Gibson Energy extends Edmonton deals

Executive Summary

• Gibson Energy announced major contract renewals at its Edmonton terminal, including a 20-year take-or-pay refined products services agreement and a 10-year extension for terminal storage (800,000 barrels) with senior integrated oil sands customers.
• The company sanctioned a new $50-million Wink-to-Gateway integration project in Texas, involving new tankage and pipeline connections to drive increased throughput and support concurrent Permian and Eagle Ford flows.
• Gibson provided 2026 growth capital guidance of $150-million and replacement capital guidance of $50-million to $60-million, stating the company remains fully financed and expects to operate within its financial principles.

Key Details

• Edmonton Contract Extensions:
  • Renewed a 20-year take-or-pay refined products services agreement with a senior integrated oil sands customer.
  • Extended a terminal storage take-or-pay agreement by an incremental 10 years, covering 800,000 barrels of tankage with a senior integrated oil sands customer.
• Wink-to-Gateway Integration Project:
  • Sanctioned capital project valued at approximately $50-million.
  • Scope includes new tankage and upgrades at Wink and a connector pipeline at Gateway.
  • Purpose is to enable concurrent Permian and Eagle Ford flows, ease capacity constraints, and increase access to supply for Gateway customers.
• 2026 Capital Guidance:
  • Growth Capital: $150-million total guidance, including the ~$50-million for the Wink-to-Gateway project.
  • Replacement Capital: $50-million to $60-million approved by the board for infrastructure integrity and reliability.
  • Target Multiple: Management targets a five-to-seven-times build multiple.
• Investor Day:
  • Scheduled for December 2, 2025, at LUMI Experience in Toronto, Ont.
  • Time: 8:30 a.m. ET to 10:00 a.m. ET.
  • In-person attendance is by invitation only; a live broadcast and on-demand replay will be available on the company website.

Notable Quotes

• Curtis Philippon, President and CEO: "The extension of these long-term, take-or-pay contracts at Edmonton speaks to the growing demand for our infrastructure services and the essential role our assets play in supporting our customers... We appreciate the continued trust our customers place in us and are proud to support them as a reliable and long-term partner."
• Riley Hicks, Senior Vice-President and CFO: "We are pleased to announce our 2026 capital budget, including the newly sanctioned Wink-to-Gateway project, which advances our Infrastructure growth strategy and supports our compelling total return proposition... As we execute these projects, we will remain focused on value creation and financial discipline, delivering within our target five-to-seven-times build multiple and ensuring our funding approach remains aligned with our financial principles."