All financial figures are in Canadian dollars unless otherwise noted
CALGARY, Alberta, July 15, 2024 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today the extension of a long-term contract with an investment grade global E&P company at its Gateway Terminal and the sanction of a connection to the Cactus II Pipeline. The specific terms of the customer contract are confidential.
“Since announcing the transformational acquisition of our Gateway Terminal a year ago, we have accomplished many milestones and today, I am thrilled with the extension of this contract which meets our overarching commercial commitments and creates long-term value for all our stakeholders,” said Steve Spaulding, President & Chief Executive Officer. “Most notably, the multi-year extension of this existing contract with a valued customer, further enhances the high quality of our cash flows. This achievement also demonstrates the value our world-class, strategically located terminal provides to our customers through its connectivity to prolific basins and global markets. In addition to this contract, we continue to engage in active discussions with existing and new customers at the facility and are pleased with the progress to date.”
Cactus II Pipeline Connection
The Company has sanctioned a pipeline connection (the “Connection”) to the Cactus II Pipeline pursuant to an interconnection agreement with Cactus II Pipeline, LLC. The Connection enhances the Gateway Terminal’s connectivity and will provide our customers with access to up to approximately 700,000 barrels per day of incremental supply. The Company expects to deploy approximately $20 million in growth capital on the Connection, which was included in the 2024 capital budget.
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. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside, Texas, and a facility in Moose Jaw, Saskatchewan.
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