Chief executive Bob Espey says the firm’s Burnaby refinery helped deliver above mid-cycle refining margins, which reflect Parkland’s potential to grow as it merges with Sunoco.DARRYL DYCK/The Canadian Press
Parkland Fuel Corp. PKI-T says its second-quarter net earnings were up as the fuel refiner prepares for a takeover by U.S. company Sunoco LP.
The Calgary-based company says net earnings for the period ending June 30 were $172-million, up from $70-million a year ago.
Parkland says net earnings amounted to 97 cents per diluted share compared with 39 cents per diluted share a year earlier.
On an adjusted basis, the company says it earned $508 million, an increase from $504-million in the second quarter of 2024.
Chief executive Bob Espey says the firm’s Burnaby refinery helped deliver above mid-cycle refining margins, which reflect Parkland’s potential to grow as it merges with Sunoco.
The takeover is expected to be completed during the second half of this year.