Gibson Energy Stock Earnings Reports

Gibson reported a strong Q3 2025 driven by record throughput across Canadian and U.S. terminals, notably 2.2 million bpd total terminal throughput (up 8% QoQ, 27% YoY), record volumes at Edmonton, Hardisty, Gateway and monthly records at Wink and Moose Jaw. Gateway momentum continues after dredging, and the Cactus II connection is being commissioned, adding access to ~700,000 bpd of Permian supply; management expects to achieve its 15%–20% Gateway EBITDA growth run-rate milestone in Q4. Infrastructure remains the core earnings driver: Infrastructure adjusted EBITDA was ~$154 million (near record) and accounted for >95% of adjusted EBITDA before G&A; consolidated adjusted EBITDA was $147 million and distributable cash flow was $86 million. The company captured $9 million of one-time and ongoing cost savings in the quarter (grassroots cost-effort with ~80% employee participation). Leverage improved slightly (consolidated debt/EBITDA ~3.9x; infrastructure-only ~4.1x) and management expects to return to its 3.0–3.5x target range in H1 2026. Credit agencies reaffirmed ratings (DBRS BBB low; S&P BBB-), supporting the balance sheet story. Near-term marketing EBITDA is expected to remain subdued (~$20 million for 2025) with a stable commodity outlook into 2026; marketing upside may emerge if egress tightens in later periods. Key growth items: Gateway execution (dredging + Cactus II), Duvernay/Baytex tie-in now flowing (10-year take-or-pay), new U.S. commercial hire to push U.S. growth (Blake Hotzel), continued focus on cost discipline and recontracting opportunities (shifts to higher MVCs and VLCC optimization). Investor Day is scheduled for December 2 in Toronto where the company will present a 5-year plan and team introductions.