Business
Gibson Energy Reports First Quarter 2026 Results and Advances Infrastructure Strategy Through Chauvin Acquisition and Sanctioning of Hardisty Connection Project
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, May 04,...
About this update from Gibson Energy Inc.
[{"type":"text","content":"Gibson Energy Reports First Quarter 2026 Results and Advances Infrastructure Strategy Through Chauvin Acquisition and Sanctioning of Hardisty Connection Project\nAll financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, May 04, 2026 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) (\"Gibson\" or the \"Company\") announced today its financial and operating results for the three months ended March 31, 2026. Key Highlights: Expanded core infrastructure footprint with the $400 million Chauvin acquisition, strengthening the long-term growth platform, and sanctioned the Hardisty Connection growth project, which will enhance and extend connectivity at the terminalSuccessfully completed a $215 million equity financing, which partially funded the Chauvin acquisition, reflecting our commitment to capital disciplineDelivered quarterly Infrastructure EBITDA(1) of $156 million, consistent with the prior yearCompleted organizational restructuring in alignment with the objective of improving operational efficiencies and increasing focus on customers; expect to deliver approximately $10 million in annual savings beginning in 2027Advanced the Wink-to-Gateway Integration project which will facilitate additional throughput and expand connectivity at the Gateway terminalSurpassed one billion barrels safely loaded at Gateway since start-up in 2020, underscoring our industry-leading safety performance “Gibson delivered solid first quarter results, supported by the strength of our Infrastructure platform,” said Curtis Philippon, President & Chief Executive Officer. “The completion of the Chauvin acquisition, sanctioning the Hardisty Connection project and our internal restructuring represent key milestones achieved this quarter in advancing the growth strategy we outlined at our Investor Day in December. Recent geopolitical events further reinforce the importance of growing reliable North American energy supply. Gibson’s operations are well positioned to enable our customers in meeting this global energy need.”   Financial Highlights: Infrastructure Adjusted EBITDA(1) of $156 million in the first quarter, a $1 million increase from the first quarter of 2025, driven by higher throughput across all major facilities, partially offset by geopolitical events that temporarily disr...