Irving Oil Is Exploring All Options for Future of the Company

SAINT JOHN, New Brunswick — Irving Oil may be making a major change in the near future.

The company is undergoing a strategic review and evaluating a series of options related to Irving's future, it stated in a June 7 website posting signed by Chairman Arthur Irving, President Ian Whitcomb and Executive Vice President Sarah Irving.

No decisions have yet been made about where the strategic review may lead, according to Irving. 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.

[Read more: Irving Oil Debuts Company-Branded Electric Vehicle Charging Stations]

Based in New Brunswick, 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 more than 900 fueling stations across eastern Canada and the northeastern United States, and sells fuel products throughout the U.S. East Coast.

Irving commended its employees and customers in its statement.

"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," the company said. "This position is especially thanks to the hard work of our employees and the trust and loyalty of our partners and customers."

As it evaluates its options in the coming months, Irving's focus "remains on our team and continuing to safely deliver quality products and reliable energy for our customers and communities," the 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.