Gibson Energy Reports 2025 First Quarter Results Driven by Record Infrastructure EBITDA and All-Time High Volumes at Gateway and Edmonton

Core Insights - Gibson Energy Inc. reported strong financial and operational results for Q1 2025, achieving record quarterly Infrastructure EBITDA of $155 million, driven by high volumes at Gateway and Edmonton terminals [3][5][6] - The company is focused on cost savings and has realized approximately $6 million in recurring and non-recurring savings, with a target of over $25 million [5][6] - A strategic long-term partnership with Baytex Energy Corp. was secured, which will enhance cash flow quality through investment in new liquids infrastructure [5][6][7] Financial Highlights - Revenue for Q1 2025 was $2,748 million, a decrease of $541 million from $3,289 million in Q1 2024, primarily due to reduced sales volumes and lower commodity prices [6] - Infrastructure Adjusted EBITDA increased by $4 million or 2% year-over-year, reaching $155 million, attributed to increased throughput and lower operating costs [6] - Marketing Adjusted EBITDA fell to $0, a decrease of $33 million from Q1 2024, due to lower contributions from the Crude Marketing business [6] - Consolidated Adjusted EBITDA was $142 million, a decrease of $28 million or 16% from the previous year [6] - Net income rose to $50 million, a $9 million or 23% increase from Q1 2024, mainly due to lower general and administrative costs [6] - Distributable Cash Flow was $91 million, a decrease of $24 million or 21% from Q1 2024 [6] Operational Developments - The company appointed Riley Hicks as Senior Vice President and Chief Financial Officer and Dave Gosse as Senior Vice President and Chief Operating Officer [5][15] - Gibson surpassed a safety milestone with over 9 million hours worked without a lost time injury [15] - The Gateway dredging project was completed safely, on time, and on budget, enhancing the terminal's capacity [15] Strategic Developments - Gibson entered into a long-term agreement with Baytex, involving an investment of approximately $50 million in new liquids infrastructure [5][6][7] - The company is well-positioned for a strong finish to the year, supported by a revitalized leadership team and disciplined execution [3][5]