Gibson Energy Inc. reported a quarter marked by a significant increase in transit volumes, reaching unprecedented levels across its Canadian and U.S. terminals. The Calgary-based company posted a net income of CAD46mn ($33.2mn) for the third quarter of 2025, down from CAD54mn ($39mn) in the previous year, despite growth in its core business.
Increased volumes at Hardisty and Gateway terminals
Volumes at Canadian facilities reached 1.5mn barrels per day, a 26% year-over-year increase. This performance was driven by strong operations at the Hardisty and Edmonton terminals, connected to the Trans Mountain Expansion (TMX) project. In the U.S., the company recorded a high of 717,000 barrels per day at the Gateway terminal, up 30%, attributed to the completion of a dredging project that enhanced operational capacity.
Mixed financial results with stable fundamentals
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) from the Infrastructure segment stood at CAD154mn ($111.2mn), up CAD4mn ($2.9mn) year-over-year, despite the sale of non-core assets. Meanwhile, the Marketing segment declined with an EBITDA of CAD7mn ($5mn), compared to CAD14mn ($10.1mn) the previous year, reflecting a less favourable market. Consolidated EBITDA decreased to CAD147mn ($106.1mn), down CAD4mn ($2.9mn).
Cost optimisation and capital reinforcement
Gibson Energy generated over CAD9mn ($6.5mn) in recurring and non-recurring cost savings during the quarter, leading to a 10% increase in distributable cash flow per share. The net debt to adjusted EBITDA ratio rose to 3.9x, from 3.2x a year earlier, due in part to the issuance of CAD375mn ($270.6mn) in 4.45% notes, used to refinance existing debt.
Operational outlook and strategic appointments
The company recently completed the construction of infrastructure supporting its long-term partnership with Baytex Energy Ltd., established under a take-or-pay and area dedication agreement. Concurrently, Gibson strengthened its leadership team with the appointment of Blake Hotzel as Senior Vice President, U.S. Commercial Development, bringing more than 20 years of sector experience, including roles at Tallgrass and Phillips 66.
The company also maintained its distribution policy, approving a quarterly dividend of CAD0.43 ($0.31) per common share, payable on January 16, 2026.
