U.S. tariffs are “top of mind for all of us,” Parkland Corp. President and CEO Bob Espey said on the company's fourth-quarter and year-end 2024 earnings call Thursday. The Calgary, Alberta-based fuel marketer and convenience retailer has about 4,000 retail and commercial locations throughout Canada, the United States and the Caribbean.
“More broadly, political instability will have negative implications for both Canadian and U.S. businesses, as well as consumers on both sides of the border,” Espey said. “This could lead to volatile results over the next few months as details get sorted. We’ve established an internal taskforce that is closely monitoring the situation to understand and act on any impacts to Parkland’s operations.”
President Donald Trump promised in November to “sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders.” Since then, there have been several delays and exemptions to the tariffs the Trump administration has imposed.
A March 3 release from the White House said Trump was proceeding with implementing tariffs on Canada and Mexico under the International Emergency Economic Powers Act “to combat the extraordinary threat to U.S. national security, including our public health posed by unchecked drug trafficking.” Three days later, Trump then adjusted the tariffs imposed on imports from Canada and Mexico to “minimize disruption to the U.S. automotive industry and workers.”
Canada has fought back—it pulled American alcohol brands off the shelves of some government-run liquor stores, according to The New York Times.
Espey said given Parkland’s focus on locally sourced and sold fuels and convenience items, he believes the overall effect on the U.S. tariffs will be largely neutral.
“While tariffs and trade restrictions are not beneficial to either economy, our resilient business model, diverse geographic footprint and supply advantage enable us to navigate economic and political uncertainties effectively,” he said.
Parkland Corp. is No. 38 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by store count.
Parkland USA had more than 200 stores, but the company said in September it would sell its Florida stores, which make up about half of those locations.
In the company’s fourth-quarter earnings, it also announced it was undergoing a strategic review, looking at options including selling the company.
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