Gibson Energy closes $400M Chauvin acquisition; sanctions Hardisty connection

All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, May 01, 2026 (GLOBE NEWSWIRE) --  Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI) is pleased to announce the closing of its previously announced acquisition of Teine Energy Ltd.’s (“Teine Energy”) Chauvin Infrastructure Assets (the “Transaction”). Through the Transaction, Gibson has acquired a crude oil gathering pipeline system and associated infrastructure connecting Chauvin to the Hardisty oil hub, extending the Company’s strategic footprint at Hardisty and reinforcing the stable, contracted nature of its cash flows. “Today marks a significant milestone for Gibson as we complete this strategic acquisition, strengthening our position and ability to deliver services to customers in and around our core Hardisty terminal,” said Riley Hicks, Senior Vice President and Chief Financial Officer. “Our focus now turns to integration and maintaining the safe, reliable service our customers expect. We are advancing key growth initiatives that support delivery on our investor day targets and create long-term value for shareholders while maintaining a disciplined approach to capital allocation.” The acquisition of the Chauvin infrastructure assets is underpinned by long-term take-or-pay and area-of-dedication agreements with Teine Energy.

Concurrent with closing, Gibson has sanctioned the Hardisty Connection growth project which will directly connect the Chauvin Infrastructure Assets to the Company’s core terminal and enhance connectivity for customers. By the end of 2026, Gibson expects to sanction the Chauvin pipeline expansion project to increase effective capacity from 30,000 bbl/d to an expected 45,000 bbl/d. The $400 million purchase price for the Transaction was funded through a combination of net proceeds from Gibson’s previously completed $215 million bought deal equity offering and drawings under its existing credit facility.

Gibson received a no-action letter from the Canadian Competition Bureau on April 30, 2026 confirming that the Commissioner of Competition does not intend to make an application under section 92 of the Competition Act (Canada) in respect of the transaction. About Gibson Gibson is a leading liquids Infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com . For further information, please contact: Forward-Looking Statements Certain statements contained in this press release constitute forward-looking information and statements (collectively, “forward-looking statements”).

All statements other than statements of historical fact are forward- looking statements. The use of any of the words “continue”, “growth”, “enhance”, “extend”, “strategy”, “opportunity”, “expect”, “target”, “create”, “provide”, “intend”, “should”, “would” and “will” and similar expressions are intended to identify forward-looking statements. Forward-looking statements, included or referred to in this press release include, but are not limited to statements concerning: future stable cash flows; integration of the Chauvin Infrastructure Assets into Gibson’s existing operations; the safety and reliability of services; future growth projects relating to the Chauvin infrastructure assets, including but not limited to the Hardisty Connection Project and capacity expansion, the anticipated timing and completion thereof, the benefits to be derived therefrom, and the magnitude of the capacity increase.

The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, Gibson’s ability to integrate the Chauvin Infrastructure Assets ; future market conditions; future growth in crude production; the accuracy of financial and operational projections of Gibson; Gibson’s future operating and financial results; the integrity and reliability of Gibson’s infrastructure; the ability to meet growth capital and replacement capital expenditure targets; future demand for Gibson infrastructure; the ability to place incremental infrastructure projects into service and the timing thereof; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and the prevailing regulatory, tax, and environmental laws and regulations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including, without limitation, risks inherent to Gibson’s business generally and risks relating to historical and future financial results as it relates to Gibson’s financial condition or results; the effect of reductions or increases in Gibson’s borrowing costs; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; future capital expenditures; production of crude oil; the development and execution of projects; the availability and cost of labour, materials, services and infrastructure; and applicable laws and government policies. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon.

These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward- looking statements as a result of numerous risks and uncertainties including, but not limited to: failure to obtain, in a timely manner, outstanding regulatory approvals in connection with the Transaction; unforeseen difficulties in integrating the Chauvin Infrastructure Assets into the Company’s operations; unexpected costs or liabilities related to the Transaction; the effects of international conflicts or geopolitical events; risk inherent in the business conducted by the Company and the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form dated February 17, 2026, Management's Discussion and Analysis for the three and twelve months ended December 31, 2025, and 2024, and the prospectus supplement, each as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

Globe Newswire May 1, 2026 - 6:28 AM PDT News by QuoteMedia www.quotemedia.com