Aeroplan members can now begin earning and redeeming points at any of Parkland Corp.’s participating 1,100+ Ultramar, Chevron, Pioneer, Fas Gas, On the Run and Marché Express locations Canada-wide.
The partnership, first announced in April, brings together two Canadian loyalty programs to offer members increased earning and redemption opportunities, including up to 3X the points when they link their Aeroplan and Journie Rewards accounts.
“Aeroplan is thrilled to be partnering with Parkland and Journie Rewards,” says Scott O'Leary, vice-president, loyalty and product at Air Canada. “Together we're excited to give our members more choice, and more ways to get rewarded at every fill-up.”
“We are delighted to welcome Aeroplan members to our national network of retail, fuel and convenience stores,” adds Uwe Stueckmann, SVP strategic marketing and innovation at Parkland. "The Journie and Aeroplan partnership allows members of both programs a seamless way to turn everyday fuel and convenience purchases into meaningful rewards.”
Prior to this announcement, Parkland also outlined plans to enhance shareholder returns in refreshed five-year plan.
Parkland says it expects $6 billion in cumulative available cash flow from 2024 to 2028 that it plans to use to fund dividends, share buybacks, growth and debt reduction.
The company says it plans to use 25% of the expected cash on dividends and share buybacks and 25 per cent to pay for organic growth initiatives. Parkland says the priority for the remaining $3 billion or 50% will be reducing its leverage ratio to the low end of its two to three times target range by the end of 2025.
Beyond that and looking forward through 2028, it says it expects capital will be allocated toward opportunities that generate the greatest shareholder returns. For 2024, Parkland says it expects adjusted earnings before interest, taxes, depreciation and amortization of about $2 billion and capital expenditures between $475 million and $525 million.
With files from The Canadian Press