Gibson Energy Posts 31% Q3 Adjusted EBITDA Gain, Sanctions Pipeline Expansion

Gibson Energy’s adjusted EBITDA climbed about 31% year over year in the third quarter, while the Calgary-based company sanctioned a Chauvin pipeline expansion it expects to lift capacity by about 50%.

For the three months ended Sept. 30, 2026, adjusted EBITDA, a non-GAAP measure, reached C$192.888 million, up from C$147.077 million in the year-earlier quarter. Net income rose to C$77.026 million from C$45.694 million. All financial figures are in Canadian dollars.

Infrastructure adjusted EBITDA increased to C$177.074 million from C$154.153 million. Gibson attributed the segment’s increase to contributions from its Chauvin assets and higher throughput. Marketing adjusted EBITDA was C$34.526 million, compared with C$6.742 million a year earlier. Gibson cited stronger refining margins, product diversification and improved crude marketing opportunities for the segment’s result.

The company also sanctioned an expansion of its Chauvin pipeline system. Gibson expects the project to increase system capacity by about 50% and enter service in the first half of 2028. The announcement did not include an absolute capacity figure or project cost.

Distributable cash flow, another non-GAAP measure, totaled C$119.661 million, up from C$85.550 million. For the trailing 12 months through Sept. 30, the dividend payout ratio was 82%, and net debt was 3.9 times adjusted EBITDA. Gibson expects both ratios to improve as a full 12 months of contributions from the Chauvin acquisition are reflected.

“Chauvin continues to exceed our expectations,” said Curtis Philippon, Gibson Energy’s president and CEO. The company provides liquids storage, optimization, processing, gathering and vessel-loading services across North America.

Gibson’s results call is scheduled for 9 a.m. ET (14:00 UTC) Nov. 3.