Gibson Energy Inc. Announces Extension and Amendment of Long-Term Contract

CALGARY, Alberta, Dec. 04, 2024 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”) is pleased to announce the extension and amendment of a long-term contract at its Gateway Terminal (“Gateway” or the “Terminal”) with an existing customer.

The contract extension refreshes the initial contract term, with further renewal options beyond that date. This is a positive development for Gibson Energy Inc. as it solidifies its relationship with a key customer and ensures future revenue streams for the company. The extension includes contracting additional loading windows and increasing contracted capacity per loading window, resulting in fixed Gateway revenue from this customer increasing by approximately 40%. This demonstrates the confidence that the customer has in Gibson Energy Inc.’s services and the Terminal’s capabilities.

Effects on Individuals

As an individual, the extension and amendment of this long-term contract may not have a direct impact on you. However, it does indicate stability and growth within Gibson Energy Inc., which could potentially lead to job creation and economic benefits in the region.

Effects on the World

On a larger scale, the extension and amendment of this contract showcase the importance of reliable energy infrastructure and transportation services. Gibson Energy Inc.’s Gateway Terminal plays a crucial role in the efficient movement of goods and resources, which ultimately affects global supply chains and economies.

Conclusion

The extension and amendment of the long-term contract at Gibson Energy Inc.’s Gateway Terminal is a significant milestone for the company. It not only secures revenue growth but also highlights the trust and partnership between Gibson Energy Inc. and its customers. This development bodes well for the company’s future prospects and underscores the importance of reliable energy infrastructure in today’s interconnected world.