We know farmers won't be able to be certified under those criteria," Haerle said.

The same standards will apply to imported fuels, said Samantha Bayard, spokeswoman for Canada's environment ministry.

By Rod Nickel and Laura Sanicola


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 0.84% 422.5 End-of-day quote.8.96%
HOLLYFRONTIER CORPORATION 5.13% 28.27 End-of-day quote.-46.97%
LONDON BRENT OIL 0.23% 48.9 End-of-day quote.-27.36%
MORGAN STANLEY 1.45% 64.99 End-of-day quote.25.31%
PARKLAND CORPORATION 2.68% 41.44 End-of-day quote.-16.64%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 3.34% 38.72 End-of-day quote.12.15%
SUNCOR ENERGY INC. 6.28% 22.68 End-of-day quote.-49.86%
WTI 0.34% 45.82 End-of-day quote.-26.86%
All news about PARKLAND CORPORATION
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Financials
Sales 2020 14 860 M 11 603 M 11 603 M
Net income 2020 124 M 96,9 M 96,9 M
Net Debt 2020 3 479 M 2 716 M 2 716 M
P/E ratio 2020 56,5x
Yield 2020 2,99%
Capitalization 6 043 M 4 692 M 4 718 M
EV / Sales 2020 0,64x
EV / Sales 2021 0,53x
Nbr of Employees 4 635
Free-Float 99,2%
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Mean consensus BUY
Number of Analysts 15
Average target price 48,20 CAD
Last Close Price 40,36 CAD
Spread / Highest target 28,8%
Spread / Average Target 19,4%
Spread / Lowest Target 11,5%
EPS Revisions
Managers
NameTitle
Robert Berthold Espey President, Chief Executive Officer & Director
James Pantelidis Chairman
Colin Peter Kilty Senior VP-Operations, Retail & Commercial Fuels
Darren Smart CFO, Senior VP-Strategy & Corporate Development
John Frederick Bechtold Independent Director
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