Calgary-based oil company selling retail assets

Calgary-based Parkland Corp. is putting 157 convenience store and fuel station locations across six provinces up for sale.

Most of the stations are in Quebec and Ontario, with the balance in Alberta, British Columbia, Manitoba and Saskatchewan.

The company says the assets up for sale include locations under the Chevron, Ultramar, Pioneer and FasGas brands as well as the On the Run convenience store banner.

The company says the retail and fuel locations will be packaged with long-term Parkland fuel supply agreements.

Francis Lapointe, Parkland’s vice-president of Canadian retail operations, says the decision to sell the assets is part of the company’s ongoing network planning and optimization process.

The sale comes as the company faces calls from New York-based activist investor Engine Capital LP for a complete board overhaul at the company.

Parkland has 4,000 retail and fuel locations in Canada, the U.S. and the Caribbean. The company also owns and operates a refinery in Burnaby, B.C., that provides about a quarter of the gasoline and diesel used in B.C.