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Gibson 3Q throughputs rise on oil export demand

  • Spanish Market: Crude oil
  • 04/11/25

Canadian midstream company Gibson Energy delivered 26pc more crude on its network in the third quarter because of rising oil exports through assets in both Canada and the US.

Throughputs across Gibson's North American assets rose to a record2.3mn b/d in the third quarter with expectations for further gains from two of the continent's most closely watched export regions, the company said Tuesday. This is up from 1.8mn b/d in the third quarter last year.

Throughputs at Gibson's Edmonton, Alberta,terminal rose to 330,000 b/d in the quarter because of increased demand from customers targeting west coast markets via the 890,000 b/d Trans Mountain system. This is more than double the volumes in the same period 2024 and has "exceeded our expectations", said chief executive Curtis Philippon.

The Trans Mountain Expansion (TMX) went into service in May 2024 and Gibson commissioned two 435,000 bl tanksnear the origin of the pipeline for eventual shipping on TMX for producer and shipper Cenovus Energy in December. Federally-owned Trans Mountain can move crude to the Westridge Marine Terminal in Burnaby, British Columbia, for export.

"It's still so new that I think our customers are telling us that they're still finding ways to further optimize their netback on how they're shipping on TMX," said Gibson chief executive Curtis Philippon.

In the US, the company also handled record volumes of 717,000 b/d destined for export through its South Texas Gateway terminal (STG) in Ingleside, Texas. This represents 20pc ofthe country'soil exports in the quarter and includes a new monthly high of 775,000 b/d in August for the asset, according to Gibson.

Dredging work completed earlier in the year allowed for vessels to carry more crude and lifted throughputs at STG during the quarter. The higher flows come on the eve of another important connection that will allow customers to tap into another 700,000 b/d of Permian supply.

The Cactus II connection at Gateway has finished construction and is being commissioned this week with "oil expected to flow as early as tomorrow", Philippon said Tuesday.

Cactus II is a joint venture between Enbridge and Plains All American that moves crude from Wink, western Texas, to Corpus Christi, on Texas' Gulf coast.

Gibson Energy posted a profit of C$46mn ($33mn) in the quarter, down from a C$54mn profit during the same quarter of 2024.


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