Parkland Fuel Corporation Posts Another Record in Third Quarter
- Traction on Parkland Penny Plan and Refining Margins Leads to Record EBITDA of $60.5 million -
RED DEER, AB, Nov. 8, 2012 /CNW/ - Parkland Fuel Corporation ("Parkland" or the "Corporation") (TSX: PKI), Canada's largest independent distributor and marketer of fuels and lubricants, today announced the financial and operating results for the three and nine months ended September 30, 2012.
Q3 2012 Operational Highlights:
For the three months ended For the nine months ended
September 30, September 30,
2012 2011 % Change 2012 2011 % Change
(in millions of
litres)
Total fuel 1,091 1,098 (1) 3,179 3,065 4
volume
Retail fuel 491 508 (3) 1,364 1,223 12
volume
Commercial fuel 343 403 (15) 1,120 1,308 (14)
volume*
(in millions of
Canadian
dollars)
Net earnings 31.8 24.5 30 75.2 36.5 106
EBITDA ((1)) 60.5 43.0 41 157.8 114.9 37
Distributable 44.9 52.7 (15) 109.6 100.1 9
cash flow ((1)
(2))
Dividend to 38% 30% 46% 44%
distributable
cash flow payout
ratio
*Fuel volumes of 53.1 million litres and 154.2 million litres for the
three and nine months ended September
30 respectively were re-allocated from the commercial division to the
wholesale division in 2012.
Grow
-- Volume down 7 million litres primarily due to planned closures
in the Cango network that reduced Retail Fuel volumes by 10
million litres partially offset by organic growth in other
divisions;
-- Diversification keeps commercial volumes relatively level with
2011; and
-- Subsequent to the quarter Shell lubricants distributor Magnum
Oil was acquired adding approximately 6 million litres in
annual lubricants volumes.
Supply
-- Strong refiners' margins continued in the quarter;
-- 35 million litre (220,000 barrel) Bowden Terminal operational
on schedule and on budget; and
-- Three year (~30 million litres/year) terminal services
agreement signed with Gibson Energy ULC for fracking fluid.
Operate
-- 34% year-over-year reduction in net unit operating costs due to
reductions in operating costs, marketing general and
administrative costs and improvements in non-fuel gross profit,
with a third of the reduction due to the elimination of
one-time items reported in 2011;
-- Strong operating cash flow continues to improve balance sheet;
and
-- Give me Five! cost savings budgeted into 2013.
"Continued execution on Parkland's Penny Plan, coupled with strong refiners'
margins, resulted in record earnings for the third quarter," said Bob Espey,
President and Chief Executive Officer of Parkland. "Lower operating and
administration costs and a seven percent increase in gross profit from our
fuel marketing divisions led to great results for our base business."
"Organic volume growth has been lower this year due to planned retail
closures, competitive pressures in certain markets, and lower drilling
activity in Western Canada's oil and gas sector. However, we made progress
this quarter on regaining lost volume from earlier in the year, adding net new
volumes across all our divisions through the concerted efforts of our sales
teams," added Mr. Espey.
Consolidated Highlights:
For the three months ended For the nine months ended
September 30, Sepember 30,
((in millions of
Canadian
dollars, except
volume and per )
(Share amounts)) 2012 2011 % Change 2012 2011 % Change
Income Statement Summary:
Sales and
operating
revenues 1,066.2 1,060.8 1 3,145.5 2,966.2 6
Gross profit 112.5 102.6 10 333.0 305.3 9
Operating costs 33.2 39.9 17 113.1 128.1 12
Marketing,
general and
administrative 18.5 20.6 10 57.8 64.5 10
Depreciation and
amortization
expense 12.3 14.3 14 38.7 51.7 25
48.5 27.8 74 123.4 61.0 102
Customer finance
income (0.8) (0.9) (11) (2.5) (2.2) 14
Finance costs 4.6 8.9 48 16.1 26.2 39
Loss (gain) on
disposal of
property, plant
and equipment (0.6) (14.3) 96 0.1 (14.8)
Realized risk
management loss 0.8 - 5.3 -
Unrealized risk
management loss 0.3 - 1.5 -
Earnings before
income taxes 44.2 34.1 30 102.9 51.8 99
Income tax
expense 12.4 9.6 (29) 27.7 15.3 (81)
Net earnings 31.8 24.5 30 75.2 36.5 106
Net earnings per share
- Basic 0.48 0.41 16 1.14 0.62 85
- Diluted ((1)) 0.44 0.36 23 1.08 0.57 87
Non-GAAP
Financial
Measures:
EBITDA((2)(3)) 60.5 43.0 41 157.8 114.9 37
Distributable
cash flow((2)
(4)) 44.9 52.7 (15) 109.6 100.1 9
Distributable
cash flow per
share ((2)) 0.67 0.84 (20) 1.63 1.59 3
Dividends 17.1 16.0 6 50.5 44.2 14
Dividend to
distributable
cash flow payout
ratio ((2)(4)) 38% 30% 46% 44%
Key Metrics:
Fuel volume
(millions of
litres) 1,091.0 1,098.0 (1) 3,179.0 3,065.0 4
Return on
capital employed
(ROCE)((2)(5)) 23.9% 12.8%
Net unit
operating cost
(NUOC)((2)) 2.37 3.57 34 2.94 3.93 25
Employees 1,155 1,267 (9)
Fuel Key Metrics
- Cents per
litre:
Average Retail
fuel gross
profit 4.36 4.69 (7) 4.77 5.09 (6)
Average
Commercial fuel
gross profit 8.54 7.30 17 9.55 8.48 13
Operating costs 3.04 3.63 16 3.56 4.18 15
Marketing,
general and
administrative 1.70 1.88 10 1.82 2.10 14
Depreciation and
amortization
expense 1.13 1.30 13 1.22 1.69 28
Liquidity and
bank ratios:
Net Debt:EBITDA
((2)) 1.05 2.16
Senior
Debt:EBITDA((2)) 0.34 1.21
Interest
coverage ((2)) 7.06 2.90
((1)) Diluted earnings (loss) per share can be impacted by an
anti-dilutive impact of conversion of
the debentures. Quarterly diluted earnings (loss) per share may
therefore not accumulate to the
same per share value as the year-to-date calculation.
((2)) Please refer to the Non-GAAP Measures section in the MD&A for
definitions.
((3)) Please see EBITDA discussion in the MD&A.
((4)) Please see Distributable Cash Flow reconciliation table in the
MD&A.
((5)) Please see ROCE discussion in the MD&A.
Parkland Penny Plan Update
The Parkland Penny Plan, announced on May 15, 2012, is targeting:
-- Growth to seven billion litres in fuel volumes by 2016 through
organic growth and acquisitions; and
-- 1 cent per litre in additional EBITDA margin by 2016 through
economies of scale, better supply options, and efficiencies.
Penny Plan Scorecard Summary:
Area Commitment Analysis 2016 2012 2011
Target
Regaining
Lost Ground
An 11 million
litre
improvement
over the
second
quarter.
Year-to-date
base volumes
were down due
to planned
closures in
the Cango
network (10
million
litres), a
warm first
quarter, and 0.5 (15.7) YTD 224
Organic an early billion million million
growth spring litres litres litres
break-up in
the oil
patch.
However,
strong sales
efforts in Grow the
commercial
and wholesale
areas have
begun to
offset these
volume
losses,
despite
challenging
conditions in
certain
regions.
Additional 2.5
volumes billion
identified litres
While no
major
acquisitions 425 million
Major have been litres
acquisitions signed to - (annualized
date, the volumes)
mergers and
acquisitions
environment
has become
increasingly
active.
On Track
Parkland
remains on
track to
replace the
average
normalized
profit
(†) of
its refiners`
margin 100%
Supply contract by Normalized Supply Margins 2014 through profit On Track N/A
the plus 1/3
negotiation cent
of supply
contracts,
supply
management,
and terminal
options. No
problems are
foreseen in
replacing the
volume.
Deeper
efficiencies
Operating
costs have
improved 6.1%
on a cpl
basis
Operating relative to 3.60 cpl 3.69 cpl* 3.93 cpl(*)
costs normalized TTM
2011 costs
that were
adjusted for
one-time
items and the
acquisition
of Cango
Slow but
steady
progress on
MGA
Normalized
twelve
trailing Operate Marketing, months MG&A
General and costs have 1.81 cpl*
Administration decreased 1.59 cpl TTM 1.92 cpl*
costs 5.7% on a cpl
basis
relative to
normalized
2011 MGA
costs that
were adjusted
for one-time
items.
Safety
improves
During the
third quarter
Lost Time Parkland had
Injury two lost time Less than 0.44 YTD 1.80
Frequency injuries 0.75
compared with
six injuries
in the third
quarter of
2011.
* Normalized for Cango and one-time costs; (†)The average
annualized benefit under this contract excluding performance from
outlier years
Note: 2016 cost targets will be updated in the event of a significant
change to Parkland's business mix.
Abbreviations:
CPL = Cents per litre
YTD = Year-to-date
TTM = Trailing twelve months
This five year strategic plan aims to double 2011 normalized EBITDA of $125
million by the end of 2016. (Normalized EBITDA ignores one-time costs and
irregular profits). $70 million is expected to be derived through a one cent
increase in EBITDA margin, $55 million is expected to be derived through
acquisitions.
A more detailed explanation of the Parkland Penny Plan and the full scorecard
can be found in this quarter's Management's Discussion and Analysis.
Reduced Distributable Cash Related to 2011 Disposal of Long-haul Trucking
Assets
Q3 2012 vs. Q3 2011
Distributable cash flow decreased 15% to $44.9 million in the third quarter of
2012 compared with $52.7 million in the third quarter of 2011. The decrease
was primarily due to $22.3 million in proceeds from the disposal of Parkland's
long-haul trucking assets in the third quarter of 2011, partially offset by a
$17.5 million increase in EBITDA during the third quarter of 2012. As a
result, the dividend payout ratio for the third quarter of 2012 was 38%
compared with 30% in the third quarter of 2011.
Year-to-date ("YTD") 2012 vs. 2011
Distributable cash flow increased 9% to $109.6 million for the nine months
ended September 30, 2012 compared with $100.1 million for the same period in
2011. The increase was due to a $42.9 million year-over-year increase in
EBITDA, a $10.1 million decrease in finance costs partially offset by a $20.1
million decrease in proceeds on disposal of capital items, a $14.4 million
increase in current income tax expense, and a $5.2 million increase in
maintenance capital expenditures.
The dividend payout ratio for the nine months ended September 30, 2012 was 46%
compared with 44% for the nine months ended September 30, 2011. The increase
is principally due to a $6.2 million increase in dividend payments in the
first three quarters of 2012 compared to the prior year.
Commercial Team Improves EBITDA despite Weakness in Oil and Gas Sector
Q3 2012 vs. Q3 2011
For the three months ended September 30, 2012, Parkland Commercial Fuels'
volumes decreased 15% to 343 million litres compared with 403 million litres
for the same period in 2011 primarily due to the reallocation of 53 million
litres of high volume low margin accounts to the Wholesale, Supply and
Distribution division, lower activity in the oil patch, partially offset by
strong sales activities. When the reallocated wholesale volumes are added
back to the Commercial Fuels results for a comparable basis with 2011, volumes
are down by 2% in the third quarter.
Volatile commodity prices in Western Canada for natural gas and crude led to a
draw back in oil field activity in the third quarter of 2012. The average
rig utilization rate for the three months ended September 30, 2012 dropped to
42% compared with 57% for the same period in 2011 according to the Canadian
Association of Oilwell Drilling Contractors. However, strong sales activity
helped Parkland Commercial Fuels maintain volumes, positioning Parkland well
once commodity prices rebound in Western Canada.
Average net fuel gross profit on a cents per litre basis for the third quarter
of 2012 was 8.54 cpl, an increase of 17% or 1.24 cpl compared with 7.30 cpl in
the third quarter of 2011 due to the re-allocation of high-volume, low-margin
accounts to the Wholesale, Supply, and Distribution Division.
YTD 2012 vs. 2011
For the nine months ended September 30, 2012, Parkland Commercial Fuels'
volumes decreased 14% to 1,120 million litres compared with 1,308 million
litres for the same period in 2011 due to the reallocation of 154 million
litres of high volume low margin accounts to the Wholesale, Supply and
Distribution division, the loss of volumes during the first quarter due to
warmer than normal weather, and a pullback in oil and gas activity resulting
in reductions in same client sales.
Average net fuel gross profit on a cents per litre ("cpl") basis for the nine
months ended September 30, 2012 was 9.55 cpl, an increase of 13% or 1.07 cpl
compared with 8.48 cpl for the same period of 2011. The year to date increase
is due to the same reasons described for the quarter.
Divisional Outlook
Lower realized pricing for natural gas and crude oil in the Western Canadian
Sedimentary Basin continues to affect the exploration and production
community. Overall, management continues to expect drilling activities to
remain below 2011 levels for the remainder of 2012.
Strong sales efforts in other areas across Canada, and in other industries,
are expected to offset further reductions in a similar fashion as they did for
the third quarter. More than 145 million litres in annual new fuel business
and 5 million litres in annual new lubricant sales have been added across
Canada year-to-date.
Subsequent to the end of the third quarter of 2012, Parkland purchased Magnum
Oil, a Shell lubricants distributor based in Manitoba, adding approximately 2
million litres in direct sales volumes, and 4 million litres in Shell
delivered business. This new branch will allow Parkland to better serve
national customers.
Retail Team Delivers Improved EBITDA despite Margin Pressure from Rising Oil
Prices
Q3 2012 vs. Q3 2011
For the three months ended September 30, 2012, Parkland Retail Fuels' volumes
decreased 3% to 491 million litres compared with 508 million litres for the
same period in 2011. The decrease was the result of a 10 million litre
reduction in volume contribution from the Cango network due to site
rationalization, temporary closures for the purpose of upgrades, competitive
pressures in certain markets, partially offset by network growth in Parkland's
company-owned and dealer network.
The third quarter of 2012 financial results for Parkland Retail Fuels were
favourably impacted by lower costs that helped offset the contraction in
volumes described above and the impact of rising crude prices on margins
during the period.
Average gross profit on a cents per litre basis decreased by 7% to 4.36 cpl in
the third quarter of 2012 compared with 4.69 cpl in the third quarter of 2011
due to an increase in the proportion of dealer operated sites versus company
owned sites coupled with the impact of rising crude prices through the quarter.
The proportion of dealer operated sites increased in the quarter due to
closures in company owned sites and the conversion of company owned sites to
dealer operated sites. Rising crude prices impact margins by increasing the
wholesale prices of petroleum products, which in turn creates increased
pressure on the wholesale to retail marketing margin as increases in the
"street" price for fuel products often lags increases in the wholesale price
of petroleum products.
YTD 2012 vs. 2011
For the nine month period ended September 30, 2012, Parkland Retail Fuels'
volumes increased 12% to 1,364 million litres compared with 1,223 million
litres in 2011. The increase was the result of 130 million litres in
additional fuel volumes attributable to the acquisition of Cango.
Retail Fuels' gross profit decreased by 6% to 4.77 cpl for the nine months
ended September 30, 2012 compared with 5.09 cpl for the same period of 2011
which reflects the addition of Cango`s Ontario locations to Parkland`s results
in the first two quarters of 2012 and the impact of rising crude prices in the
third quarter. Cango`s network is dominated by dealers, and its locations
have higher volume throughput but lower margin compared to Parkland`s Western
network.
Divisional Outlook
Margins, volumes, and cost management continue to dictate the performance of
Parkland's Retail Division. The retail management team will continue to
manage prudently, and will work towards signing additional business over the
remainder of 2012.
Refiners' Margins Continued at Historic Highs in Third Quarter
Wholesale, Supply and Distribution is responsible for managing Parkland's fuel
supply contracts, purchasing fuel from refiners, distribution through third
party long-haul carriers, and serving wholesale and reseller customers. This
division includes profits from Parkland's participation in refiners' margins,
profits derived through superior supply management, and profits from wholesale
fuel sales.
Q3 2012 vs. Q3 2011
For the three months ended September 30, 2012 Parkland Wholesale, Supply and
Distribution fuel volumes (factoring out intersegment sales) increased 37% to
257 million litres compared with 187 million litres for the same period in
2011 primarily due to the reallocation of 53 million litres of high-volume
low-margin accounts from Commercial Fuels and organic volume growth due to the
division's sales activities.
Fuel gross profits for the three months ended September 30, 2012 increased 29%
to $36.0 million compared with $28.0 million for the same period in 2011
primarily due to increased refiners' margins, supply management activities and
wholesale profits.
Parkland recorded a $1.1 million expense related to put option contracts put
in place to hedge and secure a portion of the future economic benefit that
Parkland receives on its refiners' margins based contract. This is expected
to protect against the potential earnings volatility that would be caused by a
normalization of refiners' margins from their current highs. Refiners'
margins refer to the profit made between the cost of the crude oil required to
produce fuel and the wholesale price received by refiners for the fuel they
sell.
YTD 2012 vs. 2011
Fuel gross profits from Parkland Wholesale, Supply and Distribution for the
nine month period ended September 30, 2012 increased 40% to $83.6 million
compared with $59.8 million in 2011 primarily due to historically high
refiners' margins in 2012.
Divisional Outlook
Fuel supplies are expected to be sufficient in all Canadian markets for the
remainder of 2012.
Refiner's margins for gasoline continued to exceed the historical five year
maximum during the first half of October. Diesel refiners' margins were
below the five year maximum in the first part of October, but still in the
upper half of the five year range.
Should conditions be favourable, Parkland may enter into additional protective
put options to hedge and secure a portion of the future economic benefit that
Parkland receives on its refiners' margins based contract for future periods.
To date in 2012, weak mid-continent and Canadian crude prices relative to
Brent crude prices have driven strong refiners' margins. This is primarily
due to a bottleneck in transportation infrastructure, preventing mid-continent
and Canadian crude from reaching international markets. Future pipeline and
rail capacity may increase access to international markets for mid-continent
crude, thereby reducing the price differential to Brent, and subsequently may
narrow mid-continent refiners' margins. However, the timing of the approval
and subsequent construction of pipelines remains a matter of speculation. For
now, the cash flow from current refiners' margins is being used by Parkland to
pay down debt, and prepare the balance sheet for future acquisitions.
Operating Costs Improve in Absence of One-time Items
Q3 2012 vs. Q3 2011
Operating and direct costs decreased by 17% to $33.2 million (3.0 cpl) for the
three months ended September 30, 2012, compared with $39.9 million (3.6 cpl)
for the three months ended September 30, 2011. The three months ended
September 30, 2011 included a $5.0 million charge for aging receivables and
other provisions. In addition, operating and direct costs decreased due to
Retail Fuels cost controls and the sale of the long-haul trucking assets, as
Parkland no longer incurs the costs of maintaining a long-haul fleet.
YTD 2012 vs.2011
Operating and direct costs decreased by 12% to $113.1 million (3.6 cpl) in the
nine months ended September 30, 2012, compared with $128.1 million (4.2 cpl)
for the same period in 2011. Operating and direct expenses decreased
primarily for the same reasons described above.
Steady Progress in Reducing Marketing, General and Administrative Costs
Q3 2012 vs. Q3 2011
Marketing, general and administrative expenses decreased 10% to $18.5 million
(1.7 cpl) in the third quarter of 2012 compared with $20.6 million (1.9 cpl)
in the third quarter of 2011. Marketing, general and administrative costs
decreased throughout the Corporation principally as a result of enhanced cost
control.
YTD 2012 vs. 2011
Marketing, general and administrative expenses decreased 10% to $57.8 million
(1.8 cpl) in the nine months ended September 30, 2012, compared with $64.5
million (2.1 cpl) for the nine months ended September 30, 2011. The decrease
in marketing, general and administrative expense is due in part to one-time
expenses in 2011 of $3.3 million related to management changes and Cango
acquisition costs. Auditing and consulting costs were also lower
year-to-date in 2012 compared with 2011 due to activities related to IFRS
conversion in 2011.
EBITDA Rises by 41 Percent
Q3 2012 vs. Q3 2011
EBITDA for the third quarter of 2012 increased by 41% to $60.5 million
compared with $42.9 million in the third quarter of 2011. The increase in
EBITDA is the result of higher refiner's margins and cost reductions in the
third quarter of 2012, compared with the third quarter of 2011.
YTD 2012 vs. 2011
EBITDA for the nine month period ended September 30, 2012 was $157.8 million,
an increase of 37% compared with $114.9 million for the nine month period
ended September 30, 2011 mainly due to higher fuel volumes, improved refiners'
margins, and cost reductions.
Net earnings Increase to $31.8 million Establishing New Record
Q3 2012 vs. Q3 2011
Parkland's net earnings in the third quarter of 2012 were $31.8 million, an
increase of $7.3 million compared with net earnings of $24.5 million in the
third quarter of 2011. The increase in net earnings in the third quarter of
2012 compared with the prior year was due to a $17.6 million increase in
EBITDA, a $2.1 million decrease in depreciation and amortization and a $4.3
million decrease in finance costs, partially offset by a $2.8 million increase
in income taxes and a $13.7 million decrease in gains from the sale of assets
which relates to the proceeds from the disposal of Parkland's long-haul
trucking assets in the third quarter of 2011.
YTD 2012 vs. 2011
Net earnings for the nine months ended September 30, 2012 were $75.3 million,
an increase of $38.8 million compared with $36.5 million in 2011. The
increase in net earnings was primarily due to $42.9 million in increased
EBITDA, $10.2 million in decreased finance costs, $13.0 million in lower
depreciation and amortization, partially offset by a $12.4 million increase in
income taxes and a $14.9 million decrease in gains from the sale of assets.
MD&A and Financial Statements
Management's Discussion and Analysis, the unaudited Consolidated Financial
Statements, and the Notes to the Consolidated Financial Statements for the
three and nine months ended September 30, 2012 are available online at
www.parkland.ca.
Conference Call Information
Parkland Fuel Corporation will host a webcast and conference call on Friday
November 9, 2012 at 1:00 p.m. MST (3:00 p.m. EST) to discuss the results.
President and CEO Bob Espey and Senior Vice President and CFO Mike Lambert
will discuss Parkland's financial results for the quarter and then take
questions from securities analysts, brokers and investors.
Please log into the webcast slide presentation 10 minutes before the start
time at:
http://www.snwebcastcenter.com/custom_events/parkland-20121109/site/index.php
To access the conference call by telephone from within Canada dial toll free
1-888-241-0394. International callers or callers from the Toronto area
should use (647) 427-3413. Please connect approximately 10 minutes prior to
the beginning of the call and quote the conference ID: 5145 7351.
The webcast will be available for replay two hours after the conference call
ends. It will remain available at the link above for 90 days.
Forward Looking Information
Certain information included herein is forward-looking. Forward-looking
statements include, without limitation, statements regarding Parkland's future
financial position, business and growth strategies, including the manner in
which such strategies will be implemented, budgets, projected costs, sources
of growth, capital expenditures, financial results, taxes, future acquisitions
and the efficiencies to be derived therefrom, effectiveness of internal
controls, sources of funding for growth capital expenditures, anticipated
dividends and the amount thereof, if any, to be declared by Parkland Fuel
Corporation, and plans and objectives of or involving Parkland. Many of these
statements can be identified by looking for words such as "believe",
"expects", "expected", "will", "intends", "projects", "projected",
"anticipates", "estimates", "continues", or similar words and include, but are
not limited to, statements regarding the accretive effects of acquisitions and
the anticipated benefits of acquisitions. Parkland believes the expectations
reflected in such forward-looking statements are reasonable but no assurance
can be given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon. Forward-looking
statements are not guarantees of future performance and involve a number of
risks and uncertainties some of which are described in Parkland's annual
report, annual information form and other continuous disclosure documents.
Such forward-looking statements necessarily involve known and unknown risks
and uncertainties and other factors, which may cause Parkland's actual
performance and financial results in future periods to differ materially from
any projections of future performance or results expressed or implied by such
forward-looking statements. Such factors include, but are not limited to:
general economic, market and business conditions; industry capacity;
competitive action by other companies; refining and marketing margins; the
ability of suppliers to meet commitments; actions by governmental authorities
including increases in taxes; changes in environmental and other regulations;
and other factors, many of which are beyond the control of Parkland. Any
forward-looking statements are made as of the date hereof and Parkland does
not undertake any obligation, except as required under applicable law, to
publicly update or revise such statements to reflect new information,
subsequent or otherwise.
About Parkland Fuel Corporation
Parkland Fuel Corporation is Canada's largest independent marketer and
distributor of petroleum products, managing a nationwide network of sales
channels. We are Canada's local fuel company, delivering gasoline, diesel
fuel, lubricants, heating oil and other products to businesses, consumers and
wholesale customers through community based operators who care.
For investor and media inquiries please contact Tom McMillan, Director of
Corporate Communications at tom.mcmillan@parkland.ca or 1-800-662-7177 ext
2533. To sign up for Parkland's investor information services, please go
to http://bit.ly/PKI-Info or visit www.parkland.ca.
SOURCE: Parkland Fuel Corporation
To view this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/November2012/08/c6395.html
CO: Parkland Fuel Corporation
ST: Alberta
NI: RET ERN CONF
-0- Nov/08/2012 22:00 GMT
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement
Rate this Page