Business
Gibson Energy Reports 2024 Fourth Quarter and Record Full Year Results Driven by All-Time High Volumes at the Gateway and Edmonton Terminals, Alongside a 5% Dividend Increase
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, Feb....
About this update from Gibson Energy Inc.
[{"type":"text","content":"Gibson Energy Reports 2024 Fourth Quarter and Record Full Year Results Driven by All-Time High Volumes at the Gateway and Edmonton Terminals, Alongside a 5% Dividend Increase\n\n\n\n\n All financial figures are in Canadian dollars unless otherwise noted\n \n\n\n CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) (\"Gibson\" or the \"Company\") announced today its financial and operating results for the three and twelve months ended December 31, 2024.\n \n\n “We are pleased to announce record Infrastructure results for 2024, driven by a full year of contribution from Gateway,\" said Curtis Philippon, President & Chief Executive Officer. \"Exiting the year, the quality and stability of our Infrastructure cash flows improved due to successful re-contracting efforts and record throughput at both Gateway and Edmonton. We also announced exciting growth capital projects at Gateway. I am pleased with the progress we are making on setting up the Gibson team, increasing our focus on the business, strengthening our growth pipeline and building a high-performance culture.”\n \n\n\n Financial Highlights:\n \n\n\n\n Revenue of $11,780 million for the full year, including $2,358 million in the fourth quarter, relatively consistent year over year primarily due to higher sales volumes within the Marketing segment and the revenue contribution from the Gateway Terminal\n \n\n Infrastructure Adjusted EBITDA\n \n (\n \n\n 1)\n \n of $601 million for the full year, including $147 million in the fourth quarter, a $107 million or 22% increase over full year 2023 primarily due to the full year contribution from the Gateway Terminal and an Edmonton tank, which were only partially offset by a reduction from the Hardisty Unit Train Facility and the impact of certain one-time items\n \n\n Marketing Adjusted EBITDA\n \n (\n \n\n 1)\n \n of $63 million for the full year, including a $5 million loss in the fourth quarter, an $82 million or 57% decrease over full year 2023 principally due to significantly tighter crude oil differentials and crack spreads, and increased demand for Canadian heavy oil triggering steep backwardation and limited volatility, impacting storage, quality and time-based opportunities\n \n\n Adjusted EBITDA\n \n (1)\n \n on a consolidated basis of $610 million for the full year, including $1...