The following is a summary of the Gibson Energy Inc. (GBNXF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Gibson Energy consistently generated Q1 2024 adjusted EBITDA of CAD 170 million, consistent with the previous quarter's record.

• The infrastructure segment produced an EBITDA of CAD 151 million, matching the high mark set in the last period.

• Marketing operations posted an above average EBITDA of CAD 34 million, surpassing their guidance.

• The firm registered a distributable cash flow of CAD 114 million, following closely its previous record of CAD 115 million.

• Maintained a steady financial footing, with a leverage ratio of 3.2x, which is within their target range of 3.0x to 3.5x.

Business Progress:

• Gibson expects to channel CAD 150 million of growth capital in 2024 into Canadian Infrastructure assets and Gateway Terminal.

• The construction of two new tanks at Edmonton Terminal is on schedule and expected to bring steady long-term revenues upon completion in late 2024.

• Witnessed record volume through Gateway Terminal in the quarter, and expect to enter new contracts at or above current rates.

• They recorded a low TRIF ratio of 0.22 and zero incidents in line with their Mission Zero goal, demonstrating their commitment to environment and safety norms.

• Gibson is optimistic about ongoing contract negotiations and potential expansion of the customer base.

• The firm plans to review the impact of TMX startup on their marketing group and follow projections for return strategies for the rest of the year.

More details: GIBSON ENERGY INC IR

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