November 27, 2019
Volume 3 Issue 3
Acquisitions Boost Parkland’s Lubes Sales
Canada-based distributor Parkland Fuel Corp. reported 95 million Canadian dollars (U.S. $71.4 million) in revenue for its lubricants segment for the three months ending Sept. 30 – boosted by revenue from distributor acquisitions last year and this year – up 102 percent from CA$47 million in 2018’s third quarter.
The consolidated sales and operating revenue included CA$21 million from its newest operating segment, international, which represents the contributions of the Sol business acquired on Jan. 8, 2019. That comprises operations in 23 countries predominantly located in the Caribbean and northern coast of South America. The international segment operates a network of retail service stations under brands that include Esso, Shell and Sol. It also provides services to commercial, industrial and aviation businesses.
The company’s USA segment – formerly Parkland USA – posted CA$62 million in lubricants revenue for the third quarter, up almost 94 percent from the year-earlier period. The USA segment operates a network of retail service stations and delivers lubricating oils in the United States. Parkland has acquired a number of lubricants and fuels distributors in the U.S., including Utah-based Rhinehart Oil Co. and Holbrook, Arizona-based Bradco Fuels and Lubricants in 2018. This year the company completed the acquisition of Miami, Florida-based distributor Tropic Oil Co. on Oct. 1, and announced on Nov. 21 an agreement to acquire the assets of Montana-based Mort Distributing Inc.
Parkland’s Canada Commercial segment reported CA$12 million in revenue, down 20 percent. Canada Commercial delivers lubricants, oilfield fluids and other petroleum products to commercial, industrial and residential customers across Canada.
The company is based in Calgary, in Canada’s Alberta province.