Gibson Energy Stock Earnings Reports

Gibson Energy reported a strong operational quarter with multiple throughput records across Canadian and U.S. terminals (company-wide peak of 2.2 million bbls/day). Gateway continued to ramp post-dredging and the Cactus II connection is being commissioned, adding ~700,000 bbls/day of Permian supply and supporting elevated VLCC loadings; Gibson expects to achieve its 15%–20% Gateway EBITDA growth run rate milestone in Q4. Infrastructure remains the core earnings driver: Q3 infrastructure adjusted EBITDA was ~$154M and accounted for >95% of adjusted EBITDA before G&A; consolidated adjusted EBITDA was $147M. Distributable cash flow was $86M for the quarter. The company realized ~$9M of one-time and ongoing cost savings in the quarter (driven by interest, property taxes, operating costs and grassroots initiatives with high employee participation). Leverage improved modestly (consolidated debt/EBITDA ~3.9x; infrastructure-only ~4.1x) with management expecting to return to its 3.0–3.5x target range in H1 2026. Marketing is expected to remain muted (guidance ~ $20M for the year) with modest improvement possible in the back half of next year as egress tightens. The Baytex take-or-pay partnership (10-year) has started flowing into Edmonton, adding long-term stable cash flows. Management reiterated capital discipline: near-term growth projects are generally sub-$100M; Investor Day planned for Dec 2 to present the 5-year plan and meet the senior team. Overall tone: operational momentum, strong infrastructure cash generation, active cost program, focused deleveraging and selective growth.