Gibson Energy Reports 2025 Second Quarter Results, Including Record Volumes at Gateway Following Dredging Completion
Press Release
CALGARY, Alberta, July 28, 2025 – Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and six months ended June 30, 2025.
Key Highlights:
- Generated strong Infrastructure Adjusted EBITDA(1) of $153 million, underscoring the excellent performance of our core business despite planned downtime associated with replacement and growth capital projects
- Completed the Gateway dredging project safely, on time and within budget, immediately boosting throughput and setting new monthly and quarterly volume records
- Executed major turnarounds at both the Moose Jaw Facility and the Hardisty Diluent Recovery Unit on time and under budget with zero recordable injuries
- Realized recurring and non-recurring cost savings of approximately $9 million in the quarter, increasing DCF per share in the second quarter by $0.05, or 12%, and are on track to exceed the overall target of $25 million
- Surpassed 9.5 million hours without a lost-time injury, reinforcing our strong safety culture
- Following the quarter, Morningstar DBRS reaffirmed Gibson’s Investment Grade credit rating at BBB (low)
“This quarter marked a key step on delivering the growth potential at Gateway,” said Curtis Philippon, President & Chief Executive Officer. “We completed the dredging project, unlocking immediate operational benefits and increasing average throughput at the terminal by approximately 20%, helping us achieve a record-setting quarter. I am also especially proud of our team’s preparation and execution of the two major turnarounds. The safe and efficient execution of those projects set us up for a strong quarter and will provide additional capabilities going forward.”
Financial Highlights:
- Infrastructure Adjusted EBITDA(1) of $153 million in the second quarter, in line with the second quarter of 2024, primarily due to increased throughput at Edmonton and Gateway, and lower operating and other costs, partially offset by lower volume at Hardisty, and the disposal of non-core assets in the prior period
- Marketing Adjusted EBITDA(1) of $8 million in the second quarter reflecting tight commodity differentials, limited storage opportunities, and the impact of a planned turnaround at Moose Jaw
- Adjusted EBITDA(1) on a consolidated basis of $146 million in the second quarter, a $13 million decrease from the second quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above
- Net income of $61 million in the second quarter, a $3 million decrease from the second quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above, unrealized gains in relation to corporate financial instruments and lower general and administrative costs driven by executive transition and restructuring costs in the prior period
- Distributable Cash Flow(1) of $81 million in the second quarter, a $20 million decrease from the second quarter of 2024, primarily due to the factors contributing to lower Adjusted EBITDA as noted above and higher replacement capital expenditures
- Dividend Payout ratio(2) on a trailing twelve-month basis of 83%, modestly above the 70% – 80% target range. This elevation is expected to be temporary and improve in the second half of the year as Marketing performance stabilizes and the full benefits of the dredging and Cactus II connection projects are realized
- Net debt to Adjusted EBITDA(2) ratio of 4.0x at June 30, 2025 compared to 3.5x at June 30, 2024, reflecting higher capital spend and lower Marketing contributions. Leverage is expected to normalize in the first half of 2026
Strategic & Business Developments:
- Completed the Gateway dredging project safely, on time and on budget, making Gateway one of only two Texas terminals capable of loading up to 1.6 million barrels on a VLCC and fully loading a Suezmax vessel
- Appointed Dave Gosse as Senior Vice President and Chief Operating Officer, effective May 20, 2025
- In June, 2025, the Company amended and extended its unsecured revolving credit facility to June 2030, improving long-term liquidity and enhancing financial flexibility
- The Board approved a quarterly dividend of $0.43 per common share, payable on October 17, 2025, to shareholders of record at the close of business on September 30, 2025
- Subsequent to the quarter, Morningstar DBRS confirmed Gibson’s credit rating at BBB (low) with stable trends
- Subsequent to the quarter, the Company settled its $325.0 million senior unsecured notes at maturity
(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 second 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 six months ended June 30, 2025, as compared to the three and six months ended June 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 second quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, July 29, 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 second 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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