USA: Parkland taper expenditure and reduce costs due to COVID19

The company will maintain the operational flexibility to resume its growth initiatives when conditions improve.

Parkland Fuel Corporation announced a response to the uncertain economic impact of novel coronavirus. The company will reduce its 2020 Capital Expenditure program, and will withdraw of its 2020 Adjusted EBITDA guidance.

“The agility of our business model is evident by being able to quickly taper our 2020 capital expenditure program and reduce costs to reflect the current business environment. We will maintain the operational flexibility to resume our growth initiatives when conditions improve. Underpinned by our integrated and resilient business model, diverse geographic platform, and extensive product offering, we have a strong track record of growth and expect that to continue once conditions improve,” commented Bob Espey, President and Chief Executive Officer.

“During this unprecedented period of uncertainty, our priority is to protect the health and safety of our employees as they continue to provide an essential service to the communities we serve. We are proud to remain operational through this period and I would like to thank our team for their ongoing commitment to safely meeting our customer’s energy and convenience needs,” he added.