Gibson Energy Reports Strong Q3 2024 Performance

Gibson Energy Inc. ( (GBNXF) ) has realeased its Q3 earnings. Here is a breakdown of the information Gibson Energy Inc. presented to its investors.

Gibson Energy Inc., headquartered in Calgary, Alberta, is a leading liquids infrastructure company specializing in the storage, optimization, processing, and gathering of liquids and refined products across North America, with significant terminal assets in Alberta and Texas.

In the third quarter of 2024, Gibson Energy reported strong operational results, primarily driven by the robust performance of its Infrastructure segment, which now constitutes over 85% of the company’s business. The company also achieved record crude volumes at its Edmonton Terminal, facilitated by deliveries onto the Trans Mountain Expansion pipeline.

Financially, Gibson Energy reported a revenue of $2,900 million, marking a 10% decrease from the same quarter last year, attributed to lower revenues in its Marketing segment. However, Infrastructure adjusted EBITDA saw a 7% rise to $150 million, and net income soared by 161% to $54 million, largely due to reduced one-time acquisition costs. Despite a decrease in Marketing adjusted EBITDA, the company’s overall adjusted EBITDA increased slightly by 1% to $151 million.

Gibson’s strategic developments included the extension of a long-term contract at its Gateway Terminal and the sanctioning of a connection to the Cactus II Pipeline, enhancing cash flow quality and providing access to additional supply. The company’s net debt to adjusted EBITDA ratio stood at 3.2, aligning with its target range.

Looking ahead, Gibson Energy remains focused on strengthening its infrastructure segment and expanding its strategic partnerships, aiming to capitalize on its extensive asset base and maintain stable cash flows in a competitive market environment.