Gibson Energy Delivers Record Throughput and Continued Growth Across Canadian and U.S. Terminals in Q3 2025
Press Release
CALGARY, Alberta, Nov. 03, 2025 Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and nine months ended September 30, 2025.
Key Highlights:
- Delivered Infrastructure Adjusted EBITDA(1) of $154 million, driven by strong volume growth
- Canadian record of 1.5 mmbbl per day, a 26% increase year-over-year, led by Hardisty and TMX-connected tanks at Edmonton
- Record throughput in the U.S., driven by a new high water mark of 717 mbbl per day at Gateway, 30% higher year-over-year, due primarily to the completion of the dredging project
- Generated in excess of $9 million in recurring and non-recurring cost savings during the quarter, increasing DCF per share by 10%, and positioning Gibson to exceed its $25 million target for 2025
- Appointment of Blake Hotzel as SVP, Commercial Development U.S., bringing over 20 years of commercial experience
- 9.8 million hours and counting without a lost-time injury, highlighting our continued focus on maintaining a best-in-class safety performance
“It was another strong quarter for Gibson, as our customers drove record throughput across our Canadian and U.S. terminals,” said Curtis Philippon, President & Chief Executive Officer. “This growth in volumes underscores the critical role our assets play in the global energy value chain and our ability to help customers move their products safely, efficiently, and to global markets at the highest possible netback.”
Financial Highlights:
- Infrastructure Adjusted EBITDA(1) of $154 million in the third quarter, a $4 million increase from the third quarter of 2024, primarily due to higher throughput at Edmonton and Gateway, and lower operating costs due to the cost focus campaign, partially offset by the disposal of non-core assets in the prior period
- Marketing Adjusted EBITDA(1) of $7 million in the third quarter, a $7 million decrease from the third quarter of 2024, reflecting a challenging near-term environment
- Adjusted EBITDA(1) on a consolidated basis of $147 million in the third quarter, a $4 million decrease from the third quarter of 2024, primarily due to lower contribution from the Marketing segment partially offset by higher Infrastructure Adjusted EBITDA
- Net income of $46 million in the third quarter, an $8 million decrease from the third quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above, unrealized gains in relation to corporate financial instruments, partially offset by lower general and administrative costs driven by executive transition and restructuring costs in the prior period
- Distributable Cash Flow(1) of $86 million in the third quarter, a $3 million decrease from the third quarter of 2024, primarily due to the factors contributing to lower Adjusted EBITDA as noted above, partially offset by lower finance costs, lease payments and current income tax
- Dividend Payout ratio(2) on a trailing twelve-month basis of 85%
- Net debt to adjusted EBITDA ratio(2) of 3.9x for the twelve months ended September 30, 2025, compared to 3.2x for the twelve months ended September 30, 2024
Strategic & Business Developments:
- Issued $375 million of 4.45% senior unsecured notes due August 2032, with proceeds used to repay the $325 million principal amount senior unsecured notes and amounts drawn under the revolving credit facility
- Reaffirmed investment grade credit ratings of BBB (low) from Morningstar DBRS and BBB- from S&P, both with Stable outlooks
- Expanded the leadership team with the appointment of Blake Hotzel as SVP, Commercial Development U.S., bringing over 20 years of commercial and U.S. expertise, including roles at Tallgrass and Phillips 66
- The Board approved a quarterly dividend of $0.43 per common share, payable on January 16, 2026, to shareholders of record at the close of business on December 30, 2025
- Subsequent to the quarter, successfully completed the construction and commissioning of infrastructure supporting our long-term strategic partnership with Baytex Energy Ltd., established under a take-or-pay and area dedication agreement
(1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.
Management’s Discussion and Analysis and Financial Statements
The 2025 third quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.
Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2025 third quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, November 4, 2025.
To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:
Registration at least five minutes prior to the conference call is recommended.
This call will also be broadcast live on the Internet and may be accessed directly at the following URL:
The webcast will remain accessible for a 12-month period at the above URL.
Supplementary Information
Gibson has also made available certain supplementary information regarding the 2025 third quarter financial and operating results, available at www.gibsonenergy.com.
About Gibson
Gibson is a leading liquids Infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
For further information, please contact:
Investor Relations
(403) 776-3077
investor.relations@gibsonenergy.com
Media Relations
(403) 476-6334
communications@gibsonenergy.com
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