Gibson Energy Inc.
TypePublic (TSX: GEI)
IndustryOil and gas
Founded1953
Headquarters
Calgary, Alberta
,
Canada
Areas served
Canada and the United States
Key people
James M. Estey, Chairman
Steve Spaulding, CEO
RevenueC$5,592 million (2015)
(C$280,7 million) (loss) (2015)
Total assetsC$3,283 million (2015)
Total equityC$1,167 million (2015)
Websitewww.gibsonenergy.com
Footnotes / references
Financials from Annual Report[1]

Gibsons is a Canada-based midstream oilfield service company in the oil and gas industry.[2][3] Its assets include pipelines, oil storage facilities, as well as a refinery in Moose Jaw.[4] It is listed on the Toronto Stock Exchange.

History

Gibsons was founded with the incorporation of its predecessor in 1953.[5] It was initially a subsidiary of Hunting plc, a British firm in the same business. Gibsons was sold by Hunting plc to an energy industry focused private equity fund managed by Riverstone Holdings in December 2008, for C$1.2 billion.[6] It was later listed on the Toronto Stock Exchange on June 14, 2011.

In 2012, Gibson bought Omni Energy Services for $445 million.[7] OMNI was an environmental services provider to the American oil and gas industry.

In 2016, Gibsons Energy rejected a $2.8 billion acquisition proposal from a Singapore private equity firm.[3] In 2017, it sold its industrial propane distribution business, Canwest Propane, to Superior Plus for $412 million.[8] In 2017, its largest shareholder called for the company to sell its non-core assets, and consider selling the whole company.[4]

Current operations

Gibsons has facilities in locations in both the United States and Canada. It owns and operates a refinery in Moose Jaw that is Western Canada's largest supplier of the asphalt used for making roofing shingles.[9] It also runs a number of oil storage terminals, the largest of which is the Hardisty Terminal in Hardisty, Alberta.

Gibsons used to run a trucking service to haul petroleum and other products from and to oil and gas production facilities. The majority of the trucks were leased to independent contractor, who paid upwards of $200 a day for equipment that was supposed to be lease purchased. This has been sold to Trimac.[10] The company also buys, sells, and markets oil and gas on the wholesale market.

See also

References

  1. ↑ "2015 Annual Report – Rising to the Challenge" (PDF). Gibson Energy Inc. Archived from the original (PDF) on February 9, 2017. Retrieved September 12, 2016.
  2. ↑ Morgan, Geoffrey (11 August 2016). "Gibson Energy confirms rejection of unsolicited takeover offer". Financial Post. Retrieved 14 September 2016.
  3. 1 2 McGarvey, Dan. "Gibson Energy rejects multi-billion dollar acquisition by 'foreign entity'". CBC News. Retrieved 14 September 2016.
  4. 1 2 "Gibson Energy's largest shareholder proposes potential sale of company". Calgary Herald. 2017-08-14. Retrieved 2018-02-09.
  5. ↑ "Gibsons – History". Gibson Energy Inc. Retrieved September 12, 2016.
  6. ↑ "Completion of sale of Gibson Energy". Hunting plc. December 12, 2008. Archived from the original on September 19, 2016. Retrieved September 12, 2016.
  7. ↑ "Gibson Energy Inc. enters the environmental service market - Alberta Oil Magazine". Alberta Oil Magazine. 2013-06-05. Retrieved 2018-02-09.
  8. ↑ "Superior Plus purchases Gibson's Canwest Propane for $412M - Article - BNN". BNN. 2017-02-13. Retrieved 2018-02-10.
  9. ↑ "Gibsons – Moose Jaw Refinery". Gibson Energy Inc. Retrieved September 12, 2016.
  10. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2019-04-02. Retrieved 2019-04-02.{{cite web}}: CS1 maint: archived copy as title (link)
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