Gibson Energy posts record adjusted earnings of C$193 million in third quarter
Key Facts
Gibson Energy said consolidated adjusted EBITDA reached a record C$193 million in the third quarter of 2026, up C$46 million from the same period a year earlier. The results cover the three and nine months ended September 30, 2026, and figures are in Canadian dollars unless otherwise noted. The figure is adjusted EBITDA, the measure highlighted by the company in its results announcement, rather than net income. The company also reported net income of C$77 million, up C$31 million year over year. It said growth in segment earnings was the main contributor to the increase in net income, partly offset by higher tax and financing expenses.
Infrastructure made the largest contribution, with segment adjusted EBITDA of C$177 million, up C$23 million from the third quarter of 2025. Gibson Energy attributed the performance mainly to its Chauvin assets and higher throughput across its facilities. Factors included record volumes transported to the TMX pipeline through Edmonton, along with asset optimization and restructuring initiatives. These factors reflect concurrent operational contributions from higher utilization and improved performance at existing assets. The segment lifted consolidated results, while marketing activities accounted for the remaining year-over-year improvement.
Marketing segment adjusted EBITDA was C$35 million, up C$28 million from the year-earlier period. The company said improved refining margins were associated with wider refined-product spreads, while product diversification and better crude marketing opportunities supported segment performance. Distributable cash flow was C$120 million for the quarter, up C$34 million year over year. Gibson Energy attributed the improvement in cash flow to factors that lifted EBITDA, while financing costs and current taxes limited the increase. The results show improved operating earnings and cash available for distribution over the same period.
For the 12 months ended September 30, the payout ratio was 82%, and net debt to adjusted EBITDA was 3.9 times. The company said it expects both ratios to improve as the contribution from the Chauvin assets is reflected over a full 12-month period. In September, Gibson Energy renewed its share buyback program for an additional year. The program allows it to purchase and cancel up to 7,251,988 shares, equivalent to 5% of the public float based on the share count on September 4, 2026. This places cash distributions and buybacks alongside payout and leverage ratios in the capital picture presented by the company.
The company approved an expansion of its Chauvin pipeline, targeting an increase of roughly 50% in system capacity, with commissioning expected in the first half of 2028. The chief executive said the project is supported by strong commercial interest and production growth in the Mannville area, and is connected to Gibson Energy’s existing assets. The project, according to the company, would add capacity to the existing system upon completion. The company links its expected improvement in net debt and payout ratios to a full year of contributions from the Chauvin assets, while the new expansion is scheduled to begin operations in 2028. This gives the expansion a central place in the company’s plans announced after the quarterly results.
Gibson Energy declared a quarterly dividend of C$0.45 per share, payable on January 15, 2027, to shareholders of record at the close of business on December 30, 2026. A conference call and webcast to discuss the results was scheduled for November 3, 2026, at 8:00 a.m. Alberta time and 9:00 a.m. Eastern time. Ahead of the results announcement published on November 2, GBNXF shares closed at $24.37 on October 30. That close is the latest price figure for the pre-announcement period included in the available data. The announced steps combine a near-term cash distribution, a call to discuss the results, and an expansion project expected to begin operations in the first half of 2028.