Gibson Acquires Alberta Pipeline System for $296 Million, Expand Hardisty Hub

Gibson Energy is acquiring Teine Energy’s Chauvin pipeline assets for $296 million, expanding its Hardisty crude network and sanctioning a new connection project as it advances Alberta infrastructure growth.

(P&GJ) — Gibson Energy Inc. has agreed to acquire Teine Energy Ltd.’s Chauvin Infrastructure Assets for approximately $296 million (CAD$400 million) in cash, extending its heavy crude oil footprint from the Hardisty hub in Alberta and advancing a series of near-term expansion projects.

The transaction includes an approximately 75-kilometer (47-mile), 10-inch crude oil gathering pipeline system connecting producing areas in eastern Alberta to the Hardisty oil hub. The system currently has effective capacity of about 30,000 barrels per day (bpd) and includes a custom treating facility and truck terminal.

Gibson said the assets are supported by long-term commercial agreements with Teine Energy, including take-or-pay and area-of-dedication contracts covering production in the Chauvin, Hoosier and Coleville areas. Remaining volumes are expected to be sourced from other regional producers.

“This acquisition advances the growth strategy outlined at our recent Investor Day,” said Curtis Philippon, President and Chief Executive Officer. “These assets are a strong strategic fit, extending our reach from Hardisty. The acquisition is supported by long-term agreements with Teine Energy, adding durable, visible cash flows and a clear runway for disciplined growth. With the Hardisty Connection Project conditionally sanctioned today and additional expansion opportunities identified, we are well positioned in our objective of creating sustained value for shareholders and customers.”

Subject to closing, Gibson has conditionally sanctioned the Hardisty Connection Project, which would directly link the Chauvin system to the company’s core Hardisty terminal. Work is expected to begin after the transaction closes.

In addition, Gibson identified a second expansion project that could add 15,000 bpd of incremental capacity, increasing effective system capacity by roughly 50%. A final investment decision is targeted by the end of 2026.

Combined with previously sanctioned growth projects, including the Wink-to-Gateway Integration Project, Gibson expects to deploy approximately $100 million in organic growth capital in 2026.

The acquisition will be funded through a combination of:

• A $148 million (C$200 million) bought deal equity offering, and

• Draws on Gibson’s existing $1.0 billion credit facility.

The equity offering includes 7,591,000 common shares priced at C$26.35 per share, with an additional over-allotment option available. The offering is expected to close on or about Feb. 17, 2026, subject to regulatory approvals.

Gibson said it expects the transaction to be leverage neutral and does not anticipate changes to its net debt-to-adjusted EBITDA ratio or investment-grade credit ratings.

The company also released preliminary fourth-quarter 2025 results, reporting record Infrastructure Adjusted EBITDA of approximately $160 million, driven by higher throughput volumes. Marketing Adjusted EBITDA was approximately $1 million, reflecting challenging crude and refined product markets.

Consolidated Adjusted EBITDA for the quarter was approximately $145 million, and net income is expected to be about $41 million.

For the full year 2025, Gibson expects its net debt-to-adjusted EBITDA ratio to be approximately 3.9x, with a trailing twelve-month dividend payout ratio of about 84%.

Closing of the Chauvin transaction is expected in the second quarter of 2026, pending customary regulatory approvals under Canada’s Competition Act.