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Gibson Energy announces sanction of two new tanks at Edmonton and increased 2023 growth

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Gibson Energy Inc. has announced that it has sanctioned the construction of two tanks, representing 870,000 barrels of new tankage, at its Edmonton Terminal underpinned by a 15 year take-or-pay and stable fee-based contract agreement with Cenovus Energy Inc., an investment grade, senior integrated oil sands customer.

“Gibson is very pleased with the sanction of two new tanks at our Edmonton Terminal, which will further increase our high-quality, long-term infrastructure revenues and drive continued distributable cash flow per share growth,” said Steve Spaulding, president and chief executive officer. “With this sanction we currently have three tanks under construction at our Edmonton Terminal, representing 1.3 million barrels of storage. Combined with other smaller projects that have materialized across our asset base, we now have line of sight to reaching up to $150 million in growth capital in 2023 and will also carry additional capital commitments into 2024.”

The project will include the construction of two 435,000 barrel tanks as well as significant supporting infrastructure at the Edmonton Terminal and is expected to be placed into service in late 2024.

Increased 2023 Capital Guidance

With the additional capital spending during the current year from the sanction of the new Edmonton tankage as well as numerous smaller growth initiatives throughout its asset base, the Company has increased its 2023 growth capital expenditure guidance to be up to $150 million with the strong majority of the underlying projects having already been sanctioned.

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