Parkland ramps up processing operations at Burnaby Refinery
Parkland Corporation is ramping-up processing operations at the Burnaby Refinery following the restart of the Trans Mountain pipeline, as the pipeline is the primary source of crude oil feedstock to the refinery.
“Having maintained the refinery in ready-mode and following delivery of sufficient, consistent quality crude oil feedstocks via the pipeline, we are ramping-up processing operations,” said Ryan Krogmeier, SVP Supply, Trading and Refining. “Throughout the pause in processing operations, we played a critical role importing essential fuels into our British Columbia terminals, from where they were stored and distributed to our customers across the lower mainland and Vancouver Island.”
“We are grateful to Parkland and the team at the Burnaby Refinery for ensuring British Columbians in the Lower Mainland and on Vancouver Island continued to enjoy reliable access to the fuels they depend on over the past several weeks,” said The Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “During times of crisis we are reminded of the value of partnership between our communities and the essential businesses that support them.”
Refinery Operational Status and Guidance
The shutdown of the pipeline on November 14 resulted in a lack of available crude oil feedstocks into the Burnaby Refinery. As a result, processing operations were significantly reduced, and paused between Nov. 22 and Dec.10, ramping up on December 11.
“Primarily driven by the pipeline shutdown and pending the continued successful ramp-up of processing operations, we now expect 2021 Adjusted EBITDA (attributable to Parkland) will be close to the midpoint of our guidance of $1.25 billion,” states a press release from Parkland.
The company remains confident in its 2022 guidance and “reaffirms our previously disclosed Adjusted EBITDA (attributable to Parkland) of $1.45 billion +/- 5 percent. This is up approximately 16 percent from 2021 guidance, and approximately 50 percent from 2020.”