Gibson Energy Delivers Record Throughput and Continued Growth Across Canadian and U.S. Terminals in Q3 2025
All financial figures are in Canadian dollars unless otherwise noted
CALGARY, Alberta, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today its financial and operating results for the three and nine months ended September 30, 2025.
Key Highlights:
|
“It was another strong quarter for Gibson, as our customers drove record throughput across our Canadian and U.S. terminals,” said Curtis Philippon, President & Chief Executive Officer. “This growth in volumes underscores the critical role our assets play in the global energy value chain and our ability to help customers move their products safely, efficiently, and to global markets at the highest possible netback.”
Financial Highlights:
- Infrastructure Adjusted EBITDA(1) of $154 million in the third quarter, a $4 million increase from the third quarter of 2024, primarily due to higher throughput at Edmonton and Gateway, and lower operating costs due to the cost focus campaign, partially offset by the disposal of non-core assets in the prior period
- Marketing Adjusted EBITDA(1) of $7 million in the third quarter, a $7 million decrease from the third quarter of 2024, reflecting a challenging near-term environment
- Adjusted EBITDA(1) on a consolidated basis of $147 million in the third quarter, a $4 million decrease from the third quarter of 2024, primarily due to lower contribution from the Marketing segment partially offset by higher Infrastructure Adjusted EBITDA
- Net income of $46 million in the third quarter, an $8 million decrease from the third quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above, unrealized gains in relation to corporate financial instruments, partially offset by lower general and administrative costs driven by executive transition and restructuring costs in the prior period
- Distributable Cash Flow(1) of $86 million in the third quarter, a $3 million decrease from the third quarter of 2024, primarily due to the factors contributing to lower Adjusted EBITDA as noted above, partially offset by lower finance costs, lease payments and current income tax
- Dividend Payout ratio(2) on a trailing twelve-month basis of 85%
- Net debt to adjusted EBITDA ratio(2) of 3.9x for the twelve months ended September 30, 2025, compared to 3.2x for the twelve months ended September 30, 2024
Strategic & Business Developments:
- Issued $375 million of 4.45% senior unsecured notes due August 2032, with proceeds used to repay the $325 million principal amount senior unsecured notes and amounts drawn under the revolving credit facility
- Reaffirmed investment grade credit ratings of BBB (low) from Morningstar DBRS and BBB- from S&P, both with Stable outlooks
- Expanded the leadership team with the appointment of Blake Hotzel as SVP, Commercial Development U.S., bringing over 20 years of commercial and U.S. expertise, including roles at Tallgrass and Phillips 66
- The Board approved a quarterly dividend of $0.43 per common share, payable on January 16, 2026, to shareholders of record at the close of business on December 30, 2025
- Subsequent to the quarter, successfully completed the construction and commissioning of infrastructure supporting our long-term strategic partnership with Baytex Energy Ltd., established under a take-or-pay and area dedication agreement
(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 third 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 nine months ended September 30, 2025, as compared to the three and nine months ended September 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 third quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, November 4, 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 third 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.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘plan’’, ‘‘contemplate’’, ‘‘continue’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘propose’’, ‘‘might’’, ‘‘may’’, ‘‘will’’, ‘‘shall’’, ‘‘project’’, ‘‘should’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, ‘‘predict’’, ‘‘forecast’’, ‘‘pursue’’, ‘‘potential’’ and ‘‘capable’’ and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, the Company’s ability to meet and/or exceed its cost savings target for 2025 and beyond, the Company’s position in the global energy chain and value proposition for its customers, and benefits to be realized from additions to the executive team. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company's Annual Information Form dated February 18, 2025, and Management's Discussion and Analysis dated November 3, 2025, as filed on SEDAR+ and available on the Gibson website at 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
Specified Financial Measures
This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.
For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial Measures" section of the Company’s MD&A for the three and nine months ended September 30, 2025 and 2024, which is incorporated by reference herein and is available on Gibson's SEDAR+ profile at www.sedarplus.ca and Gibson's website at www.gibsonenergy.com.
a) Adjusted EBITDA
Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three and nine months ended September 30, 2025, and 2024:
| Three months ended September 30, | Infrastructure | Marketing | Corporate and Adjustments |
Total | ||||
| ($ thousands) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Segment profit | 149,101 | 150,271 | 4,403 | 14,183 | — | — | 153,504 | 164,454 |
| Unrealized loss (gain) on derivative financial instruments | 3,503 | (1,553) | 2,339 | 25 | — | — | 5,842 | (1,528) |
| General and administrative | — | — | — | — | (13,298) | (13,004) | (13,298) | (13,004) |
| Adjustments to share of profit from equity accounted investees | 1,549 | 1,166 | — | — | — | — | 1,549 | 1,166 |
| Executive transition and restructuring costs | — | — | — | — | — | 251 | — | 251 |
| Renewable power purchase agreement | — | — | — | — | (520) | (175) | (520) | (175) |
| Adjusted EBITDA | 154,153 | 149,884 | 6,742 | 14,208 | (13,818) | (12,928) | 147,077 | 151,164 |
| Nine months ended September 30, | Infrastructure | Marketing | Corporate and Adjustments |
Total | ||||
| ($ thousands) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Segment profit | 459,820 | 446,566 | 27,331 | 69,391 | — | — | 487,151 | 515,957 |
| Unrealized (gain) loss on derivative financial instruments | (2,177) | 3,746 | (12,816) | (1,884) | — | — | (14,993) | 1,862 |
| General and administrative | — | — | — | — | (40,638) | (51,920) | (40,638) | (51,920) |
| Adjustments to share of profit from equity accounted investees | 3,896 | 4,071 | — | — | — | — | 3,896 | 4,071 |
| Executive transition and restructuring costs | — | — | — | — | 2,405 | 10,665 | 2,405 | 10,665 |
| Renewable power purchase agreement | — | — | — | — | (2,142) | (175) | (2,142) | (175) |
| Adjusted EBITDA | 461,539 | 454,383 | 14,515 | 67,507 | (40,375) | (41,430) | 435,679 | 480,460 |
| Three months ended September 30, | ||
| ($ thousands) | 2025 | 2024 |
| Net Income | 45,694 | 53,916 |
| Income tax expense | 12,439 | 14,573 |
| Depreciation, amortization, and impairment charges | 43,398 | 44,289 |
| Finance costs, net | 35,094 | 32,545 |
| Unrealized loss (gain) on financial instruments | 5,842 | (1,528) |
| Unrealized (gain) on renewable power purchase agreement | (1,436) | (1,934) |
| Share-based compensation | 4,104 | 4,747 |
| Adjustments to share of profit from equity accounted investees | 1,549 | 1,166 |
| Corporate foreign exchange loss and other | 393 | 3,139 |
| Executive transition and restructuring costs | — | 251 |
| Adjusted EBITDA | 147,077 | 151,164 |
| Nine months ended September 30, | ||
| ($ thousands) | 2025 | 2024 |
| Net Income | 156,346 | 157,737 |
| Income tax expense | 46,580 | 46,205 |
| Depreciation, amortization, and impairment charges | 128,923 | 131,452 |
| Finance costs, net | 103,329 | 104,285 |
| Unrealized (gain) loss on derivative financial instruments | (14,993) | 1,862 |
| Unrealized (gain) loss on renewable power purchase agreement | (9,180) | 6,707 |
| Share-based compensation | 11,826 | 15,158 |
| Acquisition and integration costs | — | 1,371 |
| Adjustments to share of profit from equity accounted investees | 3,896 | 4,071 |
| Corporate foreign exchange loss and other | 6,547 | 947 |
| Executive transition and restructuring costs | 2,405 | 10,665 |
| Adjusted EBITDA | 435,679 | 480,460 |
b) Distributable Cash Flow
The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:
| Three months ended September 30, | Nine months ended September 30, | |||
| ($ thousands) | 2025 | 2024 | 2025 | 2024 |
| Cash flow from operating activities | 195,572 | 404,794 | 416,803 | 531,178 |
| Adjustments: | ||||
| Changes in non-cash working capital and taxes paid | (50,826) | (258,264) | 7,526 | (64,620) |
| Replacement capital | (12,863) | (13,023) | (33,326) | (24,260) |
| Cash interest expense, including capitalized interest | (33,413) | (34,045) | (97,341) | (102,405) |
| Acquisition and integration costs | — | — | — | 1,371 |
| Executive transition and restructuring costs | — | 7,433 | 2,405 | 10,665 |
| Lease payments | (5,353) | (8,144) | (18,448) | (24,178) |
| Current income tax | (7,567) | (10,582) | (20,016) | (23,633) |
| Distributable cash flow | 85,550 | 88,169 | 257,604 | 304,118 |
| Twelve months ended September 30, | ||
| ($ thousands) | 2025 | 2024 |
| Cash flow from operating activities | 484,080 | 686,780 |
| Adjustments: | ||
| Changes in non-cash working capital and taxes paid | 61,504 | (57,133) |
| Replacement capital | (45,053) | (34,486) |
| Cash interest expense, including capitalized interest | (129,272) | (136,861) |
| Acquisition and integration costs | — | 3,454 |
| Executive transition and restructuring costs | 8,709 | 10,665 |
| Lease payments | (24,511) | (33,806) |
| Current income tax | (26,701) | (31,550) |
| Distributable cash flow | 328,756 | 407,063 |
c) Dividend Payout Ratio
| Twelve months ended September 30, | ||
| 2025 | 2024 | |
| Distributable cash flow | 328,756 | 407,063 |
| Dividends declared | 278,095 | 263,050 |
| Dividend payout ratio | 85% | 65% |
d) Net Debt to Adjusted EBITDA Ratio
| Twelve months ended September 30, | ||
| 2025 | 2024 | |
| Current and long-term debt | 2,677,669 | 2,528,454 |
| Lease liabilities | 51,395 | 50,246 |
| Less: unsecured hybrid notes | (450,000) | (450,000) |
| Less: cash and cash equivalents | (58,460) | (55,584) |
| Net debt | 2,220,604 | 2,073,116 |
| Adjusted EBITDA | 565,361 | 650,141 |
| Net debt to adjusted EBITDA ratio | 3.9 | 3.2 |
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
