Irving Oil Explores Options for Company’s Future

A strategic review could lead to a full or partial sale, among other possibilities

IRVING OIL is undergoing a strategic review and evaluating a series of options related to the company’s future, according to its leadership team.

No decisions have been made yet about where the strategic review may lead, according to the company. Consideration will be given to a new ownership structure, a full or partial sale, or a change in the portfolio of Irving’s assets and how it operates them.

Based in New Brunswick, Canada, Irving Oil owns Canada’s largest refinery in Saint John at 320,000 barrels per day and Ireland’s only refinery, located in Whitegate, which produces 75,000 barrels per day. The company also operates fueling stations across eastern Canada and the northeastern United States, and sells fuel products throughout the U.S. East Coast.

In a statement, Chairman Arthur Irving commended the company’s employees and customers.

“We are proud of the strong position our company is in today, having achieved significant growth in our core business and making good progress in leading through the energy transition,” he said. “This position is especially thanks to the hard work of our employees and the trust and loyalty of our partners and customers.”

As the organization evaluates its options in the coming months, the company’s focus “remains on our team and continuing to safely deliver quality products and reliable energy for our customers and communities,” the chairman’s statement concluded.

Irving Oil is a family-owned and privately held international energy company. In addition to specializing in the refining and marketing of finished energy products, the company operates more than 1,000 convenience stores and gas stations, as well as a network of distribution terminals spanning eastern Canada, New England and in Ireland, operating under the Top brand.